Mr. Elmer Stewart reports

COPPER FOX ANNOUNCES Q2 2020 OPERATING AND FINANCIAL RESULTS

Copper Fox Metals Inc.'s three and six months ended April 30, 2020, unaudited interim consolidated financial statements and management's discussion and analysis have been filed on SEDAR.

All of the company's material subsidiaries are wholly owned, except for District Copper Corp., of which the company owns 24.30 per cent of the outstanding common shares as of June 25, 2020.

For the six months ended April 30, 2020, Copper Fox had a net loss of $375,725 (April 30, 2019: $4,975,881), which equated to a nil loss per share (April 30, 2019: nil loss per share).

During the six months ended April 30, 2020, the company incurred $152,313 in expenditures toward furthering the development of its Schaft Creek, Van Dyke, Sombrero Butte and Mineral Mountain copper projects. Copies of the financial statements, notes, and related management's discussion and analysis may be obtained on SEDAR or the company's website or by contacting the company directly. All references to planned activities and technical information contained herein have been previously announced by way of news releases.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "The restrictions related to the COVID-19 pandemic has delayed execution and completion of planned 2020 activities. During Q2 2020, work on the 2019 Schaft Creek report of activities by the Schaft Creek joint venture has progressed, and the report is expected to be finalized mid-July. Other activities during Q2 2020 included completion of the updated resource estimate for the Van Dyke project, as well as progress on the acquisition of the Eaglehead copper project with receipt of conditional approval from the TSX Venture Exchange, as well as filing notices of planned geological field operation plans on its Arizona projects in anticipation of conducting limited field operations in 2020."

Second quarter 2020 highlights:

• Work continued on the 2019 report of activities for the Schaft Creek joint venture. The report is expected to be completed during the third quarter 2020 (see news release dated June 19, 2020).
• The company entered into a property sales agreement with District, where District has agreed to sell to Northern Fox, a wholly owned subsidiary of Copper Fox, all of its rights, title and interest in its Eaglehead copper project located in the Liard mining division of Northern British Columbia.
• The updated resource estimate for the Van Dyke project resulted in classifying a significant portion of the resource as indicated, a significant increase in soluble copper metal and higher soluble copper recoveries for the Van Dyke deposit.
• Copper Fox closed its non-brokered private placement to raise up to $1.8-million in gross proceeds. The offering raised gross proceeds of $1,723,240 through the sale of 28,720,669 units at a price of six cents per unit. Each unit consisted of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share for an exercise price of nine cents during the 36-month period after the closing of the offering and 12 cents during the 12-month period thereafter. If the 20-day volume-weighted average price of the common shares listed on the TSX Venture Exchange is above 15 cents, the expiry date of the warrants will be accelerated to a date that is 30 days after the first date such threshold is met.

Subsequent to the period:

• On May 5, 2020, Copper Fox reported that it filed on SEDAR a National Instrument 43-101 technical report titled "Technical Report and Updated Resource Estimate for the Van Dyke Copper Project" dated May 4, 2020, prepared by Moose Mountain Technical Services, which includes an updated resource estimation for the Van Dyke copper project located in the Globe-Miami mining district of Arizona (see news release dated March 25, 2020). The technical report concluded that potential for additional resources is extensive to the south and at depth and that soluble copper recovery of 90 per cent should be achievable. The report recommended a combined eight-hole (4,500 metres) drilling, metallurgical, geotechnical and hydrogeological program estimated to cost $2.13-million (U.S.) and additional engineering studies, including a pilot ISCR test and updating cost estimates and geotechnical and water management studies, at an estimated cost of $10-million (U.S.).
• On May 21, 2020, the company announced its intention to extend the expiry dates of 24,549,665 outstanding warrants for one year. The warrants were originally issued on June 30, 2016, July 27, 2017, and June 14, 2018, respectively, in connection with private placements of units consisting of common shares and warrants of the company. These warrants continue to be exercisable at their original exercise price. The TSX Venture Exchange consented to the extension of the expiry dates of the warrants on May 26, 2020.
• On May 21, 2020, District announced that it had received conditional approval from the TSX Venture Exchange for the proposed sale of the Eaglehead property to Northern Fox, a wholly owned subsidiary of Copper Fox.
• On June 19, 2020, Copper Fox provided an update on the Schaft Creek joint venture, progress on the acquisition of the Eaglehead copper project and filing of geological field operations plans to perform further exploration work on its 100-per-cent-owned Mineral Mountain and Sombrero Butte projects in Arizona.

Elmer B. Stewart, MSc, PGeol, president of Copper Fox, is the company's non-independent, nominated qualified person pursuant to National Instrument 43-101 (Standards for Disclosure for Mineral Projects), and has reviewed and approves the scientific and technical information disclosed in this news release.

                                             SELECTED FINANCIAL RESULTS

                                      Three months         Three months         Three months         Three months
                                             ended                ended                ended                ended
                                          April 30,             Jan. 31,             Oct. 31,             July 31,
                                              2020                 2020                 2019                 2019

Loss before taxes                         $375,725             $205,572             $289,922             $270,252
Net loss                                   375,725              205,572              188,765              270,252
Comprehensive (gain)/loss                 (283,957)             139,438              257,746              528,250
Comprehensive (gain)/loss
per share, basic and diluted                 (0.00)                0.00                 0.00                 0.00
                                         ---------            ---------            ---------            ---------

                                      Three months         Three months         Three months         Three months
                                             ended                ended                ended                ended
                                          April 30,             Jan. 31,             Oct. 31,             July 31,
                                              2019                 2019                 2018                 2018

Loss before taxes                       $1,974,306             $195,607             $256,899             $620,441
Net (gain)/loss                          1,974,306              195,607               (8,001)             620,441
Comprehensive (gain)/loss                1,732,808              197,607              226,205              456,739
Comprehensive (gain)/loss
per share, basic and diluted                  0.00                 0.00                 0.00                 0.00
                                         ---------            ---------            ---------            ---------

Liquidity

As at April 30, 2020, the company had $1,357,566 in cash (Oct. 31, 2019: $374,507).

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 U.S. subsidiaries, being Northern Fox Copper and Desert Fox Copper, 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.