111.9 Meters of Copper Extends Shallow Chile Discovery as Four-Rig Drill Program Advances

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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:OTCQX) provided an update on drilling at its Buen Retiro copper project in Copiapo, Chile, where drilling is continuing with three diamond drill rigs and one reverse circulation rig. The company also announced that the 1.7-kilometer trend of copper mineralization southwest of the historical Manto Negro open pit has been renamed Tenorita. The latest update reported results from 15 drill holes in the Tenorita area.

Among the reported results, drill hole BRT-DDH072 intersected 111.9 meters grading 0.97% copper from 21.1 meters, including 18.0 meters grading 1.59% copper from 84.0 meters. The hole also included subintervals of 19 meters grading 1.50% copper from 32 meters, 18 meters grading 1.91% copper from 111 meters, and the previously noted 18-meter interval grading 1.59% copper from 84 meters.

Drill hole BRT-DDH070 intersected 147.7 meters grading 0.41% copper from 26.3 meters, including 47.0 meters grading 0.88% copper from 113.0 meters and 27.0 meters grading 1.20% copper from 133.0 meters.

Merlin Marr-Johnson, president and chief executive officer of Fitzroy, said in a company news release, "Buen Retiro continues to deliver excellent results and several of the 15 drill holes reported today reflect wide zones of mineralization in leachable material close to surface. Note that the best drill hole reported today, drill hole No. 72, is to the east of drill hole No. 70, confirming consistent shallow mineralization for about 300 meters across the widest part of the Tenorita area."

The company said it has completed 78 diamond drill holes totaling 13,036 meters since the start of February 2026. One diamond drill rig is currently drilling shallow sulphides north of the historical Manto Negro pit in the area renamed Ortuzar, a second is testing the southern extension of the Manto Negro pit in the area renamed Nativo, a third is drilling the northeastern extension of the Tenorita area, and the reverse circulation rig is drilling regional exploration targets.

The company also outlined its sampling, laboratory, and quality assurance and quality control procedures, stating that a visual review of quality assurance and quality control results from standards and blanks, along with the laboratory's internal quality assurance and quality control information, identified no significant issues.

Copper's Relative Strength and Infrastructure Demand Supported Sector Attention

Bloomberg News reported on July 22 that Chile was targeting approximately US$100 billion in copper investments over the next decade as it sought to diversify its customer base beyond China while meeting demand tied to data centers. Chilean Foreign Affairs Minister Francisco Pérez Mackenna said, "It's highly concentrated and we need to expand the number of places that are buying copper from us." He added that Chile would need to invest heavily to move beyond exporting copper concentrate and increase shipments of refined copper. Pérez Mackenna also said that while "China will continue to be a very significant client for our copper," demand for the metal was expected to broaden as countries expanded data center infrastructure. Bloomberg reported that the effort came as nations sought to secure copper supplies for power grids, electric vehicles, and the growing artificial intelligence sector.

According to a July 22 report by Abolade Akinfenwa, copper's relative performance against the Nasdaq 100 had begun to improve after approximately 15 years of underperformance. He wrote that copper had "pushed to new highs in absolute terms and accelerated sharply from its 2022-2023 consolidation." Akinfenwa stated that the change in the copper-to-Nasdaq 100 ratio had not established a new market regime, but had suggested that "copper's relative position is improving."

Akinfenwa also described the physical requirements associated with bringing a new copper supply to market. He stated, "New supply cannot be produced with a software update or added quickly when prices rise." He explained that additional supply required exploration, permitting, financing, mine construction, processing capacity, transportation infrastructure, skilled labor, and political or community approval. According to the report, this had created what he called copper's "supply-response scarcity," in which available supply could have difficulty responding quickly to demand.

The July 22 report identified electricity grids, renewable power, electric vehicles, industrial expansion, data centers, defense systems, and strategic infrastructure as sectors that had required significant amounts of conductive material. Akinfenwa wrote that continued investment in artificial intelligence and digital systems "may actually strengthen the copper demand case" because technology infrastructure requires electricity, grid capacity, data centers, and copper. He nevertheless cautioned that relative outperformance had not been equivalent to an absolute bull market and that the ratio had been "better viewed as a relative-leadership signal than as a complete portfolio strategy."

A July 25 market report from 24/7 Wall Street stated that copper's role in electric vehicles, artificial intelligence, and power infrastructure had driven demand and price gains during 2026. The report said, "Copper's critical role in electric vehicles, AI, and power infrastructure is driving strong demand and price gains in 2026." It also identified tight inventories and infrastructure investment as factors that had supported the metal's positive price trend. The source noted, however, that leveraged exposure to copper had carried additional risks because daily leverage resets and market volatility could have reduced returns over longer holding periods.

Trading Economics reported on July 26 that copper futures had eased below US$6.37 per pound after reaching a more-than-one-month high earlier in the week. The source stated that the preceding session's gain of more than 3% had been "driven by tighter supply conditions in China after a crackdown on VAT fraud reduced copper scrap availability and boosted demand for refined copper imports." It added that profit-taking and concerns about slower demand growth had subsequently weighed on prices.

Trading Economics reported that copper had traded at approximately US$6.30 per pound, representing a monthly increase of 3.74% and a year-over-year gain of 9.33%. The source described copper as "one of the most widely used industrial metals in the world" and said it had played a critical role in construction, electronics, power generation, and renewable energy systems. It also stated that Chile had accounted for the largest share of global copper mining.

Ballanger Reaffirms Fitzroy as His Top Pick

In a July 6 contributed opinion, Michael Ballanger of GGM Advisory Inc. identified Fitzroy Minerals Inc. as his largest holding and "top pick since 2023." He cited the company's reported Buen Retiro drill result of 57.0 meters grading 1.73% copper, including 12.0 meters grading 5.39% copper, and emphasized that the figures represented copper grades rather than copper-equivalent grades.

Ballanger wrote that Fitzroy had continued to encounter copper-bearing oxides while drilling sterilization holes intended to define the deposit's outer perimeter. He described the expansion of the drill program from 7,500 meters to 22,000 meters as "a superb testimonial to the success of the current drill program." He added, "It is no longer a question of whether there are economically viable amounts of copper residing here, but rather how much copper is actually there."

Ballanger also stated that continued results from Buen Retiro "should act as the battering ram shown above, pounding away at the walls of 'institutional apathy' currently plaguing the sector." Although he named Fitzroy as his top pick, he did not disclose a formal rating or target price.

In his July 23 Struthers Report, Ron Struthers maintained a Buy recommendation on Fitzroy Minerals with an entry price of CA$0.15. Reviewing the company's latest Buen Retiro drilling update, Struthers highlighted drill hole BRT-DDH072, which returned 111.9 meters grading 0.97% copper, and drill hole BRT-DDH070, which intersected 147.7 meters grading 0.41% copper. He also noted that drilling was continuing with three diamond drill rigs and one reverse circulation rig.

Struthers wrote, "Although we are up around 200% on the stock, I still see it as a buy given the drill results and how their projects are advancing along with the recent correction." He also quoted the company's update that "Buen Retiro continues to deliver excellent results" and noted the company's ongoing work to expand the Tenorita area.

Development and Drilling Activities Continue

Fitzroy said it plans to complete a further 9,000 meters of drilling during 2026. According to the company, the program has three objectives: advancing the Tenorita area to measured, indicated, and inferred resource categories to support a prefeasibility study, defining inferred resources elsewhere on the Buen Retiro property, and testing new exploration targets at Buen Retiro.

The company stated that work at Buen Retiro includes infill, sterilization, and geotechnical drilling, baseline surveys, metallurgical test work, sulphide exploration drilling, mineral resource estimate work, and engineering activities. It also outlined a development schedule that includes an environmental permit application in October 2026, a mineral resource estimate in the fourth quarter of 2026, and a prefeasibility study in the first quarter of 2027.

In addition to Buen Retiro, the company's technical work plan includes a deep induced polarization survey and Phase 2 drilling at the Caballos copper project, as well as remote sensing, mapping, and sampling activities for new Chilean projects.

Ownership & Share Information¹

Fitzroy Minerals Inc. has a market cap of CA$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.

Frequently Asked Questions

What were Fitzroy Minerals' latest copper drill results at Buen Retiro?

Fitzroy Minerals reported that drill hole BRT-DDH072 intersected 111.9 meters grading 0.97% copper from 21.1 meters, including 18.0 meters grading 1.59% copper. Drill hole BRT-DDH070 returned 147.7 meters grading 0.41% copper from 26.3 meters, including 47.0 meters grading 0.88% copper.

Where is the Buen Retiro copper project located?

The Buen Retiro copper project is located near Copiapo in northern Chile. The project includes the Tenorita mineralized trend southwest of the historical Manto Negro open pit.

How many drill rigs are currently operating at Buen Retiro?

Fitzroy Minerals said four drill rigs are active at the project, including three diamond drill rigs and one reverse circulation drill rig.

What is the Tenorita zone at Buen Retiro?

Tenorita is the new name for the 1.7-kilometer trend of copper mineralization southwest of the historical Manto Negro open pit. The latest drilling results reported by Fitzroy Minerals came from this area.

How much drilling has Fitzroy Minerals completed in 2026?

The company said it has completed 78 diamond drill holes totaling 13,036 meters since February 2026 and plans to complete an additional 9,000 meters of drilling this year.

What are the objectives of Fitzroy Minerals' 2026 drill program?

According to the company, the remaining drilling program is intended to advance the Tenorita area toward measured, indicated, and inferred resource categories, define inferred resources elsewhere on the Buen Retiro property, and test new exploration targets.

When is Fitzroy Minerals planning to conduct a mineral resource estimate for Buen Retiro?

The company outlined a development schedule that includes a mineral resource estimate in the fourth quarter of 2026, following an environmental submission planned for the third quarter.

When is the Buen Retiro prefeasibility study expected?

Fitzroy Minerals' development schedule includes a prefeasibility study targeted for the first quarter of 2027.

What did Michael Ballanger say about Fitzroy Minerals?

In a July 6 commentary, Michael Ballanger of GGM Advisory Inc. described Fitzroy Minerals as his "top pick since 2023" and wrote that, "It is no longer a question of whether there are economically viable amounts of copper residing here, but rather how much copper is actually there."

Why is copper attracting investor attention in 2026?

Recent market commentary cited continued demand from electricity grids, renewable energy, electric vehicles, artificial intelligence infrastructure, and data centers, while supply conditions remained an important factor influencing copper prices.