Mr. Elmer Stewart reports

COPPER FOX FILES VAN DYKE TECHNICAL REPORT ON SEDAR

Copper Fox Metals Inc. and its wholly owned subsidiary, Desert Fox Van Dyke Co., have filed on SEDAR a National Instrument 43-101 technical report which includes an updated resource estimation for the Van Dyke copper project located in the Globe-Miami mining district of Arizona.

The technical report is titled "Technical Report and Updated Resource Estimate for the Van Dyke Copper Project" dated May 4, 2020, and was prepared by Moose Mountain Technical Services (MMTS). The effective date of the technical report is Jan. 9, 2020, and the resource estimate was disclosed in a news release dated March 25, 2020. Highlights are as follows.

Highlights:

1. The exploration potential for additional resources is extensive to the south and at depth.
2. Metallurgical testwork indicates that the deposit is amenable to recovery using in situ leaching (ISL) with an estimated metallurgical recovery of 90 per cent.
3. Recommendations include a combined eight-hole (4,500 metres) drilling, metallurgical, geotechnical and hydrogeological program estimated to cost $2.13-million (U.S.).
4. Additional engineering studies to update the PEA.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "The 2019 work has significantly changed the understanding of the origin and mineral potential of the Van Dyke project. The highlighted results of the updated resource estimate include: 1) an upgrade of a portion of the resource to the indicated category; 2) an overall 50-per-cent increase in soluble copper content; and 3) a potentially two km long extension of the Van Dyke deposit to the southwest. The technical report recommends a drilling program and additional engineering studies which highlights the exploration potential to add value by expanding the limits of the Van Dyke project."

The updated resource estimate for the Van Dyke project is summarized in the attached table (see news release dated March 25, 2020, for details).

               RESOURCE ESTIMATE FOR THE VAN DYKE DEPOSIT, EFFECTIVE DATE JAN. 9, 2020

                                                                                        Cu metal (Mlb)
Class      KTonnes (000)  Rec Cu (%)  TCu (%)  ASCu (%)  CNCu (%)  Recovery (%)  Soluble Cu  Total Cu

Indicated        97,637        0.24     0.33      0.23      0.04            90          517       717   
Inferred        168,026        0.19     0.27      0.17      0.04            90          699     1,007  

M (lb): millions of pounds
ASCu: acid soluble copper
CNCu: cyanide soluble copper
Rec Cu (per cent): estimated recoverable copper grade
Soluble Cu: sum of ASCu and CNCu
Total Cu: total copper

Notes for table   

(1) The reasonable prospects for eventual economic extraction shape has been created based on a copper 
    price of $2.80 (U.S.)/lb, employment of in situ leach extraction methods, processing costs of 60 U.S.
    cents per lb copper, and all-in operating and sustaining costs of $1.25 (U.S.)/tonne, a recovery of 
    90 per cent for total soluble copper and an average specific gravity of 2.6 t per cubic metre.

(2) Approximate drill hole spacings are 80 m for indicated mineral resources.

(3) The average dip of the deposit within the indicated and inferred mineral resource outlines is 20 
    degrees. Vertical thickness of the mineralized envelope ranges from 40 m to over 200 m.

(4) Numbers may not add due to rounding.

Cautionary note to investors

While the terms measured (mineral) resource, indicated (mineral) resource and inferred (mineral) resource are recognized and required by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, investors are cautioned that except for that portion of mineral resources classified as mineral reserves, mineral resources do not have demonstrated economic viability. Investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be upgraded into mineral reserves. Additionally, investors are cautioned that inferred mineral resources have a high degree of uncertainty as to their existence, as to whether they can be economically or legally mined, or will ever be upgraded to a higher category.

Investors are advised that current mineral resources are not current mineral reserves and do not have demonstrated economic viability.

Recommended exploration program

The recommended program is estimated to cost $2.13-million (U.S.); the main components of which are outlined below:

1. Diamond drilling and analysis: an eight-hole (4,500 m) program to test the extension of the Van Dyke deposit to the southwest and collect whole core samples for additional metallurgical testwork;
2. Down-hole geophysics: downhole acoustic televiewer survey to collect geotechnical data on rock mass characteristics such as fracture orientations and density;
3. Metallurgical testwork: six to eight pressure leach tests on whole core from select areas of the deposit to obtain additional data on copper recoveries, leach time, reagent consumption and solution chemistry;
4. Hydrogeology: installation of piezometers to obtain additional data on water level fluctuations and sampling points for groundwater geochemical analyses.

Recommendations for continuing engineering studies

Recommendations for continuing engineering studies include: run a pilot ISL test; update the cost estimate, geotechnical and water management studies; and then revise the Van Dyke ISL PEA project dated Dec. 18, 2015, using the updated resource estimate. The estimated cost for this work is $10-million (U.S.).

Exploration potential

Updating the geological model for the Van Dyke deposit included the review and compilation of all available historical geological, geophysical and drilling reports on work completed on the Van Dyke project since the late 1960s. In 1970, Occidental Minerals identified the Azurite target approximately two km south of the Van Dyke deposit.

The review completed in 2019 did not locate any reports on activities completed on the Azurite target, however, several maps showing the results of an induced potential survey and exploration activities for this target were reviewed. Historical exploration activities include: three drill holes; several long surface trenches; and nine outcrops containing secondary (azurite) copper mineralization.

The updated resource estimate combined with historical exploration results suggests that the area of the project extending from the southwest edge of the Van Dyke deposit to the Azurite target is a high-priority exploration target.

Qualified persons

Sue Bird, PEng, of MMTS is the qualified person (QP) who prepared the mineral resource estimate; T. Meintjes, PEng, of MMTS is the QP who completed the metallurgical review and analyses; and R. Lane, PGeo, of MMTS is the QP who compiled and reviewed the quality assurance/quality control for the resource estimate disclosed in this news release. Ms. Bird, as the QP, has approved the scientific and technical content of this news release. Elmer B. Stewart, MSc, PGeol, president of Copper Fox, is the company's nominated QP pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed the scientific and technical information disclosed in this news release. Mr. Stewart is not independent of Copper Fox.

About Copper Fox Metals Inc.

Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and United States subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 25-per-cent interest in the Schaft Creek joint venture with Teck Resources Ltd. on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia and a 100-per-cent ownership of the Van Dyke oxide copper project located in Miami, Ariz.

We seek Safe Harbor.