Mr. Elmer Stewart reports

COPPER FOX PROVIDES CORPORATE UPDATE

Copper Fox Metals Inc. has provided a corporate update of activities.

Highlights:

• The resource estimate to support the preliminary economic assessment (PEA) for the Schaft Creek project, commissioned by Copper Fox, is expected to be announced before the end of March.
• The Mines Act permit for the Eaglehead property has been received and Copper Fox is proceeding with completing the acquisition of the project.
• The Bureau of Land Management (BLM) has rescinded the requirement to complete an environmental assessment (EA) on the Mineral Mountain project.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated, "These developments allow Copper Fox to complete the acquisition of the Eaglehead project, finalize 2021 exploration plans for the Eaglehead and Mineral Mountain projects, and complete the recently commissioned PEA for the Schaft Creek project."

Schaft Creek project

The resource estimate to support the PEA for the Schaft Creek project is being prepared by Tetra Tech Canada Inc. and Red Pennant Geoscience. Results are expected to be announced by the end of March, with the National Instrument 43-101 technical report being filed on SEDAR within 45 days of the announcement.

Eaglehead project

The Mines Act permit, authorizing mineral exploration activities at the Eaglehead property, has been received and allows Copper Fox to complete the 100-per-cent acquisition of the Eaglehead project. The 2021 exploration program consists of approximately 25 line kilometres of deep-penetrating geophysical surveying and mapping to determine the extent of the copper-gold-molybdenum-silver mineralization in the early Jurassic Eaglehead stock.

Mineral Mountain project

The BLM's decision to rescind the necessity of an EA at Mineral Mountain allows the company to proceed with the previously announced deep-penetrating geophysical (chargeability and resistivity) survey. The survey is reconnaissance in nature and will cover both porphyry targets within the property and focuses primarily on the large area of copper-molybdenum mineralization hosted in the Laramide-age multiphase intrusive stock.

Qualified person

Mr. Stewart, MSc, PGeol, president of Copper Fox, is the company's nominated qualified person pursuant to National Instrument 43-101 (Standards for Disclosure for Mineral Projects), 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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