FTZ.V · 2026-02-09 12:00:00

Fitzroy Minerals Reports on Latest Drilling Results and Extends Oxide Zone to 1.7 km, Buen Retiro Copper Project, Chile

Drill Results

February 9, 2026

Fitzroy Minerals Reports on Latest Drilling Results and Extends Oxide Zone to 1.7 km, Buen

Retiro Copper Project, Chile

Vancouver, British Columbia – February 9, 2026 – 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.

Highlights:

 Drill hole BRT-DDH041 intersected 108 m @ 0.41% Cu (mainly chalcopyrite) and 156 ppm Co,

from 30 m, including 48 m @ 0.77% Cu and 241 ppm Co, from 60 m at Buen Retiro.

 Reverse Circulation drill hole BRT-RCD008, designed as a condemnation hole, intersected 213

m @ 0.19% Cu and 199 ppm Co from 3 m to 216 m, including 85 m @ 0.33% Cu from 17 m,

extending the Southwest oxide target to 1.7 km at Buen Retiro.

 At Caballos, drill hole CAB-DDH009 intersected 70 m @ 0.41% CuEq1 from 85 m in the Estero

Chincolco hydrothermal breccia.

Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, commented: “ Drill holes 41 to 45

are defining a completely new exploration target of Candelaria-style mineralization at Buen Retiro.

These sulphide intersections are relatively shallow and with some results that are similar to the

Candelaria open pit grades as reported by Lundin Mining. Another indication of the strength of the

mineralizing system at Buen Retiro is that even our sterilisation drill holes in the Southwest area

intersected copper and have extended the oxide trend by another 300 metres to 1.7 kilometres in

length.

Fitzroy has signed new drilling contracts for a twin exploration and infill program that will be

underway shortly. We are planning passive ground magneto-telluric (“MT”) geophysics to improve

resolution on deeper targets, and we are excited about the near-surface and deep exploration

potential for Buen Retiro this year.

At Caballos we have final drilling results from the 2025 drilling program that extend the strike

length of the mineralized breccias. The Caballos drill core exhibits porphyry textures, alteration,

and mineralization. Part of our exploration plan in 2026 will be trying to find the source of the

mineralized clasts that are in the breccias which we currently infer have been transported from

deeper parts of the system. We are looking forward to the imminent airborne MobileMT

geophysical survey to learn more about the architecture of this porphyry system, allowing us to

continue our discovery journey with more drilling.”

Buen Retiro Cu-(Co) Project

At Buen Retiro, Phase 2 drilling is complete, with 8,300 metres of diamond drill (“DD”) core across

29 drill holes (Figure 2). Results for drill holes 40 to 43 are reported here (Table 1), and assays are

pending for drill holes 44 and 45. The reverse circulation (“RC”) campaign was completed with

910,112 m drilled, of which 2,050 m were condemnation drill holes aimed at testing areas for

future infrastructure. New drilling contracts have been signed for a minimum of 10,400 m of

diamond drilling and 3,000 m of reverse circulation drilling planned for 2026. A ground

geophysical survey (passive seismic) is planned to assist with sulphide drill-targeting at depth.

Drilling Results

As previously reported (news release January 13, 2026 ), the northern area of the Buen Retiro

Project, drilling has identified a copper-mineralized trend extending for approximately 1 km north

of the historical Manto Negro open pit, hosted within a volcanic sequence dominated by andesitic

rocks, interbedded with volcanic breccias and tuffs (Figure 1).

Figure 1. Long-section (looking east) and diamond drill hole results, Buen Retiro, Chile

Results from drill holes 40 to 43 are shown in Table 1. Drill holes 41 and 43 are particularly

encouraging as they validate the potential of the Candelaria-style sulphide exploration target in

the North area at Buen Retiro. These recent sulphide intersections are relatively shallow and some

results are similar to the Candelaria open pit grades as shown in the 2024 Lundin Mining annual

report (Open Pit M&I: 591.6 Mt @ 0.37% Cu, 0.09 g/t Au) µ.

Drill hole BRT-DDH041 intersected 108 m @ 0.41% Cu from 30 m, including 48 m @ 0.77% Cu

from 60 m, and drill hole BRT-DDH043 intersected 77 m @ 0.46% Cu from 196 m, including 20 m

@ 0.97% Cu and 139 ppm Co from 201 metres. As previously noted, the copper mineralization

shows a stratigraphic control and is preferentially developed within the more permeable volcanic

breccias and tuffs, which act as favourable host horizons.

Figure 2. Pan map showing location of drill holes, Buen Retiro, Chile (UTM WGS 84 19S)

Separately, RC sterilization drilling identified that oxide mineralization in the Southwest area

continues to the northwest further than anticipated. The area of flat land to the west of the

historical open pit, just south of the waste dump, was initially chosen to be a good location for

potential crushing and agglomeration facilities. This is no longer the case, as drill holes BRT-

RCD007, BRT-RCD008 and BRT-RCD011 intersected copper mineralization.

Table 1. Selected Phase 2 drill core assay results* from BRT-DDH040 to BRT-DDH043, and BRT-RCD006

to BRT-RCD011, Buen Retiro, Copiapó, Chile (UTM WGS84 19S)

Drill Hole East

(m)

North

(m)

Azimuth

/ Dip

From

(m)

**Interval

(m)

(%)

(ppm)

BRT-DDH040 345019 6922106 070/-50 21 28 7 0.18 195

And 48 65 17 0.24

And 91 102 11 0.18

And 114 147 33 0.17

including 134 147 13 0.22 374

And 180 185 5 0.18

BRT-DDH041 345064 6922238 080/-55 30 138 108 0.40 146

including 60 108 48 0.77 241

BRT-DDH042 345009 6922452 090/-45 68 100 32 0.17

And 141 210 69 0.32 138

Including 144 167 23 0.60 143

And 242 250 8 0.20

And 275 298 23 0.21

BRT-DDH043 345038 6922602 090/-45 3 8 5 0.14

And 196 273 77 0.46

Including 201 221 20 0.97 139

And 307 312 5 0.23

BRT-RCD006 345259 6922556 090/-55 36 70 34 0.35

And 124 146 22 0.28

And 192 207 15 0.22

BRT-RCD007 344671 6921778 070/-55 3 38 35 0.13

And 210 269 59 0.21

including 214 226 12 0.37

BRT-RCD008 344611 6921757 070/-55 3 216 213 0.19 199

Including 3 88 85 0.33 113

including 17 63 46 0.46 159

including 188 216 28 0.11 519

BRT-RCD011 344567 6921830 070/-60 12 31 19 0.21 282

And 65 83 18 215 Mo 412

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

**Estimated true thickness

RC drill hole 8 was particularly impressive, including a shallow interval of 85 metres from a

downhole length of 3 metres averaging 0.33% Cu and containing 111 ppm Co. RC drill holes 9, 10,

and 12-18 were sterilization holes over potential leach pad and waste dump areas and did not

intersect significant copper mineralization.

Given that RC drill holes 7, 8, and 11 intersected copper and extended the oxide mineralization

trend, this area will be explored further. With these results, Fitzroy has extended the strike-length

of the Southwest area by 300 m from 1,400 m to 1,700 metres.

Drill hole BRT-RCD008 intersected 213 m @ 0.19% Cu and 199 ppm Co from 3 m to 216 m,

including 85 m @ 0.33% Cu and 111 ppm Co from 3 m, which included 46 metres @ 0.47% Cu and

159 ppm Co from 17 m, and a higher-grade interval of 17 metres @ 0.70% Cu and 100 ppm Co

from 17 metres.

Drill hole BRT-RCD011 intersected 19 metres @ 0.21% Cu and 282 ppm Co from 11 m to 30 metres.

The area has unusually high cobalt, although there is no evidence at this stage that the cobalt

could be recovered.

Drill hole BRT-RCD007 intersected a shallow zone of low grade, near-surface mineralization (35 m

@ 0.13 Cu from 3 m to 38 m), and a second, deeper zone of 59 m @ 0.21% Cu from 210 m,

including 12 m @ 0.37% Cu from 214 metres. Both zones are in a parallel, previously unknown

mineralized trend.

Drill hole BRT-RCD006 was drilled in the northern sulphide zone and intersected three zones of

mineralization, the best being 34 m @ 0.35% Cu from 36 metres.

Assays are pending for drill holes 44 and 45. Drill hole 45 was planned to be 250 m long, but it

continued to intersect disseminated chalcopyrite to a downhole length of 435 m before the drill

hole was terminated at a downhole length of 452 metres.

Next Steps

New DD and RC drilling plans for 2026 are being finalised. The diamond holes will be split between

exploration drilling for infill and larger diameter HQ (63.5 mm diameter) core for metallurgical

sampling drill holes. Existing geophysical data is being re-interpreted, and a deep-penetrating

ground survey (seismic) is being designed.

Discussions regarding a Heap Leach Joint Venture Copper Project with Sociedad Punta del Cobre

S.A. (“Pucobre”) continue, and a decision has been made that the associated Technical Report to

be completed by Fitzroy will be a Pre-Feasibility Study (“PFS”), meeting the requirements of

National Instrument 43-101 (“NI 43-101”) disclosure requirements.

Caballos Cu-Mo-Au Project

At Caballos, Phase 1 drilling was completed with a total of 3,154 metres of diamond drill core

across nine holes (Figure 1). An airborne geophysical survey (Mobile MagnetoTellurics or Mobile

MT) has been commissioned and is scheduled for completion in Q1 2026. Mapping is continuing

ahead of the airborne geophysical survey. Phase 2 drilling is scheduled for later in the year once

the geophysical data is integrated into the Company’s geological model.

Drilling Results

Drill hole CAB-DDH009 is located 180 m north of CAB-DDH001 (news release March 27, 2025) and

drilled to the west, with a dip of 80 . The drill hole intersected volcanic and intrusive rocks that

have been overprinted by multiple tectonic, hydrothermal, and mineralizing events. The core

exhibits pervasive alteration and disseminated chalcopyrite with lesser molybdenite, occasionally

higher molybdenite and lower chalcopyrite content, and later cross-cutting veining. The central

zone of mineralization returned 70 m @ 0.41% CuEq 1 (0.18% Cu, 374 ppm Mo, 0.04 g/t Au) from

85 metres. The geology is consistent with a long-lived, structurally complex copper system.

Certain areas display potassic alteration, veining, stockworks, and brecciation, which are

hallmarks of economic porphyry copper deposits. Drill hole CAB-DDH006 was located 164 m north

of drill hole CAB-DDH009 and drilled to the west, with a dip of 70 . The drill hole intersected a

similar sequence of brecciated volcanic rocks, with the best results being 22 metres at 0.27%

CuEq1 from a downhole length of 45 metres.

Table 2. Drill core assay results* from CAB-DDH006 and CAB-DDH009, Caballos Copper Project, Valparaiso,

Chile (UTM WGS 84 Z19S)

Drill Hole East

(m)

North

(m)

Azimuth

/ Dip

From

(m)

ŦInterval

(m)

1CuEq

(%)

(ppm)

(g/t)

CAB-

DDH006 352071 6428302 280/-70 45 67 22 0.27 0.15 186 0.04

CAB-

DDH009 352116 6428138 270/-80 85 156 71 0.41 0.18 374 0.04

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

Ŧ Estimated to be ~75% of true thickness

1CuEq calculated using assumed metal recoveries 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.

Next Steps

Expert Geophysics is scheduled to start an airborne MobileMT geophysical survey imminently.

Once information from the survey is integrated into the Company’s geological model, Phase 2

drilling will be planned. The geophysical survey should help to map subsurface geology, especially

conductive features like faults, fractures, and concentrations of sulphide mineralization.

Figure 3. Plan map showing location of drill holes, Caballos, Chile

Figure 4. Cross-Section (looking north) of drill hole CAB-DDH009, Caballos, Chile

Buen Retiro Core Sampling Procedures, Laboratory and QA/QC

Buen Retiro 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 Copiapó. 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 Copiapó.

A silica blank is inserted every 20 samples (~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

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