Fitzroy Minerals Inc · TSXV:FTZ
Fitzroy Minerals — Investor Presentation (December 2025)
22 slides from Fitzroy Minerals's investor presentation, December 2025
Slide 1: Exploring for Copper. Finding Copper
TSX-V: FTZ OTCQB: FTZFF DECEMBER EXPLORING FOR COPPER. FINDING COPPER 2025 TSX-V: FTZ OTCQB: FTZFF Fitzroyminerals.com
Slide 2: Cautionary Statement on Forward-Looking Information
TSX-V: FTZ CAUTIONARY STATEMENT ON OTCQB: FTZFF 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, pu
Slide 3: Chile. The Copper Snapshot
TSX-V: FTZ OTCQB: FTZFF FTZ.V C$103 M • Good liquidity Chile. • C$11 M cash Punta del Cobre The Candelaria Copper Manto Verde Country La Farola PEA started Look-alike geology • Buen Retiro Heap Leach JV with Pucobre? Buen • Potential near-term, Retiro non-operated cash Flagship flow Asset Major Disc
Slide 4: Over 200 Years of Innovation and Mining in Chile
TSX-V: FTZ >200 YEARS OF INNOVATION AND MINING IN CHILE OTCQB: FTZFF Silver Cycle Saltpetre Cycle MINING CYCLES 1st Copper Cycle (Copiapo, British capital) 2nd Copper Cycle US Capital in Porphyries Nationalism Expansion of private investment, new mines 1820 1840 1860 1880 1900 1920 1940 1960 1980 20
Slide 5: Chile Is a Copper Mining Country
TSX-V: FTZ CHILE IS A COPPER MINING COUNTRY… OTCQB: FTZFF14 POLITICAL SHIFT TO THE RIGHT. CONGRESS & CHAMBER OF DEPUTIES ALREADY CENTRE RIGHT >50,000 tpa fine Cu, royalty +1% & variable tax on income Chilean Exports 2024 US$ 100 Billion (61% Cu) “BORIC” REFORMS Concession holding costs increase if i
Slide 6: But Production Growth Is Difficult
TSX-V: FTZ …BUT PRODUCTION GROWTH IS DIFFICULT OTCQB: FTZFF14 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 Fla
Slide 7: The Forecast Copper Crunch Is Driving Value
TSX-V: FTZ THE FORECAST COPPER CRUNCH IS DRIVING VALUE OTCQB: FTZFF14 GREAT ASSETS CUT THROUGH DECLINING (REAL) COPPER PRICES Real Copper Price (rebased, Cu/Au) 2 1.8 1.6 1.4 1.2 1 CAPSTONE COPPER LUNDIN MINING C$ 9.0 B Mkt Cap C$ 21.9 B Mkt Cap 0.8 Manto Verde, Chile (30% Mitsubishi) Candelaria, Ch
Slide 8: Buen Retiro and Manto Verde
Hem*. stockwork Coarse cpy** Hem. breccia Calcite-speculariteŦ-cpy TSX-V: FTZ OTCQB: FTZFF Manto Verde Buen Retiro *Hematite **Chalcopyrite Ŧspecularite = a flaky form of hematite f itzr o ym i ner a ls .c om 8
Slide 9: Candelaria
Upper P.del Cobre Fm with cpy veinlets Fine tuff (Lower T.del Cu Fm) with cpy stringer Upper P.del Cobre Fm with cpy stringers Upper P.del Cobre Fm with cpy TSX-V: FTZ OTCQB: FTZFF Candelaria Buen Retiro Upper P.del Cobre Fm with cpy veinlets Fine andesite with disseminated cpy Upper P.del Cobre Fm
Slide 10: Candelaria
Albitized Zone Albitized Zone Hornfels Massive Cpy TSX-V: FTZ OTCQB: FTZFF Candelaria Buen Retiro Albitized Zone Albitized Zone And+Hornfels Hornfels Semi-massive Cpy f itzr o ym i ner a ls .c om 10
Slide 11: Buen Retiro Is Several Projects in One
BUEN RETIRO IS SEVERAL PROJECTS IN ONE TSX-V: FTZ OTCQB: FTZFF5 Heap Leach JV Proven Partner Infrastructure Advantages Non-operated cash-flow Low capital intensity Fresh Sulphide Discovery Potential* • Candelaria-style geology Manto Negro • Manto Verde-style geology Mine • La Farola-style geology *
Slide 12: Pucobre S.A – Best in Class Local Partner
PUCOBRE S.A – BEST IN CLASS LOCAL PARTNER TSX-V: FTZ OTCQB: FTZFF5 THE ONLY PRIMARY COPPER PRODUCER LISTED ON THE SANTIAGO STOCK EXCHANGE US$ 1 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),
Slide 13: PEA Focused on the Shallow Mineralization
PEA FOCUSED ON THE SHALLOW MINERALIZATION TSX-V: FTZ OTCQB: FTZFF5 LEACHABLE RESOURCES TYPICALLY OFFER LOW CAPITAL INTENSITY DEVELOPMENT OPTIONS EXTENSIVE OXIDE / TRANSITION / MIXED SURFACE COPPER MINERALIZATION AT BUEN RETIRO >1400 m continuous mineralization. South and Southwest Areas linking up D
Slide 14: A Large Copper Sulphide Prize Below
TSX-V: FTZ A LARGE COPPER SULPHIDE PRIZE BELOW OTCQB: FTZFF5 BUEN RETIRO TAPPING INTO DEEP STRUCTURES / GEOPHYSICAL ANOMALIES N-S magnetic section shows major anomaly with deep roots in the south… …and a major IP anomaly open at depth BUEN 14 RETIRO SULPHIDES – THE EXPLORATION UPSIDE f itzr o ym i n
Slide 15: Two Projects in One
TSX-V: FTZ TWO PROJECTS IN ONE OTCQB: FTZFF14 NON-OPERATED CASH FLOW POTENTIAL TO FUND SULPHIDE EXPLORATION Issued Share Capital 274,618,429 shares In-the-money Share & 20,685,000 options Warrant Premium (24.1 M @ 35,480,501 warrants 22.4c ave.) C$5.4 M in 2026 330,783,930 fully diluted Cash C$ 11 M
Slide 16: A High-Impact Months Ahead
TSX-V: FTZ A HIGH-IMPACT 12 MONTHS AHEAD OTCQB: FTZFF BUEN RETIRO ON THE ROAD TO PRODUCTION. EXPLORATION AT CABALLOS & BUEN RETIRO Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Buen Retiro Copper Infill, sterilization, geotech drilling / metallurgy / MRE / engineering / baseline PEA (Initial) Chile ~C$5.5
Slide 17: Caballos: Cu–Mo-Au-Re System
TSX-V: FTZ CABALLOS: Cu–Mo-Au-Re SYSTEM OTCQB: FTZFF DRILLING OPENS A NEW MINERALIZED CORRIDOR 200 m @ 0.46% Cu, 0.06% Mo, 0.07 g/t Au, 18,000 ha including: Strategic licences 98 m @ 0.78% Cu, 0.11% Mo, 0.12 g/t Au 2,000 m elevation Main anomalies 2x 1,200 m Long IP, soil, rock, anomaly >10 km strik
Slide 18: Use of Funds
TSX-V: FTZ OTCQB: FTZFF Buen Retiro Buen Retiro PEA for Heap C$5.5 million 12-month budget Leach JV Explore depth (sulphide) potential Use of funds (12 months) • Additional 3,000 m DD and RC in 2025 (11,000 m total, 9,000 m is already drilled) C$11 M • Infill drilling in H1 2026 • DIA baseline surve
Slide 19: Legally Binding Key Terms / Secure Title
TSX-V: FTZ LEGALLY BINDING KEY TERMS / SECURE TITLE OTCQB: FTZFF SIGNED AS DEEDS BY “NOTARY PUBLIC” Option for 100% of Buen Retiro Option for 100% of Caballos Minimum eligible expenses of US$11 M By Minimum eligible expenses of US$7 M By US$7 M exploration / technical Aug 2027 US$5 M exploration / t
Slide 20: An Experienced Team Focused on Growth, Momentum and Value
TSX-V: FTZ AN EXPERIENCED TEAM FOCUSED ON OTCQB: FTZFF GROWTH, MOMENTUM AND VALUE IN COPPER AND GOLD DISCOVERIES CAMPBELL SMYTH MERLIN MARR-JOHNSON MARY GILZEAN CRAIG PARRY CHAIRMAN, DIRECTOR PRESIDENT AND CEO, DIRECTOR DIRECTOR TECHNICAL ADVISOR Campbell received a Bachelor of Commerce Merlin is a
Slide 21: Exploring for Copper. Finding Copper
TSX-V: FTZ OTCQB: FTZFF FTZ.V C$103 M Mkt Cap Good liquidity C$11 M cash PEA started Buen Retiro Heap Leach JV EXPLORING FOR COPPER. FINDING COPPER with Pucobre? Potential near-term, non- operated cash flow Exploration Upside Buen Retiro: a major mineralised system Caballos: newly identified potenti
Slide 22: 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
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