Mr. Merlin Marr-Johnson reports

FITZROY MINERALS RAISES OVER C$1 MILLION THROUGH WARRANT EXERCISE

Holders of 96 per cent of the warrants issued in connection with Fitzroy Minerals Inc.'s private placement closed on March 28, 2024, have elected to exercise their warrants on or before the March 28, 2026, expiry date.

"We are grateful for the support from our shareholders," stated Campbell Smyth, chairman of Fitzroy Minerals. "The exercise of over 96 per cent of the outstanding warrants in a period of extreme market volatility is a strong endorsement of our strategy and prospects. Fitzroy Minerals is progressing well with the Buen Retiro heap-leach prefeasibility study and the company is well placed to accelerate our 2026 exploration programs at Buen Retiro and at Caballos."

A total of 4,307,514 warrants and finder warrants were originally issued as part of the private placement closed on March 28, 2024, with each warrant exercisable to purchase one common share of the company at an exercise price of 25 cents per share for a period of two years from the closing of the private placement. A total of 4,144,382 warrants and finder warrants have been exercised, generating proceeds of approximately $1,036,096 for Fitzroy Minerals.

The proceeds from these warrant exercises as well as the most recent financing closed on March 13 and March 19, 2026, solidify the company's financial position. Fitzroy Minerals is now well positioned to efficiently advance its drilling program currently under way at the Buen Retiro copper project located near Copiapo, Chile, and the Caballos copper project located in Valparaiso, Chile.

Correction to private placement disclosure

The company also wishes to issue a correction to its previous news releases dated March 13, 2026, and March 19, 2026. In the first tranche of the company's non-brokered private placement referred to in the private placement releases, the company issued 5,.98 million common shares of the company under the listed issuer financing exemption (LIFE) at a price of 50 cents per LIFE share for aggregate gross proceeds of $2.99-million to the company and 31.88 million units of the company under other applicable prospectus exemptions at a price of 50 cents per unit for aggregate gross proceeds of $15.94-million. Each unit comprises one common share of the company and one-half of one common share purchase warrant. Each warrant entitles the holder thereof to purchase one additional common share of the company at an exercise price of 80 cents per share for a period of two years following the date of issuance of the warrant.

Upon closing of the final tranche of the private placement, the company issued a total of 8.81 million LIFE shares at a price of 50 cents per LIFE share for aggregate gross proceeds of $4,405,000 and 33.5 million units at a price of 50 cents per unit for aggregate gross proceeds of $16.75-million.

The units (as well as the underlying unit shares and any common shares issued upon exercise of the underlying warrants) will be subject to a statutory hold period of four months and one day following the date of issuance in accordance with applicable Canadian securities laws.

All other information in the private placement releases remains unchanged.

About Fitzroy Minerals Inc.

Fitzroy Minerals is focused on exploring and developing mineral assets with substantial upside potential in the Americas. The company's current property portfolio includes the Buen Retiro copper project located near Copiapo, Chile, the Caballos copper project and the Polimet gold-copper-silver project 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.

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