Fitzroy Minerals Defines Multiple Large Chargeability Anomalies at Caballos Ahead of 5,514-Metre Drill Program

• A ground-based deep induced polarization (IP) survey over the Caballos Copper Project in Chile has identified multiple chargeability and resistivity anomalies interpreted as consistent with porphyry-style hydrothermal systems.
• The C2-B anomaly extends over 3 kilometres (km) east-west and shows a classic porphyry cross-section.
• The C4 anomaly is approximately 1 km wide and 1 km deep and lies on trend from existing mineralized drill hole intersections.
• Four survey lines totaling 18.4 line-km crossed the Pocuro Fault Zone (PFZ) and the main conductivity anomalies defined by earlier airborne work.
• Five diamond drill holes totaling 5,514 metres (m) are planned to test C2-B, C3, C4, and the Chincolco Creek Target.
• Drilling is targeted to start in September 2026.

Company Overview

Fitzroy Minerals (TSXV: FTZ | OTCQX: FTZFF | FSE: C3Y) is a copper-focused exploration and development company with assets in the Americas. Its portfolio includes the Buen Retiro Copper Project near Copiapó, Chile; the Caballos Copper and Polimet Gold-Copper-Silver projects in Valparaiso, Chile; the Taquetren Gold Project in Rio Negro, Argentina; and the Caribou Project in British Columbia, Canada.

Survey Design & Coverage

Southernrock Geophysics S.A. completed a ground-based deep induced polarization (IP) and resistivity survey over the Caballos Project in the Valparaíso Region of Chile, at altitudes ranging from 1,700 to 3,000 metres (m) above sea level. The work combined a deep-penetration pole dipole induced polarization (PDIP) survey with a magnetotellurics (MT) survey, reaching depths of approximately 1,500 m for the PDIP component and nominally 3,000 m for the MT component. Four lines totaling 18.4 line-kilometres (km) crossed the main conductive anomalies previously identified by a heli-borne survey that covered a much larger area than the ground program.

Two-dimensional and three-dimensional inversions of chargeability and resistivity were performed, and the anomalies labeled C1, C2-A, C2-B, C3, and C4 are evident in both models. Chargeability anomalies were identified in the northern and southern parts of the survey area, and Southernrock Geophysics reports that the zones of induced polarization response are likely related to disseminated sulfide mineralization. Those zones lie beneath sub-horizontal intervals of moderate-to-low resistivity, likely associated with a volcanosedimentary sequence. Fitzroy Minerals has completed a separate review of the PDIP and MT data, integrated it with the pre-existing conductivity data and the full geological dataset, and produced an updated geological interpretation for the Caballos area.

President and Chief Executive Officer of Fitzroy Minerals, Merlin Marr-Johnson, sets out what the chargeability response most likely represents:

"In the Caballos geological setting, it is highly probable that the chargeability corresponds with sulphide mineralization - a view also held by the contractor, Southernrock Geophysics. Our prior drilling on the edge of the system, into a weak chargeability anomaly, has already intersected copper, molybdenum, and gold, demonstrating the fertility of this ground."

The C2-B Anomaly in the Northern Survey Area

The 2 northern lines crossed the Pocuro Fault Zone (PFZ) at points coincident with diamond drilling reported in 2025 and earlier in 2026, then continued east across the southern part of the C2-B conductivity anomaly. A clear horizontal break at approximately 2,000 m elevation is interpreted as the base of the unmineralized younger volcaniclastic Farellones Formation. Below that contact, 2 major chargeability anomalies sit on either side of a moderate chargeability anomaly, a configuration common in porphyry copper deposits.

In a classic porphyry model, the moderate chargeability zone between the 2 outer walls of highly pyritic material is the main site of copper mineralization. The section across the far south of the circular feature shows chargeability anomalies extending east-west over 3 km in scale. The more southerly of the 2 northern lines shows broadly similar anomalies at greater depth, suggesting a potential plunge of the main chargeability feature to the south-southeast.

Toward one end of the northern section, a separate chargeability anomaly rises obliquely toward the surface, near where drilling took place in 2025 at the Chincolco Creek Target. Fitzroy Minerals considers that this anomaly could be related to the PFZ and to sulfide mineralization intersected in prior drilling.

The C4 Anomaly in the Southern Survey Area

Two shorter lines were surveyed further south, crossing the PFZ and continuing east across the C4 conductivity anomaly identified by the earlier heli-borne work. Directly below the Farellones Formation contact, a distinctive chargeability anomaly is approximately 1 km wide and 1 km deep on the southernmost line. The same anomaly is broader and slightly thinner vertically along the line immediately to the north.

The C4 anomaly carries a moderate resistivity profile, which may or may not be a function of vein density, or of silica or gypsum content. It occurs near the junction of the major north-south PFZ and the cross-cutting east-west structure that hosts the Alicahue River, and lies on trend from existing mineralized drill hole intersections.

Chincolco Creek Target

A review of the prospectivity of mineralization at Chincolco Creek was carried out using new PDIP and MT data, along with earlier conductivity data and the prior geological interpretation derived from mapping, sampling, and drilling. The abundant sulfide mineralization intersected in drilling at Chincolco Creek did not have a very strong associated conductivity anomaly, probably because the mineralization is disseminated and because quartz and gypsum veining are abundant. A subtle anomalism nonetheless extends southward and at depth along the projection of the PFZ.

Structural Trends from Phase Tensor Analysis

Phase tensors tend to align with current flow, so their long axes point toward conductive structures or along the low-resistivity direction. Southernrock Geophysics reports that across most of the frequency range, the long axes of the phase tensor ellipses tend to be aligned roughly north-south or southwest-northeast, suggesting that these are the dominant structural trends both near the surface and at greater depths, extending perhaps to several kilometres. The north-south orientation aligns with the PFZ. The orientation of conductive structures along these planes is being incorporated into the geological interpretation and the exploration plan.

Next Steps

Five diamond drill holes totaling 5,514 m have been planned to test C2-B, C3, and C4, as well as extensions of mineralization at Chincolco Creek. Drilling is targeted to start in September 2026.

Marr-Johnson explains the purpose of the program:

"Fitzroy Minerals is systematically targeting major copper discoveries in Chile, and this IP survey further de-risks several large targets at Caballos."

The company is targeting future cash flow from the Buen Retiro Heap Leach operation to fund non-dilutive exploration drilling.

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