Fitzroy Minerals Provides Update on Buen Retiro Copper Project

Vancouver, British Columbia — May 13, 2026 — Leads & Copy — Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) has provided an update on drilling and the Ambient Noise Tomography (“ANT”) geophysical survey at the Buen Retiro Copper Project in Copiapó, Chile.

The company reported results from seven resource definition drill holes in the Southwest Area, noting that a third drill rig is being added at Buen Retiro to expand the search-space in the copper system.

Fitzroy is also working on a Pre-Feasibility Study to showcase the value of leachable material near infrastructure.

Drill hole BRT-DDH059 returned 78.0 m @ 1.70% Cu from 58.0 m, including 40.0 m @ 3.02% Cu from 92.0 metres, while drill hole BRT-DDH058 returned 75.0 m @ 0.82% Cu from 9.0 m, including 8.0 m @ 3.77% Cu from 12.0 metres.

The company has completed 39 drill holes for a total of 6,885 metres since the start of February 2026, comprising 35 infill drill holes and four geotechnical drill holes. The twin-rig program is approaching the final stage, with one rig continuing geotechnical drilling and a smaller rig drilling shallow holes in the Southwest Area and in the historical pit. Fitzroy is evaluating the potential inclusion of mineralized material in the base of the old pit to the Pre-Feasibility Study mine plan.

Fitzroy anticipates expanding the 3,000 metre drilling plan as results of the ANT geophysical survey are incorporated into the target ranking. The company is also finalizing a 5,000 metre Reverse Circulation (“RC”) drilling contract expected to start next month to complete sterilization drilling around the old pit before switching to regional exploration across the 13,400 hectare concession area.

Results from seven drill holes are reported in addition to results from four drill holes in the previous release. Results from a further 24 drill holes are awaited.

The regional Fleet Space Technologies’ passive seismic Ambient Noise Tomography (ANT) survey confirmed the architecture of main geological structures of the Project. The survey identified structures and zones interpreted to represent intense alteration and brecciation at depths of 1-2 kilometers, covering approximately 5 km x 5 km. A detailed, infill survey covering 2 km x 3 km is in progress, aiming to vector towards preferential hydrothermal conduits in the upper 800 metres.

Results from seven drill holes BRT-DDH050 to 59 are shown with drill holes 52 to 54 still pending assays.

Drill hole 59 returned 78 metres at 1.70% Cu, including a lower portion of 40 metres grading 3.02% Cu. Drill hole 56 returned a long intercept of 100 metres at 0.46% Cu from a depth of 43 metres. Drill hole 55 returned 64.0 m at 0.61% Cu from 89.0 m, with a lower portion of 21.0 m returning 1.21% Cu, from 130.0 metres. Drill hole 57 returned an intercept of 62.0 m at 0.38% Cu from 119.0 m, of which the lower portion is much better than the upper portion, culminating in 13.0 m at 1.22% Cu, from 166.0 metres.

Drill holes 50 (29.0 m @ 0.56% from 103.0 m) and 51 (9.0 m @ 0.31% Cu, from 165.0 m) are drilled at the edges of the system. The main mineralized package dips approximately 75o to the east-northeast and is truncated at depth by a bounding fault oriented northwest-southeast.

Fitzroy Minerals is focused on exploring and developing copper-focused mineral assets in the Americas. The Company’s current property portfolio includes the Buen Retiro Copper Project, the Caballos Copper and Polimet Gold-Copper-Silver projects, the Taquetren Gold Project, and the Caribou Project.

Merlin Marr-Johnson, President and CEO of Fitzroy, said Fitzroy continues to intersect good grades close to surface at Buen Retiro. Through exploration at Buen Retiro and Caballos, Fitzroy remains focused on making large-scale copper discoveries in Chile, Marr-Johnson said.

Through the potential development of the Buen Retiro Heap Leach project and its partnership with Pucobre, Fitzroy sees a possible route to near-term cash flow to fund exploration across the wider portfolio, Marr-Johnson said.

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.

Source: Fitzroy Minerals