Fitzroy Minerals Inc · TSXV:FTZ
Fitzroy Minerals — Investor Presentation (February 2026)
24 slides from Fitzroy Minerals's investor presentation, February 2026
Slide 1: Exploring for Copper. Finding Copper
TSX-V: FTZ OTCQB: FTZFF EXPLORING FOR COPPER. FINDING COPPER BRTHL JV TSX-V: FTZ OTCQX: FTZFF Fitzroyminerals.com
Slide 2: Cautionary Statement on Forward-Looking Information
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION This presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability
Slide 3: Snapshot: Chile. The Copper Country
FTZ.V C$150 M • Good liquidity Chile. • C$9 M cash Punta del Cobre The Candelaria Copper Manto Verde Country Look-alike geology Iron Oxide Copper Gold PFS started (‘IOCG’) • Buen Retiro Heap Leach JV with Pucobre? Buen • Potential near-term, Retiro non-operated cash Flagship flow Asset Major Discove
Slide 4: Chile Is a Copper Mining Country
CHILE IS A COPPER MINING COUNTRY… 14 PRESIDENT, CONGRESS & CHAMBER OF DEPUTIES ARE ALL “PRO-BUSINESS” >50,000 tpa fine Cu, royalty +1% & variable tax on income Chilean Exports 2024 US$ 100 Billion (61% Cu) RECENT CONSTITUTIONAL Concession holding costs increase if inactive AMENDMENTS 2022-2024 Licen
Slide 5: ...But Production Growth Is Difficult
…BUT PRODUCTION GROWTH IS DIFFICULT 14 THE COPPER INDUSTRY (CHILE & GLOBAL) IS STRUGGLING TO MAINTAIN PRODUCTION COCHILCO 2025 REPORT ON PROJECTS 2024-2033, MINING IN CHILE US$ 83 B, >75% on copper 2024: 5.43 Mt Cu, 24% of Global Total 2033: 5.54 Mt Cu, 27% of Global Total Flat but % of global Cu pr
Slide 6: The Forecast Copper Crunch Is Driving Value
THE FORECAST COPPER CRUNCH IS DRIVING VALUE 14 GREAT ASSETS CUT THROUGH DECLINING (REAL) COPPER PRICES 2 Real Copper Price (rebased, Cu/Au) 1.8 1.6 1.4 1.2 1 0.8 CAPSTONE COPPER LUNDIN MINING 0.6 C$ 11.7 B Mkt Cap C$ 29.2 B Mkt Cap 0.4 Manto Verde, Chile (30% Mitsubishi) Candelaria, Chile (20% Sumit
Slide 7: Buen Retiro / Manto Verde
Hem*. stockwork Coarse cpy** Hem. breccia Calcite-speculariteŦ-cpy Manto Verde Buen Retiro *Hematite **Chalcopyrite Ŧspecularite = a flaky form of hematite f itzr o ym i ner a ls .c om 7
Slide 8: Candelaria
Upper P.del Cobre Fm with cpy veinlets Fine tuff (U P.del Cu Fm) with cpy stringer Upper P.del Cobre Fm with cpy stringers Upper P.del Cobre Fm with cpy Candelaria Buen Retiro Upper P.del Cobre Fm with cpy veinlets Fine andesite with disseminated cpy Upper P.del Cobre Fm with cpy stringers Upper P.d
Slide 9: Candelaria
Albitized Zone Albitized Zone Hornfels Massive Cpy Candelaria SEG International Lecturer, 2026, and consultant, Dr. Irene del Real Contreras considers that: “the structural setting, the geology and the mineralization seen at Buen Retiro is Buen Retiro analogous to that of Candelaria, with minor diff
Slide 10: Operational Value + Discovery Optionality
OPERATIONAL VALUE + DISCOVERY OPTIONALITY 5 TWO PROJECTS IN ONE Heap Leach JV Proven Partner Infrastructure Advantages Non-operated cash-flow Low capital intensity Fresh Sulphide Discovery Potential* • Candelaria-style geology • Manto Verde-style geology Manto Negro Mine * Mineralization described o
Slide 11: Pucobre S.A – Best in Class Local Partner
PUCOBRE S.A – BEST IN CLASS LOCAL PARTNER 5 THE ONLY PRIMARY COPPER PRODUCER LISTED ON THE SANTIAGO STOCK EXCHANGE US$ 2.5 B Mkt Cap 2024: 35 kt Cu in con, 3 kt Cu cathode ‘El Espino’ (23.7% RCF), US$ 700 M Construction underway 145 Mt @ 0.55% Cu, 0.22 g/t Au. 26 ktpa Cu (con), 13 kozpa Au Named aft
Slide 12: PFS Focused on the Shallow Mineralization
PFS FOCUSED ON THE SHALLOW MINERALIZATION 5 LEACHABLE RESOURCES TYPICALLY OFFER LOW CAPITAL INTENSITY DEVELOPMENT OPTIONS EXTENSIVE OXIDE / TRANSITION / MIXED SURFACE COPPER MINERALIZATION AT BUEN RETIRO Shallow sulphide trend emerging in the North >1700 m continuous mineralization. South and Southw
Slide 13: A Large Copper Sulphide Prize Below
A LARGE COPPER SULPHIDE PRIZE BELOW 5 BUEN RETIRO IS AN ANALOGOUS SYSTEM TO CANDELARIA Long-section N of historical open pit – mineralization in the Upper Pucobre Formation Open to the northeast A major IP anomaly open at depth Most of the underground Candelaria resource is in the Lower Pucobre Form
Slide 14: Two Projects in One
TWO PROJECTS IN ONE 14 NON-OPERATED CASH FLOW POTENTIAL TO FUND SULPHIDE EXPLORATION Issued Share Capital 282,293,754 shares In-the-money Share & 24,325,000 options Warrant Premium (17.5 M @ 30,025,368 warrants 25c) C$4.3 M in 2026 336,644,122 fully diluted Cash C$ 9 M CORPORATE f itzr o ym i ner a
Slide 15: A High-Impact Months Ahead
A HIGH-IMPACT 12 MONTHS AHEAD BUEN RETIRO ON THE ROAD TO PRODUCTION. EXPLORATION AT CABALLOS & BUEN RETIRO Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Buen Retiro Copper Infill, sterilization, geotech drilling / metallurgy / MRE / engineering / baseline PFS (Initial) Chile ~C$5.5 M budget Passive Seismi
Slide 16: Caballos – A Discovery?
CABALLOS – A DISCOVERY? UNDER-EXPLORED, FERTILE FAIRWAY Los Pelambres 70 km to north Los Bronces 100 km to south Vizcachitas 20 km to southeast Surrounded by Majors Santiago 130 km south 16 f itzr o ym i ner a ls .c om
Slide 17: Caballos: Cu–Mo-Au-Ag-Re System
CABALLOS: Cu–Mo-Au-Ag-Re SYSTEM 18,000 ha DRILLING Strategic licences OPENS A NEW MINERALIZED 2,000 m elevation CORRIDOR Main anomalies 2x 1,200 m Long 200 m @ 0.46% Cu, IP, soil, rock, anomaly 0.06% Mo, 0.07 g/t Au, >10 km strike ‘Pocuro Fault Zone’ including: 98 m @ 0.78% Cu, 0.11% Mo, Mineralized
Slide 18: Grass-Roots Success – First Drillholes at Caballos
GRASS-ROOTS SUCCESS – FIRST DRILLHOLES AT CABALLOS NEW CU-MO-AU-AG-RE MINERALISING SYSTEM Molybdenum Surface Anomaly mapped 4.5-5x Cu, payable 1150 m x 150 m Sulphides Gold / Rhenium No oxides / transition Potential value CABALLOS 18 SULPHIDES 18
Slide 19: Use of Funds
Buen Retiro Buen Retiro PFS for Heap Leach C$5.5 million 12-month budget JV Aim To Discover « Candelaria 2 » Use of funds (12 months) • PFS infill / Geotech drilling 5,300 m • DIA baseline survey C$9 M • Metallurgical test work Option / Warrant Premium • Geophysics – Passive Seismic ANT = C$4.3 M •
Slide 20: Legally Binding Key Terms / Secure Title
LEGALLY BINDING KEY TERMS / SECURE TITLE SIGNED AS DEEDS BY “NOTARY PUBLIC” Option for 100% of Buen Retiro Option for 100% of Caballos Minimum Eligible Expenses (“EE”) of US$11.3 M By Minimum eligible expenses of US$7 M By US$7 M exploration / technical Aug 2027 US$5 M exploration / technical Q2 202
Slide 21: An Experienced Team Focused on Growth
AN EXPERIENCED TEAM FOCUSED ON GROWTH, MOMENTUM AND VALUE IN COPPER AND GOLD DISCOVERIES CRAIG PARRY MERLIN MARR-JOHNSON VICTOR FLORES CAMPBELL SMYTH TECHNICAL ADVISOR PRESIDENT AND CEO, DIRECTOR DIRECTOR CHAIRMAN, DIRECTOR Craig is a geologist with over 25 years of Merlin is a graduate in geology f
Slide 22: BRTHL JV
TSX-V: FTZ OTCQB: FTZFF FTZ.V C$164 M Mkt Cap Good liquidity C$9 M cash PFS started EXPLORING FOR COPPER. FINDING COPPER Buen Retiro Heap Leach JV with Pucobre? BRTHL Potential near-term, non- operated cash flow JV Exploration Upside TSX-V: FTZ a major FTZFF OTCQB: Buen Retiro: mineralised system Ca
Slide 23: Contact Us
TSX-V: FTZ OTCQB: FTZFF MERLIN MARR-JOHNSON President and CEO +44 (0) 7803712280 mmj@fitzroyminerals.com CONTACT US TSX-V: FTZ OTCQB: FTZFF info@fitzroyminerals.com www.fitzroyminerals.com
Slide 24: Innovations: >200 Years of Mining in Chile
>200 YEARS OF INNOVATION AND MINING IN CHILE Silver Cycle Saltpetre Cycle MINING CYCLES 1st Copper Cycle (Copiapo, British capital) 2nd Copper Cycle US Capital in Porphyries Nationalism Expansion of private investment, new mines 1820 1840 1860 1880 1900 1920 1940 1960 1980 2000 2020 INNOVATIONS 1905
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