Mr. Merlin Marr-Johnson reports

REVISED: DEEP IP SURVEY IDENTIFIES MULTIPLE LARGE CHARGEABILITY ANOMALIES LINKED TO COPPER-MOLYBDENUM-GOLD DRILL HOLE INTERCEPTS AT THE CABALLOS COPPER PROJECT, CHILE

Fitzroy Minerals Inc. has released the results of the ground-based deep induced polarization (IP) chargeability and resistivity survey completed by Southernrock Geophysics S.A. (SRG) over the Caballos project, Valparaiso region, Chile. The survey has identified multiple chargeability and resistivity anomalies, interpreted to be consistent with porphyry-style hydrothermal systems and that are connected to the mineralization intersected in 2025 diamond drilling by Fitzroy Minerals. (Some references in this news release refer to the original version of this release, which includes figures.)

At Caballos, four IP lines totalling 18.4 line kilometres, were completed across the main conductive anomalies previously identified in a prior Expert Geophysics Surveys heli-borne MobileMT survey (see company news release April 29, 2026). A diamond drilling program of approximately 5,500 metres, planned to start in September, will test the four main targets.

Highlights

• Multiple geophysical anomalies in a prolific geological setting, highlight major discovery potential at the Caballos copper project;
• Large conductivity and chargeability anomaly C2-B (three kilometres wide) has a classic porphyry cross section;
• Large, shallow conductivity and chargeability anomaly C4 (one km wide) on trend from existing mineralized drill hole intersections.

Merlin Marr-Johnson, president and chief executive officer of Fitzroy Minerals, commented: "We are delighted that the deep IP survey has identified so many strong anomalies. In the Caballos geological setting, it is highly probable that the chargeability corresponds with sulphide mineralization -- a view also held by the contractor, Southernrock Geophysics. Our prior drilling on the edge of the system, into a weak chargeability anomaly, has already intersected copper, molybdenum, and gold, demonstrating the fertility of this ground.

"Interestingly, the IP chargeability anomalies match up well with the conductivity anomalies highlighted in the prior MobileMT survey, which opens up the prospectivity of the Caballos concessions given the MobileMT survey covered a much larger area than the ground IP survey. The largest IP anomaly, C2-B, is consistent with a classic porphyry signature, comprising a strongly conductive and chargeable (pyritic?) outer shell surrounding an inner core. Elsewhere, the C4 anomaly has a very strong, shallow chargeable feature with excellent access. At the Chincolco Creek target, mineralization intersected from surface in prior drilling has associated geophysical anomalies (C3) that could potentially extend known mineralization along strike and at depth.

"Fitzroy Minerals is systematically targeting major copper discoveries in Chile, and this IP survey further derisks several large targets at Caballos. All of these drill targets have robust 2-D and 3-D modelled inversion anomalies. The plan is that future cash flow from the Buen Retiro heap leach operation will fund non-dilutive exploration drilling."

Southernrock Geophysics S.A. (SRG)

SRG carried out a deep-penetration pole-dipole induced polarization (PDIP) and magnetotellurics (MT) survey at the Caballos project, located in the Valparaiso region of Chile, at an altitude ranging from 1,700 to 3,000 metres above sea level.

The primary objective of the deep IP survey was to characterize the distribution of chargeability and resistivity parameters within the designated project area, from near-surface levels down to depths of approximately 1,500 metres for the PDIP survey, and nominally 3,000 metres for the MT survey. 2-D and 3-D inversions of chargeability and resistivity (the inverse of conductivity) were performed.

Four survey lines were completed. Line L 8000 crossed the Pocuro Fault zone (PFZ) coincident with drill hole CAB-DDH001 reported in 2025 and continued east across the southern part of the large conductivity anomaly (C2-B) identified in the MobileMT survey completed earlier this year. Line L 7500 crossed the PFZ coincident with drill hole CAB-DDH004A reported earlier this year and continued east across the southern tip of the C2-B anomaly.

Farther south, two shorter lines (L 5900 and L 5400) were surveyed crossing the PFZ and continuing east across a conductivity anomaly (C4) identified in the MobileMT survey.

Chargeability anomalies were identified in both the northern and southern parts of the survey area. SRG report that the zones of induced polarization response are "presumably related to the presence of (disseminated) sulphide mineralization." SRG also identify that the anomalies "lie beneath subhorizontal intervals or layers of moderate-low resistivity probably related to a volcano-sedimentary sequence."

Fitzroy Minerals has completed a separate review of the PDIP and MT geophysical data, integrated it with the pre-existing MobileMT geophysical data, and incorporated the full geological data set and interpretation to create a new and updated geological interpretation for the Caballos area. The anomalies labelled C1, C2-A, C2-B, C3 and C4 are evident both in the 2-D and the 3-D inversion models. The forthcoming exploration program will test extensions to mineralization at Chincolco Creek, and the geophysical anomalies C2-B, C3 and C4.

L 8000 and L 7500 -- northern part of the survey

Below the Farellones formation, there are two major chargeability anomalies either side of a moderate chargeability anomaly, which is a common feature in porphyry copper deposits. In a classic porphyry model the moderate chargeability anomaly, between the two outer walls of highly pyritic material, is the main site of copper mineralization. Note that this slice across the far south of the circular feature highlights chargeability anomalies that are over three kilometres in scale, east-west.

There is a chargeability anomaly that rises obliquely toward the surface close to where drilling took place in 2025, at the Chincolco Creek target. Fitzroy believes this chargeability anomaly could be related to the PFZ and to sulphide mineralization intersected in prior drilling.

Line L 7500 shows broadly similar anomalies, albeit with the chargeability anomalies presenting at greater depths suggesting a potential plunge of the main chargeability feature to the south-southeast.

L 5900 and L 5400 -- southern part of the survey

Directly below the Farellones formation contact there is a distinctive chargeability anomaly that is approximately one km wide and one km deep on line L 5400. The same anomaly is broader and slightly less thick vertically on line L 5900. The chargeability anomaly has a moderate resistivity profile, which may or may not be a function of vein density, or silica or gypsum content. Interestingly, the anomaly is situated close to the junction of the major north-south PFZ with the cross-cutting, east-west structure that hosts the Alicahue River.

Chincolco Creek target mineralization

A review of the prospectivity of mineralization at the Chincolco Creek target was carried out, incorporating the new PDIP and MT geophysical data, combined with the MobileMT data and the prior geological interpretation based on mapping, sampling and drilling. The abundant sulphide mineralization intersected in Chincolco Creek drilling did not have a very strong associated conductivity anomalism, probably due to the disseminated nature of the mineralization and the abundance of quartz and gypsum veining. Despite this, Chincolco has a subtle anomalism that extends to the south and at depth along the projection of the PFZ at depth.

Phase tensor analysis

A striking feature of the SRG survey were the results from phase tensor analysis. Phase tensors tend to align with current flow, meaning their long axes point toward conductive structures or along the low-resistivity direction. SGR report that "through most of the frequency range ... there is a tendency for the long axes of the phase tensor ellipses to be aligned roughly north-south or southwest-northeast suggesting that these are the dominant structural trends both near surface and at greater depths through to perhaps even several kilometres." The north-south orientation aligns with the PFZ. The orientation of conductive structures along these planes is being incorporated into the geological interpretation and the exploration plan.

Drilling program

The deep IP survey results materially enhance Fitzroy Minerals' interpretation of the mineral potential at Caballos. Integrating all data, Fitzroy has prepared a compact drilling program to test key targets.

Five drill holes have been planned, for a drilling budget of approximately 5,500 metres. Planning is under way, and drilling is anticipated to start in September, 2026.

Qualified person

Dr. Scott Jobin-Bevans (PGeo, PhD, PMP), a QP 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 any sampling, analytical and test data underlying the technical information contained in this news release. Specifically, the QP 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.

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 and Polimet gold-copper-silver projects 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 on the OTCQX under the symbol FTZFF.

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