Exploration Co. Hits >0.9% Copper in Chile, CEO Signals Plenty in System

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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. (FTZ:TSX.V; FTZFF:OTCQB) gave an update on its Buen Retiro Copper Project in Chile on April 16, 2026, where it is digging for copper. Fitzroy provided results of the definition drilling and metallurgical test work for the Pre-Feasibility Study (PFS), as well as the Ambient Noise Tomography (ANT) geophysical survey of the property.

Highlights include:

• Drill hole BRT-DDH048 returned 92.5 m @ 0.53% Cu (Copper) from 3.5 m, including 46.0 m @ 0.82% Cu from 36.0 meters. 
• Drill hole BRT-DDH049 returned 83.0 m @ 0.57% Cu from 95.0 m, including 43.0 m @ 0.90% Cu from 95.0 meters. 
• Metallurgical test work at SGS Laboratories started on a 2,900 kg representative sample.  
• Fleet Space Technologies' passive seismic ANT geophysical survey has been completed across a 5 km x 5 km area, with processing and interpretation underway. 

The company offered an overview of the project, writing ". . . a definition drilling program for a maiden mineral resource estimate is underway, using two drill rigs. Building on mineralization identified in previous drill holes, 32 new diamond drill holes (5,143 meters) in the southwest area have been completed, and assays are pending. The drill hole plan is being expanded as fresh zones of shallow mineralization are intersected to the east, towards the southern area. The aim is to delineate sufficient material in the Measured and Indicated Resource categories (as such terms are defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects ('NI 43-101')) to provide a robust life-of-mine production plan for the Heap Leach project, and inclusion in the PFS. Additional definition drilling aims to delineate Inferred Resources (as such term is defined under NI 43-101) that may represent a source of future plant feed subject to conversion to higher-confidence resource classifications through subsequent drilling."

In the release, President and CEO of Fitzroy, Merlin Marr-Johnson, said, "The resource definition drilling is advancing quickly and has intersected many samples that exceed the ALS laboratory 1% Cu maximum limit for 'exploration' assay methods in the southwest area. Although these samples have to be re-assayed using 'ore grade' assay methods, and many results are pending, it shows there is plenty of copper in the system. The start of metallurgical test work for the PFS is a milestone event."

Marr-Johnson commented further, "The ANT geophysical survey is a step forward in the hunt for a major sulphide discovery at Buen Retiro. Our aim is to leverage potential future cash flow from the Buen Retiro Heap Leach copper operation to fund the continued exploration for major copper deposits in Chile (including Buen Retiro and Caballos) with minimal dilution."

Fitzroy Minerals Inc. is a Canadian exploration company focused on primarily copper assets in the Americas. The company's projects include the Buen Retiro Copper Project located near Copiapó, Chile, the Caballos Copper and Polimet Gold-Copper-Silver projects located in Valparaiso, Chile, the Taquetren Gold Project located in Rio Negro, Argentina, and the Caribou Project in British Columbia, Canada.

Copper on the Up

"Copper rose to the highest level in more than a month as most industrial metals rallied on optimism that the U.S. and Iran will restart peace talks. . . Copper rose 1.8% to settle at US$13,284.50 a ton on the London Metal Exchange," reported Mining.com on April 14, 2026.

On the same day, Tavi Costa agreed, noting that, "Copper has remained remarkably resilient despite the recent broader market selloff, and it increasingly looks like a metal setting up for a meaningful move higher."

Investing.com has a more cautious view of the metal, though, waiting for war news before making a solid statement. For the site, on April 16, 2026, Jaiveer Shekhawat wrote, "However, the global outlook remains cautious, with institutions like Goldman Sachs and Citi projecting a surplus market and potential price downside amid macroeconomic uncertainties. Trade data also reflects softer demand, with China's refined copper imports declining, although concentrate imports have increased."

'High Prospectivity' in Chile

In a contributed opinion piece for Streetwise Reports on March 16, 2026, Michael Ballanger wrote, "Fitzroy Minerals Inc. (FTZ:TSX.V; FTZFF:OTCQB) reported the first tranche closing of a CA$18.8m funding on Friday at CA$0.50 with the stock going out at CA$0.38 for the week, 24% off the financing price and 48% off its 52-week high. With two major projects being developed/explored in mining-friendly Chile, [I see] high prospectivity of their two major copper projects."

Plans for Two Projects

Fitzroy's investor presentation lists upcoming catalysts for the company, beginning with the Buen Retiro Copper Project. For the initial PFS in Q1 2027, the company will be focused on infill, sterilization, Geotech drilling, metallurgy, engineering, and an MRE throughout all quarters of 2026.

For the Caballos Project, Fitzroy will work on Phase 2 drilling and a dep IP study from Q2 2026 to Q1 2027.

Ownership & Share Information¹

Fitzroy Minerals Inc. has a market cap of CA$152.46 million, with 327.87 million shares outstanding. The company's 52-week range is CA$0.24-CA$0.73.

Management and Insiders own 11% of shares, while Institutions own 2%. Strategic Investors own 25% of shares, and the remaining 62% of shares are held by Retail.