FTZ.V · 2025-12-02 12:00:00

Exploration Update at the Buen Retiro and Caballos Copper Projects, Chile

Exploration Programs

December 2, 2025

Vancouver, British Columbia – December 2, 2025 – Fitzroy Minerals Inc. (TSXV: FTZ, OTCQB:

FTZFF) (“Fitzroy” or the “Company”) is pleased to provide an update on exploration progress at

its Buen Retiro and Caballos copper projects (the “Copper Projects”) in northern Chile.

At Buen Retiro, several parallel work-streams are underway, including a new drilling campaign for

resource definition related to the planned oxide development, environmental baseline studies,

Preliminary Economic Assessment (“PEA”) planning, ongoing commercial discussions with

Pucobre S.A. (“Pucobre”), and continued exploration within the wider project area. The team

participated in a field-trip to Capstone Copper’s Manto Verde mine, Lundin Mining’s Candelaria

mine, and separately to Pucobre’s leaching facility at Planta Biocobre, near Copiapó. Fitzroy has

completed 7,150 m of diamond drilling (“DD”) and 5,100 m of reverse circulation (“RC”) drilling at

Buen Retiro in 2025. Drilling continues with one core rig and one RC rig. Results from holes 36 to

39 are reported below, with assays pending from holes 40 to 42.

At Caballos, progress has been slow due to technical challenges. Diamond drill holes 2 and 4 were

aborted short of target depths (Figure 5). Hole 3 and 5 intersected mineralized breccias and results

are reported below. A new drilling contractor has been appointed, and one rig is currently drilling

on the Chincolco target (hole 6), and another at Mule Hill (hole 7). The aim is to complete 3,000

m in 2025, including two holes at Mule Hill, and at least one more hole at Chincolco.

Highlights (Buen Retiro):

 Holes BRT-DDH040 to BRT-DDH042 all intersected intervals in excess of 145 m of

disseminated chalcopyrite in stratiform “Candelaria-style” geology.

 Hole BRT-DDH039 intersected 85.4 m @ 0.22% Cu from 58.6 m, confirming a width of 360

metres, near surface oxide mineralization in the gap between the South and Southwest areas.

 Hole SFR-RCD002 intersected 5.0 m @ 1.33% Cu from 301.0 m, in newly recognised ‘La

Farola’* style mineralization.

*La Farola style mineralization refers to a specific type of late-stage, low-temperature, hematite-dominant iron oxide-

copper-gold (IOCG) deposit found in the Candelaria-Punta del Cobre District

Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, commented: “The more we explore

at Buen Retiro the more copper we find – it is a remarkable system. What is particularly interesting

is the sheer variety of mineralizing styles that we’re seeing. In the southern part of the old pit area

mineralization is strongly associated with sub-vertical structures and hematite breccias, and the

rocks look very similar to geology and structural controls seen at the Manto Verde deposit. In the

northern part of the old pit are we are now seeing disseminated chalcopyrite in drill-core that looks

very similar to mineralized core seen at the Candelaria deposit. And off to the southeast we have

also found late-stage-copper, which looks very similar to a newly-commissioned body within the

Manto Verde complex and the recently approved, privately-held La Farola deposit next to

Candelaria. Having all three mineralizing styles in the Buen Retiro project is hugely encouraging.

We are also delighted that the near-surface mineralization has been given extra width by latest

drilling in the South and Southwest Areas as that is the area that will be the focus of infill drilling

for potential mineral resource definition in 2026.

At Caballos we are delighted to be regaining momentum after several months of technical

challenges. Our understanding of the geology at Caballos is evolving with every completed

drillhole and the project has real scale potential.

We look forward to publishing ongoing results from both projects in the weeks ahead.”

Mineralization described on adjacent and/or nearby properties or mines is not necessarily

indicative of mineralization hosted on the Buen Retiro property.

Buen Retiro Report

As noted above, Fitzroy has completed 7,150 m of diamond drilling and 5,100 m of reverse

circulation drilling at Buen Retiro in 2025. Drilling continues with one core rig and one RC rig.

Reverse circulation drilling is being used to test blind anomalies under gravel and new

mineralization hypotheses, while the diamond drilling rig continues to perform step-outs, testing

extensions to known mineralization . Results from holes 36 to 39 are reported below, with assays

pending from holes 40 to 42.

Diamond Drilling

In the South and Southwest areas, diamond drill holes BRT-DDH036, 038 and 039 confirm that

oxide and secondary sulphide copper minerals persist laterally into areas previously untested by

drilling. See Table 1 for results. Hole 36 was drilled to the southwest to define the western

boundary of mineralization intersected in hole 6, which returned 135.1 m @ 0.73% Cu starting in

mineralization immediately below the gravel cover. As expected, hole 36 also started in

mineralization below the gravel cover, returning 20 m @ 0.31% Cu from 4.8 m, extending the real

thickness of the mineralized breccia in this section to 80 metres. A further interval of 9 m @ 0.33%

Cu from 46 m also present in hole 36. The mineralization is hosted within albite-altered andesite

volcanic units cut by hematite-rich hydrothermal breccias. These breccias are a key geological

control that are spatially related with faults in the southern portion of the Buen Retiro project,

and are very similar in style to the fault-controlled hematite-rich hydrothermal breccias seen at

Manto Verde.

Holes 38 and 39 were drilled in an area of ground believed to be off-structure between the South

and Southwest areas. Nevertheless, both holes intersected intervals of lower-grade copper oxide

mineralization adjacent to structurally controlled, higher-grade intervals reported from earlier

drilling. These results effectively link the two mineralized trends in this sector and create a zone

up to 360 metres wide with oxidized mineralization near surface. Hole 39 intersected 85.4 m @

0.22% Cu from 58.6 m, including 13.0 m @ 0.33% Cu from 111 metres. Hole 38 intersected 59.0

m @ 0.19% Cu from 68 metres. Both holes exhibit a degree of hydrothermal zoning away from

structure, which Fitzroy interprets to be part of a broad lateral mineral system extending between

the South and Southwest areas.

Figure 1. Map showing location of drill holes, Buen Retiro, Chile

Hole 37 was drilled in the North Area, and intersected low-grade mineralization in what is believed

to be hanging-wall mineralization to a shear zone. The best intersection in hole 37 was 12 m @

0.35% Cu from 91 metres.

Holes 40 to 42 are pending assays but all three holes have intersected broad swathes of

disseminated chalcopyrite downhole. Hole 40, drilled to a final depth of 308 metres underneath

the west side of the old pit intersected approximately 63 metres of sparse oxide mineralization

prior to entering a zone of approximately 223 metres of disseminated chalcopyrite and occasional

veinlets of chalcopyrite. Hole 41, drilled close to northern limit of the old pit intersected

approximately 24 metres of sparse oxide mineralization prior to entering a zone of approximately

149 metres of weakly disseminated chalcopyrite. Hole 42, located 214 metres north of hole 41,

started in fresh rock after 8 metres of gravels and intersected approximately 234 metres of

disseminated chalcopyrite including two zones of barren material.

Hole 43, 150 metres north of hole 42, is currently underway. Crucially, the core photographs look

very similar to the style of mineralization from within the resource zone at Candelaria. These holes

are the first time that Fitzroy has seen consistent sulphide mineralization of this nature, which

further enhances the exploration model at this project.

Mineralization described on adjacent and/or nearby properties or mines is not necessarily

indicative of mineralization hosted on the Buen Retiro property.

Table 1. Selected Phase 2 drill core assay results from BRT-DDH036 to BRT-DDH039, and SFR-RCD001

to SFR-RCD010, Buen Retiro Copper Project, Copiapó, Chile*

Drill Hole East (m)

(WGS84)

North (m)

(WGS84)

**Azimuth

/ Dip From (m) To (m) ***Interval

(m)

(%)

(ppm)

BRT-

DDH036 344962 6920985 263/-60 4.8 55.0 50.2 0.20

including 4.8 25.0 20.2 0.31

including 46.0 55.0 9.0 0.33 422

BRT-

DDH037 345067 6922753 294/-45 42.0 53.0 11.0 0.16

including 48.0 53.0 5.0 0.20

And 79.0 103.0 24.0 0.26

including 91.0 103.0 12.0 0.35

BRT-

DDH038 345248 6920763 263/-44 68.0 127.0 59.0 0.19 145

BRT-

DDH039 345247 6920887 261/-46 58.6 144.0 85.4 0.22

including 111.0 124.0 13.0 0.33 135

including 131.0 141.0 10.0 0.25 340

SFR-RCD001, SFR-RCD003 to SFR-RCD010: no significant intersections

SFR-RCD002 347936 6920250 270/-60 270.0 306.0 36.0 0.24

including 301.0 306.0 5.0 1.34 184

And 379.0 395.0 16.0 0.26

including 385.0 395.0 10.0 0.39 80

*calculated based on a minimum thickness of 5 m and minimum average grade of 0.1% Cu

**measured at the collar

***true width estimated to be 75% of drill hole interval.

Reverse Circulation Drilling

Fitzroy Minerals has used an RC drill rig to test a wide range of blind geophysical targets that are

completely gravel covered. Eighteen holes have been drilled to date, with ten of these drilled on

‘Sierra Fritis’ or regional concessions so they have “SFR” as the prefix to the hole number.

Hole SFR-RCD002 was drilled ~3.2 km east-southeast of the old pit, and intersected an interesting

zone between 270 m and 395 m downhole. From 270 m a broad zone with chalcopyrite returned

36 m @ 0.24% Cu, including 5 m @ 1.34% Cu from 301 metres. Further down the hole from 379

m, another zone of chalcopyrite returned 16 m @ 0.26% Cu, including 10 m @ 0.39% Cu from 385

metres. The mineralization is characterized by chalcopyrite veins associated with calcite,

specularite1, and quartz. The host rock for these veins is a micro-dioritic intrusive that exhibits

hydrothermal chlorite–epidote alteration.

Figure 2. Cross-section of reverse circulation drill hole SFR-RCD002, Buen Retiro, Chile

1 Calcite is a carbonate mineral (CaCO 3), chalcopyrite is a copper iron sulphide (CuFeS 2), specularite is a

glittery, flaky form of hematite (Fe 2O3)

Fitzroy notes that this distinctive mineral assemblage is recognised in the wider Punta del Cobre

Region to represent low-temperature, late-stage mineralization, and is usually spatially associated

with the upper parts of multi-phase Iron Oxide-Copper-Gold (“IOCG”) systems. Two of these late-

stage-copper ore-bodies are currently under development in the wider Punta del Cobre Region,

and the identification of this mineralization at Buen Retiro adds to the broader potential of the

project. RC hole 2 coincides with an elongated geophysical anomaly running roughly northeast for

about 1.8 km, which will be tested in further work.

Next Steps

Fitzroy Minerals continues to progress work for the planned heap leach project. Environmental

baseline studies have started. An infill, geotechnical, and sterilization drill plan is being finalized

and will be started subject to Board approval. Metallurgical sampling and the design of

appropriate tests are in progress. Discussions with external consultants for key aspects of a PEA

are ongoing and discussions with Pucobre, regarding commercial terms for operation and the use

of spare capacity within the Planta Biocobre near Copiapó, are underway.

Exploration for primary sulphides is also proceeding. The field-trip to Capstone Copper’s Manto

Verde mine and to Lundin Mining’s Candelaria mine provided extremely helpful insights into

major IOCG mineralizing systems in this part of Chile. Manto Verde exhibits classic hematite-rich,

hydrothermal breccia stockworks and copper mineralization, and also the lower-temperature,

late-stage, calcite-chalcopyrite-specularite assemblage. Fitzroy is compiling a library of

photographs of Buen Retiro core compared with core from Manto Verde and Candelaria, to act

as a reference and exploration guide. A new sulphide exploration drill plan is being finalized and

will be announced in due course, subject to Board approval.

Mineralization described on adjacent and/or nearby properties or mines is not necessarily

indicative of mineralization hosted on the Buen Retiro property.

Caballos Update

At Caballos, progress has been slow due to technical challenges, related to difficult drilling

conditions, steep access tracks that are impassable in wet weather, and a drilling contractor that

struggled to replicate efficiencies achieved at Buen Retiro.

After hole 1 was completed, an attempt was made to drill a vertical hole (hole 2) from the same

drill-pad. Unfortunately, the hole intersected a strong fault zone at 340 m and the hole had to be

aborted prior to reaching the target depth. Despite this, hole 2 crossed two zones of

mineralization; 29 m @ 0.55% Copper Equivalent (“CuEq”) (0.19% Cu, 632 ppm Mo, and 0.03 g/t

Au) from 215 m, and 16 m @ 0.32 CuEq (0.20% Cu and 179 ppm Mo, and 0.04 g/t Au) from 268

metres. See Table 2 below with respect to the calculation of CuEq amounts.

Eventually, hole 5 was drilled from the same pad, but with a dip of 80  to the west. Hole 5

intersected 410 metres of hydrothermal breccias, with mineralized zones in a large part of its

length, before it crossed into unmineralized volcanics. Hole 5 was on average about 100 metres

below hole one, but the intervals it intersected were lower grade. From 150 m downhole, there

was a continuously mineralized interval of 198 m at a grade of 0.25% CuEq, including a 97 m

interval of 0.39% CuEq from 251 m downhole; see Table 2 for further information.

Table 2. Selected drill core assay results* from CAB-DDH002 to CAB-005, Caballos Copper Project, Valparaiso,

Chile

Drill Hole E (m)

(WGS84)

N (m)

(WGS84)

Azimuth

/ Dip

From

(m) To (m)

ŦInterval

(m)

¥CuEq

(%) Cu (%) Mo

(ppm)

(g/t)

CAB-

DDH002A 352235 6427986 vertical 215 244 29 0.55 0.19 632 0.03

and 268 284 16 0.32 0.20 179 0.04

CAB-

DDH003 352217 6427719 270/-45 90 127 37 0.34 0.19 252 0.02

and 166 190 24 0.14 0.10 59 0.01

CAB-

DDH004 hole abandoned at 104 m, no significant results

CAB-

DDH005 352235 6427986 270/-80 150 481 338 0.20 0.13 81 0.04

Including 150 348 198 0.25 0.15 114 0.05

including 150 159 9 0.51 0.22 500 0.04

including 188 198 10 0.33 0.20 7 0.19

including 255 268 13 0.31 0.21 130 0.06

including 251 348 97 0.39 0.22 245 0.06

including 447 465 18 0.61 0.42 208 0.12

* calculated based on a minimum thickness of 5 m and minimum average grade of 0.13% Cu

Ŧ estimated to be 75% to 100% of true thickness

¥ CuEq calculated using assuming metal recovery metals of 85% for Cu, 85% for Mo, and 70% for Au. CuEq is calculated

using the formula CuEq % = 0.85 Cu % + (0.6808 * Au g/t) + (5.32 * Mo g/t /10,000) and three year trailing average

prices for 2022, 2023 and 2024: Cu $3.99/lb, Au $2,043/oz, Mo $21.37/lb.

Hole 3 was drilled approximately 220 m south of holes 1 and 2, and was completed at a depth of

343 metres. Hole 3 intersected two zones of mineralization in breccias; one interval of 37 m @

0.34% CuEq from 90 m, and a second interval of 24 m @ 0.14% CuEq from 166 metres. Holes 2

and 4 were aborted short of reaching their target depths.

A new drilling contractor has been appointed, and one rig is currently drilling on the Chincolco

target (hole 6), and another at Mule Hill (hole 7). The aim is to complete 3,000 m in 2025, including

at least two holes at Mule Hill, and one more hole at Chincolco.

Interpretation and Next Steps

From logging the holes at Chincolco, on the Caballos Copper Project, it is evident that there is

significant structural complexity in the geology. It is difficult to explain the geometries of the

breccias and the drop in grade from hole 1 to hole 5, given their close proximity. What is clear is

that Caballos is a large system of highly anomalous copper, molybdenum and gold mineralization.

Fitzroy is finalizing quotations for a 500 line-km heliborne geophysical survey that would be used

to generate exploration targets. Once the results from this drilling program are returned Fitzroy

will develop an exploration plan for 2026.

Figure 5. Location map of diamond drill hole collars and traces at Caballos, Chile

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