Fitzroy Minerals Reports 30.5 metres of 2.48% Cu from Surface and Provides an Update for its Advanced Buen Retiro Copper Project, Chile

Fitzroy Minerals Inc. (FTZ) has released diamond drill core assay results from holes BRT-DDH101 to BRT-DDH128 at its Buen Retiro copper project in Chile, alongside a development progress update. The dataset covers 28 holes; BRT-DDH101 is a geotechnical hole with assays pending, while the remaining 27 are exploration and definition holes.

Highlights from the Nativo zone include BRT-DDH110, which returned 30.5 m @ 2.48% Cu from surface (0 m) to the end of the hole, including 22 m @ 3.21% Cu from 3 m. The hole ended prematurely in mineralization due to a technical issue. BRT-DDH121 intersected 18 m @ 2.50% Cu from 163 m, including 10 m @ 4.00% Cu from 163 m. BRT-DDH117 returned 166 m @ 0.37% Cu from 81 m, including 105 m @ 0.52% Cu from 92 m, 30 m @ 1.23% Cu from 144 m, and 7 m @ 3.10% Cu from 164 m. BRT-DDH115 returned 43 m @ 0.83% Cu from 115 m, including 32 m @ 0.98% Cu from 121 m.

In the Tenorita zone, BRT-DDH107 returned 63 m @ 0.56% Cu from 63 m (including 6 m @ 1.74%); BRT-DDH104 returned 80 m @ 0.33% Cu from 16 m (including 9 m @ 0.99%); BRT-DDH108 returned 83 m @ 0.40% Cu from 29 m (including 8 m @ 1.78%); and BRT-DDH113 returned 88 m @ 0.48% Cu from 57 m (including 31 m @ 0.80% and 7 m @ 1.22%).

At the Ortúzar zone, BRT-DDH127 returned 56 m @ 0.31% Cu (oxides) from 8 m (including 4 m @ 1.19%), followed by multiple sulphide intervals from 113 m to 295 m. BRT-DDH124 returned 47 m @ 0.44% Cu, and BRT-DDH125 returned 45 m @ 0.45% Cu. Ortúzar holes are predominantly chalcopyrite below approximately 75 m.

Regarding development progress, Fitzroy completed 22,697 m of diamond drilling and 2,780 m of RC drilling from the start of 2026 through September 30. Three rigs remain active. The company plans to submit the DIA (environmental permit) in Q4 2026, with a maiden MRE and PEA covering Tenorita, Nativo, and Ortúzar also scheduled for Q4 2026. A PFS with a maiden Mineral Reserve is targeted for Q2 2027, with approximately 4,000 m of additional drilling planned for 2026.

Fitzroy Minerals Inc. (FTZ) released drill results from its Buen Retiro project, continuing a flow of data that the market has largely treated as expected. The stock currently trades at approximately C$0.45, placing it in the middle of its 52-week range of C$0.31 to C$0.68. This price is below the C$0.53 level reached following the May 13, 2026, headline for hole BRT-DDH059 and the C$0.52 level seen after the June 29, 2026, release for BRT-DDH052. Previous headline holes, including 072, 094, and 095, produced little positive price drift through July and August, suggesting investors are waiting for the upcoming Mineral Resource Estimate (MRE) and Preliminary Economic Assessment (PEA).

The company remains in the pre-resource explorer/developer stage with no revenue. Prior-period context shows a net loss of C$4.34 million for fiscal year 2025 and a net loss of C$2.68 million for the six months ended March 2026. Cash holdings stood at C$27.5 million as of March 31, 2026, a figure not restated in today’s release.

The new drill results show on-model continuity with grades that are good but do not exceed previous anchor benchmarks. The Nativo high-grade zone extends from the surface, and a 166-meter run broadens the resource feedstock. While these results are modestly positive at the margin, they do not alter the perceived scale, grade, or odds of success enough to re-rate the company’s approximately C$148 million equity. The Q4 MRE and PEA remain the primary catalysts for potential valuation changes.

Fitzroy Minerals Inc. (TSXV: FTZ; OTCQX: FTZFF; FSE: C3Y) holds two primary copper assets in Chile: the Buen Retiro project, an IOCG/heap-leach copper deposit located near Copiapó where the company retains a 70% interest following a claw-back from Pucobre, and the Caballos project, a 100%-owned Cu-Mo-Au porphyry system situated along the Pocuro Fault Zone in Valparaíso. The Caballos property covers approximately 18,000 hectares and remains in the grass-roots exploration stage. Additionally, the company is reviewing the divestment of its non-core Polimet (Au-Cu-Ag) and Taquetren (Au, Argentina) assets.

At Buen Retiro, Fitzroy has signed a non-binding letter of intent with Pucobre S.A. to access the Planta Biocobre SX-EW facility, which is located approximately 70 kilometers away and has a capacity of roughly 800 tonnes of cathode per month. This agreement includes open-book cost data for the Preliminary Feasibility Study. Pucobre retains a claw-back right to 30% of the project, exercisable by mid-2027, which requires Fitzroy to reimburse 90% of eligible expenses, estimated at a minimum of US$10.2 million.

Financially, Fitzroy reported cash of C$27.5 million and working capital of C$27.4 million as of March 31, 2026, following a C$21.155 million placement in March 2026. The company carries no debt and has generated no revenue, reporting an EPS of -C$0.01 for the six-month period. Board and management hold approximately 12% of the company, which has approximately 330.7 million shares issued.