Simon Catt sits down with Merlin Marr-Johnson, “Dr Copper”, to discuss why copper demand is accelerating, why new supply is so hard to bring online, and why Chile remains central to the global copper story. They cover the AI capex boom, US copper tariffs and strategic stockpiles, the incentive price needed for new mines, inflation in major mining projects, and the search for the next big copper discovery. Merlin also discusses Fitzroy Minerals (CVE: FTZ), including the near-term oxide copper production opportunity at Buen Retiro, the hunt for a potential Candelaria-style IOCG discovery, and the large porphyry target at Caballos in one of Chile’s most important copper belts. Topics covered: Copper demand, AI data centres, Chile, Fitzroy Minerals, IOCG deposits, porphyry copper, Buen Retiro, Caballos Copper Project, copper tariffs, mining capex, exploration, critical minerals. #Copper #Mining #Chile #Commodities #AI #FitzroyMinerals #NoFearFinance #simoncatt #investing #CriticalMinerals #coppersupply #buenretiro #stockmarket #trump #tarrifs Chapters 00:00 AI, data centres, copper demand and geopolitics 00:47 Disclaimer: information only, not financial advice 01:08 Introduction: Simon Catt and Merlin Marr-Johnson 01:49 Why copper matters now 02:01 Merlin’s background in copper and geology 03:30 Old economy vs new economy copper demand 05:33 Trump tariffs, US stockpiles and strategic copper 09:32 The incentive price needed for new copper supply 12:15 Mega-project capex inflation: Vicuna, QB2 (Quebrada Blanca Phase 2) and Jansen 14:33 Why AI capex could push copper prices higher 16:36 Where will the world find new copper supply? 18:12 Chile’s role in global copper production 20:02 Chilean politics, royalties and mining permits 23:29 Are major mining companies returning to Chile? 26:44 Buen Retiro: the hunt for a Candelaria-style IOCG 28:53 Near-term oxide copper production opportunity 30:28 Production timeline, funding and partner buyback 33:38 Potential production scale and cash flow 35:19 Big copper exploration upside 36:01 How AI is being used in mineral exploration 39:59 Fitzroy’s two major Chilean copper projects 40:26 Caballos: a potential supergiant porphyry target 44:17 Deep IP survey and the “game on” moment 46:15 Key milestones for Fitzroy shareholders 47:15 Valuation, funding options and copper production metrics 49:04 Upcoming catalysts: drill results, permitting and PEA50:27 Building a 10,000 tonne per year copper mine 51:03 Production upside vs exploration upside 52:40 Why high-grade oxide copper near infrastructure matters 54:53 Closing thoughts: drill baby drill 54:57 Thank you and please Like, share, subscribe to Catt Calls Whether you're a seasoned resource investor or building your first copper position, this is essential viewing for understanding where we are in the cycle — and what comes next. X @cattcalls www.cattcall.com Available on Spotify and Apple Podcasts ⚠️ Disclaimer: The information contained in this video is for informational and entertainment purposes only and does not constitute financial advice, investment advice, or a recommendation to buy or sell securities. Always conduct your own research and consult a licensed financial advisor before making investment decisions.Subscribe to Catt Calls for more interviews with copper, uranium, precious metals, industrial commodities, mining and resource market experts.
