Fitzroy Minerals is advancing Buen Retiro toward a more defined development pathway while continuing to test the larger exploration opportunity at Caballos. At Buen Retiro, drilling has extended the Tenorita trend to 1.9 km, initial metallurgical testing returned copper recoveries of 59.9%–82.6%, and management has outlined a conceptual 20,000–30,000 tpa heap-leach/SX-EW operation requiring approximately US$120–150M of initial capital. The next major milestones include additional metallurgy, a maiden resource, permitting and the planned 2Q27 PFS, while Pucobre’s contemplated 30% clawback could provide a meaningful non-equity source of capital. Caballos remains the higher-variance upside opportunity, with a 5,500 m drill program designed to test large conductive and chargeability anomalies identified through recent geophysics.
