Mr. Elmer Stewart reports

COPPER FOX ANNOUNCES UPDATED MINERAL RESOURCE ESTIMATE FOR THE EAGLEHEAD PROJECT IN BRITISH COLUMBIA

Copper Fox Metals Inc. has released the results of an updated mineral resource estimate (MRE) on its 100-per-cent-owned Eaglehead copper-gold-molybdenum-silver porphyry copper project located in northwestern British Columbia. The MRE was prepared by Moose Mountain Technical Services ("MMTS") in accordance with National Instrument 43-101 ("NI 43-101") standards (May 9, 2016), CIM Definition Standards (May 19, 2014) with guidance from CIM Best Practice Guidelines (November 29, 2019). For reporting purposes, a C$5.50 net smelter return ("NSR") is considered the base case for the MRE.

Elmer B. Stewart, President and CEO of Copper Fox stated, "This mineral resource estimate is a key milestone for Eaglehead as it is the first time an indicated mineral resource has been reported on the project. The current pit constrained resource estimate resulted from the geological modelling and compilation completed over the past year and shows a significant increase in project resources when compared to previous historical resource estimates. The spatial distribution of the alteration, mineral zonation, and style of mineralization indicates that the current mineral resource represents the upper level of a potentially much larger, open ended porphyry copper deposit. The zones of porphyry style mineralization are open at depth and along strike and indicates potential to significantly expand the project resource base. The Company is currently evaluating the MRE and plans to use these results to develop a program to continue testing the resource potential of the project."

Resource Estimate

The MRE for the Eaglehead project, as prepared by MMTS, is summarized in Table 1 below. The effective date of the MRE is August 21, 2023. Parameters used to define the "reasonable prospects of eventual economic extraction" pit are summarized in the Notes to Table 1. The NI 43-101 Technical Report disclosing the MRE will be filed on SEDAR+ within 45 days.

Geological Model

Eaglehead is an early Jurassic calc-alkaline Cu-Mo-Au-Ag porphyry deposit located approximately 50 kilometers ("km") east of Dease Lake hosted in the prolific Quesnel terrane in northwestern British Columbia, Canada. The deposit consists of four distinct mineralized zones as described below.

The East and Bornite zones are underlain by porphyritic biotite granodiorite intruding quartz porphyry and hornblende quartz diorite. The mineralization outcrops below the glacial overburden and is open at depth and both across and along strike. The copper mineralization is associated with potassic and texturally destructive sericite-chlorite alteration hosted in crosscutting, multi-phase quartz-sulphide veins and quartz vein stockworks that contain significant concentrations of gold-molybdenum-silver. The most intense alteration and highest copper grades are related to zones of increased vein and fracture density and late-stage magmatic breccia. Chalcopyrite, bornite, and pyrite also occurs as disseminations in the host rock.

The Pass and Camp zones are underlain by porphyritic biotite granodiorite and quartz porphyry intruded by generally thin, 2-5 meter ('m'), crowded quartz feldspar and quartz feldspar porphyry dikes. In general, these zones were drill tested by shallow drilling (+/-150m vertical) with only two drill holes located on the south side of the Pass zone extending to significant depth (+/- 500m). Near surface, the dominant copper sulphide is chalcopyrite. The mineralization is primarily copper-silver with sporadic gold-molybdenum concentrations increasing at depth. The copper mineralization is associated with texturally destructive sericite-chlorite and lesser amounts of potassic alteration. Propylitic alteration is dominant outward of the sericite-chlorite and potassic alteration. Chalcopyrite occurs primarily in crosscutting, multi-phase quartz-sulphide veins and quartz vein stockworks. At depth in the two deep drill holes in the Pass zone the chalcopyrite bearing veins contain increasing concentrations of bornite and molybdenite. The most intense alteration and highest copper grades are related to zones of increased vein and fracture density. Chalcopyrite, pyrite, and trace bornite also occurs as disseminations in the host rock.

Resource Estimate MethodologyExploration Data AnalysisThe exploration data and analytical database was verified by preparation and review of histograms, scatter plots, mean grades, coefficients of variation (CVs) and spatial review of mineralization patterns.

DomainsInterpolations domains have been created using the geologic model as a guideline and producing four main mineralized domains with an additional domain of an overall strike length of approximately 4.5 km, as illustrated in the figure below. For clarity Figure 1 does not show the "halo" domain, instead illustrating the Cu in the drillholes which the "halo" domain encompasses. "Firm" boundaries allowing sample sharing during the first pass of the interpolation (between 15m-60m depending on domain) have been used for the "halo" domain with the four main mineralized zones.

Bulk Density

Bulk density has been assigned based on 2,484 measurements by lithology as between 2.66 and 2.72.

Capping and Outlier RestrictionCapping of the high-grade assays has been done prior to compositing to reduce the influence of very high grades. Outlier restriction during interpolation was applied to the composites to further reduce the influence of anomalously high grades and to ensure that the modelled grades and metal content validate with the data. The values of capping and outlier restriction are provided in the table below. At distance beyond 5m the composites are essentially capped at the outlier value.

Composites

The data has been composited to 5m intervals, honoring the domain boundaries. Samples less than 2.5m were merged with the composite sample above to homogenize sample support. Weighted mean grades of the assays and composites data have been compared to ensure no bias was introduced by the compositing process.

Variography

Variograms for each domain have been modelled for copper in order to aid in the determination of Classification parameters for the resource.

Estimation Interpolation Methods

Copper, molybdenum, gold, and silver have been estimated using inverse distance squared (ID2) with nearest neighbour (NN) estimates generated for validation. Interpolation has been done in five passes for each domain with search orientation based on variography and geologic modelling and search distances increasing with each pass up to 1.5 times the ranges found for the Cu variograms. Blocks were estimated using a minimum of four and a maximum of 12 composites with a maximum of 2 composites per drill hole for the first 4 passes. The final pass uses a minimum of 2, a maximum of 8 and minimum of 2 composites per drillhole.

Block Model Validation

Several validation techniques have been utilised to ensure that the estimates are reasonable. The global grades of the model with the de-clustered composites have been compared to ensure no bias was introduced. In addition, the total metal content for each metal at various cutoff have been compared to ensure that the total metal compares well to that of data. Grade-tonnage curves have ben created to ensure that the appropriate smoothing of modelled grades has been accomplished with no over-prediction of metal throughout the grade distributions. Swath plots comparing the de-clustered composite grade to the ID2 modelled estimate in Easing, Northing and Elevation were completed to ensure the model is spatially predicting grade correctly. Visual comparisons on section and plan were also done to ensure the model compares well to the assay grades.

Resource Estimate UncertaintyAreas of uncertainty that may materially impact the mineral resource estimate include changes to: long-term metal price assumptions; interpretations of mineralization geometry, fault geometry and continuity of mineralized zones; NSR used to constrain the estimates; the regression equation used to fill in missing gold and silver values; metallurgical recovery assumptions; input assumptions used to derive the conceptual open pit outlines used to constrain the estimate; variations in geotechnical, hydrogeological and mining assumptions and environmental, permitting and social license assumptions.

There are no other known environmental, legal, title, taxation, socioeconomic, marketing, political or other relevant factors that would materially affect the estimation of mineral resources that are not discussed in this news release.

Cautionary Note to InvestorsWhile the terms "indicated (mineral) resource" and "inferred (mineral) resource" are recognized and required by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, investors are cautioned that except for that portion of mineral resources classified as mineral reserves, mineral resources do not have demonstrated economic viability. Investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be upgraded into mineral reserves. Additionally, investors are cautioned that inferred mineral resources have a high degree of uncertainty as to their existence, as to whether they can be economically or legally mined, or will ever be upgraded to a higher category.

United States investors are advised that current Mineral Resources are not current Mineral Reserves and do not have demonstrated economic viability.

Qualified PersonsMs. Sue Bird - P.Eng., of MMTS is the Qualified Person ("QP") who prepared the mineral resource estimate, and compiled and reviewed the mineral resource estimate disclosed in this news release. Ms. Bird, as the QP, has approved the scientific and technical content of this news release. Elmer B. Stewart, MSc. P.Geo., President of Copper Fox, is the Company's nominated QP pursuant to NI 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 FoxCopper 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% ownership of the Van Dyke oxide copper project located in Miami, AZ, the 100% interest in the Mineral Mountain and Sombrero Butte porphyry copper exploration projects located in Arizona, the 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project and the 100% owned Eaglehead polymetallic porphyry copper project, each located in northwestern British Columbia. For more information on Copper Fox's mineral properties and investments visit the Company's website at copperfoxmetals.com.

We seek Safe Harbor.