Fitzroy Minerals Signs LOI with Pucobre for Joint Development of Buen Retiro Copper Project

Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) announced that it has executed a non-binding Letter of Intent (LOI) with Sociedad Punta del Cobre S.A. (Pucobre), outlining a potential joint development pathway for the Buen Retiro Copper Project in Chile. The LOI reflects shared intentions to work toward a development scenario that leverages existing regional infrastructure and operating experience.

Under the LOI, Pucobre confirms its intent to exercise its 30% claw-back right (subject to continued positive technical results) for the Buen Retiro Project, including sulphide exploration potential. Pucobre has also offered 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. Additionally, Pucobre will provide open-book sharing of operating cost data from its nearby mining and processing operations to inform the Heap Leach Pre-Feasibility Study (PFS).

Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, stated: “The joint Letter of Intent is a major validation of the Buen Retiro Heap Leach project and is a win for both parties. Pucobre benefits by potentially securing production from the Buen Retiro Heap Leach to fill spare capacity at Planta Biocobre for many years, thereby significantly improving operational economics by spreading fixed costs across more production units. Fitzroy benefits by having access to an operational EW tank-house which reduces capital expenditure and simplifies the permitting process.”

Sebastian Rios, CEO of Pucobre S.A, added: “We are pleased to be working with Fitzroy Minerals to advance the Buen Retiro Project through a collaborative development approach that leverages regional infrastructure and our operational experience in the district.”

The LOI recognizes a dual-track advancement strategy: development of oxide resources through heap-leach/SX-EW, supported by regional infrastructure and the planned PFS; and continued exploration of sulphide mineralization as a longer-term value driver.

Access to Planta Biocobre, located 70 km from Buen Retiro, is expected to reduce capital intensity, accelerate development timelines, and reduce execution risk. Commercial terms for tolling are expected within 90 days to support the PFS economic model. Pucobre will also provide real-world cost inputs for the PFS, including open-pit mining costs, processing costs at Planta Biocobre, transport cost benchmarks, and construction experience.

Under the original option agreement, Fitzroy can earn 100% of Buen Retiro by completing four steps by mid-2028: at least 12,000 metres of drilling (already met), at least US$7 million in eligible expenses, delivery of a Final Technical Report including a PFS and measured and indicated resource, and a US$4 million bullet payment. Fitzroy anticipates completing all steps in Q2 2027. Upon completion, Pucobre intends to exercise its claw-back right to acquire a 30% interest by paying 90% of eligible expenses (minimum US$10.2 million). A 2% net smelter royalty will be assigned to option holders, with Fitzroy having the right to buy back 1% for US$5 million before construction start.

Fitzroy also announced a separate investor relations agreement with Stonegate Capital Partners, effective April 22, 2026, for targeted investor outreach services at a monthly fee of USD$3,000, subject to TSX Venture Exchange approval.