Fitzroy Minerals Attracts US Investors with OTCQX Listing Amid Copper Supply Shortage

• Fitzroy Minerals Inc. has graduated to the OTCQX Best Market, providing US investors with improved access to trade shares and greater transparency through enhanced disclosure requirements.
• The upgrade positions Fitzroy to capitalize on copper's projected 20% price increase in 2026, driven by energy transition demands and artificial intelligence infrastructure expansion, according to Reuters polling published February 3, 2026.
• Copper emerged as the top-performing base metal in early 2026 forecasts, with analysts projecting average prices around $11,975 per ton despite recent record peaks near $14,527 per ton, according to Reuters.
• Structural supply constraints in copper mining, combined with accelerating demand from electrification and AI data centers, create conditions for copper-focused explorers positioned in mining-friendly jurisdictions.
• The OTCQX listing eliminates trading barriers for institutional investors, potentially expanding Fitzroy's shareholder base during what company management characterizes as a sustained supply demand deficit beginning in 2026.

Fitzroy Minerals announced its graduation to the OTCQX Best Market. The Vancouver-listed mineral exploration company now trades on the highest tier of OTC Markets Group's platform, providing US investors with access to a copper-focused junior miner. According to Reuters polling published February 3, 2026, copper is forecast to deliver approximately 20% gains above 2025 average prices, supported by structural demand drivers including energy transition initiatives and artificial intelligence infrastructure buildouts.

The OTCQX qualification requires companies to meet financial standards, undergo annual verification and management certification, and maintain a minimum bid price of $0.01. For investors, the implications include improved liquidity, reduced broker limitations, and enhanced transparency through publicly available disclosure documents.

London Metal Exchange copper futures reached record highs of approximately $14,527 per ton in January 2026, reflecting what analysts characterized as speculative momentum layered atop genuine supply-demand imbalances, according to Reuters. The median analyst projection of $11,975 per ton for 2026 still represents substantial elevation from historical norms. Mining equities, particularly junior explorers with copper exposure, historically exhibit leveraged sensitivity to underlying commodity price movements.

Fitzroy Minerals Overview

Fitzroy Minerals operates as a mineral exploration company focused on identifying and developing copper and precious metal projects. The company is advancing the Buen Retiro and Caballos Copper Projects in Chile. CEO Merlin Marr-Johnson has positioned the company strategically in the South American nation, noting that

"Chile is absolutely open for business and Fitzroy Minerals is plugged in there. We're very well positioned."

This geographic focus reflects management's thesis that new copper supply will come "principally from Chile and from Congo, with some contribution from Peru, the US and Canada."

Junior explorers typically trade at discounts to the net asset value of their projects during early exploration phases, with valuations responding to drill results, resource estimates, and commodity price movements. Fitzroy Minerals' focus on copper aligns its business with one of the few commodities exhibiting simultaneous supply constraints and accelerating demand from multiple secular trends.

Marr-Johnson's macro analysis of copper markets emphasizes structural factors that differentiate the current cycle from previous commodity rallies. The OTCQX graduation reflects management's commitment to meeting governance standards and maintaining transparency with stakeholders during the exploration and development process.

Key Development: OTCQX Graduation

Fitzroy Minerals' advancement to the OTCQX Best Market establishes the company within the premier tier of over-the-counter trading platforms. The qualification process required demonstration of financial standing, compliance with securities regulations, and adherence to enhanced disclosure obligations. Campbell Smyth, Chairman of Fitzroy, commented,

‍"We are excited to have qualified to graduate to the OTCQX Market. This graduation improves our visibility to US investors, increases liquidity, and highlights our commitment to creating long-term value for shareholders, as we advance the Buen Retiro and Caballos Copper Projects in Chile."

OTCQX listing eliminates many trading restrictions that institutional investors face when considering OTC Pink or Grey Market securities. Many U.S. brokerage firms impose limitations or prohibitions on purchasing lower-tier OTC securities due to regulatory concerns and compliance complexity. The OTCQX designation removes these barriers, potentially expanding Fitzroy Minerals' accessible investor universe to include institutional funds, family offices, and retail platforms. Research from OTC Markets Group indicates that companies trading on OTCQX experience improved liquidity metrics and reduced bid-ask spreads compared to lower market tiers.

The timing of Fitzroy minerals' graduation coincides with heightened investor interest in copper exposure. Industry analysts have noted copper stands out among base metals due to supply-side constraints and demand growth from electrification initiatives, according to Reuters coverage. The listing enhances the company's ability to communicate its exploration progress through OTC Markets Group's disclosure platform, which aggregates financial reports, news releases, and corporate updates in a standardized format.

Strategic Significance: Copper Market Fundamentals

Copper emerged as the consensus top performer among base metals in 2026 analyst forecasts. According to Reuters polling published February 3, 2026, projections show approximately 20% price appreciation above 2025 average levels, with median forecasts centering around $11,975 per ton for the year. The positioning stems from structural demand growth in electrification, renewable energy infrastructure, and data center construction supporting artificial intelligence workloads.

Marr-Johnson explains that

‍"Electrification and decarbonization is closer to 30% of demand. So when that has strong demand growth, it's off a much much bigger base. So that's really driving it."

Electric vehicles require substantially more copper content than internal combustion vehicles, and Marr-Johnson notes that

‍"Electric cars continue to sell well, and of course, they need two to three times more amount of copper for every electric vehicle."

Marr-Johnson emphasizes broader trends: "We've got an insatiable appetite for electricity. And you can see that increased electricity demand is a proxy for copper demand."

Supply-side constraints amplify the demand narrative, according to Reuters reporting. Marr-Johnson characterizes the current situation as "a mine supply crunch." Global copper mine production faces headwinds from declining ore grades at mature operations, extended permitting timelines for new projects, and capital discipline among major producers. Marr-Johnson explains,

‍"Copper is an incredibly mature industry. We know that it's very price insensitive. So prices can rise a long way before it stimulates new supply."

Merlin Marr-Johnson, CEO of Fitzroy Minerals

Current Activities & Exploration Pipeline

Fitzroy Minerals maintains active exploration programs across its project portfolio, conducting geological work designed to identify drill targets and advance understanding of mineralization potential. The company's technical approach combines modern geophysical surveying, geochemical sampling, and structural geological interpretation to refine exploration models before committing capital to drilling campaigns. The company is currently advancing the Buen Retiro and Caballos Copper Projects in Chile.

The company's project selection criteria emphasize jurisdictions with established mining-friendly regulatory frameworks, existing infrastructure to support potential development, and geological settings analogous to known copper districts. Marr-Johnson's geographic thesis focuses on regions capable of delivering new supply,

"Which countries will provide the new mine supply. And my thesis is it's going to come principally from Chile and from Congo, with some contribution from Peru, the US and Canada."

Marr-Johnson's price outlook provides context for valuation potential,

"This is going to go between $20,000 and $30,000 per ton which is above $9 per pound."

He emphasizes that

"Good near-term assets are rare and valuable and I think that greater than $20,000 per ton incentive prices are needed"

to stimulate the supply response required to meet growing demand. This management forecast substantially exceeds the median analyst consensus of $11,975 per ton reported by Reuters.

Industry Context: Supply Challenges & Production Dynamics

The global copper industry faces challenges in bringing new supply to market. Marr-Johnson highlights the magnitude of investment required, "Many will need sustained incentive prices of greater than $20,000 per ton" to justify development of projects capable of meeting future demand. This price threshold significantly exceeds the current analyst consensus forecasts of $11,975 per ton for 2026 according to Reuters polling. Johnson notes that

"China dominates refined production. It looks as if that'll be the run rate there. They've got a whole bunch of new smelters and lowcost electricity. So it's very hard to compete with that."

This concentration of smelting capacity in China creates challenges for Western copper producers. Simultaneously, smelting capacity in other regions faces pressure, with Marr-Johnson observing that

"Mount Isa copper smelters closing and Chilean smelters might struggle to reopen."

Operational challenges at existing mines compound the difficulty of maintaining production levels. Marr-Johnson highlights specific technical risks,

‍"Block caves are sensitive to change and when you get change through seismic or flood, it's very hard to bring it back on stream smoothly. They really do take longer than expected to return to full production."

The Investment Thesis for Copper-Focused Junior Explorers

• Establish copper exposure through junior explorers offering leveraged sensitivity to underlying metal prices with less capital commitment than producing miners.
• Diversify into mid-cap producers if copper prices sustain above $12,000 per ton for two consecutive quarters to balance exploration risk.
• Monitor exploration newsflow quarterly, particularly drill results and resource updates that serve as primary catalysts for junior mining valuations.
• Consider sector allocation of 3-5% of growth portfolios to commodity-focused equities during structural supply deficit cycles to capture asymmetric upside.
• Evaluate management track records and past exploration success rates, as technical competence significantly differentiates outcomes in junior mining.
• Scale positions following successful drill intercepts or resource estimates rather than before drilling, given binary nature of exploration outcomes.

Fitzroy Minerals' graduation to the OTCQX Best Market positions the company to benefit from enhanced market access for U.S. investors and timing that coincides with copper's emergence as the standout base metal in 2026 forecasts according to Reuters polling. The structural drivers supporting copper prices include energy transition demands, artificial intelligence infrastructure requirements, and constrained mine supply. Chairman Campbell Smyth emphasized the company's commitment to "creating long-term value for shareholders" as it advances its Chilean copper projects during this favorable market environment.

Merlin Marr-Johnson's outlook that copper will reach "$20,000 and $30,000 per ton" substantially exceeds consensus analyst forecasts of $11,975 per ton reported by Reuters. The copper market fundamentals described by Reuters analysts published February 3, 2026, suggest sustained price support above historical averages, even accounting for moderation from January 2026's speculative peak near $14,527 per ton. Marr-Johnson's analysis that "demand growth is going to be well above 2 and a half percent per annum and that is well above the past decade or even longer" provides context for exploration in this environment.

Investors considering Fitzroy Minerals should approach the opportunity with realistic expectations about exploration risk and typical junior mining volatility. The OTCQX listing provides improved access and transparency but does not alter the nature of early-stage exploration investing, where success rates remain modest and patience proves essential. Marr-Johnson's emphasis that "good near-term assets are rare and valuable" and his geographic thesis that Chile will provide a substantial portion of new supply align with Fitzroy's strategic positioning in advancing the Buen Retiro and Caballos Copper Projects.

TL;DR

Fitzroy Minerals upgraded to OTCQX as copper prices are forecast to rise 20% in 2026 according to Reuters polling of industry analysts. CEO Merlin Marr-Johnson projects prices between $20,000 and $30,000 per ton, above the analyst consensus of $11,975 per ton, citing supply crunch and sustained deficits. Chairman Campbell Smyth highlighted the upgrade improves visibility and liquidity as the company advances the Buen Retiro and Caballos Copper Projects in Chile. Marr-Johnson emphasizes copper's price inelasticity and production maintenance challenges support a multi-year case. Junior explorers offer leveraged exposure to copper prices with exploration success serving as the primary

‍