Fitzroy Minerals Reports 176 m @ 0.47% CuEq1 (0.31% Cu, 249 ppm Mo, 0.04 g/t Au) at the Caballos Copper Project and Confirms that the Buen Retiro Copper Project is Analogous to Candelaria, Chile

(TheNewswire)

Vancouver, British Columbia –January 13, 2026 – TheNewswire - FitzroyMinerals Inc. (TSXV: FTZ, OTCQB: FTZFF)(“Fitzroy” or the “Company”) is pleased to provide an update onexploration progress at its Buen Retiro and Caballos copper projects(the “CopperProjects”) in northern Chile.

Highlights:

• Drill hole CAB-DDH004A intersected 176 m @ 0.31% Cu,249 ppm Mo, 0.04 g/t Au (0.47% CuEq1) from 156 m at the Caballos Copper Project, Chile. 

• Airborne MobileMT, 716 line-km geophysical surveycommissioned for Q1 2026, at the Caballos Copper Project,Chile. 

• SEG Visiting Lecturer Dr. Irene del Real Contrerasconsiders that “the structural setting, thegeology and the mineralization seen at Buen Retiro is analogous tothat of Candelaria, with minor differences. 

Merlin Marr-Johnson, President and CEO of FitzroyMinerals, commented: “Fitzroy is intersecting copper mineralization in two projects withscale in the world’s leading copper-producing country, as copperprices reach record highs. I am confident that 2026 will be atransformative and hugely exciting year for the Company aswe meet our discovery andde-risking goals.

The latest results from Caballosshow that we are onto a robust copper-molybdenum-gold system withmultiple phases of mineralization and many of the signature featuresof classic Chilean porphyry copper deposits. The sulphides seen indrill hole 9, and the results from drill holes 1 and 4A show that themineralized trend is more than 600 metres long, and we are still inthe very early stages of exploration. I am looking forward to theresults of the deep-penetrating airborne geophysics scheduled for Q1.

Separately, drilling at Buen Retirocontinues to intersect sulphide mineralization and a site visit by Dr.Irene del Real Contreras provided valuable insight. Dr. Real considersthat the intersections seen in drill holes 40 to 45 includemineralization preferentially hosted in an ‘Upper PucobreFormation’ volcanic breccia layer 20 to 50 metres thick that dips tothe northwest and is open to the northeast. This is important becausethe shallower portions of Candelaria mineralization are also hosted inthe Upper Pucobre Formation. It is yet another similarity withCandelaria which makes us even more optimistic about the overallpotential at Buen Retiro, and we plan to initiate deeper drilling formineralization in the Lower Pucobre Formation once the geophysics iscompleted and interpreted. We look forward to receiving all of theassays from the recent sulphide drill holes as soon as they aredelivered.

Finally, a decision to upgrade theTechnical Report on the Heap Leach Joint Venture withPucobre2 to a Pre-Feasibility Study underscoresour confidence in the Project. I hope to be able to bring you moredetail on this Fitzroy-Pucobre Joint Venture plan in the comingweeks.”  

Caballos 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 (Mobile MT) has been commissionedand is scheduled for completion in Q1 2026. Mapping is continuingahead of the airborne geophysical survey. Phase 2 drilling isscheduled for later in the year once the geophysical data isintegrated into our geological model.

DrillingResults

Diamond drilling in both Chincolco (drill holes 4A and9) and at Mule Hill (drill holes 7 and 8) intersected volcanic andintrusive rocks that have been overprinted bymultiple tectonic, hydrothermal, and mineralizing events. The coreexhibits pervasive alteration and disseminated chalcopyrite withlesser molybdenite, and later cross-cutting veining, particularly indrill holes 4A, 9, and 7 (Figure 2). The geology is consistent with along-lived, structurally complex copper system. In parts there ispotassic alteration, veining, stockworks, and brecciation, which arehallmarks of economic porphyry copper deposits.

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

? estimated to be ~75% of true thickness

Drill hole 4A (CAB-DDH004A)intersected 176 m @ 0.31% Cu, 249 ppm Mo, 0.04 g/t Au (0.47%CuEq1) from 156 m to 332 m downhole. Drill hole 7 (CAB-DDH007)intersected 26 m @ 0.18% Cu, 44 ppm Mo, and 0.04 g/t Au (26 m @ 0.23%CuEq1) from 81 m downhole. Drill hole 8 (CAB-DDH008) had nosignificant intersections. Drill hole 9 (CAB-DDH009) intersectedsulphides in varying quantities from 32 m to 158 m downhole withassays pending.

These results show that while both Chincolco and MuleHill have many of the features of established porphyry copperdeposits, better grades are being intersected in Chincolco. Recentmapping identified strongly altered hydrothermal breccia sub-crop(intermittent exposure in cross-cutting gullies) extending severalhundred metres to the south of the main Chincolco surfaceanomaly.

Geophysics

Fitzroy has signed a contract with Expert Geophysics tocomplete an airborne MobileMT (Mobile MagnetoTellurics) geophysicalsurvey. The survey aims to map sub-surface resistivity to a depth ofapproximately 1km to 2km, dependent on the conductivity distributionof the local geology. Complementary VLF (very low frequency) data,which provides near surface EM (electromagnetic) information, willalso be collected, when available and dependent on VLF signalstrength.

The plan is to fly approximately716 line-km spaced every 400 m and 4,000 m spaced tie lines within theCaballos Project area. There is scope to add an additional 250 line-kmof infill, to bring the total to approximately 966 line-km.

Together the MMT and VLF-EM data should help to mapsubsurface geology, especially conductive features like faults,fractures, and concentrations of sulphide mineralization. The nextavailability for helicopters is likely to be in February, and it isanticipated that the survey can be completed in Q1 2026.

Buen Retiro Project

At Buen Retiro, Phase 2 drilling is almost completewith approximately 8,000 metres of diamond drill core across 29 holes.Assays are pending for drill holes 40 to 45, with delays reported fromthe laboratory due to high demand. An 11,000metre reverse circulation (“RC”) drilling campaign is also nearingcompletion, which includes some condemnation drill holes (2,050 m) andtesting of proposed pad and lay-out areas. A ground geophysical surveyis planned, to assist with sulphide drill-targeting at depth.

GeologicalInterpretation

In the northern area of the Buen Retiro Project,drilling has identified a copper-mineralized trend extending forapproximately 1 kilometre north of the historical Manto Negro pithosted within a volcanic sequence dominated by andesitic rocksinterbedded with volcanic breccias and tuffs (Figure 3).

Copper mineralization clearly shows a stratigraphiccontrol and is preferentially developed within the more permeablevolcanic breccias and tuffs, which act as favourable host horizons.These units allow for enhanced fluid flow and copper deposition, andexhibit iron-rich alteration characterized by abundant hematite andspecularite which occur as matrix material and as infill of openspaces within the breccias and tuffs. In contrast, the andesitic unitshave weaker mineralization, primarily restricted to fractures andlithological contacts. Assays are pending for drill holes 40 to 45where intersections of 150 metres to 250 metres of disseminatedchalcopyrite were previously reported.

Results from earlier drilling highlight (see news release October 30,2024) the way different stratigraphicunits affect copper-gold grade. For example, drill hole 3 returned 110metres of disseminated chalcopyrite mostly within the andesitic units(returning 110 m @ 0.23% Cu), but where the drill hole cut thevolcanic breccia and tuffs the grade was 21 metres at 0.41% Cu and0.11 g/t Au. Similarly in drill hole 9, which had several mineralizedintersections, the best interval (27 m @ 0.32% Cu, including 11 m @0.51% Cu) occurs within the volcanic breccia and tuff unit. The longsection (Figure 4) illustrates how mineralization is preferentiallydeveloped in the sequence of hematitic breccias and tuffs. Drill holes3 and 45 in the far north, which are close to a major NE-SW-trendingstructure which is likely have contributed to a local increase inhydrothermal fluid flow. Both of these holes were drilled toward theEast and intersected several hundred metres of sparsely disseminatedchalcopyrite. Drill hole 16, drilled toward the West from the same padas drill hole 45, returned 58 m @ 0.38% Cu.

Renowned IOCG geologist and SEG Visiting Lecturer 2026Dr. Irene del Real Contreras completed a two-day site visit at BuenRetiro in December focused on reviewing the drill core from thenorthern area. Dr. Real’s key observations were:

• Host lithologies can be assigned to the Upper PucobreFormation  

• Higher quantity of chalcopyrite is seen in the sequenceof hematitic breccias and tuffs, a key feature at Candelaria 

• Interaction between mineralizing fluids and lithologieswith high primary permeability appears to have been a key factor inlocalizing mineralization, giving rise to tabular (manto) orlenticular bodies controlled by both stratigraphy andstructure. 

• Primary regional controls are NNW-oriented structuresand NNE-striking stratigraphy. 

• Structural setting, thegeology and the mineralization observed at Buen Retiro is analogous tothat of Candelaria, with minor differences 

Next Steps

New DD and RC drilling contracts for 2026 are beingnegotiated. The diamond holes will be split between explorationdrilling and larger diameter (HQ) infill / metallurgical samplingholes. Existing geophysical data is being re-interpreted, and adeep-penetrating ground survey is being 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 level(“PFS”), meeting the requirements of National Instrument 43-101(“NI 43-101”) disclosure requirements.

Drill CorePreparation, Sampling and Assaying

Caballos diamond drill core is collectedfrom site by Fitzroy personnel and transported to the Company'snearby sampling facilities where it is then processed for geological,geotechnical, and geochemical data. All samples are collected as 1metre sections. The core is cut into two halves using an electricdiamond brick (core) saw with half-core samples each allocated aunique identifier code and bagged-tagged separately. Samples for eachcomplete hole are transported by Fitzroy personnel to Andes AnalyticalAssay Limitada (“AAA”) laboratory in Santiago, Chile for sample preparation (drying, weighing, crushingand grinding) and assaying for Au (by 40 g fire assay with AAS finishand  a suite of 31 elements including Cu and Mo by Aqua RegiaDigestion and ICP-AES finish. One batch of pulps from AAA was sent toALS Global laboratory in Lima, Peru for check assays and rhenium assayby ICP-MS.

Sampling and assaying QA/QC protocolsemployed by the Company for this drill hole include routine insertionof certified reference material (“CRM”), including certified standards and blanks. Results foreach CRM are assessed to monitor the accuracy and precision of theassay data for the core samples. The Company did not identify anydrilling, sampling, recovery, or otherfactors that could materially affect the accuracy or reliability ofthe data disclosed in this press release.

The Company and Qualified Person(“QP”) are independentof the laboratories disclosed in this press release.

Grant ofOptions

The Company is pleased to announce that it has granted300,000 stock options (each, an “Option”) topurchase up to 300,000 common shares (“Common Shares”) ofthe Company to a director of the Company under the Company’s stockoption plan (the “Plan”).

The Options are exercisable at the price of $0.58 perCommon Share until January 13, 2031, subject to any earliertermination in accordance with the Plan. All Options vestedimmediately on the date of grant. All Options and the Common Sharesunderlying such Options are subject to a hold period of four monthsand one day from the date of issuance. The grant of Options to thedirector constitutes a related party transaction pursuant toMultilateral Instrument 61-101 – Protection of Minority SecurityHolders in Special Transactions (“MI 61-101”). TheCompany is exempt from the requirements to obtain a formal valuationand minority shareholder approval in connection with the grant ofOptions to the related party in reliance on the exemptions containedin sections 5.5(b) and 5.7(1)(a) of MI 61-101, respectively, as theCompany is not listed on a specified market and the fair market valueof the Options does not exceed 25% of the Company’s marketcapitalization.

Qualified Person

Dr. Scott Jobin-Bevans (P.Geo., Ph.D., PMP), a QP asdefined by National Instrument 43-101 and independent geologicalconsultant to the Company, has reviewed and approved the technicalinformation provided in this news release and verified the datadisclosed, including the sampling, 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.

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 projectslocated in Valparaiso, Chile, the Taquetren Gold Project located inRio Negro, Argentina, and the Cariboo Project in British Columbia,Canada. Fitzroy Minerals’ shares are listed on the TSX VentureExchange under the symbol FTZ and on 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
mmj@fitzroyminerals.com
+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 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 can generally, but not always, be identifiedby words such as "expects", "plans","anticipates", "intends", "estimates","forecasts", "schedules", "prepares","potential" and similar expressions, or that events orconditions "will", "would", "may","could" or "should" occur. All statements thatdescribe the Company's plans relating to operations and potentialstrategic opportunities are forward-looking statements underapplicable securities laws. These statements address future events andconditions and are reliant on assumptions made by the Company'smanagement, and so involve inherent risks and uncertainties, asdisclosed in the Company's periodic filings with Canadiansecurities regulators, including without limitation, the dangersinherent 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; 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.

1 CuEq calculated usingassuming metal recovery metals of 85% for Cu, 85% for Mo, and 70% forAu. CuEq is calculated using the formula CuEq % = 0.85 Cu % + (0.6808* Au g/t) + (5.32 * Mo g/t /10,000) and three year trailing averageprices for 2022, 2023 and 2024: Cu $3.99/lb, Au $2,043/oz, Mo$21.37/lb.

2 Sociedad Punta del Cobre S.A.

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