Fitzroy Minerals and Pucobre Sign LOI for Joint Copper Project Development

Vancouver, British Columbia — April 23, 2026 — Leads & Copy —

Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) has signed a non-binding Letter of Intent (LOI) with Sociedad Punta del Cobre S.A. (Pucobre) for a potential joint development of the Buen Retiro Copper Project in Chile.

The LOI outlines a potential development pathway for the Buen Retiro Copper Project, reflecting both parties’ intention to leverage existing regional infrastructure and operating experience.

Pucobre has confirmed its intent to exercise its 30% claw-back right for the Buen Retiro Project, which is subject to continued positive technical results and includes the sulphide exploration potential.

Pucobre has made a firm offer to provide processing capacity at its Planta Biocobre Electro-Win (EW) facility, representing a minimum of 80% of its nominal capacity of approximately 800 tonnes of cathode copper per month.

The agreement includes open-book sharing of operating cost data from Pucobre's nearby mining and processing operations. This will provide real-world inputs for inclusion in the Heap Leach Pre-Feasibility Study (PFS).

Fitzroy Minerals President and CEO Merlin Marr-Johnson stated the Letter of Intent is a major validation of the Buen Retiro Heap Leach project.

Pucobre stands to benefit by potentially securing production from the Buen Retiro Heap Leach to fill spare capacity at Planta Biocobre. This would significantly improve operational economics by spreading fixed costs across more production units, according to Marr-Johnson.

Fitzroy benefits by having access to an operational EW tank-house, which reduces capital expenditure and simplifies the permitting process.

According to Marr-Johnson, Fitzroy further benefits knowing Pucobre intends to exercise its claw-back right, reimbursing 90% of project expenditures incurred through completion of the Technical Report upon exercise in mid-2027. This makes the exploration and technical work Fitzroy is carrying out over the next twelve months exceptionally capital-efficient.

Sebastian Rios, CEO of Pucobre S.A, said that Pucobre is pleased to be working with Fitzroy Minerals to advance the Buen Retiro Project through a collaborative development approach, leveraging regional infrastructure and operational experience in the district. Rios believes this partnership provides a strong framework to create long-term value for both companies while supporting efficient and disciplined advancement of the project.

The LOI recognizes a dual-track advancement strategy for the Buen Retiro Project including:

Development of oxide resources through a heap-leach/SX-EW pathway, supported by regional infrastructure and the planned PFS; and continued exploration of sulphide mineralization.

Fitzroy intends to provide a separate exploration update summarizing results from workstreams and target areas not incorporated into the initial mine plan but considered material to the wider project opportunity concurrent with the publication of the PFS.

Under the LOI, Pucobre offers Fitzroy access to processing capacity at its Planta Biocobre SX-EW facility, located 70 km trucking distance from the Buen Retiro Project. The EW tank house has a nameplate capacity of 800 tonnes (1,762,200 pounds) of copper cathode a month, or 9,600 tonnes (21,158,400 pounds) of copper cathode a year and is currently significantly under-utilized.

The availability of established regional processing infrastructure is expected to reduce capital intensity assumptions, accelerate potential development timelines, and reduce execution risk relative to standalone processing scenarios.

Commercial terms for tolling or alternative processing arrangements are expected to be negotiated within approximately 90 days to support inclusion in the PFS economic model. It is anticipated that a few minor additions to the existing plant will be required, to rehydrate the copper sulphate concentrate.

Pucobre has agreed to provide Fitzroy with cost information based on its operational and construction experience from nearby mines and processing facilities, including open-pit mining costs, processing costs at Planta Biocobre, transport cost benchmarks, and construction and development experience in the district.

These data are expected to materially strengthen the reliability of capital and operating assumptions incorporated into the PFS.

As defined in the original mining option agreement dated January 1, 2023, Fitzroy Minerals can earn 100% of the Buen Retiro by completing four steps prior to the middle of 2028, including at least 12,000 metres of drilling, at least US$7 million invested in Eligible Expenses prior to the completion of a final National Instrument 43-101 compliant technical report due by mid-2027, delivery of a Final Technical Report to the Option Holders, and payment of a US$ 4 million bullet payment to the Option Holders due by mid-2028.

Fitzroy Minerals anticipates that it will have completed all four steps in Q2 2027. Upon completion of the Buen Retiro Option, Pucobre has indicated its intention to exercise its contractual claw-back right to acquire a 30% interest in the concessions, which includes the Heap Leach project as well as the sulphide potential.

Under the terms of the Buen Retiro Option, Eligible Expenses include a minimum of US$7 million of exploration / technical investment, plus the US$4 million bullet payment, plus US$300,000 of legal fees that are likely to be incurred in the formation of the new Joint Venture operating agreements. Accordingly, the minimum Eligible Expense will be US$11.3 million, and possibly more. Pucobre can exercise a claw-back of 30% of Buen Retiro by paying 90% of all Eligible Expenses (minimum US$10.2 M, possibly more).

On completion of the Buen Retiro Option by Fitzroy Minerals, a 2% net smelter royalty will be assigned to the Option Holders. Fitzroy Minerals has the right to buy-back 1% for US$5 million prior to the start of construction.

On April 22, 2026, Fitzroy Minerals entered into an investor relations services agreement with Stonegate Capital Partners, Inc., pursuant to which Stonegate will provide investor relations services to the Company, including targeted investor outreach and reporting thereon. In consideration for these services, the Company will pay Stonegate a monthly fee of USD$3,000 (plus applicable taxes). The Stonegate Agreement has an initial term that ends on July 22, 2026, after which the Company may renew the Stonegate Agreement on a month-to-month basis. The Stonegate Agreement remains subject to the approval of the TSX Venture Exchange.

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 Copiapó, Chile, the Caballos Copper and 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.

Sociedad Punta del Cobre S.A. (Pucobre) is a Chilean copper producer with operations located in the Atacama Region of northern Chile near Copiapó. The company operates underground and open-pit mines and associated processing infrastructure, including the Planta Biocobre SX-EW facility. Pucobre has extensive experience in the exploration, development and operation of copper deposits in the district.

Source: Fitzroy Minerals