Mr. Merlin Marr-Johnson reports

FITZROY MINERALS RAISES OVER C$1.56 MILLION THROUGH WARRANT EXERCISE

Holders of 98.95 per cent of the warrants issued in connection with Fitzroy Minerals Inc.'s private placement closed on Sept. 20, 2024, have elected to exercise their warrants on or before the Sept. 20, 2026, expiry date.

Campbell Smyth, chairman of Fitzroy, commented: "We are grateful for the continued support of our shareholders. The exercise of almost 99 per cent of the outstanding warrants during a period of extreme market volatility is a strong endorsement of our strategy and investment case. Fitzroy is now well funded to rapidly derisk the Buen Retiro heap leach development plan while accelerating exploration at both Buen Retiro and Caballos."

A total of 6,323,911 warrants and finders' warrants were originally issued as part of the private placement, with each warrant exercisable to purchase one common share of the company at an exercise price of 25 cents per share for a period of two years from the closing of the private placement. A total of 6,257,243 warrants and finders' warrants have been exercised, generating proceeds of approximately $1,564,311 for Fitzroy Minerals.

The proceeds from these warrant exercises strengthens the company's financial position. Fitzroy Minerals is now well positioned to efficiently advance its work programs at the Buen Retiro copper project located near Copiapo, Chile, and the Caballos copper project located in Valparaiso, Chile.

Grant of stock options

The company also announces that it has granted 4.2 million stock options to purchase up to 4.2 million common shares of the company to certain directors, officers and consultants of the company under the company's stock option plan.

The options are exercisable at the price of 45.5 cents per option share until Oct. 1, 2031, subject to any earlier termination in accordance with the plan. All options vested immediately on the date of grant. All options and the option shares underlying such options are subject to a hold period of four months and one day from the date of issuance. The grant of options to certain directors and officers constitutes a related party transaction pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the grant of options to related parties in reliance on the exemptions contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, respectively, as the company is not listed on a specified market and the fair market value of the options does not exceed 25 per cent of the company's market capitalization.

About Fitzroy Minerals Inc.

Fitzroy Minerals is focused on exploring and developing copper assets with substantial upside potential in Chile. The company's two lead properties are the Buen Retiro copper project located near Copiapo, Chile, and the Caballos copper located in Valparaiso, Chile. 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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