Exploration Update at the Buen Retiro and Caballos Copper Projects, Chile

Core Insights - Fitzroy Minerals Inc. has reported significant progress in exploration at its Buen Retiro and Caballos copper projects in northern Chile, with a focus on expanding mineralization and accelerating drilling efforts [1] Buen Retiro Project - Recent diamond drilling has extended the continuous mineralization zone in the Southwest Area to 1.4 km, a ~40% increase from the previous 985 m [2][6] - The company plans an additional 2,250 m of diamond drilling in 2026 and has completed 1,050 m of reverse-circulation drilling, with 3,950 m more planned [2][3] - Initial assays from reverse-circulation drilling are expected in October 2025, and the company is investigating fast-track production options, aiming for a maiden mineral resource estimate and a Preliminary Economic Assessment (PEA) in 2026 [4][18] Caballos Project - The Caballos drilling program is being expanded to three rigs to expedite testing of priority targets, with plans to complete at least 3,000 m of diamond drilling in 2025 [3][19] - Recent drilling has encountered fault gouge, causing delays, but the company remains confident in the project's potential due to several breakthroughs [5][20] - The drilling will focus on the Chincolco and Mule Hill prospects, with approximately 2,000 m and 1,000 m planned respectively [3][19] Geological Insights - Age-dating at Caballos indicates a long-lived hydrothermal system from 44 Ma to 25 Ma, aligning with known mineral-rich belts in Chile [9][27] - Mapping at Caballos has identified potential for expansion under post-mineral cover, enhancing the project's overall prospects [9][27] Infrastructure and Logistics - The Buen Retiro project benefits from significant infrastructure advantages, including proximity to the Pan-American highway and high voltage transmission lines, which could support near-term production viability [16][18]