Mr. Merlin Marr-Johnson reports

FITZROY MINERALS ANNOUNCES $2 MILLION NON-BROKERED PRIVATE PLACEMENT OF UNITS

Fitzroy Minerals Inc. has arranged a non-brokered private placement offering of up to 13,333,333 units of the company at a price of 15 cents per unit for intended aggregate gross proceeds of up to $2-million. The company reserves the right to increase the size of the offering by up to 10 per cent, pursuant to which the company may issue up to an additional 1,333,333 units to raise additional gross proceeds of up to $200,000. The overallotment option may be exercised in whole or in part at the company's sole discretion at any time up to the final closing of the offering. If the offering is fully subscribed and the overallotment option is exercised in full, the total gross proceeds of the offering would be $2.2-million.

Each unit shall be composed of one common share of the company and one-half of one common share purchase warrant of the company. Each warrant shall entitle the holder thereof to purchase one common share from the company at an exercise price of 25 cents for a period of 24 months from closing of the offering.

The company intends to use the net proceeds from the offering for exploration activities and property commitments on the company's current projects, and general working capital.

The offering is anticipated to close on or about the week of Oct. 14, 2024, or such earlier or later date as the company may determine at its sole discretion. The closing is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange. The securities to be issued under the offering will have a hold period of four months and one day from closing.

Subject to the approval of the exchange, certain finders at arm's length to the company may receive from the company a finder's fee of cash and/or securities of the company on terms to be negotiated among the company and the finders.

About Fitzroy Minerals Inc.

Fitzroy is focused on exploring and developing mineral assets with substantial upside potential in the Americas. The company's current property portfolio includes the Caballos copper and Polimet gold-copper-silver projects located in Valparaiso, Chile, and the Taquetren gold project located in Rio Negro, Argentina, as well as the Cariboo project in British Columbia, Canada. Fitzroy's shares are listed on the TSX Venture Exchange under the symbol FTZ and on the OTCQB under the symbol FTZFF.

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