Mining Explorer Returns Outstanding Copper Assay Results from Project in Chile

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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) provided an update on its drilling program at the Buen Retiro copper project on June 29, 2026. The company said that drilling is ongoing with three diamond drill rigs at site and a reverse circulation (RC) right will be added in the near future. With continued mineralization intersection as the program goes on, Fitzroy has upped its totally campaign estimate to 22,000 meters in 2026.

Results from nine holes have been reported, with the highlights as follows:

• Drill hole BRT-DDH052 returned 59.0 m @ 1.73% Cu (copper) from 92.0 m, including 12.0 m @ 5.39% Cu from 136.0 meters.  
• Drill hole BRT-DDH062 returned 76.0 m @ 0.74% Cu from 69.0 m, including 13.0 m @ 3.62% Cu from 106.0 meters.  

"I am delighted that we continue to see good results from Buen Retiro. This time the intersections close to surface at Buen Retiro include intercepts of 59 meters at 1.73% Cu in drill hole 52 and 76.0 m at 0.74% Cu in drill hole 62," said Merlin Marr-Johnson, President and CEO of Fitzroy. "Results of this caliber, news release after news release, are the hallmark of a well mineralized system. What makes it so valuable is that this is near-surface, leachable material, near infrastructure in Chile. We see a route to near-term copper cathode production with reduced capital requirements and reduced permitting timelines. One plan currently being evaluated is to produce a soluble copper sulphate concentrate at site, which could then be trucked and processed into copper cathode at any of the three Electro-Win (EW) plants within a 90 km radius."

Marr-Johnson continued: "Our success at finding more copper mineralization means that the drill program for the year has expanded to at least 22,000 meters. We look forward to keeping the market up to date with our progress on the project, not least through the drumbeat of monthly drill results releases."

All holes drilled so far have intersected copper mineralization, though the company is most excited about the high-density results from holes BRT-DDH052 and BRT-DDH062.

Fitzroy Minerals Inc. is a Canadian exploration company focused primarily on 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 Demand Remains High

Copper prices are continuing to boom due to industrial demand and the rise of AI data centers. On May 12, 2026, Piyush Shukla of The Economic Times wrote that, "Copper prices are soaring aggressively in 2026 as copper futures smash record highs above US$14,000 per ton and COMEX copper crosses US$6.50 per pound. The rally is no longer only about manufacturing demand. AI data center construction is now driving a massive global copper rush. China's factory recovery, Middle East sulfuric acid shortages, and tightening mine supply are deepening the global copper crunch." So far, copper prices have risen more than 10% since the start of the year, and over 40% since the beginning of 2025.

Demand for copper is expected to rise due to continued use in electronics, especially with the widespread construction of new data centers and defense needs America is experiencing. A report from Businessworld claimed that "global copper demand is gradually shifting towards strategic and less price-sensitive sectors such as AI infrastructure, defense, power grids, and clean energy systems. By 2040, these categories are expected to account for nearly 45% of total copper demand, up from 32% in 2024."

Copper has experienced some volatility this year. While a bull market for traders, physical products are trending toward a bear market due to potential tariffs. Last year, the looming potential of President Donald Trump's tariffs surged copper prices in the U.S. as American investors stockpiled the metal.

This hype created an overstocking of copper, widening the gap between futures and physical worth. "Collectively, inventories at the world's main exchanges have risen by more than 500,000 tons since the start of the year," stated a March 6 article by Bloomberg News. The imagined certainty of inaccessible copper due to tariffs evaporated, however, when premiums for U.S. copper futures disappeared, and the tariffs did not materialize. Trump may choose to impose tariffs next year, but analysts and investors are skeptical since his administration chose to forego them in January 2026.

Copper futures fell to US$6.10 per pound on June 29, 2026, due to "easing supply concerns combined with softer demand conditions. Industry data showed that global shipments of copper concentrate have risen since April, pointing to ample raw material availability." Still, copper prices are unlikely to fall dramatically, even if a resolution is found. China's output fell by 3% in April 2026, and tariff expenses are keeping the stock price high.

News Release is "Spectacular", Says Expert

Michael Ballanger of GGM Advisory released a very positive report on Fitzroy after the news release. On June 29, Ballanger said: "If this were back in January, the stock would have exploded to a new 52-week high this morning, and if markets were actually rational, it would be trading through CA$1.00 because that news release was a spectacular one in every sense of the word."

Investors have yet to hop on the stock, and GGM argued that ". . . what they should be doing is selling losers and loading the truck with shares in the one company that is not only fully-financed but also about to get a 90% rebate on every dime spent on the Buen Retiro drill program by early next year. Fitzroy Minerals Inc. remains my top pick and an incredible opportunity for those who are able to add to positions."

Drill Campaign Gets Expanded

Fitzroy's investor presentation lists upcoming catalysts for the company, beginning with the expansion of 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 US$134.57 million, with 328.21 million shares outstanding. The company's 52-week range is CA$0.24-CA$0.73. Institutions own 1.76% of shares, while Strategic Investors own 22% of shares. Management & Insiders own 9.12%, and the remaining 67.12% of shares are held by Retail.