Corrected: Fitzroy Minerals Reports on Latest Drilling Results and Extends Oxide Zone to 1.7 km, Buen Retiro Copper Project, Chile

Executive Summary

• Fitzroy Minerals Inc. released significant drill results from its Buen Retiro and Caballos copper projects in northern Chile, highlighting new sulphide targets and extended oxide trends.
• At Buen Retiro, drill hole BRT-DDH041 intersected 108 m @ 0.41% Cu and 156 ppm Co, validating a new "Candelaria-style" sulphide exploration target with shallow, high-grade intersections.
• At Caballos, drill hole CAB-DDH009 intersected 70 m @ 0.41% CuEq in a hydrothermal breccia, confirming porphyry textures and alteration consistent with economic porphyry copper deposits.
• The Company has signed new drilling contracts for 2026 (10,400 m DD and 3,000 m RC) and is advancing a Pre-Feasibility Study (PFS) for a Heap Leach Joint Venture with Sociedad Punta del Cobre S.A.

Key Details

• Buen Retiro Project (Sulphide Target):
  • Drill hole BRT-DDH041 intersected 108 m @ 0.41% Cu (mainly chalcopyrite) and 156 ppm Co from 30 m, including 48 m @ 0.77% Cu and 241 ppm Co from 60 m.
  • Drill hole BRT-DDH043 intersected 77 m @ 0.46% Cu from 196 m, including 20 m @ 0.97% Cu and 139 ppm Co from 201 m.
  • These intersections are described as relatively shallow and similar to Candelaria open pit grades.
  • Assays are pending for drill holes 44 and 45; hole 45 was terminated at 452 m downhole after intersecting disseminated chalcopyrite to 435 m.
• Buen Retiro Project (Oxide/Southwest Target):
  • Reverse Circulation (RC) sterilization hole BRT-RCD008 intersected 213 m @ 0.19% Cu and 199 ppm Co from 3 m to 216 m, including 85 m @ 0.33% Cu from 17 m.
  • This result extended the Southwest oxide target strike length by 300 m, bringing the total length to 1.7 km.
  • RC hole BRT-RCD011 intersected 19 m @ 0.21% Cu and 282 ppm Co from 11 m to 30 m, showing unusually high cobalt.
  • RC hole BRT-RCD007 intersected a shallow zone of 35 m @ 0.13% Cu from 3 m and a deeper zone of 59 m @ 0.21% Cu from 210 m.
  • RC hole BRT-RCD006 intersected three zones, best being 34 m @ 0.35% Cu from 36 m.
• Caballos Project:
  • Drill hole CAB-DDH009 intersected 70 m @ 0.41% CuEq (0.18% Cu, 374 ppm Mo, 0.04 g/t Au) from 85 m in the Estero Chincolco hydrothermal breccia.
  • Core exhibits porphyry textures, alteration, and mineralization consistent with long-lived, structurally complex copper systems.
  • Drill hole CAB-DDH006 intersected 22 m @ 0.27% CuEq from 45 m.
  • Phase 1 drilling completed with 3,154 m of diamond core across nine holes.
• Future Plans & Agreements:
  • New drilling contracts signed for a minimum of 10,400 m of diamond drilling and 3,000 m of reverse circulation drilling for 2026.
  • Passive ground magneto-telluric (MT) and deep-penetrating ground seismic surveys planned for Buen Retiro.
  • Airborne MobileMT geophysical survey commissioned for Caballos, scheduled for completion in Q1 2026.
  • Discussions continue regarding a Heap Leach Joint Venture with Sociedad Punta del Cobre S.A.; the associated Technical Report will be a Pre-Feasibility Study (PFS) meeting NI 43-101 requirements.
• QA/QC:
  • Buen Retiro: Standards from INTEM (Chile) used; blanks inserted every 20 samples; no significant issues identified.
  • Caballos: Assayed by Andes Analytical Assay Limitada (AAA) in Santiago; check assays sent to ALS Global in Lima.

Notable Quotes

• Merlin Marr-Johnson, President and CEO: “Drill holes 41 to 45 are defining a completely new exploration target of Candelaria-style mineralization at Buen Retiro. These sulphide intersections are relatively shallow and with some results that are similar to the Candelaria open pit grades as reported by Lundin Mining.”
• Merlin Marr-Johnson, President and CEO: “Another indication of the strength of the mineralizing system at Buen Retiro is that even our sterilisation drill holes in the Southwest area intersected copper and have extended the oxide trend by another 300 metres to 1.7 kilometres in length.”