Mr. Elmer Stewart reports

COPPER FOX PROVIDES ANALYTICAL RESULTS FOR 2023 GEOTECHNICAL DRILLING PROGRAM AT SCHAFT CREEK PROJECT

Copper Fox Metals Inc. has provided the analytical results for the 10 geotechnical drill holes completed at the Schaft Creek project in 2023. The Schaft Creek project is managed through the Schaft Creek joint venture (SCJV). Teck Resources Ltd. is the operator of the SCJV and holds a 75-per-cent interest, with Copper Fox holding the remaining 25-per-cent interest. The Schaft Creek deposit, located in northwestern British Columbia, is one of the largest undeveloped porphyry copper deposits in North America that contains significant gold-molybdenum-silver byproducts.

In 2023, the SCJV approved a $17.2-million budget to advance key project activities, including the collection of geotechnical, metallurgical, engineering and environmental data, and community engagement. The geotechnical drill holes were designed to collect geotechnical, and downhole geophysical, structural and hydrogeological data to be used to generate deposit-scale hydrogeological and slope stability models. Five of the 10 geotechnical drill holes intersected significant intervals of mineralization.

Highlights and analytical results for the geotechnical drilling program are summarized below:

• Eight of the 10 geotechnical drill holes (totalling 3,288 metres) were completed along the east side of the Paramount zone, referred to as the highwall.
• Five of the eight geotechnical drill holes completed along the highwall portion of the Paramount zone intersected significant intervals of porphyry-style copper-molybdenum-gold-silver mineralization.
• Analytical highlights include DDH SCK-23-468, located in the Paramount zone intersecting:
  • From 295.10 m to 461.50 m, a core interval of 166.40 m that averaged 0.308 per cent copper, 0.019 per cent molybdenum, 0.117 gram per tonne (g/t) gold and 0.82 g/t silver, that included a 33.68 m interval (427.82 m to 461.50 m) that averaged 0.602 per cent copper, 0.033 per cent molybdenum, 0.228 g/t gold and 1.28 g/t silver;
  • From 481.80 m to 687.94 m, a core interval of 206.14 m that averaged 0.494 per cent copper, 0.029 per cent molybdenum, 0.282 g/t gold and 1.79 g/t silver, that included a 90.70 m core interval (481.80 m to 572.50 m) that averaged 0.710 per cent copper, 0.042 per cent molybdenum, 0.305 g/t gold and 2.09 g/t silver.
• Geotechnical drilling intersected, from surface to a core depth of 180 m, a zone of intensely fractured and broken rock.
• Additional surveys completed as part of the geotechnical program included downhole geophysical surveys (2,327 m) in five holes, and packer tests and installation of vibrating wire piezometers for hydrogeological testing purposes.
• A pit-slope-stability study is in progress, the results of which will be reported when completed.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "The purpose of the geotechnical drilling program was to augment the geotechnical information for the Schaft Creek deposit to support an updated open-pit mine plan and pit-slope-stability model. The geotechnical drilling provided additional geotechnical, geophysical and hydrogeological information from eight additional locations along the highwall portion of the Paramount zone, and five of those eight drill holes provided additional information on the distribution/continuity of the mineralization within the Paramount zone."

Analytical results from 2023 geotechnical drilling program

Five of the eight geotechnical drill holes completed along the highwall portion of the Paramount zone intersected porphyry-style mineralization. The mineralized intervals reported in this news release were calculated using a 0.10-per-cent copper equivalent (CuEq) cut-off grade. Samples lower than the 0.10-per-cent CuEq cut-off were included in the weighted average interval, provided that the sample interval below the cut-off did not exceed 10 m in core length. The weighted average grades of the mineralized intervals are noted in the table entitled "Weighted average grades of the mineralized intervals from the 2023 geotechnical drilling program."

Discussion of mineralized drill hole results

DDH SCK-23-461 was drilled to the east and is located on the edge of the proposed five-year pit set out in the 2021 preliminary economic assessment. The hole intersected low-grade mineralization that demonstrates continuity of the mineralization between two widely spaced historical drill holes.

DDH SCK-23-462 was drilled to the west and intersected significant mineralization at surface that continued to a core depth of 312 m averaging 0.228 per cent CuEq.

DDH SCK-23-463 was drilled to the east and is located up slope of DDH SCK-23-462. This hole intersected three intervals of mineralization that suggests continuity of the mineralization in the Paramount zone to the east into the highwall.

DDH SCK-23-465 was drilled to the west and is located at the same drill collar as DDH SCK-23-464. This hole was completed to a core depth of 390.15 m and intersected several narrow intervals of low-grade mineralization at the bottom of the drill hole. The mineralized intervals occur within a broad area of extensive core loss.

DDH SCK-23-468 was drilled to the west and intersected a broad interval of mineralization from 295.10 m to 687.94 m. The mineralized interval was split into two intervals for reporting purposes due to the 100-per-cent loss of core in the interval from 461.5 m to 481.8 m. The higher-grade mineralization at the bottom of the upper mineralized zone (461.5 m) and the start of the lower interval (481.8 m) suggests continuity of the mineralization between the two intervals. The positioning of the mineralized interval suggests an extension of the mineralization in this portion of the Paramount zone to the east by approximately 60 m.

Diamond drilling and sampling procedures

The diamond drilling was completed using PQ and HQ diameter core. Overall core recovery was estimated to be greater than 90 per cent. After cutting with a diamond saw, one-half of the core was collected for sample preparation and analysis and the other half was retained for future reference. Sample intervals were selected to not cross major lithological or hydrothermal alteration changes and ranged from one m to 2.54 m in length, with most intervals being an average of two m. A total of 1,234 core samples analyzed at ALS Canada Ltd. located in Vancouver, B.C., are reported in this news release.

Base metal and silver concentrations were determined by ALS MEMS61 package and a four-acid digestion. Gold concentrations were determined using ALS Au_ICP21 package. ALS has a 9001:2008 International Standard Organization rating. ALS has an ISO/IEC 17025:2017 UKAS (reference No. 4028) accreditation.

Quality control

The SCJV follows a rigorous quality assurance/quality control program. Of the 1,234 core samples collected, 153 field blanks and certified reference materials, and 99 duplicates, were inserted into the sample batches submitted to ALS.

Qualified person

Mr. Stewart, MSc, PGeol, 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 for Mineral Projects, has reviewed and approved 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 Canadian and United States subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are 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 and a 100-per-cent ownership of the Van Dyke oxide copper project located in Miami, Ariz.

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