Mr. Elmer Stewart reports

COPPER FOX PROVIDES CORPORATE UPDATE

Copper Fox Metals Inc. has provided an update on project activities, including the Schaft Creek project. The Schaft Creek project is managed through the Schaft Creek joint venture (SCJV), where Teck Resources Ltd. is the operator of the SCJV, holding a 75-per-cent interest, with Copper Fox holding the remaining 25-per-cent interest. The Schaft Creek copper-gold-molybdenum-silver deposit, located in northwestern British Columbia, is one of the largest undeveloped porphyry copper deposits in North America. The full 2023 Schaft Creek program (see news release dated March 2, 2023) is budgeted at $17.2-million, which is fully financed by Teck, pursuant to the SCJV agreement.

Highlights:

• The 2023 Schaft Creek program is in progress, with the geotechnical drilling focused on collecting data to inform and improve the pit design and life-of-mine strip ratio, and to gain a better understanding of the hydrogeology of the area. A total of 1,882 metres of drilling out of the planned 9,000-metre program has been completed.
• Environmental baseline data collection and community engagement programs are advancing as well at Schaft Creek.
• The metallurgical test work portion of the 2023 Schaft Creek program is progressing, with results expected by the end of November.
• Work toward completion of the updated mineral resource estimate at Eaglehead is progressing.
• Survey results from the airborne hyperspectral alteration mapping survey on the Sombrero Butte project have been received and are currently being reviewed in conjunction with the project database.
• At Mineral Mountain, the geophysical survey using the ORION 3-D Swath DCIP configuration has been completed. The 3-D modelling results of the survey are expected in September.
• The mineral solubility/mineralogical studies at the Van Dyke project have commenced.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "With completion of the surveys at Mineral Mountain and Sombrero Butte, both Laramide-age copper exploration projects in Arizona, it is expected that on conclusion of the interpretation and compilation of the survey results, these projects could transition to the next phase of exploration, being a maiden diamond drill program at Mineral Mountain and a project-wide deep penetrating geophysical survey at Sombrero Butte. The planned programs for the Schaft Creek, Van Dyke and Eaglehead projects are in progress, and project updates will be announced when results are received."

Qualified person

Mr. Stewart, MSc, PGeo, president and chief executive officer of Copper Fox, is the company's non-independent, nominated qualified person pursuant to National Instrument 43-101 -- Standards for Disclosure of Mineral Projects, and has reviewed the scientific and technical information disclosed in this news release.

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 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., the 100-per-cent interest in the Mineral Mountain and Sombrero Butte porphyry copper exploration projects located in Arizona, the 25-per-cent interest in the Schaft Creek joint venture with Teck Resources Ltd. on the Schaft Creek copper-gold-molybdenum-silver project, and the 100-per-cent-owned Eaglehead polymetallic porphyry copper project, each located in northwestern British Columbia.

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