Mr. Elmer Stewart reports

COPPER FOX PROVIDES UPDATE ON SCHAFT CREEK PROJECT

Copper Fox Metals Inc. has provide an update on the Schaft Creek project. 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.

The 2024 program (see news release dated Feb. 29, 2024) is budgeted at $18.7-million (financed by Teck) and focuses on furthering technical investigations required to confirm key aspects of the open-pit design and continuing environmental baseline studies in alignment with Tahltan Nation's cultural and social traditions. The program is anticipated to allow the project to progress toward the prefeasibility study stage.

Highlights:

• The 2024 geotechnical drilling program has been completed with six drill holes totalling 2,472 metres.
• Three of the six geotechnical holes intersected significant intervals of porphyry-style mineralization.
• The mineralization intersected in DDH SCK-24-472 extended the hydrothermal breccia of the Paramount zone approximately 250 metres to the north.
• Lock-cycle testing of the rougher concentrate samples is under way. The metallurgical test work is expected to be completed by the end of Q4 2024.
• Environmental baseline data collection continues with surface and groundwater sampling and hydrological measurements taken on a monthly basis as well as meteorology, fish and glacial surveys.
• Archeology investigations were conducted in the area around the proposed tailings management facility (TMF) and rock storage facility (RSF).
• Final reports on the 2023 environmental baseline programs are under review.
• Camp upgrades have been completed to support future programs of up to 85 people, including the commissioning of the solar and battery power system.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "The field portion of the 2024 program for the Schaft Creek project was completed mid-September. The program provided additional information in the areas where geotechnical data gaps existed and extended the mineralization in the Schaft Creek deposit to the north. The results of the metallurgical test work program are critically important to surfacing additional value in the project and could also have potential positive implications on the project's mill design. The metallurgical test work has progressed to lock-cycle testing. Preliminary indications from the test work to date are encouraging; however, completion of the entire planned metallurgical test work program is necessary to better understand the metallurgical performance of the mineralization and optimize the processing flow sheet design."

Geotechnical investigation

The 2024 geotechnical drilling program consisted of six holes in total and collected data at various locations across the proposed pit, filling in gaps identified in the 2023 geotechnical study. The 2024 geotechnical data will be incorporated into the project database and reviewed to determine if the quality of the data set is sufficient to meet the threshold for a prefeasibility study.

Three of the six geotechnical drill holes intersected significant intervals of porphyry-style mineralization. The mineralization intersected in DDH SK-24-472 extended the mineralized envelope in the Paramount zone approximately 250 metres to the north. Analytical results from the geotechnical drilling program will be released upon receipt.

Metallurgical test work update

The metallurgical test work has progressed to the point where the initial interpretation of rougher concentrate samples has been completed and lock-cycle testing of the rougher concentrate samples has commenced. Results of the lock-cycle testing is expected to better inform potential changes to the proposed milling flow sheet set out in the 2021 Schaft Creek PEA (preliminary economic assessment) with potential implications to the mill design, capital expenditures and throughput.

The preliminary indications from the test work to date are encouraging. The planned test work program is required to be completed before a characterization of metallurgical performance of the Schaft Creek deposit can be completed. The metallurgical test work results are expected to enable optimization of the process plant design.

Q4 focus

For the balance of 2024, the SCJV plans to complete the following activities:

1. Field verification of the structural geology model for the Schaft Creek deposit to support pit slope stability modelling;
2. Completion of the geometallurgical test work followed by interpretation of the results;
3. Initiate a review of the project to determine if the data quality and density are sufficient to transition the project to the prefeasibility-study stage;
4. Continue to advance engagement with the Tahltan leadership;
5. Apply for a new multiyear area-based (MYAB) permit to conduct future field operations.

Qualified person

Elmer B. Stewart, MSc, PGeo, 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 he has reviewed 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 ownerships of the Van Dyke ISCR (in situ copper recovery) project and the Mineral Mountain and Sombrero Butte porphyry copper exploration projects (all located in Arizona); and the 25-per-cent interest in the Schaft Creek joint venture with Teck Resources 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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