Mr. Elmer Stewart reports

COPPER FOX ANNOUNCES 2022 FOURTH QUARTER OPERATING AND FINANCIAL RESULTS

Copper Fox Metals Inc.'s audited annual consolidated Oct. 31, 2022, financial statements have been filed on SEDAR.

All the company's subsidiaries are wholly owned.

For the year ended Oct. 31, 2022, Copper Fox had a net loss of $1,290,966 (Oct. 31, 2021: $861,228), which equated to nil loss per share (Oct. 31, 2021: nil loss per share).

During the year ended Oct. 31, 2022, the company incurred $1,312,952 in expenditures toward furthering the development of its Schaft Creek and Van Dyke copper projects, as well as exploration of its Eaglehead, 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 in this news release have been previously announced by way of news releases.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "Activities during and subsequent to the year ended included analytical results of the 2022 metallurgical drilling program at Schaft Creek, which extended and increased continuity of the near-surface higher-grade mineralized zones reported in 2021. These results allow for the metallurgical testwork, one of the main project enhancements identified in the 2021 preliminary economic assessment, to commence. Following the positive results from the biological evaluation (BE) of the Van Dyke project, field operations to determine the possibility of rehabilitating selected drill holes is under way. The positive exploration results from the Sombrero Butte and Mineral Mountain porphyry copper projects continued to upgrade and support the porphyry potential on both projects. At Eaglehead, despite the delay of the planned 2022 drill program, the field operations resulted in expanding the limits of the porphyry-style mineralization and provided the information to allow the 3-D modelling of the four open-ended porphyry deposits located within the project area to begin."

Fourth quarter 2022 highlights:

• On Aug. 2, 2022, the company provided a summary of operations at the Eaglehead project.
• On Aug. 18, 2022, the company announced an update at the Mineral Mountain project detailing the 3-D modelling results.
• On Aug. 25, 2022, the company provided a summary of activities completed at the Eaglehead project in anticipation of receipt of the permit to conduct drilling operations.
• On Sept. 8, 2022, the company released the results of an early-stage BE of certain parts of the Van Dyke project and announced plans to commence phase 1 activities of the hydrogeologic monitoring program.
• On Sept. 14, 2022, the company announced that the proposed 2,500-metre drilling program on its Eaglehead project would be delayed due to non-receipt of the drilling permit.
• On Oct. 17, 2022, the company announced the completion of metallurgical drilling program at the Schaft Creek project by completing 4,688 metres in 11 drill holes focusing on collecting samples to complement historical metallurgical testwork.

Subsequent to the year ended:

• On Nov. 10, 2022, the company provided an update, as well as detailing plans, for its Van Dyke project.
• On Nov. 29, 2022, the company provided an update on the Eaglehead project, including receiving the Mines Act permit to conduct activities set out in the notice of work dated Feb. 1, 2022, from the B.C. Ministry of Mines.
• On Jan. 18, 2023, the company provided the analytical results for six of the 11 drill holes completed as part of the 2022 metallurgical drill program at the Schaft Creek project. The program expanded the coverage across the Schaft Creek deposit with a focus on the early part of the mine life to better inform metal recoveries and comminution characteristics. A wide range of metal concentrations were intersected in the six drill holes.

Warrant exercises

Subsequent to the fiscal year ended, the company has received 23,451,667 exercised warrants for total proceeds of $2,110,650.

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.

Liquidity

As at Oct. 31, 2022, the company's cash position was $132,192 (Oct. 31, 2021: $2,646,608), and as of the date of this news release, the company's cash position is $1,516,528.

About Copper Fox Metals Inc.

Copper Fox is a Tier 1 Canadian resource company 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 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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