Mr. Elmer Stewart reports

COPPER FOX PROVIDES UPDATE ON SCHAFT CREEK PROGRAM

Copper Fox Metals Inc. has provided its shareholders an update on 2023 activities on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia. The Schaft Creek project is managed through the Schaft Creek Joint Venture ("SCJV"). Teck Resources Limited ("Teck") is the Operator of the SCJV and holds a 75% interest, with Copper Fox holding the remaining 25% interest. The details of the planned 2023 Schaft Creek program are set out in a news release dated March 2, 2023. The budget for the 2023 Schaft Creek program is $17.2 million, fully funded by Teck.

Highlights

The 2023 Schaft Creek geotechnical drilling program is focused on collecting data to inform and optimize the pit design, life of mine strip ratio, and to gain a better understanding of the pit slope hydrogeology. A total of 3,062 meters has been drilled to date with 4 complete holes and 4 holes in progress.

Community engagement with the Tahltan Nation is continuing.

The metallurgical testwork (76 samples) portion of the 2023 Schaft Creek program is progressing with results expected by the end of November. The variability sampling will provide an update of copper, gold, molybdenum, and silver recovery in addition to comminution data. The test program will also characterize tailings material which will better inform planned tailings management and storage.

Hydrogeological, environmental, and social baseline work is ongoing. The planned archeological, wildlife, and ecosystem field studies for 2023 have been completed.

Elmer B. Stewart, President and CEO of Copper Fox, stated, "We are pleased to see the progress in collecting data to further investigate two of the project enhancements outlined in the 2021 Schaft Creek Preliminary Economic Assessment. Geotechnical drilling is being completed up-slope of the Schaft Creek deposit in an area of extensively broken and fractured rock. While the drilling is progressing slower than expected, most importantly by the end of the 2023 program, eight additional drillholes will have been completed in the "high wall" of the Schaft Creek deposit. The metallurgical and monthly environmental sampling programs are ongoing. The planned archeological, ecosystem and hydrogeological field studies for 2023 have been completed. Aligning these activities with the cultural and social traditions of the Tahltan Nation is a fundamental aspect of the Schaft Creek program."

Metallurgical Sampling

The final test results for the 76 samples selected from 2021/22 drillholes are expected to be completed in November. These test results expand the metallurgical coverage across the geometallurgical domains within the Liard and Paramount zones of the Schaft Creek deposit to better inform controls on metal recovery, metallurgical variability within geometallurgical domains, comminution, flotation, and tailings characterization.

Drilling Program

The 2023 geotechnical drilling program is focused on expanding geotechnical data coverage across the proposed mine plan to support an updated mine plan design. The geotechnical drillholes are being completed in an area of extensively fractured and broken rock located on the east pit slope wall of the Schaft Creek deposit. The eight drillholes expanded the area covered by geotechnical drilling and collected data at several elevations of the proposed pit slope. These drillholes are also being used to investigate the hydrogeology of the pit slope and sampling for waste rock characterization testwork. Mineralization, where intersected, is being sampled for analytical purposes.

Studies

Wildlife and ecosystem studies are being conducted in areas upstream and downstream of the Schaft Creek project with archaeological investigations focused in the area surrounding the Schaft Creek deposit in conjunction/ consultation with the Tahltan Nation. The field data collection planned for 2023 has been completed and results of these studies are being compiled. Additional work is planned for future years. In addition to these studies, monthly hydrogeological and water sampling continues.

Elmer B. Stewart, MSc. P. Geol., President and CEO 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.

About Copper Fox

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% 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 other mineral properties and investments visit the Company's website at http://www.copperfoxmetals.com.

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