Mr. Elmer Stewart reports

COPPER FOX COMMENCES HYDROGEOLOGY DATA COLLECTION AT VAN DYKE COPPER PROJECT

Copper Fox Metals Inc., through its wholly owned subsidiary Desert Fox Copper Inc., is updating on its 100-per-cent-owned Van Dyke in-situ copper recovery (ISCR) project located in the Globe-Miami mining district, Gila county, Arizona.

The drill hole rehabilitation program focused on assessing the potential of rehabilitating historical drill holes for use as hydrogeological monitoring and water sampling stations. Of the drill holes selected for completion, due to downhole difficulties encountered, only one of three drill holes was successfully completed.

The current geotechnical work is focused on collecting additional data on the Gila conglomerate to support an updated mine plan to access the Van Dyke deposit. Highlights of activities completed are included below.

Highlights

• Installation of the vibrating wire piezometers (VWPs) and data recorder in drill hole M-3 has been completed and daily recording of hydrogeological data from this monitoring station commenced in mid-March. Four stations are now recording hydrogeological data.

• Analysis of the formational waters from the Gila conglomerate collected during the drill hole rehabilitation program returned concentrations of metals, anions and cations well below acceptable limits established by the Environmental Protection Agency (EPA).

• Laboratory strength testing of samples of the Gila conglomerate is nearing completion with preliminary results expected mid-April.

• Chemical analyses of the pregnant leach solution (PLS) from the mineralogical and solubility testwork completed in late 2023 and early 2024 is planned.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "Initiation of the collection of hydrogeological and water quality data is a significant step in advancing the Van Dyke project. The new hydrogeological data will augment the historical hydrogeological database and will be used to prepare an updated hydrogeological model for the Van Dyke project; a critical step in advancing the project to the permitting stage."

Drill hole rehabilitation

A significant component of advancing an ISCR project in Arizona to the permitting stage is the preparation of a robust hydrogeological model for review by the United States Environmental Protection Agency (USEPA) and Arizona state regulatory authorities. With the completion of drillhole M-3, four hydrogeological monitoring stations are recording data daily.

Geotechnical

Program development of the Van Dyke oxide copper deposit contemplates driving a decline in the Gila conglomerate to a level approximately 50 metres above the Gila/Leach Cap contact. The geotechnical study is being completed to obtain a better understanding of the geotechnical properties of the Gila conglomerate that could impact the proposed decline. The drill core logging and sample selection portion of the geotechnical program have been completed and laboratory testing of the samples collected is nearing completion. The data from this study will be used to determine if changes to the mine plan contemplated in the 2020 preliminary economic assessment (PEA) are required. The geotechnical program also includes a data gap evaluation for the available geotechnical data. A hydrogeological data review from the Van Dyke project is also planned to determine if additional data would be needed to support a prefeasibility level study.

Water quality

During the drill hole rehabilitation program, samples of the formational water of the Gila conglomerate from five drill holes were collected and analyzed for alkalinity, anions, cations and metal concentrations. The alkalinity, anions, cations and metal in all water samples returned concentrations well below the thresholds established by the USEPA. Continuing sampling of the water in the Gila conglomerate will continue to establish a baseline for the project.

Hydrogeological data collection

The hydrogeological data from the four monitoring stations are collected daily and uploaded via satellite to a dedicated database.

PLS analyses

The 2020 PEA recommended completion of a five-well pilot test (one injection and four recovery wells) to determine connectivity between the wells, the ability to contain the leaching fluids as well as several other pertinent parameters associated with the in-situ leaching process. The recommended five-well pilot test requires the injection and recirculation of leaching fluid and on completion of the test, rinsing of the leached area is required to meet the requirements established by the USEPA and Arizona Department of Environmental Quality (ADEQ). Treatment of these solutions is required prior to disposal to meet USEPA and ADEQ standards.

Modelling of the treatment facility to treat the leach solution and rinse water prior to disposal is possible by using the chemistry of the PLS from the solubility testwork and the source water used to make up the leaching solution. These data would provide critical information as to the scope, capacity and costs of a treatment plant.

Qualified person

Elmer B. 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, and has reviewed and approves 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 Ltd. 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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