Mr. Elmer Stewart reports

COPPER FOX COMMENCES UPDATED PRELIMINARY ECONOMIC ASSESSMENT ON THE VAN DYKE COPPER PROJECT

Copper Fox Metals Inc., through its wholly owned subsidiary Desert Fox Copper Inc., has engaged Moose Mountain Technical Services (MMTS) to update the 2015 preliminary economic assessment (PEA) on its 100-per-cent-owned Van Dyke in situ copper recovery (ISCR) project located in the Globe-Miami mining district in Arizona.

Elmer Stewart, president and chief executive officer of Copper Fox, stated: "Updating of the 2015 PEA is essential to determine the effects of the positive changes in resource classification and the substantial increase in soluble copper content that was reported in the 2020 updated resource estimate. The robust geological and updated copper recovery models combined with higher long-term copper pricing are expected to have a significant impact on both project economics and mine life, indicating that the Van Dyke project continues to prove itself as a serious competitor in the ISCR sector in Arizona."

Rationale for the updated PEA

In May, 2020, Copper Fox filed the "NI 43-101 Technical Report and Updated Resource Estimate for the Van Dyke Copper Project," effective date Jan. 9, 2020, with S. Bird, PEng, and R. Lane, PGeo, as qualified persons. The key highlights of the report included a portion of the resource classification being upgraded from inferred to indicated, an increase in the soluble copper content by 50 per cent and the projected soluble copper recovery to 90 per cent. The associated tables show the comparison and changes between the 2020 and the 2015 resource estimates for the Van Dyke project.

                                   2020 RESOURCE ESTIMATE

Class          Tonnes     TCu    ASCu     CNCu     RecCu   Recovery     Soluble Cu    Total Cu
               (000s)     (%)     (%)      (%)       (%)        (%)          (mlb)       (mlb)

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

TCu equals total copper.
Soluble Cu equals estimated pounds of recoverable copper. 
Mlb equals million pounds.
Mineral resources that are not mineral reserves do not have demonstrated economic viability.

    2015 INFERRED MINERAL RESOURCE ESTIMATE WITHIN POTENTIALLY ECONOMIC CONFINING SHAPE

Zone      Cut-off -- TCu     Tonnes      TCu     ASCu   ASCu/TCu     Total Cu        Oxide Cu
                     (%)     (000s)      (%)      (%)                   (mlb)           (mlb)

Oxide               0.05    113,143    0.434    0.284      0.676        1,083             704
Mixed               0.05     69,918    0.167    0.060      0.403          245              93
Total               0.05    183,061    0.332    0.198      0.598        1,328             797
    
TCu equals total copper.
Soluble Cu equals estimated pounds of recoverable copper. 
Mlb equals million pounds.
Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Not only will the updated PEA take into consideration the positive results of the 2020 updated resource estimate, it will also include the most up-to-date technical improvements for the ISCR process with the objective of reducing both the project's capital and operating costs. A summary of the base case economic results for the 2015 preliminary economic assessment on the Van Dyke project based on 797 million pounds of soluble copper content is shown in the associated table.

                  2015 PEA HIGHLIGHTS: VAN DYKE -- PROJECT
                                                                Unit        Base case

Life of mine (LOM)                                             years               11
Copper cathode sold                                       million lb            456.9
Copper price                                                  $US/lb            $3.00
Gross revenue                                                      $    1,370,000,000
Royalties                                                          $       31,500,000
Operating costs (includes LOM sustaining costs)                    $      619,800,000
LOM direct operating cost ($/pound recovered copper)     $/lb copper             0.60
All-in sustaining cost ($/pound recovered copper)        $/lb copper             1.44
Initial capital costs (includes 30% contingency)                   $      204,400,000
Taxes                                                              $      110,900,000
NPV and IRR (base case)
Discount rate                                                      %               8%
Pretax net free cash flow                                        $US      453,100,000
Pretax NPV                                                       $US      213,100,000
Pretax IRR                                                         %            35.5%
Payback                                                        years              3.3
Posttax net free cash flow                                       $US      342,200,000
Posttax NPV                                                      $US      149,500,000
Posttax IRR                                                        %            27.9%
Payback                                                        years              3.9

The results of the 2015 PEA are preliminary in nature as they include an inferred mineral resource, which is considered too speculative geologically to have the economic considerations applied that would enable them to be categorized as mineral reserves. There is no certainty that the PEA forecasts will be realized or that any of the resources will ever be upgraded to reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Mr. Stewart 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.

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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