José Antonio Kast has been elected Chile's 38th president following a December 14 runoff. A long-standing figure on the far right and leader of the Republican Party, Kast captured 58.3% of the vote, defeating Jeannette Jara of the ruling center-left coalition, who garnered 41.7%. As reported by PBS on December 14, Jara conceded shortly after polls closed, saying, "Democracy spoke loud and clear. I have communicated with José Antonio Kast and wished him success for the good of Chile."
Kast's win represents Chile's most significant rightward shift since the Pinochet era ended in 1990. According to Reuters on December 14, he gained traction by tapping into public concerns over crime and immigration, ultimately unifying a previously divided right-wing base.
This was the first Chilean presidential election since 2012 to include mandatory voting, broadening participation among the roughly 15.7 million eligible voters. As The Guardian noted on December 14, voters who had previously stayed home played a decisive role in both the first round and the runoff.
Kast will take over from outgoing President Gabriel Boric, who was elected in 2021 as the country's youngest president. With Chile's constitution prohibiting consecutive terms, Boric exits after one four-year term marked by progressive reforms and declining approval ratings. As Al Jazeera reported on December 14, Kast's inauguration is scheduled for March 11, 2026.
Mining Policies Under President Gabriel Boric (2022–2026)
Throughout his term, President Gabriel Boric pushed for greater state involvement in Chile's mining sector, especially lithium. On April 20, 2023, he introduced the National Lithium Strategy, a long-awaited plan that proposed public-private partnerships with majority state ownership in all new lithium ventures. As reported by Mining.com on April 21, the strategy also called for the creation of a national lithium company.
Initially, Codelco, the state copper giant, was tasked with handling negotiations for new contracts. Eventually, a separate lithium-specific entity was expected to take over. Boric called lithium "an opportunity for economic growth that will be difficult to beat in the short term" and urged current producers, including Albemarle Corporation (ALB) and Sociedad Química y Minera de Chile SA (SQM), to voluntarily negotiate state participation ahead of their contract expirations in 2043 and 2030, respectively.
The administration also championed direct lithium extraction (DLE) over traditional evaporation methods due to its lower water usage. According to Chile's official National Lithium Strategy, the approach aimed to balance environmental sustainability, economic growth, and community participation. While private companies would still provide capital, innovation, and market access, they would do so under a state-led framework.
Boric also proposed reforms for copper and broader mining taxation. As covered by S&P Global on December 21, 2021, he supported increased royalties to fund social programs and opposed large-scale projects like the Dominga iron-copper-gold development, citing environmental concerns. While environmental advocates welcomed the stance, experts warned that a divided Congress and regulatory checks would likely dilute the scope of any sweeping changes.
Despite the administration's ambitious goals, Boric's mining reforms faced significant hurdles. Moody's cited political and technical barriers to tax legislation, while analysts at Fundamental Research Corp. said regulatory uncertainty could delay new developments, though no lasting damage to Chile's mining sector was expected.
Mining Policies Under President-Elect José Antonio Kast
President-elect José Antonio Kast has pledged to pivot away from Boric's state-heavy approach and toward a more market-driven model. Bloomberg reported on June 21 that Kast criticized Boric's lithium strategy as investment-stifling and counterproductive to Chile's global competitiveness. He opposes the creation of a national lithium company and believes the private sector is better equipped to maximize resource value.
Kast's platform promotes greater private participation across the mining sector, regulatory simplification, and fiscal responsibility. According to Bloomberg on September 4, he plans to audit Codelco, which currently carries debt equivalent to about six times its EBITDA. While privatization isn't on the agenda, Kast supports joint ventures with private companies as a way to ease Codelco's financial burden while preserving state control.
He's also said he would revisit the pending lithium partnership between Codelco and SQM if the deal is not finalized before he takes office. While Kast has committed to honoring existing agreements, he's left the door open to renegotiation when the national interest is at stake.
Investor reaction to Kast's win has been positive. Reuters reported on December 14 that Chile's stock market, currency, and equity indexes all climbed following his victory, signaling confidence in a shift toward deregulation and legal clarity for the mining industry.
With a new administration preparing to take the reins, companies operating in Chile's copper and lithium sectors are bracing for change. Here are three companies that could see a direct impact from the upcoming adjustments to regulatory policy, public-private partnerships, and foreign investment strategies under President-elect José Antonio Kast.
Fitzroy Minerals Inc.
Fitzroy Minerals Inc. (FTZ:TSX.V; FTZFF:OTCQB) is advancing two copper projects in northern Chile: Buen Retiro and Caballos. These assets are located in a region globally recognized for large-scale iron oxide copper gold (IOCG) systems, including Capstone Copper's Manto Verde and Lundin Mining's Candelaria operations. In 2025, Fitzroy completed 7,150 meters of diamond drilling and 5,100 meters of reverse circulation drilling at Buen Retiro, targeting both oxide copper near the surface and deeper sulphide mineralization. The company also launched a preliminary economic assessment (PEA) process focused on a potential heap leach operation in partnership with Chilean copper producer Pucobre S.A.
Streetwise Ownership Overview*
Fitzroy Minerals Inc. (FTZ:TSX.V; FTZFF:OTCQB)
At Buen Retiro, Fitzroy reported assay results from holes BRT-DDH036 through BRT-DDH039 and SFR-RCD002. These results confirmed a broad zone of near-surface copper oxide mineralization across the South and Southwest areas, including a 20.2-meter interval grading 0.31% copper from hole 36 and an 85.4-meter interval grading 0.22% copper from hole 39. Additionally, RC hole SFR-RCD002 intersected 5.0 meters at 1.33% copper at depth, showcasing a mineral assemblage consistent with late-stage IOCG systems seen elsewhere in the Punta del Cobre District.
Importantly, Fitzroy's exploration at Buen Retiro is revealing multiple mineralization styles: hematite-rich breccias associated with sub-vertical structures, disseminated chalcopyrite in altered andesite, and late-stage copper veining. According to the company, these styles mirror those observed in major mines such as Manto Verde, Candelaria, and La Farola. This geological diversity, supported by magnetic and induced polarization (IP) geophysical anomalies, suggests a large and evolving copper system across the project area.
While the initial development scenario at Buen Retiro focuses on shallow leachable material suitable for low-cost heap leaching, deeper sulphide potential is emerging as a key exploration theme. Drilling has encountered long intervals of disseminated chalcopyrite below oxide caps, such as hole 40 with approximately 223 meters of sulphide mineralization. A follow-up hole, BRT-DDH043, is currently underway to test these sulphide zones, with visual similarities to Candelaria's resource zone noted in core photos.
Fitzroy's joint venture discussions with Pucobre center around access to the Biocobre SX/EW facility, located near the Buen Retiro site. Pucobre, which operated the historical Buen Retiro mine, has maintained continuous operations at Biocobre since 1992. The partnership includes a 30% clawback right for Pucobre and would provide Fitzroy with non-operated cash flow in the early stages of development. According to the investor presentation, the PEA underway is focused on heap leach scenarios with low capital intensity and potential for near-term revenue.
At the Caballos Copper Project, Fitzroy is exploring a Cu-Mo-Au-Re system characterized by mineralized breccias along the Pocuro Fault Zone. In 2025, drilling intersected broad zones of hydrothermal alteration and copper mineralization, including 198 meters at 0.25% copper equivalent in hole 5, with higher-grade zones such as 97 meters at 0.39% copper equivalent from 251 meters downhole. Despite initial setbacks, including holes aborted due to poor ground conditions, the company has appointed a new contractor and resumed drilling at the Chincolco and Mule Hill targets.
Fitzroy has allocated approximately CA$8 million of its CA$11 million treasury toward exploration activities over the next 12 months. Plans include additional drilling, metallurgical testing, baseline environmental studies, and PEA preparation at Buen Retiro, while geophysical reinterpretation and deeper drilling are underway at Caballos. The company holds full option agreements on both properties, with defined buyback and royalty terms, and maintains flexibility through staged exploration expenditures and minimal upfront capital commitments.
The December 2025 investor presentation emphasizes Fitzroy's dual-track approach to value creation. The shallow oxide zone at Buen Retiro offers a potential near-term, low-cost production path, while the sulphide targets below represent longer-term upside. At Caballos, recent drilling has defined a corridor over 10 kilometers in strike length with mineralized breccias and porphyry clasts, supporting the thesis of a large-scale IOCG system under development.
Fitzroy Minerals has received coverage from multiple market commentators. In a December 16 note, Michael Ballanger of GGM Advisory Inc. described the company as a standout junior in the copper space, noting its disciplined oxide drilling strategy at Buen Retiro alongside emerging sulphide targets. Ballanger emphasized the strength of the new management team and the geological similarities between Fitzroy's assets and major producing mines in Chile, including Manto Verde and Candelaria.
1As for ownership, funds are listed as holding 0.11% of Fitzroy. The rest is retail.
The company has 276.79 million outstanding shares, a market cap of CA$93.26 million, and a 52-week range of CA$0.14 - CA$0.55
Halcones Precious Metals Corp.
Halcones Precious Metals Corp. (HPM:TSXV) has initiated a legal process in Chile to secure surface access rights for diamond drilling at its Polaris Project in Northern Chile. The company submitted the required documentation to the civil court of Taltal after nine months of unsuccessful negotiations with the surface rights holders.
Streetwise Ownership Overview*
Halcones Precious Metals Corp. (HPM:TSXV)
Under Chilean law, which prioritizes state-owned mineral rights over surface rights, mining concession holders are entitled to apply for easements when access cannot be obtained through private agreements. While Halcones noted this is not the preferred route, it stated the decision to proceed with court action was necessary due to the negotiation impasse. The company will continue to pursue a negotiated solution as the legal process moves forward. Temporary access for certain activities may be granted within a month, with the full process expected to take several months.
In connection with this development, Halcones amended its option agreement with Austral Exploraciones SpA to extend two key milestones: the deadline to complete 2,000 meters of drilling has been moved to October 23, 2026, and the deadline to complete a National Instrument 43-101 compliant mineral resource estimate has been extended to October 23, 2028.
Polaris is a large, underexplored gold project located in a historically productive mining district in Northern Chile. Although the area hosted small-scale artisanal mining operations in the 1920s and 30s, Polaris itself has never been tested with modern diamond drilling. Mapping and sampling have identified extensive bedrock gold mineralization across a 3.9-kilometer strike length. The first phase of drilling will target the North Zone, where surface sampling has returned up to 55 grams per tonne gold within a 500-meter by 500-meter gold anomaly.
Select assays from past campaigns include 29.04, 20.05, 13.08, and 10.67 grams per tonne gold. In total, 30 outcrop samples have returned grades above 10 grams per tonne, with 35 samples between 5 and 10 grams per tonne and 104 samples between 1 and 5 grams per tonne. The sampling focused on stockwork zones, and the limits of mineralization in the North Zone have not yet been defined.
Halcones believes the mineralization is structurally controlled and hosted by highly fractured rocks associated with splays from the Atacama Fault System. The company stated that this geologic setting may support a larger tonnage, surface-exploitable gold deposit. CEO Ian Parkinson commented, "Polaris is an exciting Project that requires diamond drilling. The surface signature is compelling. Demonstrating the depth continuation of what has been outlined on surface is the next logical step for Halcones and Polaris."
All samples were collected following defined QA/QC protocols and sent to Andes Analytical Assay Laboratory in Copiapó, Chile, for preparation and subsequent assaying in Santiago. The laboratory is certified under ISO/IEC 17025:2017. The company stated that sampling procedures were designed to reduce bias and ensure reliable representation of mineralized zones.
According to the company's investor presentation, the Phase II drill program is designed to follow up on successful holes from Phase I, which intersected high-grade gold-silver mineralization in multiple zones. A total of 6,000 meters of drilling are planned across three targets: Central, East, and Southwest. The company states that drilling is fully permitted and funded, with results expected to be released through Q4 2025 and into Q1 2026.
The presentation highlights proximity to infrastructure as a strategic advantage. Carachapampa is located just 180 kilometers northeast of Copiapó, near other major gold projects such as Kinross's La Coipa and Fenix mines and Gold Fields' Salares Norte project. Additionally, Halcones emphasizes a tight share structure with only 72.4 million shares outstanding and significant insider ownership (approximately 21%) as potential leverage for future valuation growth.
18.52% of Halcones is held by management and insiders. The rest is retail.
Halcones has 228.78 million outstanding shares, a market cap of CA$9.12 million, and a 52-week range of CA$0.03 to CA$0.09
Grafton Resources Inc.
Grafton Resources Inc. (GFT:CSE; PMSXF:OTC) has entered into a framework agreement to acquire an option for 100% ownership of the Alicahue Copper Project, a 3,500-hectare property located in Chile's Valparaiso Region. Through a wholly owned Chilean subsidiary, Grafton will secure access to a large land package situated 140 kilometers north of Santiago and surrounded by major industry players, including Newmont Corp. (NEM:NYSE; NGT:TSX; NEM:ASX) and Los Andes Copper Ltd. (LA:CVE). The option agreement remains subject to the execution of a definitive agreement and approval from the Canadian Securities Exchange.
Streetwise Ownership Overview*
Grafton Resources Inc. (GFT:CSE;PMSXF:OTC)
According to the company, Alicahue hosts multiple mineralization styles, including iron oxide copper gold (IOCG) targets, tourmaline breccias, epithermal veins, and porphyry-style systems. Surface samples from across the property have returned grades as high as 6.34% copper, 1.51 grams per tonne gold, and 59 grams per tonne silver. Exploration to date has included soil sampling and geologic mapping, with copper anomalies identified over a 1.7-kilometer by 1.1-kilometer area. Management believes the project lies within the southern extension of Chile's Paleogene metallogenic belt, which hosts major deposits such as Escondida and Chuquicamata.
As part of the agreement, Grafton has committed to incur US$4 million in exploration expenditures over four years, with no single year seeing less than US$500,000. Upon completion, the company can exercise the option for an additional US$3 million. The vendor will retain a 2.0% net smelter return (NSR) royalty, half of which Grafton can repurchase for US$5 million. Additional payments include a US$5.00 per tonne resource payment on defined copper-equivalent resources and milestone cash and share considerations over the first two years.
To support the acquisition and exploration work, Grafton announced a concurrent private placement of between CA$2 million and CA$3 million through the issuance of units priced at CA$0.50. Each unit consists of one common share and one-half of a common share purchase warrant exercisable at CA$0.80 for two years. A 7% finder's fee will be paid in shares, and insiders are expected to participate. Proceeds will fund option payments, early-stage exploration, and general working capital.
In a separate update, Grafton also closed a CA$350,000 non-brokered private placement comprising 700,000 units. Each unit consisted of one common share and one-half of a warrant, under a four-month hold. The company stated the proceeds would strengthen its financial position and support ongoing corporate initiatives.
Michael Ballanger of GGM Advisory Inc. highlighted Grafton Resources Inc. as a company positioned for aggressive exploration, contrasting it with the more production-focused Fitzroy. Ballanger noted that Grafton's structure was designed to protect its flagship Chilean projects, Buen Retiro and Caballos, from dilution, with new exploration opportunities being funneled into the company. He emphasized that the Alicahue Project had received approval for drilling in January and described the final step as the completion of an airborne MMT survey early in the new year. "Then it is 'Game on,'" Ballanger wrote, underscoring the company's near-term exploration potential.
1Management and insiders hold 13.55% of Grafton Resources. The rest is retail.
Grafton has 16.86 million free float shares, a market capitalization of CA$6.73 million, and a 52-week range of CA$0.15-CA$0.85.
| Want to be the first to know about interesting Copper and Cobalt / Lithium / Manganese investment ideas? Sign up to receive the FREE Streetwise Reports' newsletter. | Subscribe |
Important Disclosures:
- As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Fitzroy Minerals Inc., Halcones Precious Metals Corp., and Grafton Resources Inc
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
For additional disclosures, please click here.
1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
