Mr. Elmer Stewart reports

COPPER FOX ANNOUNCES 2023 SECOND QUARTER OPERATING AND FINANCIAL RESULTS

Copper Fox Metals Inc. has released its unaudited interim consolidated April 30, 2023, financial statements have been filed on SEDAR.

For the six months ended April 30, 2023, Copper Fox had a net loss of $533,608 (April 30, 2022 -- $612,002) which equated to a zero-cent loss per share (April 30, 2022 -- zero-cent loss per share).

During the six months ended April 30, 2023, the company incurred $324,201 in expenditures primarily furthering the development of the Van Dyke, Mineral Mountain and Eaglehead copper projects. Copies of the financial statements, notes, and related management 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 in this news release have been previously announced by way of news releases. All amounts are expressed in Canadian dollars unless otherwise stated.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "During the quarter activities included completing the second debenture payment on the Eaglehead project, monitoring activities at Schaft Creek and implementing the planned programs for the Van Dyke and Mineral Mountain projects. Preliminary results indicate that the drill hole rehabilitation program may be successful in establishing several hydrogeological monitoring stations at Van Dyke and the similarities to porphyry copper deposits in the Safford mining district in Arizona provides an explanation for the enhanced gold concentrations associated with the porphyry style copper mineralization at Mineral Mountain. Going forward, Copper Fox expects to complete the previously announced planned activities at Van Dyke and Mineral Mountain and focus activities toward a determination on the possibility of completing a resource estimation at Eaglehead along with completing a limited program at Sombrero Butte. At Schaft Creek, the $17.2-million, 2023 program is under way, it includes geotechnical/ metallurgical/resource drilling, metallurgical test work and monthly environmental sampling, all financed by Teck Resources Ltd. An update on the Schaft Creek 2023 field program is expected to be released after the next meeting of the Schaft Creek management committee which is scheduled for the end of June, 2023."

2023 Q2 highlights

• Provided final analytical results for the 4,688-metre, 2022 metallurgical drill program at the Schaft Creek project. The 2022 drill program was completed to complement metallurgical sampling coverage across the Schaft Creek project, with a focus on the early part of the mine life, to better inform metal recoveries, comminution characteristics and compliment the historical metallurgical testwork.
• Announced the 2023 exploration plans for the Mineral Mountain copper project that includes a geophysical survey employing Quantec's Orion 3-D Swath DCIP configuration and an update on the mapping program completed in advance of the planned geophysical survey.
• Provided an update of activities and plans for Van Dyke including initiating phase I of a hydrogeologic monitoring and testing program along with other activities.
• Ernesto Echavarria exercised a total of 21,666,667 common share purchase warrants of the company. As a result of the exercise of the warrants, together with prior acquisitions, Mr. Echavarria now holds an aggregate of 312,242,855 common shares of the company, representing approximately 56.84 per cent of the currently issued and outstanding shares.

Subsequent to the period-end

• Provided an update of recent activities and plans on its Van Dyke ISCR project which included Cascade Drilling and Technical Services commencing surge, bail and pump testing on four drill holes, the planning for the mineralogical, solubility, whole rock and trace element studies had been completed and planning and preparation of the sampling program to collect samples of the Gila conglomerate for unconfined compressive strength (UCS) tests for geotechnical purposes was continuing.
• Provided the results of compilation of recently acquired data in advance of the planned geophysical survey on its Mineral Mountain project. Highlights of the compilation are the modelling of analytical data outlined overlapping, northeast-trending zones of greater than 1,000 parts per million (ppm) copper and greater than 30 ppm molybdenum, the copper zone measures approximately 3,000 metres (m) by 700 m, and the molybdenum zone measures approximately 2,800 m by 600 m, these zones exhibit a strong spatial correlation to the chargeability signature identified in 2021 and whole rock geochemistry had outlined two distinct rock suites: a granodiorite-quartz diorite suite and a quartz monzonite suite. The recent sampling returned significant copper mineralization ranging from 1,620 to 27,200 ppm in granodiorite, quartz diorite and quartz monzonite intrusive phases of the Mineral Mountain intrusive.

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 April 30, 2023, the company's cash position was $928,641 (Oct. 31, 2022 -- $132,192).

About Copper Fox Metals Inc.

Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange and the OTC market and is 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 100-per-cent ownership of the Van Dyke oxide copper project located in Miami, Ariz., and 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. For more information on Copper Fox's other mineral properties and investments visit the company's website.

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