Twin Track Copper Developer Finds Success in Elephant Country

• Fitzroy Minerals reported a headline intercept of 78 metres at 1.70% copper from 58 metres, including 40 metres at 3.02% copper from 92 metres, at its Buen Retiro copper project near Copiapó, Chile.
• The company has completed 39 drill holes for a total of 6,885 metres since February 2026, with a maiden mineral resource estimate (MRE) targeting completion in the fourth quarter of 2026 and a pre-feasibility study (PFS) targeting delivery in the first quarter of 2027.
• A letter of intent (LOI) with Pucobre S.A. confirms a joint heap leach development plan using Pucobre's Planta Biocobre solvent extraction-electrowinning facility, which has a nameplate capacity of 800 tonnes per month; if Pucobre exercises its 30% claw-back option at the minimum threshold, Fitzroy recovers US$10.2 million of its US$11.3 million minimum eligible spend while retaining a 70% project interest.
• A regional Fleet Space Technologies ambient noise tomography (ANT) geophysical survey identified alteration and brecciation structures at depths of 1 to 2 kilometres across approximately 5 kilometres by 5 kilometres, with a detailed infill survey now in progress targeting the upper 800 metres.
• Chile produced 5.3 million tonnes of copper in 2025, representing 23% of global mine supply per the United States Geological Survey (USGS); a permitting reform law enacted in September 2025 targets a 30% to 70% reduction in permit processing times, directly affecting Fitzroy's Declaration of Environmental Impact (DIA) submission targeted for Q3 2026.
• Fitzroy holds C$27 million in cash, with C$4.3 million in in-the-money warrant premia targeted for 2026 and C$28 million in additional warrant premia targeted for 2027.

Two Value Drivers in One of Chile's Most Productive Copper Districts

‍Fitzroy Minerals (TSXV: FTZ, OTCQB: FTZFF) holds a 13,400-hectare copper project in Chile's Punta del Cobre district, 43 kilometres southwest of Lundin Mining's multi-billion-dollar Candelaria mine and just 160km south, on the same prolific trend, of Capstone Copper's multi-billion-dollar Mantoverde operation- 2 iron oxide copper gold (IOCG) mines carrying approximately 600 million tonnes of measured and indicated sulphide resources each and supporting respective market capitalisations of approximately US$22 billion and US$9 billion.

The company's Buen Retiro project hosts a shallow oxide copper system targeted for heap-leach development and a deeper sulphide system being explored through drilling. The heap leach program is structured as a low-capital-intensity joint venture that uses Pucobre S.A.'s existing Planta Biocobre processing facility and targets non-operated cash flow to partially fund sulphide exploration. A third diamond drill rig was added in May 2026 exclusively for IOCG target testing, per the May 2026 corporate presentation.

Drill Results: Grade & Geometry in the Southwest Area

The May 13, 2026, news release reports results from 7 of 39 drill holes completed since February 2026, with 24 further results pending. The headline intercept returned 78 metres at 1.70% copper from a depth of 58 metres, including 40 metres at 3.02% copper from a depth of 92 metres. A second hole returned 75 metres at 0.82% copper from 9 metres, including 8 metres at 3.77% copper from 12 metres. A third hole returned 100 metres at 0.46% copper from 43 metres. Prior headline oxide intercepts include 110 metres at 1.94% copper and 135 metres at 0.73% copper.

The main mineralised package dips approximately 75 degrees to the east-northeast and is truncated at depth by a northwest-southeast-oriented bounding fault. 2 holes drilled at the edges of the defined system returned 29 metres at 0.56% copper and 9 metres at 0.31% copper, respectively. The company is also evaluating the potential inclusion of mineralised material at the base of the historical open pit in the pre-feasibility study (PFS) mine plan.

Fitzroy documents lithological features at Buen Retiro with photographic comparisons to core from both Mantoverde and Candelaria, based on a site visit by Chief Operating Officer Gilberto Schubert to both operations. A separate 36-metre interval of late-stage, low-temperature IOCG mineralisation was previously intersected in a regional reverse circulation (RC) hole on an 800-metre northeast-trending anomaly 2.5 kilometres from the main system - a mineralisation style of which Capstone Copper has delineated approximately 50 million tonnes at Mantoverde approaching production.

The Heap Leach Joint Venture: Structure and Terms

The Pucobre letter of intent (LOI) formalises a joint heap leach development plan using Planta Biocobre, a solvent extraction-electrowinning (SX-EW) facility operating continuously since 1992, with Pucobre offering 80% of its 800-tonne-per-month nameplate capacity to the joint venture. Fitzroy is required to incur a minimum of US$11.3 million in eligible expenses by August 2028 - comprising US$7 million in exploration & technical expenditures by August 2027, followed by a US$4 million bullet payment and US$300,000 in legal fees by August 2028. A 2% net smelter return (NSR) royalty applies, with Fitzroy retaining the right to buy back 1% for US$5 million prior to construction.

If Pucobre exercises its 30% claw-back right at the minimum threshold, Fitzroy recovers US$10.2 million while retaining a 70% interest - partially recycling development capital without surrendering majority ownership. A final investment decision (FID) is targeted for the second quarter of 2027, with production targeted for 2028.

President & Chief Executive Officer of Fitzroy Minerals, Merlin Marr-Johnson, described the case for the structure: 

"This is a low-cost operation to bring into production; we think we can do it super quickly."

The ANT Survey & Sulphide Exploration

Fleet Space Technologies' regional ambient noise tomography (ANT) survey, reported May 13, 2026, identified zones interpreted as representing intense alteration and brecciation at depths of 1 to 2 kilometres across an area of approximately 5 kilometres by 5 kilometres at Buen Retiro. Several anomalies coincide with areas previously identified by Fitzroy through geological and geophysical interpretation. A detailed infill survey covering 2 kilometres by 3 kilometres is now in progress, targeting preferential hydrothermal conduits in the upper 800 metres to direct the initial 3,000-metre sulphide drill program.

Marr-Johnson addressed the geological case:

"We are really focused on our Buen Retiro flagship asset, which we believe has major discovery potential."

Development Schedule & Jurisdictional Context

Fitzroy's published work plan targets a Declaration of Environmental Impact (DIA) submission in the third quarter of 2026, MRE delivery in the fourth quarter of 2026, PFS completion in the first quarter of 2027, a FID in 2027, and production in 2028. The permitting timeline references the Marimaca oxide project, which received its Chilean environmental permit within 12 months of submission, followed by a 6-month construction phase. No DIA has been submitted.

Chile produced 5.3 million tonnes of copper in 2025 - 23% of global mine supply, per the USGS - and mining accounts for 59% of the country's total exports, of which approximately 80% is copper. The Chilean government's mining investment pipeline for 2024 to 2034 is estimated at US$105 billion, with approximately 90% allocated to copper projects. Chile's Ley de Permisologia, enacted in September 2025, aims to reduce permit processing times by 30% to 70%. 

Marr-Johnson addressed the mine life:

"The plan would be that we'd get to at least eight years, possibly 10 years, possibly more, but those are hopes and aspirations."

Assay Backlogs, Sulphide Risk, &  Execution Dependencies

Results from 24 of 39 completed drill holes remain pending at the ALS-Patagonia laboratory in Copiapó as of the May 13, 2026, news release. The mineral resource estimate (MRE) is a prerequisite for the PFS; a sustained delay in assay delivery directly threatens the fourth-quarter 2026 MRE target and the first-quarter 2027 PFS timeline that follows. The sulphide program has an initial plan of 3,000 metres with no results reported as of May 2026, and the ANT data remains at an interpretive stage. No resource or discovery estimate exists for the IOCG sulphide system. At the Caballos copper-molybdenum-gold porphyry project, grades from 2 subsequent drill holes were lower than the first hole, which returned 200 metres at 0.46% copper, 591 parts per million molybdenum, and 0.07 grams per tonne gold from 66 metres, and the company will conduct a deeper induced polarisation (IP) geophysical survey ahead of anticipated Phase 2 drilling.

The Investment Thesis for Fitzroy Minerals

• Fitzroy Minerals is advancing a heap-leach copper development project targeting a pre-feasibility study in the first quarter of 2027 and production in 2028, while simultaneously testing district-scale iron oxide copper-gold sulphide targets through a dedicated 3,000-metre drill program.
• A letter of intent with Pucobre provides access to the operating Planta Biocobre solvent extraction-electrowinning facility, reducing infrastructure requirements and potentially accelerating the path to production.
• Buen Retiro is located in Chile's Punta del Cobre district, alongside the Candelaria and Mantoverde iron oxide copper-gold mines, placing the project within one of the country's most established copper-producing belts.
• Chile's permitting reforms and proposed fiscal measures could improve project economics, while Fitzroy Minerals' C$25 million cash balance and potential warrant proceeds provide funding visibility through key development milestones.
• The company is targeting a Declaration of Environmental Impact submission in the third quarter of 2026, a maiden mineral resource estimate in the fourth quarter of 2026, and completion of a pre-feasibility study in the first quarter of 2027, creating several potential value inflexion points over the next 12 months.

Fitzroy Minerals offers exposure to both near-term copper development and higher-risk exploration upside at Buen Retiro. The investment case depends on converting ongoing drilling into a maiden mineral resource estimate, advancing the heap-leach project toward a pre-feasibility study, and demonstrating that the broader iron oxide copper-gold system has discovery potential beyond the current oxide resource.

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