Mr. Merlin Marr-Johnson reports

HIGH-RESOLUTION MOBILEMT SURVEY LINKS MULTIPLE LARGE CONDUCTIVE ANOMALIES TO COPPER-MOLYBDENUM-GOLD DRILL-INTERCEPTS AT THE CABALLOS COPPER PROJECT, CHILE

Fitzroy Minerals Inc. has released the results of the helicopter-borne MobileMT airborne electromagnetic and magnetic survey completed by Expert Geophysics Services Inc. over the Caballos project, Valparaiso region, Chile. The survey has identified multiple conductivity and resistivity anomalies, interpreted to be consistent with porphyry-style hydrothermal systems and that are connected to the mineralization intersected in 2025 diamond drilling by Fitzroy Minerals.

Highlights:

• 694 line kilometres flown over the main Caballos concession block covering approximately 194 square kilometres, including a 200-metre spacing infill survey completed over the Central Target area;
• Recognition of a large circular strongly conductive feature (approximately five-kilometre diameter), interpreted as a porphyry-related hydrothermal system that is directly connected to copper-molybdenum-gold-rhenium mineralization identified by drilling at the Chincolco prospect, Caballos, in 2025;
• Identification of linear conductive anomalies directly connected to Chincolco mineralized drill hole intercepts and potential southward continuation for 2.5 kilometres.

Merlin Marr-Johnson, president and chief executive officer of Fitzroy Minerals, commented: "The MobileMT survey shows that Caballos hosts the type of plumbing architecture and conductive anomalies that are often associated with world-class mineral systems in Chile. The standout anomaly is a huge circular feature about five kilometres across that connects to the sulphide mineralization we intersected in drilling last year. There are also conductive anomalies that suggest the Chincolco sulphide mineralization might continue for several kilometres to the south, just below the surface. We will follow up with further integrated data processing and a ground deep IP survey to gain chargeability information and improve target ranking, ahead of drilling.

"Fitzroy Minerals aims to make major copper discoveries in Chile, and this round of geophysics at Caballos has identified large targets that will be drilled soon. The plan is that future cash flow from the Buen Retiro heap leach operation will fund non-dilutive exploration drilling."

Expert Geophysics Surveys Inc.

The survey was completed by EGS using the proprietary Expert Geophysics Ltd. airborne MobileMT broadband electromagnetic system, designed to resolve deep crustal-scale conductive features associated with mineralized systems.

EGS is a geophysical consulting company specializing in airborne geophysical surveys worldwide with advanced electromagnetic systems with combined or separate magnetic field measurements and very low frequency electromagnetics.

Conductive anomalies linked to 2025 Chincolco breccia copper-molybdenum-gold drill hole intercepts

The MobileMT survey identified several conductive zones spatially associated with the Chincolco Creek breccia, where copper-molybdenum-gold sulphide mineralization was intersected during drilling in 2025.

A strong conductive feature dips eastward for approximately 1.5 to 2.0 kilometres before merging into a larger circular conductive body, measuring approximately five km in diameter and interpreted as part of a broader hydrothermal system. Overlying Miocene Farrellones formation volcanoclastic rocks appear as a resistive cap above this conductive domain. The anomaly retains a strong cylindrical aspect at depth, with roots extending beyond the penetration of the MobileMT survey (greater than two kilometres deep).

EGS interprets the anomaly as representing a structurally controlled zone of hydrothermal alteration and sulphide development, consistent with a porphyry-related mineralizing environment.

Closer to the north-south axis of the Chincolco prospect, a linear conductive anomaly approximately 1.5 km long is evident. Diamond drill hole CAB-DDH004A was the southernmost drill hole along the breccia, and the anomaly continues to the southeast from that drill hole which intersected 176 metres of 0.31 per cent copper, 249 parts per million molybdenum, 0.04 gram per tonne gold (0.47 per cent copper equivalent) from 156 metres (news release dated Jan. 13, 2026). Drill hole CAB-004A intersected a weak portion of the anomaly, and the deeper, stronger portion of the anomaly remains untested.

The linear Chincolco conductive anomaly is interrupted by a crosscutting fault and then resumes again, reaching a distance of 2.5 kilometres to the southeast of drill hole CAB-DDH004A. The southern extension of the Chincolco Creek breccia anomaly is covered by a low plateau of flat-lying Miocene volcaniclastic rocks of the Farrellones formation. The anomaly is evident in shallow images, suggesting that the overlying Miocene volcanic rocks may represent thin cover.

Deep-rooted conductive corridor identified along the Pocuro fault zone

The MobileMT survey identified a prominent north-south conductive corridor extending approximately 14 km across the Caballos project area, spatially coincident with the mapped trace of the regional Pocuro fault zone. Interpretation by EGS indicates that the anomaly represents a major crustal-scale permeable structure, interpreted as a potential pathway for mineralizing magmatic fluids. Such deep-seated structures are commonly associated with porphyry copper systems and related hydrothermal alteration corridors.

Porphyry-style resistivity patterns identified to the north

Farther north within the survey block, MobileMT inversion results identified resistivity patterns interpreted by EGS to be characteristic of hydrothermal breccia-associated porphyry systems, comparable with those observed at El Teniente (copper-molybdenum-gold-silver) and La Huifa (Cu-Mo) in Chile. According to EGS technical interpretation, two Caballos anomalies display responses similar to those observed over these major deposits, supporting the interpretation of a district-scale mineralizing system.

The conductive responses are interpreted to represent combinations of conductive alteration halos, sulphide-bearing fracture networks, pyrite-rich hydrothermal zones and structurally controlled feeder pathways. These conductive zones are variably associated with magnetic highs and lows, consistent with differing intensities of hydrothermal overprint and alteration styles typically observed in porphyry environments.

Fitzroy Minerals will target further delineation of these anomalies in due course.

Survey provides framework for next-stage drill targeting

All planned survey lines were completed, and passed field- and office-based quality control. The MobileMT survey produced high-quality broadband electromagnetic, VLF-EM and magnetic data sets, providing a robust geophysical framework for exploration targeting across the Caballos property.

The results materially enhance Fitzroy Minerals' understanding of the structural architecture and hydrothermal footprint of the Caballos system, and will be integrated with geology, geochemistry and drilling results to define priority drill targets for coming exploration programs.

Next steps

EGS has been commissioned to complete a 3-D inversion of the key areas mentioned above, with the aim of resolving the relief complexity and providing higher resolution results. The whole Caballos data set will be added to the MobileMT data and interrogated using advanced techniques proprietary to EGS. The combination of the MobileMT data plus drilling results, structural interpretation, alteration mapping and geochemical datasets, through artificial-intelligence-enhanced processing, should refine high-priority porphyry-style drill targets across the Caballos project area. A deep induced polarization survey is planned in second quarter 2026, to gain information on sulphides and alteration mineralogy, in addition to the structure and resistivity information gained through the MobileMT survey. The aim is to upgrade conductivity anomalies into ranked drill targets. Deep IP measures chargeability, which responds strongly to disseminated sulphides, stockwork mineralization, alteration halos and porphyry-style systems.

Grant of stock options

The company is also pleased to announce that it has granted 5.77 million stock options to purchase up to 5.77 million common shares of the company to certain directors, officers and consultants of the company under the company's stock option plan.

The options are exercisable at the price of 50 cents per common share until April 29, 2031, subject to any earlier termination in accordance with the plan. All options vested immediately on the date of grant. All options and the common shares underlying such options are subject to a hold period of four months and one day from the date of issuance. The grant of options to certain directors and officers constitutes a related-party transaction pursuant to Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the grant of options to related parties in reliance on the exemptions contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, respectively, as the company is not listed on a specified market and the fair market value of the options does not exceed 25 per cent of the company's market capitalization.

Qualified person

Dr. Scott Jobin-Bevans (PGeo, PhD, PMP), a QP as defined by National Instrument 43-101, independent geological consultant to the company, has reviewed and approved the technical information provided in this news release and verified the data disclosed, including any sampling, analytical and test data underlying the technical information contained in this news release. Specifically, the QP verified selected laboratory assay results against the reported drill core intervals as well as drill core logs against the geology, as supplied by the company.

About Fitzroy Minerals Inc.

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 Copiapo, Chile, the Caballos copper and the 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.

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