Copper Explorer Targeting Near-Term Production in Chile Graduates to OTCQX

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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.

Fitzroy Minerals Inc.'s (FTZ:TSX.V; FTZFF:OTCQB) common shares have now qualified to trade on the OTCQX Best Market in the United States, having been upgraded from the OTCQB Venture Market, according to a February 2 release.

"We are excited to have qualified for graduating to the OTCQX market. This graduation improves our visibility to U.S. 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," Chairman Campbell Smyth said.

The company's common shares begin trading February 2 on OTCQX under the symbol FTZFF. U.S. investors can access current financial disclosures and real-time Level 2 quotes for the company on the OTC Markets website.

The OTCQX market is tailored for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, adhere to best practice corporate governance, and demonstrate compliance with applicable securities laws. Moving to the OTCQX market from the OTCQB market is a significant milestone for companies, allowing them to showcase their qualifications and increase visibility among U.S. investors.

Advancing Copper Projects in Northern Chile

Fitzroy is advancing two copper projects in northern Chile: Buen Retiro and Caballos. These projects are situated 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 surface oxide copper and deeper sulfide mineralization. The company also initiated a preliminary economic assessment (PEA) process focused on a potential heap leach operation in partnership with Chilean copper producer Pucobre S.A.

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.

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. 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. 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.

A Standout Junior in the Copper Space

Fitzroy Minerals has received coverage from multiple market commentators. In a December 16, 2025, 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 sulfide 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.

On January 20, Ballanger noted that copper "remains my #1 metal and shall remain so."

"My headline pick for this weekend version of the GGM Advisory is a little junior born from the loins of my largest holding — Fitzroy Minerals Inc. — where management decided that they would refrain from packing the portfolio with any more projects once their dual flagships of Buen Retiro and Caballos were fully-funded and fully-recognized as developmental and advanced exploration projects," Ballanger wrote.

In order to reduce the dilutionary effect of adding new assets to FTZ, they created a new company called Grafton Resources Inc. (GFT:CSE; PMSXF:OTC) to explore the "Silver One" exploration project located in the western foothills of the Andean Cordillera of central Chile.

The historical tailings dumps on this property contain 13.85 kilograms of vein material assayed at AAA Laboratories which returned an average grade of 296 grams per tonne silver (g/t Ag) and 2.6% copper (Cu).

The Catalyst: Energy Crunch Driving Copper to New Heights

It's not just silver and gold reaching new heights — copper is also hitting unprecedented levels as the metals market continues to dominate trading in 2026, according to a report by Jake Conley for Yahoo! Finance on January 29. Copper futures surged by up to 10%, surpassing US$13,000 per ton due to supply chain disruptions, trade policies, and rapidly increasing demand. Currently priced at around US$5.79 per pound, copper has risen significantly from about US$4.25 a year ago.

Copper is crucial for data centers and other technologies driving the AI revolution, as well as for global electrification efforts, including electric vehicles and power-grid expansion, the article noted. Global demand for copper is expected to rise from 28 million tons in 2025 to 42 million tons by 2040. However, without significant supply increases, the market could face a 10 million-ton shortfall, according to S&P Global.

Despite copper's record-high prices, analysts suggest these may not reflect the actual market conditions, Conley wrote. Instead, speculation and preemptive trading might have driven the intense price movements beyond reality. "We see speculative positioning as overdone and unrelated to the realities in the market," wrote StoneX senior metals demand analyst Natalie Scott-Gray, according to Conley. The metal appears "unsustainable with downward pressure likely to come."

Copper is on track for its largest annual price increase in over a decade, fueled by supply disruptions, a weakening U.S. dollar, optimistic forecasts for Chinese economic growth, and significant investments in artificial intelligence, Sam Meredith wrote for CNBC on December 30, 2025.

Copper demand is often seen as an indicator of economic health. The base metal is crucial to the energy transition ecosystem and plays a vital role in the production of electric vehicles, power grids, and wind turbines. Indeed, electrification, grid expansion, and data center development all require substantial amounts of copper for wiring, power transmission, and cooling infrastructure.

Ownership and Share Structure¹

As for ownership, about 25% is owned by strategic investors, about 11% by insiders and management and about 2% by institutions. The rest is retail.

Top shareholders include Ptolemy Capital Ltd. with 25.05%, Kim Ray Shrum with 4.72%, Merlin Marr Johnson with 3.07%, John Campbell Smyth with 2.42%, and IXIOS Asset Management SA with 1.2%.

The company has 282.82 million outstanding shares, a market cap of CA$147.07 million, and a 52-week range of CA$0.16 - CA$0.73.