(TheNewswire)

Vancouver, British Columbia –TheNewswire – March 20, 2026 – Fitzroy MineralsInc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) (“Fitzroy” or the “Company”) ispleased to provide an update on exploration progress at its BuenRetiro and Caballos copper projects (the “Copper Projects”) innorthern Chile.

Buen Retiro
Highlights:

• Drill hole BRT-DDH045: 384 m @ 0.22% Cu from 4 m,including 94 m @ 0.33% Cu from 30 m.
  
• Infill drilling underway to allow for a maiden mineralresource estimate ahead of a PFS.
  
• A 2,800 kg bulk sample ready for heap leachmetallurgical test work at SGS Laboratories.
  
• Fleet Space Technologies passive seismic survey tostart soon.
  

At the Caballos Copper Project, the airborne MobileMT
geophysical survey is complete, with data currently being
interpreted.

Merlin Marr-Johnson, President and CEO of Fitzroy
Minerals, commented: “Drill
hole 45 intersected copper in two distinct mineralizing styles on a
large scale in the North area of the Buen Retiro property. It is also
located three kilometres north-northeast of the high-grade copper
oxide mineralization in the Southwest area. Combined with large,
coincident geophysical anomalies, there is now compelling evidence
that Buen Retiro is a major copper system.

Crucially, Buen Retiro is at low
elevation, on a brown-fields site four kilometres from the
Pan-American Highway and associated high voltage transmission lines,
close to the coast where a proposed desalination plant has a seawater
extraction licence, and close to the mining centre of Copiapo with its
mining services and large labour pool. In an industry with
decreasing discovery rates Fitzroy aims to leverage potential future
cash flow from the proposed Buen Retiro Heap Leach copper operation to
fund the continued exploration for major copper deposits in Chile with
minimal dilution.”

Buen Retiro Cu-(Co) Project

At Buen Retiro, results from diamond drill holes 44 and
45 from the Phase 1 program are reported in Table 1. Separately,
infill drilling with two diamond drill rigs started in February and
approximately 160 m of HQ diamond core is being drilled per day. Drill
holes 46 through 60 have been completed and are being logged and cut,
with samples sent for assay on an ongoing basis.

Half core from the infill drill holes is being
aggregated to comprise representative bulk samples defined on
mineralogical characteristics and the target total weight of about
2,800 kg of mineralized material for metallurgical test work has been
reached. Metallurgical tests for the Buen Retiro Heap Leach Project
will be carried out by SGS Laboratories (“SGS”), starting in late
March. Remaining half core is quartered, with one quarter being sent
for assay and the last quarter being stored in core trays.

The infill drilling program, anticipated to be
approximately 6,000 m of drilling, should be completed in April. After
the infill drilling is complete, one rig will focus on exploration
drilling (NQ core), and the other drill rig will be released. A
passive seismic, Ambient Noise Tomography (“ANT”) ground
geophysical survey is about to start which will assist with the
litho-structural interpretation, supporting
sulphide drill-targeting at depth. The exploration drilling program
will be a minimum of 8,000 m with flexibility to increase to 15,000
metres.

Drilling
Results

As previously reported
(news release January 13,
2026), in the North area of the BuenRetiro Project, drilling has identified a copper-sulphide mineralizedtrend extending for approximately 1 kilometre north of the historicalManto Negro Mine open pit, hosted within a volcanic sequence dominatedby andesitic rocks, interbedded with volcanic breccias and tuffs(Figure 1).

• Figure 1. Long-section (looking east) and diamond drillhole results, Buen Retiro, Copiapó, Chile.
• Click Image To View Full Size

Results from drill holes 44 and 45 are shown in Table1. Drill hole BRT-DDH045 is particularly interesting as the first 100metres intersected a zone of stockwork intercalated with minorbreccias from the start of fresh rock at four metres.

• Figure 2. Plan map with location of drill holes, BuenRetiro, Copiapó, Chile(UTM WGS 84 19S).
• Click Image To View Full Size

The drill hole then transitioned into aCandelaria-style stratiform system for a further 284 metres. Coppermineralization (chalcopyrite) is very consistent throughout the hole,reflected in the results of 384 metres @ 0.23%Cu from four metres, including 94 metres @ 0.33% Cu from 30metres.

Drill hole BRT-DDH044 intersected a series of low-gradeintersections, the best interval being 10 metres @ 0.30% Cu, from142 metres.

Geophysics

Fitzroy Minerals has contracted Fleet SpaceTechnologies to complete an Exosphere Ambient Noise Tomography (ANT) geophysical survey. The survey is likely to be carried out in twostages: an initial regional ANT survey (Phase 1) followed by atargeted infill survey (Phase 2), subject to results obtained in Phase1. The Phase 1 survey is about to start and aims to image thelarge-scale subsurface architecture of the Project area, includingbasement geometry, major structural corridors, and velocity contrastspotentially associated with IOCG mineral systems. Following completionand interpretation of the regional survey it might be beneficial toadvance to the Phase 2 infill survey, which would focus on refiningtargets and increasing resolution in areas of interest identified inPhase 1.

*Calculated on a minimumthickness of 5 m and minimum average grade of 0.20% Cu

**True thickness estimated to be80% of down-hole intersection

Caballos Cu-Mo-Au Project

An airborne geophysical survey (Mobile MagnetoTelluricsor MobileMT) has been completed and interpretation is ongoing. Phase 2drilling is scheduled for later in the year once the geophysical datais integrated into the Company’s geological model.

Buen Retiro Core Sampling Procedures,Laboratory and QA/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) samples prepared by the Company represent about 12% of the totalprimary core samples. The three certified copper standards (both oxideand sulphide), acquired from Chilean company Instituto Nacional deTecnología Estandarización y Metrología Ltda. (“INTEM”), haveinternational standard certification. The certified standards are usedto evaluate the accuracy (approximation versus true value) of thelaboratory analysis. Blanks are used to evaluate the quality of thelaboratory 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.

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 underlyingthe technical information contained in this news release.Specifically, the QP verified selected laboratory assay resultsagainst the reported drill core intervals as well as drill core logsagainst the geology, as supplied by the Company.

µDr. ScottJobin-Bevans has not been able to independentlyverify the Candelaria mineralization and as such the mineralizationdescribed is not necessarily indicative of the mineralization on theBuen Retiro Copper 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 Caribou Project in British Columbia, Canada. Fitzroy Minerals’shares are listed on the TSX Venture Exchange under the symbol FTZ andon the OTCQX 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

+447803712280

mmj@fitzroyminerals.com

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 REGARDINGFORWARD-LOOKING INFORMATION

This news release includes certainstatements and information that constitute forward-looking informationwithin the meaning of applicable Canadian securities laws. Allstatements in this news release, other than statements of historicalfacts are forward-looking statements. Such forward-looking statementsand forward-looking information specifically include, but are notlimited to, statements that relate to the potential mineralization onthe Company’s mineral properties, future exploration plans on theCompany’s mineral properties and the timing and results of futureexploration.

Statements contained in this releasethat are not historical facts are forward-looking statements thatinvolve various risks and uncertainty affecting the business of theCompany. Such statements cangenerally, but not always, be identified by words such as"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; actual exploration or developmentplans and costs differing materially from the Company’s estimates;the ability to obtain and maintain any necessary permits, consents orauthorizations required for mining activities; environmentalregulations or hazards and compliance with complex regulationsassociated with mining activities; climate change and climate changeregulations; fluctuations in exchange rates; the availability offinancing; operations in foreign and developing countries and thecompliance with foreign laws, remote operations and the availabilityof adequate infrastructure; fluctuations in price and availability ofenergy and other inputs necessary for mining operations; shortages orcost increases in necessary equipment, supplies and labour;regulatory, political and country risks, including local instabilityor acts of terrorism and the effects thereof; the reliance uponcontractors, third parties and joint venture partners; challenges totitle or surface rights; the dependence on key personnel and theability to attract and retain skilled personnel; the risk of anuninsurable or uninsured loss; adverse climate and weather conditions;litigation risk; and competition with other mining companies. As aresult of these risks and uncertainties, and the assumptionsunderlying the forward-looking information, actual results couldmaterially differ from those currently projected, and there is norepresentation by the Company that the actual results realized in thefuture will be the same in whole or in part as those presented herein.the Company disclaims any intent or obligation to updateforward-looking statements or information except as required by law.Readers are referred to the additional information regarding theCompany's business contained in the Company's reports filedwith the securities regulatory authorities in Canada. Although theCompany has attempted to identify important factors that could causeactual actions, events, or results to differ materially from thosedescribed in forward-looking statements, there may be other factorsthat could cause actions, events or results not to be as anticipated,estimated or intended. For more information on the Company and therisks and challenges of its business, investors should review theCompany's filings that are available at www.sedarplus.ca.

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