Fitzroy receives $1.03-million from warrant exercise

Executive Summary

• Fitzroy Minerals raised approximately C$1.04 million through the exercise of warrants issued during a private placement closed in March 2024.
• The company issued a correction to previous private placement disclosures from March 13 and 19, 2026, clarifying share counts and gross proceeds for both the first and final tranches of the offering.
• The capital raised, combined with recent financings, is intended to support the Buen Retiro heap-leach prefeasibility study and accelerate 2026 exploration programs at the Buen Retiro and Caballos copper projects in Chile.

Key Details

• Warrant Exercise Proceeds:
  • Total proceeds generated: Approximately $1,036,096.
  • Warrants exercised: 4,144,382 warrants and finder warrants.
  • Original issuance: 4,307,514 warrants and finder warrants were originally issued in the private placement closed on March 28, 2024.
  • Exercise price: 25 cents per share.
  • Expiry date: March 28, 2026.
  • Participation: Holders of 96% of the warrants elected to exercise.
• Private Placement Correction (First Tranche - March 13, 2026):
  • LIFE Shares: 5.98 million shares issued at 50 cents per share for aggregate gross proceeds of $2.99 million.
  • Units: 31.88 million units issued at 50 cents per unit for aggregate gross proceeds of $15.94 million.
  • Unit Composition: Each unit comprises one common share and one-half of one common share purchase warrant.
  • Warrant Terms: Each warrant entitles the holder to purchase one additional common share at an exercise price of 80 cents per share for a period of two years.
• Private Placement Correction (Final Tranche - March 19, 2026):
  • LIFE Shares: 8.81 million shares issued at 50 cents per share for aggregate gross proceeds of $4,405,000.
  • Units: 33.5 million units issued at 50 cents per unit for aggregate gross proceeds of $16.75 million.
• Use of Proceeds & Strategy:
  • Proceeds solidify the company's financial position.
  • Funds will advance the Buen Retiro heap-leach prefeasibility study.
  • Funds will accelerate 2026 exploration programs at the Buen Retiro project (near Copiapo, Chile) and the Caballos project (Valparaiso, Chile).
• Regulatory Conditions:
  • Units, underlying shares, and shares from warrant exercises are subject to a statutory hold period of four months and one day following issuance under Canadian securities laws.

Notable Quotes

• "We are grateful for our support from our shareholders. The exercise of over 96 per cent of the outstanding warrants in a period of extreme market volatility is a strong endorsement of our strategy and prospects." — Campbell Smyth, Chairman of Fitzroy Minerals.