Mr. Steve Gray reports

FOX TUNGSTEN ANNOUNCES START OF 20,000M DRILL PROGRAM

Fox Tungsten Ltd. has started its fully financed 20,000-metre (m) drill program. The company has mobilized the first of two diamond drill rigs to site and drilling is now under way at the Fox project, located approximately 75 kilometres (km) northeast of 100 Mile House in south-central British Columbia. The second drill rig is expected to arrive on site in early July.

The 2026 drill program will focus on three key objectives:

• Fox resource growth: Approximately 60 per cent of drilling will be dedicated to expanding the existing Fox resource in support of an updated mineral resource estimate and preliminary economic assessment (PEA) in H1 (first half) 2027. A particular focus will be testing the continuity of mineralization between the BN, RC and BK zones along strike, as well as targeting downdip extensions of the BN and RC zones.
• Fox exploration: Approximately 30 per cent of drilling will target high-priority exploration opportunities across the broader Fox property with the objective of identifying new tungsten-bearing zones and expanding the project's long-term growth potential. This will include targeting deeper downdip extensions of the existing resource zones, and potential new areas at Fox North and the August showing.
• Silverboss exploration: Approximately 10 per cent of drilling will be directed toward the nearby Silverboss property, where the company will evaluate several prospective copper and molybdenum targets. This will include potential molybdenum mineralization to the northwest of Glencore's decommissioned Boss Mountain mine at the 10 Mile Creek target and drill testing the Gus Zone copper soil anomaly.

The company expects drilling to continue to October, 2026, with assay results to be released periodically as they become available.

In addition to drilling, the company will undertake a range of field activities during the 2026 season, including prospecting, geological mapping, geochemical sampling and metallurgical testing, to support future project development.

To support the 2026 exploration campaign, the company recently completed construction of a new, larger exploration camp. The upgraded facility is designed to accommodate the increased work force and operational requirements associated with the largest drill program in the company's history.

The company's exploration program is being managed by Coast Mountain Geological Ltd., a leading British Columbia-based geological consulting firm with extensive experience advancing critical mineral projects. Paycore Drilling Ltd. has returned as the company's drilling contractor following its successful completion of the 2025 Fox drill program.

"We are excited to begin our largest exploration program to date at Fox," said Steve Gray, chief executive officer of Fox Tungsten. "With two drill rigs operating throughout the summer, a new camp in place, and a clear focus on resource growth and new discoveries, this program represents a major step toward unlocking the full potential of the Fox district. The results of this work will form the foundation of an updated resource estimate and our planned PEA in 2027."

Fox's 2026 exploration program comes amid growing government and industry focus on securing domestic supplies of critical minerals. China currently accounts for approximately 80 per cent of global tungsten production, highlighting the strategic importance of developing new sources of supply in North America and allied jurisdictions.

Qualified person statement

The technical and scientific contents of this news release have been verified and approved by John Sims, PGeo, a qualified person pursuant to National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Fox Tungsten Ltd.

Fox Tungsten is focused on making new discoveries and building resources in proximity to infrastructure on the company's 100-percent-owned portfolio of diversified metals projects in British Columbia.

Projects include the high-grade Fox tungsten deposit and the Silverboss molybdenum-copper-gold-silver project adjacent to Glencore's closed Boss Mountain molybdenum mine.

Fox Tungsten is committed to responsible mineral resource development. The company's priority is to build and sustain mutually beneficial relationships with indigenous communities in the territories in which the company explores.

We seek Safe Harbor.