Copper Hits Run Deep as Chile Drill Program Delivers 78 Meters at 1.70%

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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 drilling and geophysical survey updates from the Buen Retiro Copper Project in Copiapó, Chile, including results from seven resource definition drill holes in the Southwest Area and findings from its Ambient Noise Tomography (ANT) survey. The company said drill hole BRT-DDH059 returned 78.0 meters grading 1.70% copper from 58.0 meters, including 40.0 meters grading 3.02% copper from 92.0 meters. Drill hole BRT-DDH058 returned 75.0 meters grading 0.82% copper from 9.0 meters, including 8.0 meters grading 3.77% copper from 12.0 meters.

The company stated that it has completed 39 drill holes totaling 6,885 meters since February 2026, consisting of 35 infill drill holes and four geotechnical holes. Fitzroy said the twin-rig program designed to define mineralization for a maiden mineral resource estimate in the Southwest Area is nearing its final stage. One rig remains focused on geotechnical work for the proposed pit area, while another has been assigned to shallow drilling in the Southwest Area and historical pit.

Merlin Marr-Johnson, President and CEO of Fitzroy, said in a company news release: "Fitzroy continues to intersect good grades close to surface at Buen Retiro, underscored by the drill intercept of 78 meters at 1.70% copper in drill hole 59."

The company also reported results from Fleet Space Technologies' passive seismic ANT survey. According to Fitzroy, the survey confirmed the architecture of the project's main geological structures and identified interpreted alteration and brecciation zones at depths of one to two kilometers over an area measuring approximately 5 kilometers by 5 kilometers. A detailed infill survey spanning 2 kilometers by 3 kilometers is underway.

Fitzroy stated that laboratory turnaround times continue to be slow. Results from seven drill holes were reported in this update, while assay results from an additional 24 drill holes remain pending and are expected to be released on a rolling monthly basis. Additional project information was outlined in the company's May presentation materials.

Copper Sector Continued to Draw Attention Despite Macro Pressures

According to a May 14 report from Stockhead, copper prices climbed above US$14,000 per tonne to a record high on the London Metals Exchange, even as broader market conditions reflected concerns around inflation, oil prices, and global growth. The report noted that inventories in London Metal Exchange warehouses had risen above 400,000 tonnes for the first time since 2013, creating what it described as "a massive contradiction hanging over the sector."

Stockhead cited JP Morgan head of base and precious metals strategy Gregory Shearer, who wrote on April 24 that, "Despite the more supportive swing in Chinese fundamentals, bearish macro risks should continue to dominate in copper as long as energy prices remain on the rise in the near term, calling into question the extent of potential demand destruction." Shearer also noted that "each 1% fall in global GDP typically corresponds to a 1.2% hit in copper prices."

At the same time, Lowell Resources Fund chief investment officer John Forwood discussed supply and inventory conditions that differed from surface market readings. According to the May report, Forwood said, "I think it is mainly a spike in demand, so it's pretty interesting." He also noted, "The visible copper inventaries on the exchange warehouses hit at least 12 year highs a month to six weeks ago. Now those are starting to come off." The report stated that some warehouse inventory represented bonded material held in storage rather than material readily available to buyers.

Stockhead also reported that supply conditions had drawn attention because "20% of world copper supply comes from SX-EW (solvent extraction and electrowinning), which requires sulphuric acid, which has been impacted by the closure of the Strait of Hormuz." The publication further cited Forwood, who said, "When you dig a bit deeper, you can see the reasons why copper is (being) a little bit … counter-intuitive given the concerns about inflation and possible recession flowing on from that."

According to a May 18 report from Kitco NewsWire, broader commodity and market conditions remained shaped by higher oil prices, elevated Treasury yields, and U.S.-Iran tension around the Strait of Hormuz. The report stated that "global markets were defensive overnight," while WTI crude traded around US$101.77 a barrel and Brent crude was near US$110.05. Kitco also reported that the U.S. dollar index was near 99 after touching a six-week high, while the yield on the benchmark 10-year U.S. Treasury note traded near 4.6%.

Additional commentary on May 18 reflected continued interest in the broader copper market. Chen Lin of the What's Chen Buying? What's Chen Selling? Newsletter wrote that, "I also added copper futures. I believe the breakout of copper is for real." He added that "after an initial breakout, it is not unusual to retest the breakout point," while describing current trading activity as a retracement following the earlier move.

Copper Commentary Focused on Exploration Targets and Market Strength

In a May 4 contributed opinion, Michael Ballanger of GGM Advisory Inc. discussed copper market conditions and wrote that "I see no evidence of any disruption in the copper bull whatsoever, and continue to accumulate copper juniors with advanced exploration projects and established resources." Ballanger also stated that copper had "been grinding higher since it put in its low around CA$5.23 back in early February."

The same commentary discussed recent project developments and referenced a "5 km. wide anomaly" identified through a helicopter-borne MobileMT airborne electromagnetic and magnetic survey. Ballanger wrote that the significance of an upcoming deep induced polarization survey had been explained by management, with the assumption that the anomaly would carry "'chargeability,' which is a characteristic of sulphides associated with porphyry copper deposits."

Ballanger also quoted commentary from an email alert regarding the survey process, writing: "I realize that this is a lot of information to absorb, especially for subscribers that are relatively new to the world of mineral exploration, but this IP survey will almost completely rule out other 'chargeable' materials, leaving the most likely material as 'sulphides'."

He further wrote that, "Given that Fitzroy has already identified copper-moly-gold sulphides on the fringes of the system, the odds are that any big chargeability anomaly will have Cu-Mo-Au in the sulphides mix." Ballanger added, "The IP survey will increase our odds of discovery, which is why I am telling you."

In a May 15 update, Ballanger wrote that copper "remains the standout performer in the metals for the past few weeks" and noted that July copper had "eked out a modest 0.62% gain after hitting an all-time high at US$6.716/lb. on Wednesday."

Ballanger attributed recent market activity to both supply and demand factors. He wrote that "Copper remains the standout performer in the metals for the past few weeks due to severe supply constraints and a surge in speculative demand linked to artificial intelligence infrastructure." He also stated that "there has been a critical disruption in the supply of sulfuric acid, which is essential for copper production," while adding that "smelter squeezes have caused processing fees to plunge to record lows, forcing output reductions just as global demand is hitting its peak."

On the demand side, Ballanger wrote that "'AI' and data center buildouts, overall global electrification, and an export boom of copper-intensive clean-tech products from China are all contributing to boosting demand." He also wrote that "copper prices have 'shrugged off' the Iran-US war uncertainty, with investors shifting capital into physical assets like copper as a hedge against geopolitical risk."

Ballanger later wrote that "The move to record highs in copper is a premonition of better days ahead for the red metal and all of the major producers and junior developers as well."

The same commentary discussed recent drilling activity at Buen Retiro and referenced the reported intercept that stated: "Drill hole BRT-DDH059 returned 78.0 m @ 1.70% Cu from 58.0 m, including 40.0 m @ 3.02% Cu from 92.0 meters."

Ballanger wrote that the stock had risen following the results and stated that "For a junior explorer, that is an exceptionally strong weekly performance and indicates the market is assigning increasing value to the Buen Retiro discovery."

Drills, Surveys, and Development Work Continue Across Buen Retiro

Fitzroy stated that a third diamond drill rig has now been dedicated to copper sulphide exploration at Buen Retiro. The company outlined an initial drilling plan of 3,000 meters and said it anticipates expanding the program as ANT geophysical survey data is incorporated into target ranking.

The company also said it is finalizing a 5,000-meter reverse circulation drilling contract expected to begin next month. According to Fitzroy, the program will initially complete sterilization drilling around the historical pit area before shifting toward regional exploration across the project's 13,400-hectare concession package. 

Additional development activities outlined in company materials included environmental submission work targeted for the third quarter of 2026, a mineral resource estimate in the fourth quarter of 2026, and a pre-feasibility study in the first quarter of 2027. Presentation materials also outlined ongoing baseline surveys, metallurgical testing work, engineering studies and sulphide exploration drilling activities.

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.