Mr. Elmer Stewart reports

COPPER FOX PROVIDES UPDATE ON SCHAFT CREEK PROJECT

Copper Fox Metals Inc. has provided an update on recent activities for the Schaft Creek 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. The field program was completed in mid-September.

2025 field program highlights

• Five diamond drill holes (1,797.1 metres (m)) were completed in the area south of the Liard zone, four of which intersected variable intervals of discontinuous copper mineralization. Analytical results are pending.
• Electrical resistivity tomography (13,310 m) and seismic refraction (6,825 m) geophysical surveys were completed in the areas of the proposed rock storage facilities.
• Environmental field activities including archeological investigations, water, glacier and meteorological studies were conducted during the field season.
• Geometallurgical studies are progressing, and an update on the interpretation is discussed below.
• Transition to the prefeasibility study (PFS) stage is expected to commence in early 2026, subject to meeting stringent criteria to deliver attractive risk-adjusted returns in alignment with Teck's capital allocation framework.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "We are pleased on the progress made toward advancing the Schaft Creek project. The drilling and geophysical surveys in the proposed rock storage facilities provide greater certainty on these critical infrastructure components of the project. Until the analytical results of the core samples have been received, the significance of the mineralized intervals reported in this news release is uncertain. Results of the studies and analytical results from the drilling will be released on receipt."

2025 field program

Drilling

The drilling program tested the bedrock underlying a potential rock storage facility and investigated the extension of the mineralization in the Liard and West Breccia zones to the south. The drilling program consisted of five diamond drill holes totalling 1,797.1 m. Four of the drill holes intersected variable intervals of discontinuous chalcopyrite, plus/minus bornite mineralization. The core samples have been submitted for analysis and results are pending. Drill hole locations and specific information related to the diamond drilling program are shown in Table 1.

Geophysical surveys

Electrical resistivity tomography (13,310 m) and seismic refraction (6,825 m) surveys were completed to map the thickness of overburden in the proposed locations for the two potential rock storage facilities. Modelling of both data sets is expected to be completed by the end of the year.

SERA studies

Archeological studies were conducted by TEEM Archeology (accompanied by Tahltan Cultural Monitors) and focused on the areas of proposed site infrastructure. Hydrology, hydrogeology, glacier and meteorology baseline studies were also conducted.

Geometallurgical testwork

The preliminary results for the sulphide flotation testwork indicate that there is more variability of copper recovery in certain spatial areas of the deposit relative to others. Continuing work is being conducted to quantify the volume represented by these zones of greater variability, with future testwork being planned in these more variable zones. The preliminary interpretation of the greater variability is presence of minor amounts of copper oxides, and low liberation of copper sulphides in these areas. Predicted metal recovery curves for copper, gold and molybdenum will be established following further analysis of zones exhibiting greater variability.

In addition, coarse particle flotation testwork to trial the viability of the technology for the Schaft Creek deposit has commenced on a composite sample from the Liard zone. The Liard zone was selected due to its low variability and positioning in the early stages of the mine life.

Anticipate starting PFS in 2026

The objective of the 2025 program is to transition the project from the scoping stage to the PFS stage. The SCJV anticipates commencing the PFS in 2026 subject to meeting stringent criteria to deliver attractive risk-adjusted returns in alignment with Teck's capital allocation framework.

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., 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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