Fitzroy Minerals Returns 92.5 m at 0.53% Copper at Buen Retiro as Definition Drilling & Pre-Feasibility Study Work Advances in Parallel

• The program's highest-grade intercept returned 92.5 metres at 0.53% copper from 3.5 metres depth, including a higher-grade core of 46 metres at 0.82% copper from 36 metres.
• 32 definition drill holes totalling 5,143 metres have been completed in the southwest area, with full assays returned on 4 holes, partial results on 4 more, and 11 holes pending.
• Metallurgical test work has commenced at SGS Laboratories on a 2,900-kilogram representative sample across 3 geo-metallurgical domains, a required step for the Pre-Feasibility Study (PFS).
• Fleet Space Technologies' ambient noise tomography (ANT) passive seismic survey has been completed across a 5-kilometre x 5-kilometre area, with data processing underway ahead of a higher-resolution follow-up survey.
• Definition drilling is anticipated to be completed in May 2026, at which point one drill rig will pivot to a minimum 8,000 metre Phase 3 exploration program targeting sulphide mineralisation and ANT targets.

Company Overview

‍Fitzroy Minerals Inc. [TSXV: FTZ | OTCQX: FTZFF | FSE: C3Y] is a copper-focused mineral exploration and development company with assets in Chile, Argentina, and Canada. Its primary asset is the Buen Retiro Copper Project near Copiapó, Chile, where the Company is advancing a planned Heap Leach operation through resource definition drilling and pre-feasibility-level studies.

Drill Results Confirm Broad Copper Mineralisation in Southwest Area

Four drill holes from the current 2-rig definition program have returned assays, all intersecting a copper-mineralised package estimated to represent 80% to 90% of true thickness. The 2 highest-grade holes delivered the program's standout results: one intercepted 92.5 metres at 0.53% copper from 3.5 metres depth, including 46 metres at 0.82% copper from 36 metres; the other returned 83 metres at 0.57% copper from 95 metres, including 43 metres at 0.90% copper from 95 metres.

The remaining 2 holes added broad intercepts of 80.5 metres at 0.44% copper from 28.5 metres and 93.5 metres at 0.28% copper from 20.5 metres, respectively. Across all 4 holes, the mineralised package maintains a consistent thickness of 80 to 90 metres in the southwest area, with a central higher-grade core and lower-grade shoulders. The package dips approximately 75 degrees to the east-northeast.

High-grade copper samples are concentrated along the central axis of the dominant ferric breccia structure. Multiple samples from the 32-hole program have exceeded the ALS laboratory's 1% copper maximum limit for standard exploration assay methods, requiring re-assay using ore-grade methods.

32-Hole Program Advances Toward Maiden Mineral Resource Estimate

Fitzroy Minerals has completed 32 definition drill holes totalling 5,143 metres in the southwest area, all drilled with HQ core at 63.5 millimetre diameter. Of these, 19 complete holes have been submitted for assay: 4 have full results, 4 have partial results with high-grade samples pending re-assay, and 11 are awaiting laboratory results. The remaining 13 holes are being logged and processed.

The resource definition work is focused on oxide, mixed, and supergene material down to a maximum depth of 150 metres below surface, targeting Measured and Indicated Resource classifications under National Instrument 43-101 (NI 43-101) standards. These categories are required to underpin the life-of-mine production plan for the Heap Leach project and the planned Pre-Feasibility Study (PFS). Separately, wider-spaced shallow holes are targeting Inferred Resource delineation, which may contribute to future mine-life, subject to conversion drilling.

The drill hole plan is being expanded eastward as shallow mineralisation continues to be intersected toward the southern area. Definition drilling is anticipated to conclude in May 2026, at which point the two-rig configuration will be restructured for Phase 3 exploration and geotechnical drilling.

President and Chief Executive Officer of Fitzroy Minerals, Merlin Marr-Johnson, addressed the high-grade sample frequency: 

"The resource definition drilling is advancing quickly and has intersected many samples that exceed the ALS laboratory 1% Cu maximum limit for 'exploration' assay methods in the southwest area. Although these samples have to be re-assayed using 'ore grade' assay. The ANT geophysical survey is a step forward in the hunt for a major sulphide discovery at Buen Retiro. Our aim is to leverage potential future cash flow from the Buen Retiro Heap Leach copper operation to fund the continued exploration for major copper deposits in Chile (including Buen Retiro and Caballos) with minimal dilution."

Metallurgical Test Work Begins at SGS Laboratories

Fitzroy has defined 3 primary geo-metallurgical domains to guide the PFS metallurgical program. The Higher-Grade Oxide Domain comprises material from the central iron-rich structural corridor and hydrothermal breccias, expected to respond favourably to enhanced leaching. The Lower-Grade Oxide Domain covers peripheral stockwork-style mineralisation suited to shorter leach cycles. The Higher-Grade Mixed Supergene Transition Domain contains copper oxide and secondary sulphide mineral assemblages, including native copper, cuprite, and chalcocite, and will be evaluated separately due to distinct oxidation and chloride-assisted leaching requirements.

A 2,900-kilogram representative sample has been selected across these domains, and test work has commenced at SGS Laboratories in Quilicura, Santiago. The program covers variability analysis across key lithological controls, targeted testing of hydrothermal breccia and iron-rich units, permeability and mini-column leach testing, and evaluation of acid consumption behaviour. The company is also evaluating remnant material from the bottom of the historical Manto Negro pit to determine whether it represents a distinct metallurgical domain or can be incorporated into one of the 3 existing domains.

Geophysical Survey Complete, Phase 3 Exploration Targeting Underway

Fleet Space Technologies' passive seismic ambient noise tomography (ANT) survey has been completed across a 5-kilometre x 5-kilometre area at Buen Retiro. Data processing and interpretation are underway. A higher-resolution follow-up survey covering a central 2- kilometre x 3-kilometre area over priority targets will be executed once the initial dataset has been interpreted.

The ANT survey is designed to assist in identifying sulphide mineralisation at depth, forming the basis of Phase 3 exploration targets. Upon completion of definition drilling in May 2026, one of the 2 active rigs will be redeployed to execute a minimum 8,000-metre Phase 3 program testing these targets. The second rig will carry out a 2,000-metre geotechnical drilling program before being replaced by a smaller rig to conduct definition drilling in the bottom of the historical open pit.

Next Steps

Fitzroy is targeting completion of definition drilling at Buen Retiro in May 2026. Remaining assays from the 32-hole southwest program, including re-assayed high-grade samples, are expected to be released as results are received. Metallurgical test work at SGS Laboratories is ongoing. The ANT data interpretation will inform the design of the higher-resolution follow-up survey. Phase 3 sulphide exploration drilling and the geotechnical program are set to begin once definition drilling concludes. The maiden mineral resource estimate and initial economic study remain the primary near-term milestones for the project.

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