Announcement • Jul 24
Fitzroy Minerals Intersects 111.9 M At 0.97% Cu from 21.1 M, Including 18.0 M At 1.59% Cu from 84.0 M At the Buen Retiro Copper Project, Chile Fitzroy Minerals Inc. provided an update on drilling at the Buen Retiro Copper Project, Copiapó, Chile ("Buen Retiro" or the "Project"). Drilling is ongoing with three diamond drill ("DD") rigs at site and a Reverse Circulation ("RC") rig. The 1.7 km trend of copper mineralization to the southwest of the historical Manto Negro open pit has been renamed "Tenorita". Results from 15 drill holes in the Tenorita area are reported here. Highlights: Drill hole BRT-DDH072 returned 111.9 m @ 0.97% Cu from 21.1 m, including 18.0 m @ 1.59% Cu from 84.0 metres. Drill hole BRT-DDH070 returned 147.7 m @ 0.41% Cu from 26.3 m, including 47.0 m @ 0.88% Cu from 113.0 metres. Fitzroy has completed 78 diamond drill holes for a total of 13,036 metres since the start of February 2026. Drilling with four drill rigs at the Project is ongoing. Currently one DD rig is drilling shallow sulphides north of the historical Manto Negro pit ("Manto Negro") in an area that has been renamed "Ortuzar", another DD rig is testing the southern extension of the Manto Negro pit in an area that has been renamed "Nativo", the third DD rig is drilling the northeast extension of the Tenorita area, and the RC rig is drilling regional exploration targets. Fitzroy will complete a further 9,000 m of drilling in 2026 with three key objectives. One aim is to advance the Tenorita area to Measured, Indicated, and Inferred resource categories adequate to support a robust mine-life for inclusion in the Pre-Feasibility Study. A second aim of the drilling plan is to define Inferred resources elsewhere on the Buen Retiro Property. The third aim of the drilling plan is to test new exploration targets at Buen Retiro.Drill hole 72 returned 111.9 metres at 0.97% Cu from 21.1 metres depth, including three sub- intervals of note: 19 metres at 1.50% Cu from 32 metres, 18 metres at 1.59% Cu from 84 metres, and 18 metres at 1.91% Cu from 111 metres. Drill hole 70 returned 147.7 metres at 0.41% Cu from 26.3 metres depth, including 47 metres at 0.88% Cu from 113 metres, and 27 metres at 1.20% Cu from 133 metres. New Risk • Jul 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 21% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 11% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (17% average weekly change). Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (CA$126.7m market cap, or US$90.4m). New Risk • Jun 30
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 11% per year over the past 5 years. Shareholders have been substantially diluted in the past year (43% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$141.6m market cap, or US$99.8m). 
