Mr. Elmer Stewart reports

COPPER FOX CONGRATULATES TECK AND ANGLO AMERICAN AS CANADIAN REGULATORY APPROVAL IS RECEIVED

Teck Resources Ltd. and Anglo American PLC have received regulatory approval from the government of Canada under the Investment Canada Act for the merger of equals.

Industry Minister Melanie Joly has approved the $53-billion Anglo Teck mega-merger, clearing the way for the creation of one of the world's largest copper producers following the overwhelming endorsement of both Teck's and Anglo's shareholders last week. The merger previously received approval under national security grounds in November, and lawmakers still needed to conclude that the deal would deliver a net economic benefit to Canada under tightened takeover rules.

Elmer B. Stewart, president and chief executive officer of Copper Fox Metals, said: "The government of Canada's approval is an important step forward in the formation of Anglo Teck which will be headquartered in British Columbia, a strong mining jurisdiction in Canada. With Anglo Teck committing to investments of at least $4.5-billion in Canada within five years and within those investments including advancing the development of the Schaft Creek copper project, a project which Copper Fox holds a 25-per-cent carried interest in with Teck, the company looks forward to the potential benefits for communities, indigenous peoples, employees and all stakeholders."

While the merger has secured key approvals in Canada and Australia, regulatory reviews continue elsewhere and the full approval process could take up to 18 months. Regulators in Europe, Japan, South Korea, the United States, Chile and China are examining the deal over antitrust concerns, including whether too much market power would be concentrated in one company. Anglo Teck would control just under 5 per cent of the global copper market.

About Copper Fox Metals Inc.

Copper Fox is a Canadian resource company focused on copper development and exploration in the United States and Canada. Copper Fox and its subsidiaries own 100 per cent of the Van Dyke ISCR project, a development-stage, potential near-term, mid-size copper mine in Arizona and a 25-per-cent interest in the Schaft Creek Joint venture with Teck Resources Ltd. (75-per-cent interest and operator) which hosts the Schaft Creek copper-gold-molybdenum-silver project, expected to transition from the scoping to the PFS (preliminary feasibility study) stage in 2026, in British Columbia's Golden Triangle. In addition, Copper Fox owns 100 per cent of the resource stage Eaglehead polymetallic porphyry copper project in northwestern British Columbia and the Sombrero Butte and Mineral Mountain advanced exploration stage porphyry copper projects located in the prolific Laramide age copper province in Arizona.

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