Mr. Merlin Marr-Johnson reports

FITZROY MINERALS INTERSECTS 111.9 M AT 0.97% CU FROM 21.1 M, INCLUDING 18.0 M AT 1.59% CU FROM 84.0 M AT THE BUEN RETIRO COPPER PROJECT, CHILE

Fitzroy Minerals Inc. has provided an update on drilling at the Buen Retiro copper project in Copiapo, Chile. Drilling is continuing with three diamond drill (DD) rigs at site and a reverse circulation (RC) rig. The 1.7-kilometre trend of copper mineralization to the southwest of the historical Manto Negro open pit has been renamed Tenorita.

Results from 15 drill holes in the Tenorita area are reported here.

Highlights:

• Drill hole BRT-DDH072 returned 111.9 metres at 0.97 per cent copper from 21.1 m, including 18.0 m at 1.59 per cent Cu from 84.0 metres.
• Drill hole BRT-DDH070 returned 147.7 m at 0.41 per cent Cu from 26.3 m, including 47.0 m at 0.88 per cent Cu from 113.0 metres.

Merlin Marr-Johnson, president and chief executive officer of Fitzroy, commented: "Buen Retiro continues to deliver excellent results and several of the 15 drill holes reported today reflect wide zones of mineralization in leachable material close to surface. Note that the best drill hole reported today, drill hole No. 72, is to the east of drill hole No. 70, confirming consistent shallow mineralization for about 300 metres across the widest part of the Tenorita area.

"Fitzroy has four rigs turning at Buen Retiro, and the team aims to complete the drillout of the Tenorita area in August to stay on track with our stated aim of production in early 2028."

Overview

Fitzroy has completed 78 diamond drill holes for a total of 13,036 metres since the start of February, 2026. Drilling with four drill rigs at the project is continuing. Currently, one DD rig is drilling shallow sulphides north of the historical Manto Negro pit in an area that has been renamed Ortuzar, another DD rig is testing the southern extension of the Manto Negro pit in an area that has been renamed Nativo, the third DD rig is drilling the northeastern extension of the Tenorita area, and the RC rig is drilling regional exploration targets.

Fitzroy will complete a further 9,000 m of drilling in 2026 with three key objectives. One aim is to advance the Tenorita area to measured, indicated and inferred resource categories adequate to support a robust mine life for inclusion in the prefeasibility study. A second aim of the drilling plan is to define inferred resources elsewhere on the Buen Retiro property. The third aim of the drilling plan is to test new exploration targets at Buen Retiro.

Drilling, assaying and geology update

Selected results from 15 drill holes, BRT-DDH066 to BRT-DDH080, are shown in Table 1.

Drill hole 72 returned 111.9 metres at 0.97 per cent Cu from 21.1 metres depth, including three subintervals of note: 19 metres at 1.50 per cent Cu from 32 metres, 18 metres at 1.59 per cent Cu from 84 metres and 18 metres at 1.91 per cent Cu from 111 metres.

Drill hole 70 returned 147.7 metres at 0.41 per cent Cu from 26.3 metres depth, including 47 metres at 0.88 per cent Cu from 113 metres, and 27 metres at 1.20 per cent Cu from 133 metres.

Section A-A' shows zones of broad and shallow mineralization in the south-central portion of the Tenorita area, covering approximately 300 metres east-west. Data from the National Instrument 43-101 technical report for the Buen Retiro copper project (issue date: Oct. 23, 2024) show that drill hole 7 intersected 25 metres at 0.72 per cent Cu from 158 metres, including 6.86 metres at 1.40 per cent Cu from 168.6 metres, one metre at 1.03 per cent Cu from 174 metres and two metres at 1.53 per cent Cu from 200 m metres. More recent drilling (previously reported) shows that drill hole 27 intersected 133 metres at 0.46 per cent Cu from 22 metres, including 40 metres at 0.53 per cent Cu from 30 metres, and 35 metres at 0.77 per cent Cu from 115 metres. Similarly, drill hole 58 (previously reported) returned 75.0 metres at 0.82 per cent Cu from 9.0 metres, including 8.0 m at 3.77 per cent Cu from 12.0 metres.

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

Buen Retiro HQ 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 every 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 quality assurance (QA) and quality control (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 see a secondary laboratory introduced to 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 in 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 NI 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 has verified selected laboratory assay results against reported drill core intervals, as well as drill core logs against the geology, as supplied by the company.

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 the 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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