Stonegate Capital Partners has initiated coverage on Fitzroy Minerals Corp. (TSXV: FTZ), according to a press release distributed by Reportable, Inc. The initiation follows Fitzroy’s third-quarter 2026 update and drilling results, which support the coverage thesis by advancing the Buen Retiro copper project from exploration toward a more defined development pathway, while the Caballos target remains a higher-variance discovery option.
Since the end of the quarter, Fitzroy has continued to expand and confirm shallow mineralization at Buen Retiro. The Tenorita trend extended from 1.7 kilometers in July to 1.9 kilometers in August. Drill hole BRT DDH094 returned 105.0 meters at 0.74% copper, and BRT-DDH095 intersected 8.8 meters at 3.70% copper, including 1.0 meter at 21.84% copper. These results build on the company’s 2026 drilling program, which has grown to roughly 22,000 meters.
Management has also provided the first quantitative framework for a potential mine at Buen Retiro. The conceptual plan outlines a heap-leach/SX-EW operation producing approximately 20,000 to 30,000 tonnes of copper annually, with estimated initial capital of roughly $120 million to $150 million and all-in costs below $2.00 per pound. These figures remain management targets ahead of formal economic studies, but they offer initial insight into the possible scale and capital intensity of the project. Recent metallurgical results showing 59.9% to 82.6% copper recovery across the principal material types provide early technical support for the heap-leach concept.
Resource definition remains the clearest near-term driver at Buen Retiro. Stonegate notes that continued drilling, the maiden mineral resource estimate, and a subsequent pre-feasibility study should provide key tests of whether the current exploration footprint can support the scale contemplated in management’s development framework. Management continues to target a possible production decision around mid-2027 and production in 2028.
Caballos provides additional discovery leverage, with MobileMT and deep IP surveys identifying large conductive and chargeability anomalies. A roughly 5,500-meter Phase 2 program is planned across five holes. While Caballos is substantially earlier-stage than Buen Retiro, successful drilling could establish a second material source of value without being required for the Buen Retiro development case.
Stonegate Capital Partners is a capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Its affiliate, Stonegate Capital Markets (member FINRA), offers investment banking services. The full announcement, including downloadable images and bios, can be viewed click here. The release was distributed by Reportable, Inc.
