Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) announced it has executed a non-binding Letter of Intent (LOI) with Sociedad Punta del Cobre S.A. (Pucobre) outlining a potential joint development pathway for the Buen Retiro Copper Project in Chile. The LOI reflects the parties' shared intention to work toward a development scenario that leverages existing regional infrastructure and operating experience.
Under the LOI, Pucobre confirms its intent to exercise its 30% claw-back right, subject to continued positive technical results, for the Buen Retiro Project including the sulphide exploration potential. Additionally, Pucobre has made a firm offer to provide processing capacity at the Planta Biocobre Electro-Win (EW) facility, representing a minimum of 80% of its nominal capacity of approximately 800 tonnes of cathode copper per month. The EW tank house, located 70 km trucking distance from the Buen Retiro Project, has nameplate capacity of 800 tonnes of copper cathode per month and is currently significantly under-utilized.
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, commented: "The joint Letter of Intent is a major validation of the Buen Retiro Heap Leach project and is a win for both parties. Pucobre benefits by potentially securing production from the Buen Retiro Heap Leach to fill spare capacity at Planta Biocobre for many years, and thereby significantly improve operational economics by spreading fixed costs across more production units. Fitzroy benefits by having access to an operational EW tank-house which reduces capital expenditure and simplifies the permitting process."
The LOI also includes an open-book sharing of operating cost data from Pucobre's nearby mining and processing operations to provide real-world inputs for inclusion in the Heap Leach Pre-Feasibility Study (PFS). Pucobre has agreed to provide cost information based on its operational and construction experience, including open-pit mining costs, processing costs at Planta Biocobre, transport cost benchmarks, and construction and development experience in the district. These data are expected to materially strengthen the reliability of capital and operating assumptions incorporated into the PFS.
Fitzroy Minerals can earn 100% of the Buen Retiro Project by completing four steps prior to mid-2028, including at least 12,000 metres of drilling (already met), at least US$7 million invested in eligible expenses, delivery of a Final Technical Report, and payment of a US$4 million bullet payment. Upon completion of the Buen Retiro Option, Pucobre has indicated its intention to exercise its contractual claw-back right to acquire a 30% interest in the concessions. Pucobre can exercise a claw-back of 30% by paying 90% of all eligible expenses, which are expected to be a minimum of US$10.2 million.
On April 22, 2026, Fitzroy also entered into an investor relations services agreement with Stonegate Capital Partners, Inc., pursuant to which Stonegate will provide investor relations services for a monthly fee of USD$3,000. The agreement has an initial term ending July 22, 2026, and may be renewed month-to-month thereafter.
For more information on Fitzroy Minerals, please visit the Company's website: www.fitzroyminerals.com. View the original release on www.newmediawire.com.
