Craig Parry's Appointment Signals Institutional-Grade Validation & Enhances the Investment Case for Fitzroy Minerals

• Fitzroy Minerals appoints Craig Parry, one of the industry's top discovery and capital markets specialists, adding high-credibility technical governance at a pivotal time in the copper cycle.
• Parry's involvement strengthens the strategic balance between near-term, low-capex heap leach cash flow at Buen Retiro and high-impact discovery drilling at Caballos.
• Buen Retiro's Preliminary Economic Assessment (PEA)-stage heap leach plan provides a potential non-operated cash flow platform, lowering future dilution risk and enabling sustained exploration funding.
• Early drilling success at Caballos establishes a strong Tier-1 porphyry footprint in Chile's most prolific copper corridor, offering multi-commodity upside in copper-molybdenum-gold-rhenium.
• With C$11 million cash as of November 2025, a fully funded C$8 million program through Q4 2026, and strong institutional ownership, Fitzroy is positioned for a high-catalyst 12 months.

Why Parry's Appointment Matters in Today's Copper Market

Copper supply remains structurally constrained due to declining head grades, permitting delays, and capital discipline across major producers. As electrification accelerates, the gap between demand growth and new mine development widens. Investors increasingly reward juniors demonstrating credible pathways to both cash flow generation and Tier-1 discovery potential, a rare combination.

At Buen Retiro, Fitzroy Minerals advances a near-term heap leach development offering potential non-operated cash flow. At Caballos, Fitzroy targets an emerging porphyry copper-molybdenum system in Chile's most prolific copper corridor, positioned between Los Pelambres and Los Bronces.

The November 2025 appointment of Craig Parry as Technical Advisor, founder and architect behind discoveries at NexGen Energy, IsoEnergy, Vizsla Silver, and Skeena Resources, validates the company's technical direction for institutional investors seeking credible exploration teams.

How Strategic Appointments Influence Capital Access & Valuation

Technical credibility directly influences capital formation. Junior exploration companies with globally recognized technical advisors experience stronger institutional follow-through, improved market liquidity, and materially lower perceived execution risk. These governance premiums reflect investor recognition that technical expertise reduces capital misallocation during high-stakes exploration programs.

The Current Investor Environment Rewards Credible Technical Oversight

Parry's involvement carries weight due to his demonstrated ability to identify, advance, and monetize world-class discoveries. Companies associated with his participation historically attract enhanced institutional attention, reflecting confidence in geological targeting methodologies and strategic frameworks. His presence signals rigorous technical analysis, disciplined capital allocation, and clear pathways toward economic definition.

Alignment of Interests Through Share Ownership

Parry is both Technical Advisor and existing shareholder. This alignment is viewed as a governance premium, particularly when paired with technical insight. Share ownership by senior technical advisors reduces agency risk and signals conviction in underlying assets and strategic direction.

Buen Retiro: The Foundation for a Cash-Flow Supported Explorer

For junior exploration companies, non-dilutive cash flow fundamentally alters the risk profile of long-term discovery programs. Buen Retiro offers Fitzroy a potential pathway to near-term copper production through low-capex heap leach development.

Low-Capex Heap Leach Development Reduces Dilution Risk

The heap leach approach targets shallow oxide mineralization, including chalcocite and native copper, amenable to low-cost solvent extraction and electrowinning processing. This metallurgical simplicity reduces capital intensity and technical execution risk relative to conventional sulfide processing routes. A Preliminary Economic Assessment is underway and targeted for completion within the Q4 2025 to Q4 2026 timeframe.

Infrastructure advantages are material. The brownfields site benefits from streamlined permitting as an existing open mine, close proximity to the Pan-American Highway, and access to high voltage transmission lines. The property's location near Pucobre SA's Planta Biocobre solvent extraction and electrowinning facility (9.6 thousand tonnes per annum nameplate capacity) creates strategic optionality for electrolyte trucking arrangements.

Fitzroy is in joint venture discussions with Pucobre SA, which holds a legally binding 30% clawback right on the Buen Retiro option. Under this agreement, Pucobre may acquire 30% of the project by paying Fitzroy 30% of the project valuation, calculated as three times eligible expenses, if exercised by August 2028. This structure would enable a non-operated development model that retains revenue participation while limiting technical execution burden.

De-Risking Through Location & Existing Infrastructure

Chile's established mining sector provides a regulatory environment that has historically supported efficient project advancement. The brownfields nature of Buen Retiro, situated on a former open-pit mine, significantly accelerates permitting cycles relative to greenfield projects. The Manto Negro mine historically trucked ore to Planta Biocobre from 2005 to 2009, demonstrating established logistics pathways.

Merlin Marr-Johnson President & Chief Executive Officer describes Chile's permitting advantages:

"In Chile, it's quite common to go into production on a prefeasibility study because there are so many small mines and such an established mining industry…

Gilberto Schubert, Chief Operating Officer and Country Manager notes:

"For this scale of project, the prefeasibility is generally sufficient because most of the equipment and processes are very well known and available in the market."

Deep Sulphide Exploration: The Hidden Value Driver

Beyond near-term oxide opportunities, Buen Retiro presents significant exploration potential at depth. Geophysical surveys have identified anomalies consistent with iron oxide copper-gold deposit models, similar to Candelaria and Manto Verde. Fitzroy has allocated C$4.0 million of its exploration budget to target sulphides at Buen Retiro during the Q4 2025 through Q4 2026 period.

Schubert highlights operational experience underpinning timeline confidence:

"At Vale in Chile, I had the opportunity to find a deposit… We made a discovery and in the first two years we discovered the deposit, and in the fifth year we were producing the first cathodes… Between the first drill hole and the first cathode was only five years."

Caballos: A High-Grade Footprint in One of Chile's Best Addresses

While Buen Retiro provides near-term cash flow potential, Caballos represents Fitzroy's primary exploration bet on Tier-1 scale copper discovery. The project is strategically positioned within one of Chile's most significant copper-producing regions.

Strategic Location in a Tier-1 Copper Fairway

Caballos sits between Los Pelambres and Los Bronces, two globally significant copper-molybdenum mines. Both deposits are hosted within the same regional structural corridor, which has controlled mineralized porphyry intrusion emplacement over multiple geological epochs. This proximity increases the probability that Caballos hosts a significant system rather than an isolated anomaly.

First Drill Hole Provides a Strong Proof-of-Concept

Fitzroy's initial drill hole returned 200 meters grading 0.46% copper, 591 parts per million molybdenum, and 0.07 grams per tonne gold (0.81% copper equivalent). Within this intercept, a higher-grade core returned 98 meters grading 0.78% copper, 1,071 parts per million molybdenum, and 0.12 grams per tonne gold (1.47% copper equivalent).

These results validate the presence of a porphyry copper-molybdenum system. Elevated molybdenum and rhenium enhance economic profiles through by-product credits. The mineralization is entirely sulphide, advantageous for structural modeling and metallurgical characterization, suggesting the system remains intact without significant oxidation.

Schubert provides context on the drilling results:

"We got 200 meters with copper, molybdenum, and gold, pure sulphide mineralization, chalcopyrite plus molybdenite… The molybdenum in the drill hole was almost twice the amount that we had on the surface... Our mineralization is especially well endowed in molybdenum."

System Scale Indicators & 2025-2026 Catalysts

Geophysical surveys have defined two large-scale anomalies: Chincolco (approximately 1,200 meters) and Mule Hill (approximately 1,300 meters). These suggest the mineralized system extends beyond the initial drill hole, indicating large tonnage potential. Fitzroy has budgeted 3,000 meters of diamond drilling planned for 2025, with management exploring options to accelerate the program through additional rig deployment. Operations are subject to seasonal conditions, as the site's 2,000-meter elevation presents winter access challenges.

Financial Strength Enhances the Strategic Pathway

Capital availability is critical to exploration success. Fitzroy enters the 2025-2026 exploration cycle with a strong balance sheet that reduces financing risks.

Strong Treasury & Funded Work Programs

As of November 2025, Fitzroy holds C$11 million in cash and has fully funded its C$8 million exploration program through Q4 2026. This reduces near-term financing risk and supports drilling continuity at both projects. The company anticipates potential proceeds of up to C$5.4 million from in-the-money share and warrant exercises (24.1 million shares and warrants at an average of 22.4 cents) during 2026, subject to holder exercise decisions and market conditions.

Shareholder Base Signals Institutional Confidence

As of November 2025, Fitzroy's shareholder register reflects balance between institutional capital, high-net-worth individuals, and retail investors. Approximately 47% is held by high-net-worth individuals and retail investors, 20% by funds and institutions, and 26% by Crux Investor and Ptolemy Capital. This distribution indicates sophisticated capital attraction while maintaining sufficient liquidity.

Management Execution & In-Country Expertise Reduce Development Risk

Technical competence and operational experience are critical to project de-risking. Fitzroy has assembled a management team with direct experience in discovery, development, and permitting within Chile's regulatory environment.

Leadership with Deep Operational & Financial Expertise

Merlin Marr-Johnson, Chief Executive Officer, brings geological training and portfolio management experience. Gilberto Schubert, Chief Operating Officer and Country Manager, previously served as Country Manager and Chief Executive Officer of Vale's Chilean mining subsidiary. His institutional knowledge of permitting processes and operational culture within Chile is directly applicable to both projects.

Marr-Johnson emphasizes infrastructure proximity:

"One of the key attributes about Buen Retiro is the fact that it's so close to the road, so close to infrastructure, and so close to Copiapo."

Independent Technical Review

Fitzroy's exploration programs benefit from independent Qualified Person oversight provided by Dr. Scott Jobin-Bevans, an independent geological consultant and Qualified Person as defined by National Instrument 43-101. This certification ensures technical disclosures meet regulatory standards and geological interpretations are grounded in industry best practices.

The Parry Multiplier

Craig Parry's involvement with junior exploration companies has historically preceded discovery acceleration and capital markets traction. This reflects his technical acumen and ability to facilitate strategic partnerships, attract institutional capital, and maintain disciplined capital allocation. As both Technical Advisor and shareholder, Parry maintains direct exposure to exploration outcomes, distinguishing his involvement from purely promotional engagements.

The Investment Thesis for Fitzroy Minerals

Fitzroy Minerals presents a differentiated investment case within the junior copper exploration sector, combining near-term cash flow potential with high-impact discovery targets. The following factors collectively support the company's strategic positioning:

• Structural copper deficit dynamics, driven by falling head grades at existing operations, prolonged mine depletion cycles, and geopolitical disruptions affecting concentrate supply, support long-term price strength and enhance leverage for juniors with credible Tier-1 discovery potential.
• Fitzroy combines a de-risked path to potential non-operated cash flow at Buen Retiro through joint venture discussions with Pucobre SA, with high-impact porphyry exploration at Caballos, offering investors exposure to both downside protection through near-term production potential and upside torque through resource expansion, a combination that remains rare in the junior market.
• Infrastructure advantages in Chile, including brownfields permitting pathways, proximity to existing processing facilities, and access to regional transmission infrastructure, lower timeline uncertainty and reduced capital intensity for both projects.
• The addition of Craig Parry as Technical Advisor strengthens technical governance and enhances investor confidence in the company's geological targeting methodologies, project prioritization frameworks, and strategic direction.
• A fully funded 12-month catalyst pipeline through Q4 2026, supported by C$11 million in cash as of November 2025 and anticipated warrant proceeds of up to C$5.4 million in 2026, enables continuous drilling, Preliminary Economic Assessment delivery, and partnership development while reducing immediate dilution risk.
• Strategic commodity exposure through Caballos' molybdenum and rhenium credits adds by-product economics aligned with critical mineral demand trends and enhances project-level returns through improved copper equivalent grades.

Why Fitzroy Now Screens Well for Institutional & Sophisticated Retail Investors

Craig Parry's appointment as Technical Advisor represents a validation event that enhances Fitzroy Minerals' credibility within institutional capital markets. Buen Retiro offers a foundation of potential non-operated cash flow through low-capex heap leach development, with joint venture discussions advancing with Pucobre SA under legally binding terms. Caballos provides Tier-1 discovery potential with multi-commodity upside through copper, molybdenum, gold, and rhenium.

Financial stability, with C$11 million in cash as of November 2025 and a fully funded C$8 million exploration program through Q4 2026, supports drilling continuity during a period when copper fundamentals remain structurally tight. Fitzroy fits the emerging investor preference for companies with both immediate value drivers and long-term torque, a combination increasingly rare in the junior mining sector.

TL;DR

Fitzroy Minerals' November 2025 appointment of Craig Parry as Technical Advisor strengthens institutional confidence in its dual-track copper strategy. At Buen Retiro, the company advances a low-capex heap leach development with joint venture discussions involving Pucobre SA, targeting near-term non-operated cash flow. At Caballos, initial drilling confirmed a porphyry copper-molybdenum system with significant by-product credits in one of Chile's premier copper districts. With C$11 million cash, a fully funded C$8 million program through Q4 2026, and Parry's track record from NexGen, IsoEnergy, and Vizsla Silver, Fitzroy offers investors rare exposure to both immediate production potential and Tier-1 discovery upside during a period of structural copper supply constraints.

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