Fitzroy Minerals : 2026 Second Quarter Report MDA

About this update from Fitzroy Minerals Inc

Effective Date This Management's Discussion and Analysis ("MD&A") provides relevant information on the operations and financial results of Fitzroy Minerals Inc. (the "Company") for the six months ended March 31, 2026 and 2025. It should be read in conjunction with the Company's unaudited condensed interim consolidated financial statements for the six months ended March 31, 2026 and 2025 (the "Interim Financial Statements") and the audited financial statements for the year ended September 30, 2025 (the "Annual Financial Statements"), and related notes thereto. The unaudited condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board and can be found on SEDAR+ at www.sedarplus.com and the Company's website www.fitzroyminerals.com. All monetary amounts in this MD&A and in the Company's unaudited condensed interim consolidated financial statements are expressed in Canadian Dollars, unless otherwise stated. The effective date of this MD&A is June 1, 2026. Forward-Looking Information Certain statements contained in the following MD&A constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from actual future results and achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. Readers are also advised to consider such forward-looking statements while considering the risks set forth below. Caution Regarding Forward-Looking Statements Except for statements of historical fact relating to the Company, certain information contained in this MD&A constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the potential of the Company's properties; the future price of gold, silver, and copper; the success of exploration activities; cost and timing of future exploration and development; the estimation of mineral reserves and mineral resources; conclusions o...

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