Corrected: Fitzroy Minerals Reports on Latest Drilling Results and Extends Oxide Zone to 1.7 km, Buen Retiro Copper Project, Chile

(TheNewswire)

Vancouver, British Columbia – TheNewswire - February 9, 2026 –Fitzroy Minerals Inc. (TSXV: FTZ, OTCQB: FTZFF)(“Fitzroy” or the“Company”) is pleasedto provide an update on exploration progress at its Buen Retiro andCaballos copper projects (the “Copper Projects”) in northernChile.

Highlights:

• Drill hole BRT-DDH041 intersected 108 m @ 0.41% Cu(mainly chalcopyrite) and 156 ppm Co, from 30 m, including 48 m @0.77% Cu and 241 ppm Co, from 60 m at Buen Retiro. 

• Reverse Circulation drill hole BRT-RCD008, designed asa condemnation hole, intersected 213 m @ 0.19% Cu and 199 ppm Co from3 m to 216 m, including 85 m @ 0.33% Cu from 17 m, extending theSouthwest oxide target to 1.7 km at Buen Retiro. 

• At Caballos, drill hole CAB-DDH009 intersected 70 m @0.41% CuEq from 85 m in the Estero Chincolcohydrothermal breccia. 

Merlin Marr-Johnson, President and CEO of FitzroyMinerals, commented: “Drill holes 41 to 45 aredefining a completely new exploration target of Candelaria-stylemineralization at Buen Retiro. These sulphide intersections arerelatively shallow and with some results that are similar to theCandelaria open pit grades as reported by Lundin Mining. Anotherindication of the strength of the mineralizing system at Buen Retirois that even our sterilisation drill holes in the Southwest areaintersected copper and have extended the oxide trend by another 300metres to 1.7 kilometres in length.

Fitzroy has signed new drilling contracts for a twinexploration and infill program that will be underway shortly. We areplanning passive ground magneto-telluric (“MT”) geophysics toimprove resolution on deeper targets, and we are excited about thenear-surface and deep exploration potential for Buen Retiro this year.

At Caballos we have final drilling results from the2025 drilling program that extend the strike length of the mineralizedbreccias. The Caballos drill core exhibits porphyry textures,alteration, and mineralization. Part of our exploration plan in 2026will be trying to find the source of the mineralized clasts that arein the breccias which we currently infer have been transported fromdeeper parts of the system. We are looking forward to the imminentairborne MobileMT geophysical survey to learn more about thearchitecture of this porphyry system, allowing us to continue ourdiscovery journey with more drilling.”

Buen Retiro Cu-(Co) Project

At Buen Retiro, Phase 2 drilling is complete, with8,300 metres of diamond drill (“DD”) core across 29 drill holes(Figure 2). Results for drill holes 40 to 43 are reported here (Table1), and assays are pending for drill holes 44 and 45. The reversecirculation (“RC”) campaign was completed with 9,822 m drilled, ofwhich 2,050 m were condemnation drill holes aimed at testing areas forfuture infrastructure. New drilling contracts have been signed for aminimum of 10,400 m of diamond drilling and 3,000 m of reversecirculation drilling planned for 2026. A ground geophysical survey(passive seismic) is planned to assist with sulphide drill-targetingat depth.

Drilling Results

As previously reported(news release January 13,2026), the northern area of the BuenRetiro Project, drilling has identified a copper-mineralized trendextending for approximately 1 km north of thehistorical Manto Negro open pit, hosted within a volcanic sequencedominated by andesitic rocks, interbedded with volcanic breccias andtuffs (Figure 1).

Results from drill holes 40 to 43 are shown in Table 1.Drill holes 41 and 43 are particularly encouraging as they validatethe potential of the Candelaria-style sulphide exploration target inthe North area at Buen Retiro. These recentsulphide intersections are relatively shallow and some results aresimilar to the Candelaria open pit grades as shown in the 2024 LundinMining annual report (Open Pit M&I: 591.6 Mt @ 0.37% Cu, 0.09 g/tAu) µ.

Drill hole BRT-DDH041 intersected 108 m @ 0.41% Cu from30 m, including 48 m @ 0.77% Cu from 60 m, and drill hole BRT-DDH043intersected 77 m @ 0.46% Cu from 196 m, including 20 m @ 0.97% Cu and139 ppm Co from 201 metres. As previously noted, the coppermineralization shows a stratigraphic control and is preferentiallydeveloped within the more permeable volcanic breccias and tuffs, whichact as favourable host horizons.

Separately, RC sterilization drilling identified thatoxide mineralization in the Southwest area continues to the northwestfurther than anticipated. The area of flat land to the west of thehistorical open pit, just south of the waste dump, was initiallychosen to be a good location for potential crushing and agglomerationfacilities. This is no longer the case, as drill holes BRT-RCD007,BRT-RCD008 and BRT-RCD011 intersected copper mineralization.

*Calculated on a minimumthickness of 5 m and minimum average grade of 0.13% Cu

**Estimated true thickness

RC drill hole 8 was particularly impressive, includinga shallow interval of 85 metres from a downhole length of 3 metresaveraging 0.33% Cu and containing 111 ppm Co. RC drill holes 9, 10,and 12-18 were sterilization holes over potential leach pad and wastedump areas and did not intersect significant coppermineralization.

Given that RC drill holes 7, 8, and 11 intersectedcopper and extended the oxide mineralization trend, this area will beexplored further. With these results, Fitzroy has extended thestrike-length of the Southwest area by 300 m from 1,400 m to 1,700metres.

Drill hole BRT-RCD008 intersected 213 m @ 0.19% Cu and199 ppm Co from 3 m to 216 m, including 85 m @ 0.33% Cu and 111 ppm Cofrom 3 m, which included 46 metres @ 0.47% Cu and 159 ppm Co from 17m, and a higher-grade interval of 17 metres @ 0.70% Cu and 100 ppm Cofrom 17 metres.

Drill hole BRT-RCD011 intersected 19 metres @ 0.21% Cuand 282 ppm Co from 11 m to 30 metres. The area has unusually highcobalt, although there is no evidence at this stage that the cobaltcould be recovered.

Drill hole BRT-RCD007 intersected a shallow zone of lowgrade, near-surface mineralization (35 m @ 0.13 Cu from 3 m to 38 m),and a second, deeper zone of 59 m @ 0.21% Cu from 210 m, including 12 m @ 0.37% Cu from 214 metres. Both zones are in a parallel, previously unknownmineralized trend.

Drill hole BRT-RCD006 was drilled in the northernsulphide zone and intersected three zones of mineralization, the bestbeing 34 m @ 0.35% Cu from 36 metres.

Assays are pending for drill holes 44 and 45. Drillhole 45 was planned to be 250 m long, but it continued to intersectdisseminated chalcopyrite to a downhole length of 435 m before thedrill hole was terminated at a downhole length of 452 metres.

Next Steps

New DD and RC drilling plans for 2026 are beingfinalised. The diamond holes will be split between explorationdrilling for infill and larger diameter HQ (63.5 mm diameter) core formetallurgical sampling drill holes. Existing geophysical data is beingre-interpreted, and a deep-penetrating ground survey (seismic) isbeing designed.

Discussions regarding a Heap Leach Joint Venture CopperProject with Sociedad Punta del Cobre S.A. (“Pucobre”) continue,and a decision has been made that the associated Technical Report tobe completed by Fitzroy will be a Pre-Feasibility Study (“PFS”),meeting the requirements of National Instrument 43-101 (“NI43-101”) disclosure requirements.

Caballos Cu-Mo-Au Project

At Caballos, Phase 1 drilling was completed with atotal of 3,154 metres of diamond drill core across nine holes (Figure1). An airborne geophysical survey (MobileMagnetoTellurics or Mobile MT) has beencommissioned and is scheduled for completion in Q1 2026. Mapping iscontinuing ahead of the airborne geophysical survey. Phase 2 drillingis scheduled for later in the year once the geophysical data isintegrated into the Company’s geological model.

Drilling Results

Drill hole CAB-DDH009 is located 180 m north ofCAB-DDH001 (news release March 27, 2025) and drilled to the west, witha dip of 80?. The drill hole intersectedvolcanic and intrusive rocks that have beenoverprinted by multiple tectonic, hydrothermal, and mineralizingevents. The core exhibits pervasive alteration and disseminatedchalcopyrite with lesser molybdenite, occasionally higher molybdeniteand lower chalcopyrite content, and later cross-cutting veining. Thecentral zone of mineralization returned 70 m @ 0.41% CuEq1 (0.18% Cu, 374 ppm Mo, 0.04 g/t Au)from 85 metres. The geology is consistent with a long-lived,structurally complex copper system. Certain areas display potassicalteration, veining, stockworks, and brecciation, which are hallmarksof economic porphyry copper deposits. Drill holeCAB-DDH006 was located 164 m north of drill hole CAB-DDH009 anddrilled to the west, with a dip of 70?. Thedrill hole intersected a similar sequence of brecciated volcanicrocks, with the best results being 22 metres at 0.27% CuEq1 from a downhole length of 45 metres.

* Calculated on a minimumthickness of 5 m and minimum average grade of 0.13% Cu

? Estimated to be ~75% of truethickness

1CuEq calculated using assumedmetal recoveries of 85% for Cu, 85% for Mo, and 70% for Au. CuEq iscalculated using the formula CuEq % = 0.85 Cu % + (0.6808 * Au g/t) +(5.32 * Mo g/t /10,000) and three year trailing average prices for2022, 2023 and 2024: Cu $3.99/lb, Au $2,043/oz, Mo$21.37/lb.

Next Steps

Expert Geophysics is scheduled to start an airborneMobileMT geophysical survey imminently. Once information from thesurvey is integrated into the Company’s geological model, Phase 2drilling will be planned. The geophysical survey should help to mapsubsurface geology, especially conductive features like faults,fractures, and concentrations of sulphide mineralization.

Buen Retiro Core Sampling Procedures, Laboratory andQA/QC

Buen Retiro drill core, in labelled and secured woodencore trays, is picked up from the drilling site by Company personneland transported by truck from the drill rig to the core processingfacility in Copiapó. Core lengths are checked,after which geotechnical logging is performed.

Using an electric core cutting diamond blade saw,primary half core samples are collected from HQ- or NQ-sized drillcore with the remaining half-core stored in the original wooden coretrays at the rented core storage warehouse in Cuesta Cardones, southof Copiapó.

A silica blank is inserted every 20 samples (~20 m); ablank is always inserted immediately after a section that containsnative copper. Pulp duplicates are randomly selected in proportion tothe number of samples from each drill hole and inserted into thesample stream along with high-, medium-, and low-grade copperstandards. Sample identifications are changed and coded by theCompany. The Quality Assurance (QA) and Quality Control (QC) samplesprepared by the Company represent about 12% of the total primary coresamples. The three certified copper standards (both oxide andsulphide), acquired from Chilean company Instituto Nacional deTecnología Estandarización y Metrología Ltda. (“INTEM”), have international standardcertification. The certified standards are used to evaluate theaccuracy (approximation versus true value) of the laboratory analysis.Blanks are used to evaluate the quality of the laboratory preparation and identify possible contamination. Pulpduplicates are used to test analytical accuracy (repeatability). Nosecondary laboratory (referee lab) samples were completed in thisround of drilling; however, the next stage and subsequent stages ofdrilling will put in place laboratory replicate procedures.

Once prepared, the core samples are bagged, tagged, andtransported to the laboratory by the project team. At the laboratoryreception, the samples and their identification codes are verified andaccepted once the physical inventory matches the assay request form.

The pulps and rejects of crushed samples are collectedfrom the ALS-Patagonia laboratory in Copiapó every 3 months. Therejects are stocked in closed drums, identified with the correspondingbatches and sample ranges, while the pulps are stocked in boxes and inshelves inside a container separated for this purpose. Both arelocated in the same Company warehouse facilities in Copiapó.

A visual review of the QA/QC results from the standardsand blanks inserted by the Company and the laboratory’s internalQA/QC information was completed by the Company and no significantissues were identified.

Caballos Core Sampling Procedures,Laboratory and QA/QC

The Caballos Project diamond drill coreis collected from the drilling site by Company personnel andtransported to the Company's nearby sampling facilities where itis then processed for geological, geotechnical, and geochemical data.All samples are collected as 1 metre sections. The core is cut intotwo halves using an electric core cutting diamond blade saw, withhalf-core samples each allocated a unique identifier code andbagged-tagged separately. Samples for each complete hole aretransported by Fitzroy personnel to Andes Analytical Assay Limitada(“AAA”) laboratory in Santiago, Chile for sample preparation(drying, weighing, crushing and grinding) and assaying for Au (by 40 gfire assay with AAS finish and  a suite of 31 elements including Cuand Mo by Aqua Regia Digestion and ICP-AES finish.  One batch ofpulps from AAA was sent to ALS Global laboratory in Lima, Peru forcheck assays and rhenium assay by ICP-MS.

Sampling and assaying QA/QC protocolsemployed by the Company for this drill hole include routine insertionof certified reference materials (“CRM”) including certifiedstandards and blanks. Results for each CRM are assessed to monitor theaccuracy and precision of the assay data for the core samples. TheCompany did not identify any drilling,sampling, recovery, or other factors that could materially affect theaccuracy or reliability of the data disclosed in this pressrelease.

The Company and Qualified Person areindependent of the assay laboratories disclosed in this news release.

Qualified Person

Dr. Scott Jobin-Bevans (P.Geo., Ph.D., PMP), a QP asdefined by NI 43-101 and independent geological consultant to theCompany, has reviewed and approved the technical information providedin this news release and verified the data disclosed, including thesampling, analytical and test data underlying the technicalinformation contained in this news release. Specifically, the QPverified selected laboratory assay results against the reported drillcore intervals as well as drill core logs against the geology, assupplied by the Company.

µDr. Scott Jobin-Bevanshas not been able to independently verify theCandelaria mineralization and as such the mineralization described isnot necessarily indicative of the mineralization on the Buen RetiroCopper Project.

About Fitzroy Minerals

Fitzroy Minerals is focused on exploring and developingcopper-focused mineral assets with substantial upside potential in theAmericas. The Company’s current property portfolio includes the BuenRetiro Copper Project located near Copiapó, Chile, the CaballosCopper and Polimet Gold-Copper-Silver projects located in Valparaiso,Chile, the Taquetren Gold Project located in Rio Negro, Argentina, andthe Cariboo Project in British Columbia, Canada. Fitzroy Minerals’shares are listed on the TSX Venture Exchange under the symbol FTZ andon the OTCQB under the symbol FTZFF.

On behalf of the board of Fitzroy Minerals Inc.

Merlin Marr-Johnson
President and CEO

For further information, please contact:

Merlin Marr-Johnson
[email protected]
+447803712280

For more information on Fitzroy Minerals, please visitthe Company's website: www.fitzroyminerals.com

Neither Exchange nor its Regulation Services Provider(as that term is defined in the policies of the Exchange) acceptsresponsibility for the adequacy or accuracy of this release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKINGINFORMATION

This news release includes certain statements andinformation that constitute forward-looking information within themeaning of applicable Canadian securities laws. All statements in thisnews release, other than statements of historical facts areforward-looking statements. Such forward-looking statements andforward-looking information specifically include, but are not limitedto, statements that relate to the potential mineralization on theCompany’s mineral properties, future exploration plans on theCompany’s mineral properties and the timing and results of futureexploration.

Statements contained in this release that are nothistorical facts are forward-looking statements that involve variousrisks and uncertainty affecting the business of the Company. Suchstatements can generally, but not always, be identified by words suchas "expects", "plans", "anticipates","intends", "estimates", "forecasts","schedules", "prepares", "potential" andsimilar expressions, or that events or conditions "will","would", "may", "could" or"should" occur. All statements that describe theCompany's plans relating to operations and potential strategicopportunities are forward-looking statements under applicablesecurities laws. These statements address future events and conditionsand are reliant on assumptions made by the Company's management,and so involve inherent risks and uncertainties, as disclosed in theCompany's periodic filings with Canadian securities regulators,including without limitation, the dangers inherent in exploration,development and mining activities; actualexploration or development plans and costs differing materially fromthe Company’s estimates; the ability to obtain and maintain anynecessary permits, consents or authorizations required for miningactivities; environmental regulations or hazards and compliance withcomplex regulations associated with mining activities; climate changeand climate change regulations; fluctuations in exchange rates; theavailability of financing; operations in foreign and developingcountries and the compliance with foreign laws, remote operations andthe availability of adequate infrastructure; fluctuations in price andavailability of energy and other inputs necessary for miningoperations; shortages or cost increases in necessary equipment,supplies and labour; regulatory, political and country risks,including local instability or acts of terrorism and the effectsthereof; the reliance upon contractors, third parties and jointventure partners; challenges to title or surface rights; thedependence on key personnel and the ability to attract and retainskilled personnel; the risk of an uninsurable or uninsured loss;adverse climate and weather conditions; litigation risk; andcompetition with other mining companies. As a result of these risksand uncertainties, and the assumptions underlying the forward-lookinginformation, actual results could materially differ from thosecurrently projected, and there is no representation by the Companythat the actual results realized in the future will be the same inwhole or in part as those presented herein. the Company disclaims anyintent or obligation to update forward-looking statements orinformation except as required by law. Readers are referred to theadditional information regarding the Company's business containedin the Company's reports filed with the securities regulatoryauthorities in Canada. Although the Company has attempted to identifyimportant factors that could cause actual actions, events, or resultsto differ materially from those described in forward-lookingstatements, there may be other factors that could cause actions,events or results not to be as anticipated, estimated or intended. Formore information on the Company and the risks and challenges of itsbusiness, investors should review the Company's filings that areavailable at www.sedarplus.ca.

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