Fitzroy Minerals Announces Extension of Ptolemy Mining Exclusivity Period

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VANCOUVER, British Columbia - (NewMediaWire) - September 27, 2024 - Fitzroy Minerals Inc. (TSXV: FTZ) (OTCQB: FTZFF) ("Fitzroy Minerals" or the "Company") is pleased to announce it has entered into an extension agreement (the "Extension Agreement") with Ptolemy Mining Limited ("Ptolemy") to extend the exclusivity period (the "Exclusivity Period") provided for under the exclusivity letter agreement (the "Exclusivity Agreement") dated June 25, 2024 between the Company and Ptolemy.

Pursuant to the Exclusivity Agreement, Ptolemy granted the Company an Exclusivity Period of 90 days to complete its technical, financial and legal due diligence investigations and to negotiate a definitive acquisition agreement to acquire all of the issued and outstanding ordinary shares of Ptolemy, or all of the assets of Ptolemy (the "Acquisition").

Pursuant to the Extension Agreement, in consideration for an extension fee of USD$100,000, Ptolemy has granted the Company an extension of the Exclusivity Period for an additional 90 days (ending December 22, 2024).

If the Company decides to proceed with the Acquisition, it will be subject to certain conditions to be determined between the parties, which will include, without limitation, the approval of the TSX Venture Exchange ("Exchange"). For more information regarding Ptolemy or the Acquisition, please see the Company's press release dated June 27, 2024.

About Fitzroy Minerals

Fitzroy Minerals is focused on exploring and developing mineral assets with substantial upside potential in the Americas. The Company's current property portfolio includes the Caballos Copper and Polimet Gold-Copper-Silver projects located in Valparaiso, Chile and the Taquetren Gold project located in Rio Negro, Argentina, as well as the Cariboo project in British Columbia, Canada. Fitzroy Minerals' shares are listed on the Exchange under the symbol FTZ and on the OTCQB under the symbol FTZFF.

On behalf of Fitzroy Minerals Inc.

Merlin Marr-Johnson
President and CEO

For further information, please contact:

Merlin Marr-Johnson
[email protected]
+1 604-505-4554

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

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements that relate to the completion of the Acquisition, and timely receipt of all necessary approvals, including any requisite approval of the Exchange, and exploration plans of the Company.