Mr. Elmer Stewart reports

COPPER FOX ANNOUNCES 2024 FIRST QUARTER OPERATING AND FINANCIAL RESULTS

Copper Fox Metals Inc.'s unaudited interim consolidated Jan. 31, 2024, financial statements have been filed on SEDAR+.

For the three months ended Jan. 31, 2024, Copper Fox had a net loss of $230,877 (Jan. 31, 2023 -- $279,590), which equated to nil loss per share (Jan. 31, 2023 -- nil loss per share).

During the three months ended Jan. 31, 2024, the company incurred $503,344 in exploration expenditures, primarily furthering the development of the Van Dyke (Miami, Arizona), Mineral Mountain (Mineral Mountain mining district, Arizona), Sombrero Butte (Bunker Hill mining district, Arizona, and Eaglehead (Liard mining district, British Columbia) copper projects. Copies of the financial statements, notes, and the related management's discussion and analysis (MD&A) may be obtained on SEDAR+ and 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. All amounts are expressed in Canadian dollars unless otherwise stated.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "During the quarter, activities consisted of further derisking of the Van Dyke project by Copper Fox and the Schaft Creek project by the Schaft Creek joint venture (SCJV). The SCJV completed the most comprehensive field program completed to date and subsequent to the quarter-end announced a $18.7-million program and budget for 2024 to complete the studies required to transition the project from the scoping to the prefeasibility study (PFS) stage by the end of 2024 or early 2025. Completion of the drill hole rehabilitation program at Van Dyke allows the company to initiate the collection of hydrogeological and water quality data; key data that is required to advance the project to the permitting stage.

"Exploration activities on our 100-per-cent-owned Eaglehead, Mineral Mountain and Sombrero Butte projects all yielded positive results. The company extended the term of the exploration permit by two years on the Eaglehead project by filing a notification of deemed authorization in February with the B.C. Ministry of Mines. An exploration plan to conduct a maiden drilling program at Mineral Mountain has been submitted to the Arizona Bureau of Land Management (BLM) and is currently under review. The open-ended, strong chargeability body at depths ranging from 300 and 500 metres (m) below surface underlying the copper footprint at Mineral Mountain represents a compelling target, like the buried giant Resolution porphyry copper deposit located 25 miles northeast of the project. The hyperspectral survey at Sombrero Butte identified a significant number of previously unknown magmatic breccia bodies suggesting the possibility of multiple porphyry centres."

2024 Q1 highlights:

• At Schaft Creek (Liard mining district, B.C.), the Schaft Creek joint venture (SCJV) received the results from the geotechnical drilling portion of the $17.2-million 2023 program. The drilling intersected significant intervals of porphyry mineralization in five of the geotechnical drill holes, including DDH SCK-23-468, located in the Paramount zone, which intersected higher-grade mineralization:
  • A 166.40-metre (m) core interval (295.10 to 461.50 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 contained a 33.68 m interval (427.82 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;
  • A 206.14 m core interval (481.80 to 687.94 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 contained a 90.70 m core interval (481.80 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.
• 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. This work investigated two key project parameters and indicated low potential to generate carbon dioxide gas and the precipitation of gypsum during leaching operations, two operational issues that significantly impact copper production.
• At Mineral Mountain, the 2023 geophysical program outlined a large, open-ended positive chargeability/resistivity anomaly at depth ranging between 300 and 500 m underlying the porphyry footprint a setting similar to the buried Resolution porphyry copper deposit to the northeast and the Florence porphyry copper deposit to the southwest.

Subsequent to the quarter-end:

• On Feb. 6, 2024, the company announced that the hyperspectral survey on the Sombrero Butte project identified a significant number of previously unknown interpreted magmatic breccia pipes, suggesting the potential of more than one porphyry centre. Magmatic breccias are a key indicator of the presence of a buried porphyry copper system.
• On Feb. 14, 2024, the company announced completion of the drill hole rehabilitation program and upgrading of the VWP's and data recorders in three drill holes at the Van Dyke project.
• On Feb. 29, 2024, the company announced the 2024 Schaft Creek program:
  • The objective of the program is to advance 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 testwork program currently under way;
    • 4,500 m 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 monthly environmental baseline data collection program initiated in 2023 and strengthen collaboration and engagement with the Tahltan Nation.

Elmer Stewart, MSc, PGeol, 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 Jan. 31, 2024, the company's cash position was $934,007 (Oct. 31, 2023 -- $1,368,852).

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 the 100-per-cent ownership of the Van Dyke oxide copper project, located in Miami, Arizona. For more information on Copper Fox's other mineral properties and investments, visit the company's website.

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