Massive 5 km Copper-Gold Anomaly Linked to Prior Drilling Identified in Chile

1. 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.
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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) reported results from a helicopter-borne MobileMT airborne electromagnetic and magnetic survey completed over its Caballos project in the Valparaiso region of Chile. The survey, conducted by Expert Geophysics Services Inc., identified multiple conductivity and resistivity anomalies interpreted to be consistent with porphyry-style hydrothermal systems and connected to mineralization intersected during 2025 diamond drilling.

The survey covered 694 line kilometers across approximately 194 square kilometers, including a 200-meter spacing infill survey over the Central Target area. Results included the identification of a large circular conductive feature approximately five kilometers in diameter, interpreted as a porphyry-related hydrothermal system directly connected to copper-molybdenum-gold-rhenium mineralization identified at the Chincolco prospect in 2025 drilling. Linear conductive anomalies were also identified and interpreted to connect to mineralized drill hole intercepts, with a potential continuation extending approximately 2.5 kilometers to the south.

Merlin Marr-Johnson, president and chief executive officer of Fitzroy Minerals, stated in a company news release, "The MobileMT survey shows that Caballos hosts the type of plumbing architecture and conductive anomalies that are often associated with world-class mineral systems in Chile." He added, "The standout anomaly is a huge circular feature about five kilometers across that connects to the sulphide mineralization we intersected in drilling last year."

The survey identified several conductive zones associated with the Chincolco Creek breccia, where copper-molybdenum-gold sulphide mineralization was intersected in 2025. One feature dips eastward for approximately 1.5 to 2.0 kilometers before merging into a larger conductive body, with roots extending beyond two kilometers depth. A separate linear anomaly approximately 1.5 kilometers long was identified near the north-south axis of the Chincolco prospect, continuing southeast beyond previously drilled areas. This anomaly extends approximately 2.5 kilometers from drill hole CAB-DDH004A and remains partially untested.

The MobileMT survey also identified a north-south conductive corridor extending approximately 14 kilometers across the project area, coincident with the Pocuro fault zone. According to Expert Geophysics Services Inc., this feature represents a crustal-scale structure interpreted as a potential pathway for mineralizing magmatic fluids.

In the northern portion of the survey area, resistivity patterns were identified and interpreted to be characteristic of hydrothermal breccia-associated porphyry systems. According to the technical interpretation, two anomalies display responses similar to those observed at major deposits in Chile, supporting the interpretation of a district-scale mineralizing system.

The survey produced electromagnetic, VLF-EM, and magnetic data sets, which the company stated provide a geophysical framework for exploration targeting across the Caballos property. Fitzroy Minerals indicated that the results will be integrated with geological, geochemical, and drilling data to define priority drill targets.

The company also announced the grant of 5.77 million stock options to directors, officers, and consultants under its stock option plan. The options are exercisable at a price of US$0.50 per share until April 29, 2031, with immediate vesting and a hold period of four months and one day. The company noted that the grant to certain directors and officers constitutes a related-party transaction under Multilateral Instrument 61-101 and that exemptions were applied as outlined in the instrument.

Copper Context: Demand Strength, Supply Constraints, and Market Volatility

According to a May 1 report from Sprott, copper markets experienced a recovery in April, with the copper price ending the month at US$12,911 per metric ton, up 5.34% following a March sell-off linked to geopolitical developments. The report stated that "copper rebounded on resilient demand, tightening supply and its critical role in electrification," reflecting underlying market fundamentals despite macroeconomic pressures.

Sprott wrote on May 1 that demand for copper was increasingly shifting away from traditional cyclical drivers, noting that "the old copper story was cyclical; the new one is critical." The report highlighted that demand is now more closely tied to electrification, energy security, and infrastructure investment, with copper described as "essential for strategic, priority-driven use cases such as defense spending, AI, and data center infrastructure and the energy transition."

On the supply side, the same report emphasized emerging constraints, stating that "amplified by China's export ban, sulfuric acid shortages are constraining copper supply." It further noted that disruptions to sulfur supply chains and reduced availability of sulfuric acid were creating operational pressures, particularly for production methods reliant on that input. At the same time, Sprott stated that "industry margins have reached all-time highs," with most copper mines operating profitably despite rising input costs.

The report also addressed structural changes in processing economics, noting that "negative TCs have turned a core revenue stream into a cost, leaving smelters reliant on byproducts to stay viable." This shift reflected tightening concentrate markets and evolving revenue dynamics within the copper supply chain.

Barry FitzGerald wrote on May 1 that copper prices remained elevated despite recent fluctuations, stating that "the price hit a (nominal) record of US$6.22/lb in late January" and remained above prior averages. He added that "the current price remains 31% above the CY2025 average," reflecting sustained strength in the commodity.

FitzGerald also noted that demand drivers were expanding, stating that "demand coming from copper's traditional base is being amped up by demand from the energy transition (renewables and EVs) and the digital revolution (AI and data centers)." He further stated that "copper's current historically high levels – in nominal terms – reflect the pressure building on the supply side," highlighting the interaction between demand growth and supply constraints.

Coulior Capital wrote on May 2 that base metals, including copper, faced short-term pressure from macroeconomic factors, stating that "copper declined 2.5% during the week as a stronger U.S. dollar and global growth concerns weighed on sentiment." The firm also noted that geopolitical tensions around the Strait of Hormuz contributed to volatility by lifting oil prices and influencing broader market sentiment.

Copper Strength and Exploration Focus Highlighted by GGM Advisory

In a March 16 contributed opinion piece for Streetwise Reports, Michael Ballanger noted that Fitzroy Minerals Inc. had completed the first tranche of a CA$18.8 million financing at CA$0.50 per share, with the stock closing the week at CA$0.38. He wrote that the company's two primary projects in Chile were located in a mining-friendly jurisdiction and described them as having "high prospectivity."

On April 29, Ballanger provided a further update, stating, "The attached news release is precisely why I own an exceedingly large position in Fitzroy Minerals Inc. – the 'blue-sky' potential is off-the-charts with billions of dollars of market cap lying in front of us. The stock at any level under CA$0.50 is ridiculously cheap."

Ballanger then wrote on May 4 that copper had continued to show resilience relative to other metals, stating that it had been "grinding higher since it put in its low around US$5.23 back in early February." He added, "I see no evidence of any disruption in the copper bull whatsoever."

In the same May 4 commentary, Ballanger referenced recent exploration developments, noting "the highlight being that 5 km. wide anomaly shown in the graphic posted above." He also discussed follow-up work, stating that "this IP survey will almost completely rule out other 'chargeable' materials, leaving the most likely material as 'sulphides'."

Ballanger further stated that "the results of the IP survey should be out by the end of the month or very early June, with the drill program commencing sometime in September," outlining the anticipated sequence of exploration activities described in the source material.

Next-Stage Exploration and Data Integration Plans

As outlined in its investor presentation, Fitzroy Minerals has commissioned Expert Geophysics Services Inc. to complete a three-dimensional inversion of key survey areas to improve resolution and interpret structural complexity. The company stated that the full Caballos dataset will be combined with MobileMT data and analyzed using proprietary techniques, alongside drilling results, structural interpretation, alteration mapping, and geochemical datasets through artificial intelligence-enhanced processing.

A deep induced polarization survey is planned for the second quarter of 2026 to obtain additional information on sulphides, alteration mineralogy, structure, and resistivity. The company stated that the objective is to upgrade conductivity anomalies into ranked drill targets, with chargeability measurements expected to respond to disseminated sulphides, stockwork mineralization, alteration halos, and porphyry-style systems.

At Buen Retiro, the company reported signing a letter of intent with Pucobre S.A. in April outlining a conceptual joint development pathway for the heap leach project. Under the terms described, Pucobre holds a claw-back right to 30% of the project and, if exercised in mid-2027, would reimburse 90% of project expenditures incurred through completion of the pre-feasibility study. The company stated it expects to maintain a high level of exploration and technical activity over the next 12 months.

The company also indicated that drilling at Buen Retiro is part of an ongoing multi-rig program, with plans to release drill results on a rolling basis every four to six weeks throughout the remainder of the year. In addition, metallurgical testing commenced in April as part of the project's advancement.

At Caballos, the company outlined plans to conduct deep induced polarization ground geophysical surveys targeting chargeability anomalies, with drilling expected to follow in September and October.

Looking ahead, the company identified several near-term activities, including results from an ambient noise tomography survey at Buen Retiro, continued drill core assay updates, progress updates on deep IP work and three-dimensional inversion of MobileMT data at Caballos, and ongoing exploration activities across both projects.

Fitzroy Minerals also indicated that it will continue targeting further delineation of identified anomalies as part of ongoing exploration at the Caballos project.

Ownership and Share Structure¹

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.