Mr. Elmer Stewart reports

COPPER FOX ASSEMBLES PROJECT TEAM TO EXPLORE ADVANCING VAN DYKE ISCR PROJECT TO PREFEASIBILITY STUDY STAGE

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

In 2020, Copper Fox completed an updated mineral resource estimate (MRE) and preliminary economic assessment (PEA) on Van Dyke using a price of $3.15 (U.S.) per pound copper for the base-case economic model. The critical need for copper and the potential social and financial benefit to the town of Miami and surrounding communities support Copper Fox's decision to prepare an execution plan to advance Van Dyke to the prefeasibility study (PFS) stage. Among other findings, the PEA indicated:

• Project sensitivity to copper prices such that a 25-U.S.-cent-per-pound increase in copper price increased the after-tax NPV (net present value) by approximately $90-million (U.S.);
• Significant exploration potential to increase the project's mineral resources;
• Recommendation to advance the project to the PFS stage.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "We are pleased to have assembled this team of mining professionals led by Stantec, a global leader in surface and underground mining engineering, design and project delivery, to assist Copper Fox in preparing an execution plan to complete a PFS-level study on the Van Dyke project. These firms bring a vast amount of knowledge to the Van Dyke project based on their work experience on two other advanced-stage ISCR projects in Arizona. Copper Fox is adopting a phased approach to the PFS, the first step being the preparation of the execution plan that maps out the scope, timing and estimated cost of the various programs and studies required to meet the threshold of a PFS-level study. The information gained from completing this execution plan will assist the board on decision making regarding progressing to the PFS stage for Van Dyke."

Nick Hynd, Stantec project manager in Phoenix, added: "The Van Dyke project will produce much-needed copper in a safe and environmentally sound manner while providing hundreds of jobs for the Miami-Globe area. Stantec is proud to support Copper Fox in advancing this exciting project that will benefit the state of Arizona."

Metallurgical modelling

Samuel Engineering has commenced the preparation of a preliminary geometallurgical model of the Van Dyke project. The modelling, using Cancha Geometallurgy software, is expected to provide a better understanding of the variability and distribution of the soluble copper mineralogy, identify geometallurgical domains and identify gaps in the current sample distribution across the deposit. Identification of the gaps allows Samuel to preselect representative sample locations from the mineralogical zones within the Van Dyke deposit from future drill holes to support an updated geometallurgical model and better predict future copper production.

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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