Mr. Elmer Stewart reports

COPPER FOX ANNOUNCES 2024 THIRD QUARTER OPERATING AND FINANCIAL RESULTS

Copper Fox Metals Inc. has filed its unaudited interim consolidated July 31, 2024, financial statements on SEDAR+.

For the nine months ended July 31, 2024, Copper Fox had a net loss of $826,730 (July 31, 2023 -- $882,395), which equated to nil per share (July 31, 2023 -- nil per share). As of the date of the MD&A (management's discussion and analysis), Sept. 24, 2024, the company's cash position was $1,145,000.

During the nine months ended July 31, 2024, the company incurred $825,069 in exploration expenditures, primarily furthering the development of the Van Dyke (Globe-Miami mining district, 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 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 dollar amounts are expressed in Canadian dollars unless otherwise stated.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "During the quarter, the positive results from the geotechnical study at Van Dyke included a safer, faster and more environmentally friendlier method to develop the decline, and that the project's geotechnical data was sufficient to meet the threshold for a prefeasibility study (PFS). The permitting process to allow completion of the four-drill-hole maiden drilling program at Mineral Mountain and the surface exploration at Sombrero Butte are progressing. The stream water sampling program completed at Eaglehead during the quarter showed no appreciable changes in the water quality since inception of the program in 2021.

"At Schaft Creek, the Schaft Creek joint venture (SCJV) completed the field portion of the most comprehensive annual program since formation of the joint venture, budgeted at $18.7-million. The drilling filled in gaps in the geotechnical data and extended the mineralization in the Schaft Creek deposit to the north. While the preliminary indications from the metallurgical test work are encouraging, the test work is progressing slower than expected. Lock cycle testing of the rougher concentrate samples is under way and the test work program is expected to be completed in Q4 2024. The results of the metallurgical program are necessary to better understand the metallurgical performance of the mineralization and optimize the processing flowsheet design."

2024 Q3 (third quarter) highlights:

• On May 22, 2024, the company provided an update on the application to obtain a permit to conduct drilling operations at its 100-per-cent-owned exploration-stage Mineral Mountain porphyry copper property.
• On May 30, 2024, the company provided an update on its 100-per-cent-owned Sombrero Butte project, which included planning a deep-penetrating geophysical survey to define the size and the chargeability anomalies underlying targets No. 1 and No. 2.
• On June 18, 2024, the company announced that the 2024 field program at the Schaft Creek project is under way.
• On July 10, 2024, the company announced the results of the geotechnical investigation at Van Dyke copper project. Call & Nicholas was contracted to collect geotechnical data in support of a planned prefeasibility-level design study of a decline from which to establish injection and recovery well stations to enable leaching of the oxidized portion of the Van Dyke copper deposit. Highlights of the geotechnical investigation are as follows:
  • The current drill hole data coverage will support a PFS.
  • Geotechnical parameters of the Gila conglomerate are generally consistent and match expected ranges of the Gila conglomerate in other parts of the Globe-Miami mining district.
  • A preliminary assessment of the rock quality of the Gila conglomerate suggests that excavation of the spiral decline utilizing a road header is viable.
  • Shotcrete and rock bolting will be required for permanent ground support.
  • When excavating the decline, a two-pass ground support strategy will consist of a first-pass flash coat (two inches) of shotcrete, and a second pass consisting of rock bolts and a final coat of shotcrete.
• On July 17, 2024, the company extended the porphyry trend at Mineral Mountain and suggested the introduction of several phases of molybdenite mineralization during emplacement of the porphyry system:
  • The field portions of the archeological, cultural and biological investigations required to complete the environmental review (ER) have been completed. Results are being compiled.
  • The ER and solicitation of public comments on the plan of operations is expected to take approximately four to six months to complete with an estimated cost of $45,000 (U.S.). The estimated timeline and costs are subject to change contingent on amendments to the scope of work that could be requested by either federal or state authorities.
  • Utilization of fertility indices supports the porphyry potential of the Laramide-age Mineral Mountain intrusive and has extended the potential strike length of this mineralized trend approximately three kilometres to the northeast.
  • Indicators of distal to proximal hydrothermal activity related to porphyry-style mineralization have been identified within targets No. 1, No. 2 and No. 3.
• On July 31, 2024, the company completed a non-brokered private placement for a total of 5,116,000 units at 22 cents per unit for aggregate gross proceeds of $1,125,520.

Subsequent to the quarter-end

On Sept. 24, 2024, the company provided an update on the Schaft Creek project. Highlights of the program are as follows:

• 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 (fourth quarter) 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.
• Archaeology investigations were conducted in the area around the proposed tailing 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.

Subsequent to July 31, 2024, the company received $900,000 from the exercise of 3.6 million warrants.

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 July 31, 2024, the company's cash position was $689,082 (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 U.S. subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 25-per-cent interest in the 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, Ariz.

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