Mr. Elmer Stewart reports

COPPER FOX ANNOUNCES 2023 YEAR-END OPERATING AND FINANCIAL RESULTS

Copper Fox Metals Inc.'s audited annual consolidated Oct. 31, 2023, financial statements have been filed on SEDAR+.

All the company's subsidiaries are wholly owned.

For the year ended Oct. 31, 2023, Copper Fox had a net loss of $1,114,512 (Oct. 31, 2023: $1,290,966), which equated to nil loss per share (Oct. 31, 2022: nil loss per share).

During the year ended Oct. 31, 2023, the company incurred $915,190 in expenditures toward furthering the development of its Schaft Creek and Van Dyke copper projects, as well as exploration of its Eaglehead, Sombrero Butte and Mineral Mountain copper projects. Copies of the financial statements, notes, and related management's discussion and analysis may be obtained on SEDAR+ or the company's website or by contacting the company directly. All references to planned activities and technical information contained in this news release have been previously announced by way of news releases.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "Two thousand twenty-three was a pivotal year with the completion of the mineral resource estimate at Eaglehead and the completion of the $17.2-million geotechnical and metallurgical program at Schaft Creek. This is the largest program and budget on the project since inception of the Schaft Creek joint venture. The mineral resource estimate at Eaglehead significantly increased Copper Fox's metal balance and demonstrated the potential of this project to become a significant porphyry deposit and supply of copper in the future. Other achievements in 2023 included mitigation of several operational issues that would significantly impact copper production at Van Dyke and advancing Mineral Mountain to the drilling stage.

"As we enter 2024, the results from the 2023 Schaft Creek program are being processed, and we await delivery of these results, as well as notification of Teck Resource Ltd.'s 2024 Schaft Creek program and budget, this is expected to be received by the end of February. At Van Dyke, the current drill hole rehabilitation and geotechnical work is progressing and is expected to be completed in April, at which time the next phase of activities would be planned. The company is in the process of obtaining a permit to conduct a maiden drill program at Mineral Mountain and an extension of the existing Mines Act permit to conduct an infill drilling program at Eaglehead."

Fourth quarter 2023 highlights:

• At Schaft Creek, the Schaft Creek joint venture completed the field portion of the 2023 program. The $17.2-million budget is the largest budget since the formation of the SCJV and, pursuant to the terms of the SCJV agreement, was fully financed by Teck. The field portion of the 2023 program included geotechnical drilling, wildlife, aquatic and archeological surveys, and community engagement, and is progressing with a comprehensive metallurgical testwork program.
• A mineral resource estimate on the Eaglehead project reported for the first time an indicated resource along with the inferred resources. The details of the MRE are set out in a news release dated Aug. 30, 2023.
• The company advanced the Mineral Mountain project to the drilling stage. The 2023 geophysical program outlined a large positive chargeability/resistivity anomaly underlying the porphyry footprint. The geophysical signature at Mineral Mountain is like that at other oxidized porphyry copper deposits in Arizona.
• At Van Dyke, the mineral solubility/mineralogical testwork indicated a high degree of oxidization, rapid leaching rates for the copper minerals, and low-acid-consuming gangue and host rock mineralogy. The work also indicated low potential to generate carbon dioxide gas and the precipitation of gypsum during leaching operations, which are two operational issues that significantly impact copper production. The drill hole rehabilitation program and geotechnical study are currently in progress and expected to be completed by the end of April, 2024.
• At Sombrero Butte, the hyperspectral survey identified several areas of interpreted argillic and siliceous alterations, known mineralized breccia pipes (including the breccia pipes exhibiting advanced argillic alteration), and a significant number of anomalies interpreted to represent breccia pipes. Ground checking of these anomalies is expected to be completed by the end of March, 2024.

Subsequent to the year ended:

• Activities completed after year-end include an update, as well as detailing plans, for its Van Dyke project, the analytical results for the Schaft Creek 2023 geotechnical drilling program, and an update on activities and the hyperspectral survey at Sombrero Butte.

Elmer B. Stewart, MSc, PGeo, president 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.

Liquidity

As at Oct. 31, 2023, the company's cash position was $1,368,852 (Oct. 31, 2022: $132,192), and as of the date of this news release, the company's cash position is $912,900.

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 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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