Mr. Elmer Stewart reports

COPPER FOX ANNOUNCES 2024 SCHAFT CREEK PROGRAM

Copper Fox Metals Inc. has provided its shareholders an outline of the 2024 program for 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 Ltd. is the operator of the SCJV and holds a 75-per-cent interest with Copper Fox holding the remaining 25-per-cent interest.

2024 program highlights:

• The objective of the program is to advance the key project parameters to transition the project from scoping to prefeasibility study (PFS) stage by the end of 2024 or early in 2025.
• Planned expenditures in 2024 are $18.7-million to be fully financed by Teck.
• Technical activities:
  • Completion of the metallurgical test work program currently under way;
  • 4,500 metres of drilling focused on key technical areas, including the highwall, tailing storage facility (TSF) and rock storage facility (RSF).
• Engineering studies:
  • Site-wide geotechnical and facilities assessment of the TSF, RSF and proposed infrastructure;
  • Update access road alignment;
  • Update construction timeline;
  • Updates to the resource, geologic, structural and slope stability models.
• Continue the environmental baseline data collection program initiated in 2023 and strengthen collaboration and engagement with the Tahltan Nation.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "The objective of the 2024 program is to gather necessary information to transition the project from scoping to PFS stage by confirming key aspects of the site design and continuing the environmental baseline program while aligning these activities with the cultural and social traditions of the Tahltan Nation. The planned work activities are focused on completing investigations where required and confirming value-add opportunities which will inform the PFS."

2024 program summary

The 2024 program is expected to advance the project from scoping to PFS stage by confirming key aspects of the site and project design layout and to advance the geotechnical model. Determination of exact drill meter allocation will occur by the end of Q1 2024 as data gathered in 2023 are being processed and interpreted. Essential camp upgrades, including completion of the solar power facility, are planned.

The key components of the 2024 program for Schaft Creek are:

Drilling:

The 2024 program consists of two drills and a planned 4,500-meter geotechnical drilling campaign allocated to the proposed open-pit highwall, TMF and RSFs. The exact drilling allocations will be determined after receiving final results of the pit slope stability study and interpretation of the geotechnical data collected in 2023. This work is expected to be received by the end of March, 2024.

Environmental baseline studies:

The 2024 program plans to continue the environmental baseline studies initiated in 2023 in preparation of an environmental assessment permit submission. Studies will include water sampling (both surface and ground water), meteorology, hydrogeology, fish and fish habitat data collection, glacier and wildlife monitoring, and cultural, heritage and archeology studies in and around the project footprint.

The data from these studies will be used to refine the project footprint and update details and design of infrastructure components, including the highwall, RSF locations, camp design, TMF, power transmission route, haul and access road designs to inform the PFS.

Cultural/social:

A significant portion of the 2024 program includes strengthening collaboration with the Tahltan Nation on cultural and social traditions initiatives as well as community support programs, continued community engagement and active engagement with the Tahltan lands department and archeology team.

Camp upgrade:

Camp upgrades will include completion of the solar power facility and refurbishment of existing bunkhouses and wash facilities. These upgrades will allow for expanded future field programs and ensure safe and efficient execution of the proposed 2024 field program.

Mr. Stewart, MSc, PGeol, president and CEO of Copper Fox, is the company's non-independent, nominated qualified person pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects, and has reviewed and approves the scientific and technical information disclosed in this news release.

About Copper Fox Metals Inc.

Copper Fox is a Canadian exploration and development company focused on Tier 1 copper projects 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 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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