Mr. Elmer Stewart reports

COPPER FOX ANNOUNCES CORPORATE UPDATE ON 2020 ACTIVITIES

Copper Fox Metals Inc. has provided a corporate update of activities and its preliminary exploration plans for 2020.

Highlights

• Preparation of the 2019 report of activities for the Schaft Creek joint venture is continuing. It is expected that the report should be completed by mid-July.
• District Copper has received conditional approval from the TSX Venture Exchange for the sale of its Eaglehead copper project to Northern Fox, a wholly owned subsidiary of Copper Fox Metals. The process of transferring the project permit and replacement of the reclamation bond is progressing.
• Geological field operations plans have been submitted to the authorities to perform further exploration work on the Mineral Mountain and Sombrero Butte projects in Arizona.
• The annual general meeting of shareholders for Copper Fox is to be held on Aug. 20, 2020.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "The COVID-19 pandemic has had a significant impact on the mineral industry by slowing and or delaying planned field activities. Completion of the 2019 Schaft Creek report by the Schaft Creek joint venture is our main priority. The company is working on a number of initiatives including completing the acquisition of the Eaglehead copper project located in the Liard mining district in British Columbia. On the operations front, Copper Fox is cautiously optimistic that limited field activities may still be possible in late 2020 on its Arizona projects."

Schaft Creek project

The Schaft Creek joint venture (SCJV) continues to work on summarizing results and conclusions from a sizing and infrastructure alternatives study derived from 2019 investigations on the 133,000 tonnes per day (same as 2013 feasibility study) mine plan scenario for the Schaft Creek project. The 2020 budget, in part a result of yet to be defined next steps for program work and COVID-19 pandemic-related restrictions, does not allow for a full field program to be carried out in 2020. However, the SCJV is still planning to conduct a reduced environmental field program in 2020. Copper Fox may, upon completion of the sizing and infrastructure alternatives study and its review and approval by the SCJV and securities and regulatory authorities, release key results and conclusions of the 2019 investigations.

Eaglehead acquisition

The proposed acquisition of a 100-per-cent interest in the Eaglehead porphyry copper-gold-molybdenum project located in Northern British Columbia has received the conditional approval of the TSX Venture Exchange. Closing of the proposed transaction is subject to Copper Fox obtaining a permit issued by the Ministry of Energy and Mines for the province of British Columbia to complete the transfer of mineral title and replacement of the reclamation bond for the project. It is not known when this process will be completed.

Mineral Mountain and Sombrero Butte projects

The 2019 exploration results on both copper projects has significantly advanced the technical understanding and mineral potential of each project. Copper Fox has submitted its geological field operations plan with the Arizona State Land Department and the Bureau of Land Management to obtain the permits required to conduct exploration activities.

Annual general meeting

The annual general meeting of shareholders (AGM) is scheduled to be held on Aug. 20, 2020. The AGM will be held by way of a webcast meeting whereby shareholders are invited to attend. Meeting material and instructions on how to attend the meeting will be provided in advance of the meeting date.

Qualified person

Elmer B. Stewart, MSc, PGeol, president of Copper Fox, is the company's nominated qualified person pursuant to National Instrument 43-101, Standards of 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.

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