Deep IP Survey at Fitzroy Minerals' Caballos Copper Project Identifies Multiple Large Chargeability Anomalies Linked to Drill Hole Intercepts

Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) announced results from a ground-based Deep Induced Polarization (IP) and resistivity survey at its Caballos Copper Project in Chile's Valparaiso Region. The survey identified multiple chargeability and resistivity anomalies interpreted as consistent with porphyry-style hydrothermal systems, directly linked to mineralization intersected in 2025 diamond drilling. These findings materially enhance the project's prospectivity and set the stage for a planned 5,500-meter drilling program starting in September.

The survey, conducted by Southernrock Geophysics S.A. (SRG), covered four lines totaling 18.4 line-kilometers across conductive anomalies previously identified by a heli-borne MobileMT survey. The primary objective was to characterize chargeability and resistivity down to depths of approximately 1,500 meters for the IP survey and 3,000 meters for the magnetotelluric (MT) survey. Both 2D and 3D inversions were performed, revealing several prominent anomalies labeled C1, C2-A, C2-B, C3, and C4.

The largest anomaly, C2-B, spans over 3 kilometers east-west and exhibits a classic porphyry cross-section with a conductive and chargeable outer shell surrounding an inner core. This signature is typical of porphyry copper systems, suggesting significant mineralization potential. Another notable anomaly, C4, is approximately 1 kilometer wide and shallow, situated near the junction of the Pocuro Fault Zone (PFZ) and an east-west structure hosting the Alicahue River, making it easily accessible for drilling.

Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, commented, “We are delighted that the Deep IP survey has identified so many strong anomalies. In the Caballos geological setting, it is highly probable that the chargeability corresponds with sulphide mineralization - a view also held by the contractor, Southernrock Geophysics. Our prior drilling on the edge of the system, into a weak chargeability anomaly, has already intersected copper, molybdenum, and gold, demonstrating the fertility of this ground.”

The IP chargeability anomalies align well with conductivity anomalies from the earlier MobileMT survey, expanding the prospective area across the Caballos concessions. At the Chincolco Creek target, prior drilling intersected mineralization from surface, and the associated geophysical anomaly (C3) suggests potential extensions along strike and at depth.

SRG reported that the induced polarization zones are “presumably related to the presence of (disseminated) sulphide mineralization.” The anomalies lie beneath sub-horizontal layers of moderate-low resistivity, likely corresponding to a volcano-sedimentary sequence. Phase tensor analysis indicated dominant structural trends oriented north-south and southwest-northeast, aligning with the PFZ and other regional structures.

Fitzroy Minerals has integrated all geophysical and geological data to refine its exploration model. Five drill holes are planned to test the C2-B, C3, and C4 anomalies, as well as extensions at Chincolco Creek. The drilling program is budgeted for approximately 5,500 meters and is expected to commence in September 2026.

Dr. Scott Jobin-Bevans (P.Geo., Ph.D., PMP), a Qualified Person under NI 43-101, has reviewed and approved the technical information in this release. The company is systematically targeting major copper discoveries in Chile, and this IP survey further de-risks several large targets at Caballos. Future cash flow from the Buen Retiro Heap Leach operation is intended to fund non-dilutive exploration drilling.