Mr. Ryan Batros reports

FIDELITY MINERALS ANNOUNCES SECOND TRANCHE AND FINAL CLOSE OF NON-BROKERED PRIVATE PLACEMENT

Fidelity Minerals Corp. has closed the second tranche of its previously announced non-brokered private placement. For the second tranche, the company issued an additional 4.5 million units at 20 cents per unit for gross proceeds of approximately $900,000. In aggregate, the company has issued 7.66 million units for gross proceeds of approximately $1,532,000, inclusive of the first tranche closing and second tranche closing.

Each unit consists of one common share and one-half transferable share purchase warrant, with each whole warrant exercisable into one additional share at 30 cents per share until July 20, 2028. If the closing price of the company's common shares equals or exceeds 60 cents for 10 consecutive trading days, the company may accelerate the expiry date of the warrants by a news release, after which the warrants will expire 30 days later. Closing of the private placement is subject to final approval of the TSX Venture Exchange.

Of the total units issued in the private placement, 711,500 units were subscribed by management. The participating insiders' subscriptions constitute related party transactions within the meaning of Multilateral Instrument 61-101, Protection of Minority Securityholders in Special Transactions. The issuances to the participating insiders are exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5(b) as the shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(a) of MI 61-101 in that the fair market value of the consideration of the securities issued to the related parties did not exceed 25 per cent of the company's market capitalization.

In connection with the second tranche, the company paid cash finders' fees of $37,800 and issued 189,000 broker warrants, with each broker warrant exercisable into one additional share at 30 cents per share until July 20, 2028. If the closing price of the company's common shares equals or exceeds 60 cents for 10 consecutive trading days, the company may accelerate the expiry date of the warrants by a news release, after which the warrants will expire 30 days later.

The securities issued under the private placement, the broker warrants, and the shares issuable upon exercise of the warrants and broker warrants are subject to a statutory hold period expiring on Nov. 21, 2026.

The company intends to use the net proceeds of the private placement to advance its Peruvian exploration and community relations programs, and for general working capital.

About Fidelity Minerals Corp.

Fidelity Minerals is a TSX Venture Exchange-listed resource company. Its principal focus is the 44.5-per-cent-owned (with a right to earn 50 per cent) brownfield Las Huaquillas project in northern Peru. The company has a near-term objective to confirm previous underground sampling results and prepare for drilling with an objective of preparing a new National Instrument 43-101-compliant mineral resource estimate. In addition to the Los Socavones brownfield gold opportunity, Las Huaquillas offers copper upside potential through exploration of the two confirmed porphyry systems flanking the Los Socavones epithermal gold zone.

The company is run by an experienced management team with diverse technical, market and commercial expertise, and is supported by committed and sophisticated investors focused on building long-term value. Fidelity's founder, John Byrne, has over 50 years of experience in the minerals sector with a record of developing brownfield sites into profitable mines.

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