Fitzroy Minerals Raises Over c$1.56 Million Through Warrant Exercise
Fitzroy uses warrant exercise proceeds to de-risk its Chilean heap-leach project as metallurgical results trend higher.
Fitzroy Minerals Inc. announced the exercise of 98.95% of outstanding warrants issued during a September 2024 private placement, generating approximately C$1.56 million in gross proceeds. The exercise involved 6,257,243 warrants, including finder's warrants, at an exercise price of $0.25 per share. These original warrants were scheduled to expire on September 20, 2026.
Concurrently, the company granted 4,200,000 stock options to directors, officers, and consultants at an exercise price of $0.455 per share. The options vested immediately and carry a four-month hold period. The proceeds are designated to de-risk the Buen Retiro heap leach development plan and accelerate exploration at the Buen Retiro and Caballos copper projects in Chile.
This development follows the September 23, 2026 announcement of strong metallurgical test results at Buen Retiro, which showed 82.6% copper recovery in mini-columns, with larger-scale column tests trending toward 95% recovery.
Fitzroy Minerals Inc. (FTZ) completed a warrant exercise priced at $0.25, a figure significantly below the company’s current market price of approximately $0.46. The transaction raised C$1.56 million, an amount considered immaterial relative to the company’s existing cash position of $27.5 million as of March 31, 2026, and the ~$21.155 million raised in March 2026.
Concurrently, the company granted 4.2 million stock options to insiders and consultants. These options feature an immediate vesting schedule and a low exercise price of $0.455, a structure typical for exploration-stage companies seeking to retain talent. The high exercise rate of 98.95% for warrants due for expiration in September 2026 indicates continued shareholder confidence in the project's trajectory.
Fitzroy Minerals Inc. (FTZ) is an exploration and development company focused on copper projects within Chile's major metallogenic belts. The firm currently has no revenue and remains in the exploration stage. Management aims to leverage cash flow from the proposed Buen Retiro heap leach operation to fund further exploration with minimal dilution.
The company’s flagship asset is the Buen Retiro deposit, an Iron Oxide Copper Gold (IOCG) site located near Copiapó. The project is currently in the Pre-Feasibility Study (PFS) stage, with a maiden Mineral Resource Estimate (MRE) expected in Q4 2026. The company is targeting 2028 production via a conventional and enhanced recovery heap leach and solvent extraction/electrowinning (SX/EW) process.
Additionally, Fitzroy Minerals holds the Caballos Project, a grass-roots Cu-Mo-Au porphyry system located in Valparaíso. The company is in the exploration and de-risking phase, utilizing geophysical surveys and drilling to identify targets.