Mr. Merlin Marr-Johnson reports

FITZROY MINERALS REPORTS WIDE COPPER MINERALIZATION INTERVALS FROM THE BUEN RETIRO COPPER PROJECT, CHILE, AND PROVIDES AN EXPLORATION UPDATE

Fitzroy Minerals Inc. has provided an update on exploration progress at its Buen Retiro and Caballos copper projects in northern Chile.

Buen Retiro highlights:

• Drill hole BRT-DDH045: 384 metres at 0.22 per cent copper from four metres, including 94 metres at 0.33 per cent copper from 30 m;
• Infill drilling under way to allow for a maiden mineral resource estimate ahead of a PFS (prefeasibility study);
• A 2,800-kilogram bulk sample ready for heap-leach metallurgical test work at SGS Laboratories;
• Fleet Space Technologies passive seismic survey to start soon.

At the Caballos copper project, the airborne MobileMT (mobile magnetotellurics) geophysical survey is complete, with data currently being interpreted.

Merlin Marr-Johnson, president and chief executive officer of Fitzroy Minerals, commented: "Drill hole 45 intersected copper in two distinct mineralizing styles on a large scale in the north area of the Buen Retiro property. It is also located three kilometres north-northeast of the high-grade copper oxide mineralization in the southwest area. Combined with large, coincident geophysical anomalies, there is now compelling evidence that Buen Retiro is a major copper system.

"Crucially, Buen Retiro is at low elevation, on a brownfields site four kilometres from the Pan-American Highway and associated high-voltage transmission lines, close to the coast where a proposed desalination plant has a sea water extraction licence, and close to the mining centre of Copiapo with its mining services and large labour pool. In an industry with decreasing discovery rates, Fitzroy aims to leverage potential future cash flow from the proposed Buen Retiro heap-leach copper operation to fund the continued exploration for major copper deposits in Chile with minimal dilution."

Buen Retiro copper-(cobalt) project

At Buen Retiro, results from diamond drill holes 44 and 45 from the phase 1 program are reported in Table 1. Separately, infill drilling with two diamond drill rigs started in February and approximately 160 m of HQ diamond core are being drilled per day. Drill holes 46 through 60 have been completed and are being logged and cut, with samples sent for assay on a continuing basis.

Half-core from the infill drill holes is being aggregated to comprise representative bulk samples defined on mineralogical characteristics and the target total weight of about 2,800 kilograms of mineralized material for metallurgical test work has been reached. Metallurgical tests for the Buen Retiro heap-leach project will be carried out by SGS Laboratories, starting in late March. Remaining half-core is quartered, with one quarter being sent for assay and the last quarter being stored in core trays.

The infill drilling program, anticipated to be approximately 6,000 m of drilling, should be completed in April. After the infill drilling is complete, one rig will focus on exploration drilling (NQ core), and the other drill rig will be released. A passive seismic, ambient noise tomography (ANT) ground geophysical survey is about to start, which will assist with the litho-structural interpretation, supporting sulphide drill targeting at depth. The exploration drilling program will be a minimum of 8,000 m, with flexibility to increase to 15,000 m.

Drilling results

As previously reported (news release dated Jan. 13, 2026), in the north area of the Buen Retiro project, drilling has identified a copper-sulphide-mineralized trend extending for approximately one kilometre north of the historical Manto Negro mine open pit, hosted within a volcanic sequence dominated by andesitic rocks, interbedded with volcanic breccias and tuffs.

Results from drill holes 44 and 45 are shown in Table 1. Drill hole BRT-DDH045 is particularly interesting as the first 100 metres intersected a zone of stockwork intercalated with minor breccias from the start of fresh rock at four metres.

The drill hole then transitioned into a Candelaria-style stratiform system for a further 284 metres. Copper mineralization (chalcopyrite) is very consistent throughout the hole, reflected in the results of 384 metres at 0.23 per cent copper from four metres, including 94 metres at 0.33 per cent copper from 30 metres. Drill hole BRT-DDH044 intersected a series of low-grade intersections, the best interval being 10 metres at 0.30per cent copper, from 142 metres.

Geophysics

Fitzroy Minerals has contracted Fleet Space Technologies to complete an exosphere ANT geophysical survey. The survey is likely to be carried out in two stages: an initial regional ANT survey (phase 1) followed by a targeted infill survey (phase 2), subject to results obtained in phase 1. The phase 1 survey is about to start and aims to image the large-scale subsurface architecture of the project area, including basement geometry, major structural corridors and velocity contrasts potentially associated with IOCG (iron oxide copper-gold) mineral systems. Following completion and interpretation of the regional survey, it might be beneficial to advance to the phase 2 infill survey, which would focus on refining targets and increasing resolution in areas of interest identified in phase 1.

Caballos copper-molybdenum-gold project

An airborne geophysical survey (MobileMT) has been completed and interpretation is continuing. Phase 2 drilling is scheduled for later in the year once the geophysical data are integrated into the company's geological model.

Buen Retiro core sampling procedures, laboratory and quality assurance/quality control

Buen Retiro drill core, in labelled and secured wooden core trays, is picked up from the drilling site by company personnel and transported by truck from the drill rig to the core processing facility in Copiapo. Core lengths are checked, after which geotechnical logging is performed.

Using an electric core-cutting diamond blade saw, primary half core samples are collected from HQ- or NQ-sized drill core, with the remaining half-core stored in the original wooden core trays at the rented core storage warehouse in Cuesta Cardones, south of Copiapo.

A silica blank is inserted every 20 samples (approximately 20 m); a blank is always inserted immediately after a section that contains native copper. Pulp duplicates are randomly selected in proportion to the number of samples from each drill hole and inserted into the sample stream along with high-, medium- and low-grade copper standards. Sample identifications are changed and coded by the company.

The QA/QC samples prepared by the company represent about 12 per cent of the total primary core samples. The three certified copper standards (both oxide and sulphide), acquired from Chilean company Instituto Nacional de Tecnologia Estandarizacion y Metrologia Ltda. (INTEM), have international standard certification. The certified standards are used to evaluate the accuracy (approximation versus true value) of the laboratory analysis. Blanks are used to evaluate the quality of the laboratory preparation and identify possible contamination. Pulp duplicates are used to test analytical accuracy (repeatability). No secondary laboratory (referee lab) samples were completed in this round of drilling; however, the next stage and subsequent stages of drilling will put in place laboratory replicate procedures.

Once prepared, the core samples are bagged, tagged and transported to the laboratory by the project team. At the laboratory reception, the samples and their identification codes are verified and accepted once the physical inventory matches the assay request form.

The pulps and rejects of crushed samples are collected from the ALS Patagonia laboratory in Copiapo every three months. The rejects are stocked in closed drums, identified with the corresponding batches and sample ranges, while the pulps are stocked in boxes and shelves inside a container separated for this purpose. Both are located in the same company warehouse facilities in Copiapo.

A visual review of the QA/QC results from the standards and blanks inserted by the company and the laboratory's internal QA/QC information was completed by the company and no significant issues were identified.

The company and qualified person are independent of the assay laboratories disclosed in this news release.

Qualified person

Dr. Scott Jobin-Bevans, PGeo, PhD, 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 provided in this news release and verified the data disclosed, including the sampling, analytical and test data underlying the technical information contained in this news release. Specifically, the qualified person verified selected laboratory assay results against the reported drill core intervals as well as drill core logs against the geology, as supplied by the company.

Dr. Jobin-Bevans has not been able to independently verify the Candelaria mineralization and, as such, the mineralization described is not necessarily indicative of the mineralization on the Buen Retiro copper project.

About Fitzroy Minerals Inc.

Fitzroy Minerals 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 located near Copiapo, Chile, the Caballos copper project and Polimet gold-copper-silver project located in Valparaiso, Chile, the Taquetren gold project located in Rio Negro, Argentina, and the Caribou project in British Columbia, Canada. Fitzroy Minerals' shares are listed on the TSX Venture Exchange under the symbol FTZ and the OTCQX under the symbol FTZFF.

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