Fitzroy Minerals Provides Exploration Update on Copper Projects in Chile

Vancouver, British Columbia — January 13, 2026 — Leads & Copy — Fitzroy Minerals Inc. (TSXV: FTZ, OTCQB: FTZFF) has provided an update on exploration progress at its Buen Retiro and Caballos copper projects in northern Chile.

Highlights of the exploration include:

Drill hole CAB-DDH004A at the Caballos Copper Project in Chile intersected 176 meters at 0.31% Cu, 249 ppm Mo, 0.04 g/t Au (0.47% CuEq1) from 156 meters.

At the Caballos Copper Project, Chile, an airborne MobileMT, 716 line-km geophysical survey has been commissioned for Q1 2026.

SEG Visiting Lecturer Dr. Irene del Real Contreras considers that “the structural setting, the geology and the mineralization seen at Buen Retiro is analogous to that of Candelaria, with minor differences.

Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, commented: “Fitzroy is intersecting copper mineralization in two projects with scale in the world’s leading copper-producing country, as copper prices reach record highs. I am confident that 2026 will be a transformative and hugely exciting year for the Company as we meet our discovery and de-risking goals.

According to the release, the latest results from Caballos show that the company is working on a copper-molybdenum-gold system that has multiple phases of mineralization, and many features of Chilean porphyry copper deposits. Sulphides were seen in drill hole 9, and results from drill holes 1 and 4A show that the mineralized trend is more than 600 metres long.

Drilling at Buen Retiro continues to intersect sulphide mineralization and a site visit by Dr. Irene del Real Contreras provided insight. Dr. Real considers that the intersections seen in drill holes 40 to 45 include mineralization preferentially hosted in an ‘Upper Pucobre Formation’ volcanic breccia layer 20 to 50 metres thick that dips to the northwest and is open to the northeast. The shallower portions of Candelaria mineralization are also hosted in the Upper Pucobre Formation. The company plans to initiate deeper drilling for mineralization in the Lower Pucobre Formation once the geophysics is completed and interpreted.

A decision to upgrade the Technical Report on the Heap Leach Joint Venture with Pucobre to a Pre-Feasibility Study underscores confidence in the Project.

At Caballos, Phase 1 drilling was completed with a total of 3,154 metres of diamond drill core across nine holes. An airborne geophysical survey (Mobile MT) has been commissioned and is scheduled for completion in Q1 2026. Phase 2 drilling is scheduled for later in the year once the geophysical data is integrated into the geological model.

Diamond drilling in both Chincolco (drill holes 4A and 9) and at Mule Hill (drill holes 7 and 8) 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, and later cross-cutting veining, particularly in drill holes 4A, 9, and 7. The geology is consistent with a long-lived, structurally complex copper system. In parts there is potassic alteration, veining, stockworks, and brecciation.

Drill hole 4A (CAB-DDH004A) intersected 176 m @ 0.31% Cu, 249 ppm Mo, 0.04 g/t Au (0.47% CuEq1) from 156 m to 332 m downhole. Drill hole 7 (CAB-DDH007) intersected 26 m @ 0.18% Cu, 44 ppm Mo, and 0.04 g/t Au (26 m @ 0.23% CuEq1) from 81 m downhole. Drill hole 8 (CAB-DDH008) had no significant intersections. Drill hole 9 (CAB-DDH009) intersected sulphides in varying quantities from 32 m to 158 m downhole with assays pending.

Fitzroy has signed a contract with Expert Geophysics to complete an airborne MobileMT (Mobile MagnetoTellurics) geophysical survey. The survey aims to map sub-surface resistivity to a depth of approximately 1km to 2km. Complementary VLF (very low frequency) data, which provides near surface EM (electromagnetic) information, will also be collected. The plan is to fly approximately 716 line-km spaced every 400 m and 4,000 m spaced tie lines within the Caballos Project area. There is scope to add an additional 250 line-km of infill, to bring the total to approximately 966 line-km.

At Buen Retiro, Phase 2 drilling is almost complete with approximately 8,000 metres of diamond drill core across 29 holes. Assays are pending for drill holes 40 to 45. An 11,000 metre reverse circulation (“RC”) drilling campaign is also nearing completion, which includes some condemnation drill holes (2,050 m) and testing of proposed pad and lay-out areas. A ground geophysical survey is planned, to assist with sulphide drill-targeting at depth.

In the northern area of the Buen Retiro Project, drilling has identified a copper-mineralized trend extending for approximately 1 kilometre north of the historical Manto Negro pit hosted within a volcanic sequence dominated by andesitic rocks interbedded with volcanic breccias and tuffs.

Copper mineralization clearly shows a stratigraphic control and is preferentially developed within the more permeable volcanic breccias and tuffs. Assays are pending for drill holes 40 to 45 where intersections of 150 metres to 250 metres of disseminated chalcopyrite were previously reported.

Dr. Irene del Real Contreras completed a two-day site visit at Buen Retiro in December focused on reviewing the drill core from the northern area. Dr. Real’s key observations were:

Host lithologies can be assigned to the Upper Pucobre Formation
Higher quantity of chalcopyrite is seen in the sequence of hematitic breccias and tuffs, a key feature at Candelaria
Interaction between mineralizing fluids and lithologies with high primary permeability appears to have been a key factor in localizing mineralization, giving rise to tabular (manto) or lenticular bodies controlled by both stratigraphy and structure.
Primary regional controls are NNW-oriented structures and NNE-striking stratigraphy.
Structural setting, the geology and the mineralization observed at Buen Retiro is analogous to that of Candelaria, with minor differences

New DD and RC drilling contracts for 2026 are being negotiated. Discussions regarding a Heap Leach Joint Venture Copper Project with Sociedad Punta del Cobre S.A. continue, and a decision has been made that the associated Technical Report to be completed by Fitzroy will be a Pre-Feasibility level.

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

Merlin Marr-Johnson, President and CEO of Fitzroy Minerals. Contact Merlin Marr-Johnson at mmj@fitzroyminerals.com or +447803712280.

Source: Fitzroy Minerals