Fitzroy Minerals Reports 21 Channel Samples Averaging 2.96% Copper at Buen Retiro Historical Open Pit, Chile

• Twenty-one channel samples from the Buen Retiro historical open pit average 2.96% copper, with 17 of 21 samples above 1.0% copper, four above 5.0% copper, and a maximum result of 10.68% copper.
• A historical drill hole drilled by Ptolemy Mining Ltd. in 2024 intersected 30 metres at 3.52% copper from 141 to 171 metres downhole, located approximately 30 to 55 metres below the current pit floor.
• A pit-area drill hole located 70 m south of the historical pit logged a Core Quick Log visual estimate of 113 metres of tenorite mineralisation from 3.5 metres downhole, averaging almost 1.0% copper, with samples submitted directly for over-limit analysis.
• Fitzroy has drilled 10,048 metres at Buen Retiro in 2026, with the original 7,000-metre programme expanded to 10,000 metres, and a further 5,000-metre pit-area programme underway. A Reverse Circulation rig joins three diamond drill rigs on site from the week of June 20.
• The Pre-Feasibility Study (PFS) is on track to be completed in the first quarter of 2027, supported by metallurgical test results and a Project Development Plan that underpins an Environmental Permit Application targeted for October 2026.

Company Overview

Fitzroy Minerals (TSXV: FTZ | OTCQX: FTZFF | FSE: C3Y) is a Canadian mineral exploration and development company advancing copper projects in Chile. The company's flagship asset is the Buen Retiro Copper Project, located near Copiapó, Chile, which is 100% owned by Fitzroy. Additional Chilean assets include the Caballos Copper Project and the Polimet Gold-Copper-Silver Project, both in the Valparaíso region. Fitzroy also holds the Taquetren Gold Project in Rio Negro, Argentina, and the Caribou Project in British Columbia, Canada. In April, the company signed a Letter of Intent with Pucobre S.A., under which Fitzroy obtained access to historical drill data for the Buen Retiro project.

Channel Sampling - Historical Pit Area

Twenty-one channel samples collected from mineralised outcrop within the historical Buen Retiro open pit have returned an arithmetic average of 2.96% copper. Of the 21 samples, 17 returned above 1.0% copper, and four returned above 5.0% copper, with a maximum individual result of 10.68% copper.

The sampling data indicate that historical mining at Buen Retiro stopped at the base of predominantly copper-oxide mineralisation. Well-mineralised rock continues at depth in mixed and transitional material beyond the current pit floor.

Pit Mineralisation at Depth - Historical Drill Data

Historical drill data, collated by Pucobre S.A. and Ptolemy Mining Ltd. and accessed through Fitzroy's arrangement with those parties, confirms that high-grade copper mineralisation extends below the current pit floor. A historical drill hole drilled by Ptolemy Mining Ltd. in 2024 intersected two high-grade intervals: 7 metres at 2.78% copper from 130 metres to 137 metres downhole, and 30 metres at 3.52% copper from 141 metres to 171 metres downhole. Both intervals are located approximately 30 metres to 55 metres below the current pit floor.

President and Chief Executive Officer of Fitzroy Minerals, Merlin Marr-Johnson, puts the combined channel sampling and historical drill results into context for the Pit Area targeting rationale:

"Channel sample results averaging around 3.0% copper and historical drill results of 30 metres at 3.52% copper showcase the type of copper mineralisation that Fitzroy is targeting in the Pit Area. Historical production focused on copper-oxide material only, and our analysis of historical drill data shows that a meaningful amount of mixed and transition copper material was left behind, that can be recovered with our planned chloride-leach process."

Tenorite Intercept - Pit Area

A pit-area drill hole located 70 metres south of the historical Buen Retiro open pit has logged a Core Quick Log visual estimate of 113 metres of tenorite mineralisation from 3.5 metres downhole, with a visual grade estimate averaging almost 1.0% copper. All length and grade figures are Core Quick Log visual estimates pending confirmation by laboratory assay.

The intercept is estimated to exceed the regular exploration assay limit of 1.0% copper. Samples estimated at 0.9% copper and above have been submitted directly to the laboratory for over-limit analysis.

Drilling Programme Status & Expansion

Fitzroy has drilled 10,048 metres at Buen Retiro in 2026, principally targeting copper-oxide and mixed material for inclusion in the Heap Leach Development Plan. The original 7,000 metres programme, covering infill, sterilisation, and geotechnical drilling, has been expanded to 10,000 metres. A further 5,000-metre programme targeting copper oxide and mixed material in the historical Pit Area is underway. Three diamond drill rigs are currently on site, with a Reverse Circulation rig scheduled for addition during the week of June 20.

Marr-Johnson frames the operational shift to the Pit Area:

"The drilling campaign in the Southwest Area is finishing up, and our attention is now turning to the Pit Area, where recent drilling has intersected highly encouraging and newly identified mineralised zones. With four rigs on site as of June 20th, we will complete around 5,000 m of drilling in the Pit Area for inclusion into the Project Development Plan ahead of submission of the Environmental Permit Application."

Assay Processing & Sample Logistics

ALS Global laboratory is currently experiencing turnaround times of 60 to 70 days, with sample preparation conducted in Copiapó, Chile, and pulps sent to Lima, Peru. To address the delay, Fitzroy is rerouting samples from Pit Area drilling to SGS Laboratories in Santiago, Chile. Drilling assay results are targeted for publication in late June, with mid-monthly reporting expected to resume from July onward.

Geophysics Survey

A Fleet Space Technologies Ambient Noise Tomography passive seismic infill survey at Buen Retiro was completed in May. The survey identified zones of elevated fracturing and host-rock alteration at the project.

Metallurgical Test Work & Development Timeline

Metallurgical test work is currently underway at Buen Retiro. Mini-column results are expected in July and will be incorporated into the Project Development Plan. One-metre and three-metre column test results are expected in the fourth quarter of 2026 and will feed into the Pre-Feasibility Study (PFS).

The data cut-off for resource drilling is scheduled for the end of July 2026. All new data will be incorporated into the Project Development Plan prior to submission of the Environmental Permit Application, which is targeted for October 2026. The PFS is on track for completion in the first quarter of 2027.

Core Sampling Procedures & QA/QC

The HQ drill core from the Buen Retiro programme is transported to Fitzroy's core-processing facility in Copiapó, Chile, and stored in a warehouse in Cuesta Cardones, south of Copiapó. Primary half-core samples are collected from HQ- or NQ-sized drill cores and transported to the laboratory. The resulting pulps and rejects are later collected from the ALS-Patagonia laboratory and stored at the company's warehouse facility in Copiapó.

Quality Assurance/Quality Control samples represent approximately 12% of the total primary core samples. A silica blank is inserted every 20 samples, approximately every 20 m, with a blank also inserted immediately following any section containing native copper. Three certified copper standards covering both oxide and sulphide material are sourced from Instituto Nacional de Tecnología Estandarización y Metrología Ltda. and applied across the programme.

Next Steps

Fitzroy is targeting publication of drilling assay results in late June 2026, with mini-column metallurgical results and the resource drilling data cut-off both expected by the end of July 2026. Mid-monthly reporting is expected to resume from July onward. The Environmental Permit Application is scheduled for submission in October 2026. One-metre and three-metre column test results are anticipated in the fourth quarter of 2026 and will then support the PFS, which remains on track for completion in the first quarter of 2027.