Mr. Elmer Stewart reports

COPPER FOX ANNOUNCES 2024 YEAR-END OPERATING AND FINANCIAL RESULTS

Copper Fox Metals Inc.'s audited annual consolidated Oct. 31, 2024, financial statements have been filed on SEDAR+.

All the company's subsidiaries are wholly owned.

For the year ended Oct. 31, 2024, Copper Fox had a net loss of $607,303 (Oct. 31, 2023 -- $1,114,512), which equated to nil loss per share (Oct. 31, 2023, nil loss per share).

During the year ended Oct. 31, 2024, the company incurred $1,312,475 in expenditures toward furthering the development of its Schaft Creek and Van Dyke copper projects, as well as exploration of its Eaglehead, Sombrero Butte and Mineral Mountain copper projects. Copies of the financial statements, notes, and the related management's discussion and analysis (MD&A) may be obtained on SEDAR+, 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: "In 2024, Copper Fox achieved significant progress in advancing the development of the Van Dyke in situ copper recovery project, transitioned the Mineral Mountain project to the drill permitting stage and materially upgraded the porphyry potential of the Sombrero Butte copper project."

At Schaft Creek, Teck Resources Ltd., as operator of the Schaft Creek joint venture (SCJV), has reported that expenditures have surpassed the $60-million preproduction costs threshold as that term is defined in the Schaft Creek joint venture agreement (SCJVA). Expenditures at Schaft Creek in 2024, as reported by Teck, are estimated at $24.7-million, surpassing the planned $18.7-million budget. The SCJVA stipulates that Teck is required to make $60-million in milestone payments ($20-million received in cash) with two $20-million milestone payments remaining to Copper Fox. As such, preproduction costs that exceed the $60-million threshold will be shared pro rata with Copper Fox's 25-per-cent share of costs being deducted firstly from the third $20-million milestone payment.

In 2025, at Van Dyke, the conceptual site model is expected to be completed during Q1 (first quarter) 2025, at which time the next phase of activities would be planned. At Mineral Mountain, activities will be focusing on completing the current permitting process with the objective of being granted a drilling permit. At Eaglehead, geophysical surveys to define the limits of the chargeability anomaly that hosts the porphyry-style mineralization are planned. At Sombrero Butte, additional field studies are planned to better understand the spatial relationship between the regional structural setting, the chargeability anomaly, and the distribution of the copper-molybdenum mineralization and alteration before selecting drill hole locations. At Schaft Creek, the recently announced 2025 program has a budget of $15.8-million. The technical components include a review and update of current technical models, completion of the geometallurgical program, geotechnical slope stability and hydrogeological models, and trade-off studies on potential infrastructure sites. The field program components include environmental baseline data collection, archaeological investigations in key site infrastructure locations and a drill program to assess suitability of planned site infrastructure.

2024 Q4 (fourth quarter) highlights:

• At Schaft Creek, the field portion of the 2024 program concluded; activities included geotechnical drilling, wildlife, aquatic and archeological surveys, and community engagement. The comprehensive metallurgical test work program is nearing completion with preliminary results expected by the end of Q1 2025.
• At Mineral Mountain, completion of the field studies to complete the biological evaluation and preparation of the draft environmental review report, as requested by the Bureau of Land Management, is progressing. On completion of the environmental review, a 30-day public comment period is required as the company is attempting to obtain a drilling permit to conduct a maiden drill program.
• At Van Dyke, the drill hole rehabilitation program and geotechnical study were successfully completed with positive results. Preparation of a conceptual site hydrogeological model is in progress and is expected to be completed within Q1 2025.
• At Sombrero Butte, preliminary results of the geophysical surveys outlined a very large chargeability anomaly that exhibits a strong spatial relationship to surface alteration and porphyry-style copper-molybdenum mineralization. The objective in 2025 is to advance the project to the drilling stage, at which time a plan of operations would be submitted to obtain a permit to conduct drilling operations.

Subsequent to the year-end:

• An update on the geophysical surveys completed at the Sombrero Butte porphyry copper project.
• Analytical results from the Schaft Creek 2024 geotechnical drilling program.
• The proposed 2025 program and budget for the Schaft Creek project was announced along with Teck reporting that the first $60-million in preproduction costs has been met, project expenditures for 2024 are estimated to be $24.7-million, and, pursuant to the terms of the SCJV agreement, was fully financed by Teck.

Elmer Stewart, MSc, PGeo, 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 Oct. 31, 2024, the company's cash position was $785,184 (Oct. 31, 2023 -- $1,368,852) and, as of the date of this news release, the company's cash position is $203,543.

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 on the Schaft Creek copper-gold-molybdenum-silver project, located in northwestern British Columbia, and a 100-per-cent ownership of the Van Dyke oxide copper project, located in Miami, Ariz.

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