Mr. Elmer Stewart reports

COPPER FOX PROVIDES YEAR-END CORPORATE UPDATE

Copper Fox Metals Inc. has provided an overview of 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 Schaft Creek program (see news release dated March 2, 2023) budgeted at $17.2-million is fully financed by Teck, pursuant to the SCJV agreement.

Schaft Creek

The SCJV completed the 2023 field program in October. The multifaceted program focused on geotechnical drilling to improve the pit design, life-of-mine strip ratio and hydrogeological model of the proposed mine site. The metallurgical portion of the program is designed to better inform metal recoveries, process, comminution, concentrate quality and tailings characterization. In addition, environmental, archeological, wildlife and ecosystem field studies, and social baseline work were completed. Results of the various 2023 activities will be released upon receipt of the data from service providers.

Van Dyke

Two crucial factors in advancing the Van Dyke project are understanding solution chemistry and successfully advancing a decline to access the Van Dyke oxide copper deposit. The solubility/mineralogical test work data substantially reduce the risk of the generation of carbon dioxide gas and precipitation of gypsum during leaching, two factors that could significantly disrupt the leaching kinetics and projected copper production. The geotechnical investigation of the Gila conglomerate related to the proposed decline is under way and completion of the rehabilitation of selected drill holes is expected to commence in January, 2024. On successful completion of these activities, six hydrogeological monitoring and three water sampling stations would have been established to allow collection of hydrogeological data and sampling to monitor changes in water quality over time.

Eaglehead

The 2023 pit-constrained mineral resource estimation on the Eaglehead project (see news release dated Aug. 30, 2023) outlined an at-surface deposit and resulted in a combination of indicated and inferred resources. This resource estimate demonstrated a significant increase in tonnes and copper-gold-molybdenum-silver content and the open-ended nature of the mineralization. The study also indicated that approximately 50 per cent of the chargeability anomaly (both laterally and horizontally) hosting the mineralization in the Bornite and East zones has been tested by drilling.

Mineral Mountain

The deep-penetrating geophysical survey in combination with lithology, alteration and copper-molybdenum mineralization identified a near-surface drill target that measures approximately 1,200 metres by 900 m within a deeper, northeast-trending open-ended positive (greater than 18 milliradians) chargeability/resistivity anomaly measuring approximately 3,200 m by 1,200 m. The result of the geophysical survey suggests that the porphyry footprint could extend up to 3,000 m to the northeast into an area hosting several Laramide-age quartz monzonite and granodioritic stocks and dikes containing porphyry-style mineralization in oxidized, leached, quartz veins and veinlets. To protect the interpreted extension of the porphyry footprint, 80 additional Bureau of Land Management mining claims (see news release dated Nov. 22, 2023), and one Arizona exploration permit (610.5 hectares) have been acquired along the northeast portion of the project.

Sombrero Butte

Interpretation of the results of the 2023 hyperspectral survey and incorporation of these results into the project database are continuing. Results of the compilation will be announced when completed.

Corporate

The company formed a new wholly owned subsidiary, Desert Fox Mineral Mountain Co., in May to hold its interest in the Mineral Mountain project. In July, the company strengthened its executive by appointing Lynn Ball as vice-president of corporate affairs. The company closed a $1,878,010 private placement in September to continue financing its exploration and development activities. The investor relations contract with Creative Capital Corp. will terminate on Dec. 31, 2023, and the company thanks Jason Shepard for the services provided over the past year. The company is currently assessing its investor relations plans which will be announced when finalized.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "On Copper Fox-operated projects, our 2023 activities have achieved and, in some cases, exceeded program objectives and we look forward to continuing our success in 2024. At Schaft Creek, the SCJV completed the largest program undertaken since formation of the SCJV and was designed to investigate several project enhancements and augment the environmental, aquatic, wildlife, archeological and hydrogeological baseline data and establish stronger communal and business relationships with the Tahltan Nation."

Qualified person

Mr. Stewart, MSc, PGeo, president and CEO of Copper Fox, the company's non-independent, nominated qualified person pursuant to National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, 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 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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