Fitzroy Minerals Provides Update on Buen Retiro Copper Project

Vancouver, British Columbia — April 16, 2026 — Leads & Copy —

Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) has provided an update on definition drilling, metallurgical test work for the Pre-Feasibility Study (PFS), and the Ambient Noise Tomography (ANT) geophysical survey at the Buen Retiro Copper Project in Copiapó, Chile.

Drill hole BRT-DDH048 returned 92.5 m @ 0.53% Cu from 3.5 m, including 46.0 m @ 0.82% Cu from 36.0 metres, while drill hole BRT-DDH049 returned 83.0 m @ 0.57% Cu from 95.0 m, including 43.0 m @ 0.90% Cu from 95.0 metres. Metallurgical test work at SGS Laboratories has commenced on a 2,900 kg representative sample.

A definition drilling program for a maiden mineral resource estimate is underway, utilizing two drill rigs. Building on mineralization identified in previous drill holes, 32 new diamond drill holes (5,143 metres) in the southwest area have been completed and assays are pending. The drill hole plan is being expanded as fresh zones of shallow mineralization are intersected to the east, towards the southern area.

Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, stated that the resource definition drilling is advancing quickly and has intersected many samples that exceed the ALS laboratory 1% Cu maximum limit for ‘exploration’ assay methods in the southwest area. Marr-Johnson noted the start of metallurgical test work for the PFS is a milestone event, and the ANT geophysical survey is a step forward in the hunt for a major sulphide discovery at Buen Retiro.

The aim is to delineate sufficient material in the Measured and Indicated Resource categories to provide a robust life-of-mine production plan for the Heap Leach project and inclusion in the PFS. Additional definition drilling aims to delineate Inferred Resources that may represent a source of future plant feed, subject to conversion to higher-confidence resource classifications through subsequent drilling.

The regional Fleet Space Technologies passive seismic ANT geophysical survey has been completed across a 5 km x 5 km area, and data processing and interpretation is underway. A higher-resolution survey over a central 2 km x 3 km area, covering priority targets, will be carried out once information from the first survey is interpreted.

Fitzroy is carrying out definition drilling of known mineralized trends with two drill rigs to delineate Measured and Indicated Resources. The resource work is solely focused on the oxide, mixed and supergene material down to a maximum depth of 150 metres below surface, for inclusion in a planned PFS which will incorporate the Heap Leach project.

Drill holes BRT-DDH046 to BRT-DDH077 (32 drill holes) have been completed, for a total of 5,143 metres, drilled with HQ core (63.5 mm diameter), and evenly spaced across the southwest area to provide representative coverage of the prospective resource area.

Representative samples totaling 2,900 kg have been selected for metallurgical test work. Three primary geo-metallurgical domains have been defined: a higher-grade oxide domain (≥ 0.5% Cu), a lower-grade oxide domain (0.10-0.5% Cu), and a mixed supergene transition domain that typically matches the higher-grade oxide domain in grade. Initial test work for the PFS is underway at SGS Laboratories.

The HQ drill core was cut in half with a diamond saw, and then one half was quartered. Half core was accumulated to generate samples for metallurgical test work. To date, 2,900 kg of metallurgical samples has been sent to SGS laboratories. One quarter was sent for assay, and one quarter remains in the core tray.

Core is analyzed at ALS-Patagonia laboratory by multi-element ICP (ME-ICP41) suitable for exploration geochemistry. Samples with more than 1,000 ppm Cu are automatically sent for Sequential Copper analysis (CuS%, CuCN% and CuR%), Au Fire Assay, and Total Copper (CuT%) (Cu-AA62) via Atomic Absorption (“AAS”).

Of the 32 drill holes, 19 complete drill holes have been submitted for assay and 13 are currently being logged and processed. Full results from four drill holes have been returned, four drill holes have partial results (with >1% Cu results pending), and 11 drill holes are pending assay.

Table 1. Definition Drilling core assay results* for drill holes BRT-DDH046 to BRT-DDH049, Buen Retiro, Copiapó, Chile (UTM WGS84 19S).

The drill holes reported herein show a relatively consistent thickness of the copper-mineralized package in the southwest area, that is about 80-90 m thick, with lower grade shoulders around a central core of higher grade copper material. The intersections of these holes represent 80-90% of the true thickness of the copper-mineralized zone.

Fitzroy has defined a practical and operationally robust geo-metallurgical classification framework that reflects both the geometry of the deposit and the metallurgical response expected from the principal copper oxide mineral assemblages. Three primary geo-metallurgical domains have been defined: Higher-Grade Oxide Domain (≥ ~0.5% Cu), Lower-Grade Oxide Domain (0.1% to ~0.5% Cu), and Higher-Grade Mixed Supergene Transition Domain.

Testing will evaluate the impact of mineralogy, alteration intensity, and host lithology on copper extraction kinetics and heap performance; acid consumption; leach cycle duration; possibilities for enhanced copper recoveries from higher-grade material; and flexibility in having staged development scenarios. Test work at SGS Laboratories, Quilicura, Santiago is underway.

Dr. Scott Jobin-Bevans (P.Geo., Ph.D., PMP), a QP as defined by NI 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.

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 Copiapó, 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.

Source: Fitzroy Minerals