Stonegate Capital Partners Initiates Coverage on Fitzroy Minerals, Highlighting Copper Development Potential

Stonegate Capital Partners, a Dallas-based capital markets advisory firm, has initiated coverage on Fitzroy Minerals Corp. (TSXV: FTZ), according to an announcement distributed by Reportable, Inc. The coverage comes as Fitzroy advances its Buen Retiro copper project in Argentina, with recent drilling results and a preliminary development framework suggesting the project is moving from exploration toward a potential development case.

Fitzroy's third-quarter update and drilling support the initiation thesis. The Buen Retiro project is progressing from exploration toward a more defined development pathway, while the Caballos project remains a higher-variance discovery option. Since quarter-end, the company has continued to expand and confirm shallow mineralization at Buen Retiro and has provided management's first quantitative framework for a potential mine. The main mineralized trend, Tenorita, 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.

Management has outlined a conceptual 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 provide the first quantitative framework for the potential scale and capital intensity of Buen Retiro. Recent metallurgical results showing 59.9% to 82.6% copper recovery across the principal material types provide initial technical support for the heap-leach concept, although the production and cost framework remains subject to formal economic studies. Management continues to target a possible production decision around mid-2027 and production in 2028.

Resource definition remains the clearest near-term driver at Buen Retiro, where the 2026 drilling program has expanded to roughly 22,000 meters. Continued drilling, the maiden mineral resource estimate, and subsequent pre-feasibility study should provide the key tests of whether the current exploration footprint can support the scale contemplated in management's development framework. For a more detailed view of the announcement, including downloadable images, bios, and more, click here.

The Caballos project provides additional discovery leverage, with MobileMT and deep IP identifying large conductive and chargeability anomalies and a roughly 5,500-meter Phase 2 program planned across five holes. While Caballos remains 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.

For Texas, the initiation of coverage by Stonegate Capital Partners highlights the role of Dallas-based financial firms in supporting the global mining sector and underscores the potential for Texas capital to fund projects that could increase global copper supply. The news matters because it signals that Buen Retiro is transitioning from a pure exploration story to a potential development project, with a defined scale and capital estimate. If the project advances to production, it could contribute to the global copper market at a time when demand for the metal is rising due to electrification and renewable energy. The coverage was distributed by Reportable, Inc., a platform that disseminates news for public companies.