Mr. Elmer Stewart reports

COPPER FOX ANNOUNCES 2020 THIRD QUARTER OPERATING AND FINANCIAL RESULTS

Copper Fox Metals Inc.'s unaudited interim consolidated July 31, 2020, financial statements have been filed on SEDAR.

All 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 Sept. 25, 2020.

For the nine months ended July 31, 2020, Copper Fox had a net loss of $845,158 (July 31, 2019 -- $5,438,843), which equated to a loss per share of $0 (July 31, 2019 -- one-cent loss per share).

During the nine months ended July 31, 2020, the company incurred $221,704 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, the company's website or by contacting the company directly. All references to planned activities and technical information contained within this news release have previously been announced in preceding news releases.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "The company continues to experience delays due to the COVID-19 pandemic. During the quarter, activities included preparation of the 2019 report of activities for the Schaft Creek joint venture, a limited environmental baseline monitoring field program at Schaft Creek and commencement of the preliminary economic assessment for the Van Dyke project. Delays in permitting and receipt of regulatory authorization have affected the timelines on the acquisition of the Eaglehead project, the environmental assessment at Mineral Mountain and the drone magnetic survey at Sombrero Butte."

Q3 2020 highlights:

• The 2019 report of activities for the Schaft Creek joint venture is expected to be completed by year-end. A limited environmental baseline monitoring field program focusing on climatology and hydrology data collection was completed in early September.
• The preliminary economic assessment of the Van Dyke project to quantify the economic impact of the increased soluble copper content and projected increased soluble copper recovery as highlighted in the 2020 resource estimate commenced.
• At the request of the Bureau of Land Management (BLM), the company commissioned an environmental assessment (EA) of the Mineral Mountain project. Copper Fox views this early-stage assessment as an opportunity to identify potential issues, if any, prior to commencing future drilling programs.
• The process to acquire the Eaglehead copper-gold project continued, with continuing discussions with the British Columbia Ministry of Energy and Mines and the relevant first nations groups, in an effort to obtain approval for the notice of work (NOW) for the project. Subsequent to Q3 2020, the company was advised that additional delays in approving the NOW were expected because of the continuing consultations between the province of British Columbia and first nations groups.
• Subsequent to Q3 2020, Copper Fox retained SWCA Consulting to conduct the requested EA of the Mineral Mountain project. Commencement of the EA is contingent on receipt of authorization from the BLM to complete the survey.
• Subsequent to Q3 2020, due to delays in receipt of regulatory approval for the Sombrero Butte field program and operational delays on other projects, the contractor was not able to complete the drone magnetic survey prior to the deadline dates for the three Arizona exploration permits. The survey has been rescheduled for early 2021, the timing of which will be announced on approval of an updated geologic field operations plan from the Arizona State Land Department.

Mr. Stewart, master of science, professional geologist, 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.

Liquidity

As of July 31, 2020, the company had $869,274 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 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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