Fitzroy Minerals MobileMT Survey Identifies Multiple Large Conductive Anomalies at Caballos Copper Project, Chile

• A helicopter-borne MobileMT airborne electromagnetic and magnetic survey, completed by Expert Geophysics Services Inc. (EGS) over the Caballos Copper Project in Chile, covered 694 line-kilometres across approximately 194 square kilometres, including a 200-metre-spacing infill survey over the Central Target area.
• The survey identified a large, circular, highly conductive feature approximately 5 kilometres in diameter, interpreted as a porphyry-related hydrothermal system directly connected to copper-molybdenum-gold-rhenium mineralisation identified by drilling at the Chincolco Prospect in 2025.
• A linear conductive anomaly approximately 1.5 kilometres long is directly connected to Chincolco mineralised drill hole intercepts, and a potential southward continuation extends for 2.5 kilometres from the southernmost drill hole, which intersected 176 metres at 0.31% copper, 249 ppm molybdenum, and 0.04 grams per tonne gold from 156 metres.
• A prominent north-south conductive corridor extending approximately 14 kilometres across the project area was identified to be spatially coincident with the mapped trace of the regional Pocuro Fault Zone, which EGS interprets as a major crustal-scale permeable structure.
• A deep Induced Polarisation (IP) survey is planned for the second quarter of 2026 to obtain chargeability information on sulphides and alteration mineralogy, in addition to the structural and resistivity information from the MobileMT survey, to upgrade conductivity anomalies into ranked drill targets.

Company Overview

Fitzroy Minerals (TSXV: FTZ | OTCQX: FTZFF | FSE: C3Y) is a mineral exploration company focused on copper assets in the Americas. Its project portfolio includes the Buen Retiro Copper Project near Copiapó, Chile; the Caballos Copper and Polimet Gold-Copper-Silver projects in the Valparaíso Region of Chile; the Taquetren Gold Project in Río Negro, Argentina; and the Cariboo Project in British Columbia, Canada.

Survey Coverage & Technical Approach

Fitzroy Minerals has announced the results of the helicopter-borne MobileMT airborne electromagnetic and magnetic survey (MobileMT) completed by Expert Geophysics Services Inc. (EGS) over the Caballos Copper Project (Caballos) in the Valparaiso Region, Chile. The survey covered 694 line-kilometres over the main Caballos concession block of approximately 194 square kilometres, including a 200-metre spacing infill survey over the Central Target area. All planned survey lines were completed successfully and passed field and office-based quality control.

The survey was conducted using EGS's proprietary MobileMT broadband electromagnetic system, designed to resolve deep crustal-scale conductive features associated with mineralised systems. EGS is a geophysical consulting company specialising in airborne geophysical surveys worldwide, with advanced electromagnetic systems that combine magnetic field measurements and very low-frequency electromagnetic (VLF-EM) capabilities. The MobileMT survey produced high-quality broadband electromagnetic, VLF-EM, and magnetic datasets. The survey identified multiple conductivity and resistivity anomalies, interpreted as consistent with porphyry-style hydrothermal systems and connected to the mineralisation intersected in 2025 by Fitzroy Minerals' diamond drilling.

Conductive Anomalies Linked to Chincolco Drill Intercepts

The MobileMT survey identified several conductive zones spatially associated with the Chincolco Creek Breccia, where copper-molybdenum-gold sulphide mineralisation was intersected during 2025 drilling. A strong conductive feature dips eastward for approximately 1.5 to 2 kilometres before merging into a larger circular conductive body measuring approximately 5 kilometres in diameter. Overlying Miocene Farrellones Formation volcanoclastic rocks appear as a resistive cap above this conductive domain, and the anomaly retains a strong cylindrical aspect at depth, with roots extending beyond the MobileMT survey penetration, which exceeds 2 kilometres.

EGS interprets the anomaly as representing a structurally controlled zone of hydrothermal alteration and sulphide development, consistent with a porphyry-related mineralising environment. Closer to the north-south axis of the Chincolco Prospect, a linear conductive anomaly approximately 1.5 kilometres long is evident. The linear Chincolco conductive anomaly is interrupted by a cross-cutting fault and then resumes again, reaching a distance of 2.5 kilometres to the southeast of the southernmost drill hole.

The southernmost drill hole along the breccia intersected 176 metres at 0.31% copper, 249 ppm molybdenum, and 0.04 grams per tonne gold from 156 metres. The drill hole intersected a weak portion of the anomaly, while the deeper, stronger portion remains untested. The southern extension of the Chincolco Creek Breccia Anomaly is covered by a low plateau of flat-lying Miocene volcaniclastic rocks of the Farrellones Formation, with the anomaly evident in shallow images, suggesting the overlying Miocene volcanic rocks may represent thin cover.

Pocuro Fault Zone Conductive Corridor

The MobileMT survey identified a prominent north-south conductive corridor extending approximately 14 kilometres across the Caballos Project area, spatially coincident with the mapped trace of the regional Pocuro Fault Zone. EGS interpretation indicates that the anomaly represents a major, crustal-scale, permeable structure, interpreted as a potential pathway for mineralising magmatic fluids.

Porphyry-Style Resistivity Patterns to the North

Further north within the survey block, MobileMT inversion results identified resistivity patterns that EGS interpreted as characteristic of hydrothermal breccia-associated porphyry systems, comparable to those observed at El Teniente and La Huifa in Chile. According to EGS technical interpretation, 2 Caballos anomalies display responses similar to those observed over these deposits.

The conductive responses are interpreted to represent combinations of conductive alteration halos, sulphide-bearing fracture networks, pyrite-rich hydrothermal zones, and structurally controlled feeder pathways. These conductive zones are variably associated with magnetic highs and lows, consistent with differing intensities of hydrothermal overprint and alteration styles typically observed in porphyry environments. The company is targeting further delineation of these anomalies in due course.

President and Chief Executive Officer of Fitzroy Minerals Inc., Merlin Marr-Johnson, commented on the survey results:

"The MobileMT survey shows that Caballos hosts the type of plumbing architecture and conductive anomalies that are often associated with world-class mineral systems in Chile. The standout anomaly is a huge circular feature about five kilometres across that connects to the sulphide mineralisation we intersected in drilling last year. There are also conductive anomalies that suggest the Chincolco sulphide mineralisation might continue for several kilometres to the south, just below the surface. We will follow up with further integrated data-processing, and a ground Deep IP survey to gain chargeability information and improve target ranking, ahead of drilling."

Marr-Johnson also addressed the company's broader exploration objectives and funding pathway at Caballos:

"Fitzroy Minerals aims to make major copper discoveries in Chile, and this round of geophysics at Caballos has identified large targets that will be drilled soon. The plan is that future cash flow from the Buen Retiro Heap Leach operation will fund non-dilutive exploration drilling."

Grant of Stock Options

Fitzroy Minerals also announced the grant of 5,770,000 stock options to certain directors, officers, and consultants under its stock option plan. The options are exercisable at $0.50 per common share, subject to earlier termination in accordance with the plan. All options vest immediately upon grant and are subject to a 4-month-and-1-day hold period from the date of issuance.

The grant of options to certain directors and officers constitutes a related party transaction pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. The company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in reliance on the exemptions contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the company is not listed on a specified market. The fair market value of the options does not exceed 25% of the company's market capitalisation.

Next Steps

EGS has been commissioned to complete a 3D inversion of the key anomaly areas to resolve relief complexity and provide higher-resolution results. The full Caballos dataset is being integrated with the MobileMT data and processed using advanced, EGS-proprietary techniques, combining drilling results, structural interpretation, alteration mapping, and geochemical datasets through AI-enhanced processing to refine high-priority porphyry-style drill targets. A deep IP survey is planned for the second quarter of 2026 to gather information on sulphides and alteration mineralogy, in addition to the structure and resistivity data from the MobileMT survey, to upgrade conductivity anomalies to ranked drill targets.

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