Fitzroy Minerals and Pucobre Sign Letter of Intent for Joint Development of Buen Retiro Copper Project in Chile

Fitzroy Minerals Inc. (TSXV: FTZ, OTCQX: FTZFF, FSE: C3Y) announced today that it has executed a non-binding Letter of Intent (LOI) with Sociedad Punta del Cobre S.A. (Pucobre) to outline a potential joint development pathway for the Buen Retiro Copper Project in Chile. The agreement marks a significant step forward for both companies, as it aligns their interests in advancing the project while leveraging existing regional infrastructure and operational expertise.

Under the LOI, Pucobre has confirmed its intent to exercise its 30% claw-back right, subject to continued positive technical results, and has offered processing capacity at its Planta Biocobre Electro-Win (EW) facility. This facility, located 70 km from the Buen Retiro Project, has a nameplate capacity of 800 tonnes of copper cathode per month (9,600 tonnes annually) and is currently significantly under-utilized. The arrangement is expected to reduce capital intensity, accelerate development timelines, and lower execution risk compared to standalone processing scenarios.

Merlin Marr-Johnson, President and CEO of Fitzroy Minerals, commented: “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, and thereby significantly improve 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. We believe this partnership provides a strong framework to create long-term value for both companies while supporting efficient and disciplined advancement of the project.”

The LOI also includes an open-book sharing of operating cost data from Pucobre's nearby mining and processing operations, which will provide real-world inputs for the forthcoming Heap Leach Pre-Feasibility Study (PFS). This data is expected to materially strengthen the reliability of capital and operating assumptions in the PFS. Commercial terms for tolling or alternative processing arrangements are expected to be negotiated within approximately 90 days.

The Buen Retiro Option agreement, originally dated January 1, 2023, allows Fitzroy Minerals to earn 100% of the project by completing four steps by mid-2028: drilling at least 12,000 metres (already met), investing at least US$7 million in eligible expenses, delivering a Final Technical Report including a PFS and Measured and Indicated Resource, and making a US$4 million bullet payment. Fitzroy anticipates completing all steps by Q2 2027. Upon completion, Pucobre intends to exercise its claw-back right to acquire a 30% interest by paying 90% of eligible expenses, estimated at a minimum of US$10.2 million.

The dual-track strategy outlined in the LOI focuses on near-term development of oxide resources through heap-leach/SX-EW and continued exploration of sulphide mineralisation, which remains a longer-term value driver. Fitzroy plans to provide a separate exploration update concurrent with the PFS publication.

In related news, the Company entered into an investor relations services agreement with Stonegate Capital Partners on April 22, 2026, for targeted investor outreach at a monthly fee of USD$3,000. The agreement is subject to TSX Venture Exchange approval.

For more information on Fitzroy Minerals, visit the Company's website at www.fitzroyminerals.com.