Fitzroy Minerals Reports Copper Drill Results at Buen Retiro Project

• Fitzroy Minerals has reported assay results for seven resource definition drill holes in the Southwest Area of the Buen Retiro Copper Project near Copiapó, Chile, with three of the seven holes still pending assay results.
• The strongest result reported was 78 metres at 1.70% copper from 58 metres, including 40 metres at 3.02% copper from 92 metres.
• A second hole returned 75 metres at 0.82% copper from 9 metres, including 8 metres at 3.77% copper from 12 metres.
• A regional Ambient Noise Tomography (ANT) geophysical survey conducted by Fleet Space Technologies confirmed the architecture of the main geological structures of the project, identifying structures and zones interpreted to represent intense alteration and brecciation at depths of 1 to 2 kilometres across an area of approximately 5 kilometres x 5 kilometres; a detailed infill survey covering 2 kilometres x 3 kilometres is in progress.
• The company has completed 39 drill holes for a total of 6,885 metres since the start of February 2026, with a third diamond drill rig now dedicated to copper sulphide exploration. The press release states that a 5,000-metre Reverse Circulation (RC) drilling contract is expected to commence next month.

About Fitzroy Minerals 

Fitzroy Minerals (TSXV: FTZ | OTCQX: FTZFF)  is focused on exploring and developing copper-focused mineral assets with substantial upside potential in the Americas. The company's current property portfolio includes the Buen Retiro Copper Project near Copiapó, Chile; the Caballos Copper and Polimet Gold-Copper-Silver projects in Valparaíso, Chile; the Taquetren Gold Project in Río Negro, Argentina; and the Cariboo Project in British Columbia, Canada.

Drilling Results

Fitzroy Minerals has reported assay results from seven resource definition drill holes in the Southwest Area of the Buen Retiro Copper Project near Copiapó, Chile. Three of the seven holes have assays pending, and results from the remaining four holes are reported here alongside three previously reported holes. The strongest result reported was 78 metres at 1.70% copper from 58 metres, including a lower portion of 40 metres at 3.02% copper from 92 metres. A second hole returned 75 metres at 0.82% copper from 9 metres, including 8 metres at 3.77% copper from 12 metres. A third hole returned a long intercept of 100 metres at 0.46% copper from 43 metres, including 21 metres at 1.08% copper from 102 metres.

Additional holes returned 64 metres at 0.61% copper from 89 metres, including 21 metres at 1.21% copper from 130 metres; 62 metres at 0.38% copper from 119 metres, including 13 metres at 1.22% copper from 166 metres; 29 metres at 0.56% copper from 103 metres; and 9 metres at 0.31% copper from 165 metres. The press release describes the last two intercepts as drilled at the edges of the system.

Geology & Program Overview

The company has completed 39 drill holes for a total of 6,885 metres since the start of February 2026, comprising 35 infill and four geotechnical drill holes. Fitzroy describes the twin-rig program as approaching its final stage, with the stated aim of defining mineralisation to contribute to a maiden mineral resource estimate in the Southwest Area. The main mineralised package is reported to dip approximately 75 degrees to the east-northeast and is truncated at depth by a bounding fault oriented northwest-southeast.

One rig continues geotechnical drilling for the proposed pit area, and a smaller rig has been brought in to drill shallow holes in the Southwest Area and in the historical pit. The company states it is evaluating the potential inclusion of mineralised material in the base of the old pit in the Pre-Feasibility Study (PFS) mine plan. The third diamond drill rig is dedicated to copper sulphide exploration, with an initial drilling plan of 3,000 metres; the press release states the company anticipates expanding the program as results of the ANT survey are incorporated into target ranking. Fitzroy states that a 5,000-metre Reverse Circulation (RC) drilling contract is being finalised and is expected to commence next month. The RC drill is scheduled to complete sterilisation drilling around the old pit prior to switching to regional exploration across the 13,400-hectare concession area.

ANT Geophysical Survey

Results of the regional Fleet Space Technologies' passive-seismic Ambient Noise Tomography survey at Buen Retiro confirmed the architecture of the project's main geological structures. The survey identified structures and zones interpreted as representing intense alteration and brecciation at depths of 1 to 2 kilometres, covering an area of approximately 5 kilometres by 5 kilometres. Several of the large alteration anomalies are described as coinciding with areas of interest identified by Fitzroy through geological and geophysical interpretation. A detailed infill ANT survey covering 2 kilometres x 3 kilometres is in progress, with the stated aim of vectoring towards preferential hydrothermal conduits in the upper 800 metres.

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

"Fitzroy continues to intersect good grades close to surface at Buen Retiro, underscored by the drill intercept of 78 metres at 1.70% copper in drill hole 59. A third drill rig is being added at Buen Retiro, as we widen the search space in this large copper system. In parallel, we continue to work on the Pre-Feasibility Study, which should showcase the value of leachable material near infrastructure in one of Chile's mining hubs.

Through its exploration at Buen Retiro and Caballos, Fitzroy remains focused on making large-scale copper discoveries in Chile. And through the potential development of the Buen Retiro Heap Leach project and its partnership with Pucobre, Fitzroy sees a possible route to near-term cash flow to fund exploration across the wider portfolio."

QA/QC & Qualified Person

Core sampling at Buen Retiro uses HQ drill core transported from the drill rig to the core processing facility in Copiapó. Primary half-core samples are collected using an electric core-cutting diamond-blade saw, with the remaining half-core stored at the rented core storage warehouse in Cuesta Cardones. Quality Assurance (QA) and Quality Control (QC) samples prepared by the company account for approximately 12% of the total primary core samples, including certified copper standards, silica blanks, and pulp duplicates. The three certified copper standards were acquired from the Chilean company Instituto Nacional de Tecnología Estandarización y Metrología Ltda. (INTEM) and carry an international standard certification.

Dr. Scott Jobin-Bevans (P.Geo., Ph.D., PMP), a Qualified Person as defined by National Instrument 43-101 and independent geological consultant to the company, has reviewed and approved the technical information in the press release and verified the data disclosed, including sampling, analytical, and test data. Dr. Jobin-Bevans has not been able to independently verify the Candelaria mineralisation, and that such mineralisation is not necessarily indicative of the mineralisation on the Buen Retiro Copper Project.

Next Steps

Fitzroy Minerals states that results from a further 24 drill holes are awaited and will be reported on a rolling monthly basis. The 5,000-metre RC drilling contract is expected to commence next month. The detailed infill ANT survey covering a 2-kilometre-by-3-kilometre area is in progress. The company continues work on a Pre-Feasibility Study (PFS) and is evaluating the potential inclusion of mineralised material from the base of the old pit in the PFS mine plan.

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