Mr. Elmer Stewart reports

COPPER FOX ANNOUNCES 2025 SCHAFT CREEK PROGRAM

Copper Fox Metals Inc. has provided its shareholders with an outline of the 2025 program for the Schaft Creek porphyry 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. Highlights of the proposed 2025 program and an update on preproduction costs as defined in the Schaft Creek joint venture agreement (SCJVA) are set out below.

Highlights:

• Preproduction costs at Schaft Creek have exceeded $60-million as set out in the SCJVA.
• The primary objective of the 2025 program is to transition the project from the scoping stage to the preliminary feasibility study stage (PFS). Planned expenditures in 2025 are $15.8-million shared pro rata by Teck and Copper Fox.
• The main components of the 2025 program include:
  • Technical:
    • Review of current technical models and updating as required;
    • Completion of geometallurgical program, including interpretation and modelling of data;
    • Completion of geotechnical slope stability and hydrogeological models;
    • Trade-off studies on potential infrastructure sites;
  • Field program:
    • Environmental baseline data collection;
    • Archeological investigations in key site infrastructure locations;
    • Drill program to assess suitability of planned site infrastructure.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated, "The objective of the 2025 field program is to complete geotechnical investigations of several proposed infrastructure locations, incorporate these results in conjunction with updated models and trade-off studies of other key project components, and assess the readiness of the project to transition from the scoping to the PFS stage."

Preproduction costs

Copper Fox has received notice from Teck that preproduction costs, as that term is defined in the SCJVA, reached $60-million as of July 29, 2024. Pursuant to the SCJVA, Teck will finance Copper Fox's pro rata share of preproduction costs after July 29, 2024, with such financing firstly applied to reduce the third $20-million milestone payment to Copper Fox to be paid on the completion date of the mine facilities. An additional $80-million in preproduction costs would be required to reduce this $20-million cash payment to Copper Fox to nil (or a lesser amount of preproduction costs if all or a portion of such $20-million cash payment is instead paid in cash).

2025 program

The focus of the 2025 program is to compile and assess the metallurgical, geotechnical and environmental data collected between 2021 and 2024, complete condemnation and geotechnical drilling to further investigate the areas designated for the rock storage facility (RSF) and tailings management facility (TMF), and complete a project review to progress to the PFS stage.

Drilling

The field portion of the 2025 program is scheduled to start in June. The program anticipates utilizing a combination of diamond and sonic drilling as well as geophysical surveys to characterize the bedrock and overburden in the areas of the proposed TMF and RSF.

Environmental baseline studies

The 2025 program plans include continuing the baseline environmental program, including water sampling (both surface and ground water), meteorology, hydrogeology and glacier studies in and around the project footprint.

Cultural/social

A significant portion of the 2025 program includes 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.

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 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.; a 100-per-cent interest in the Mineral Mountain and Sombrero Butte porphyry copper exploration projects located in Arizona; and a 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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