Mr. Steve Gray reports

FOX TUNGSTEN RECEIVES C$2.0 MILLION IN METAL ENERGY SHARES UNDER HIGHLAND VALLEY ACQUISITION AGREEMENT

Fox Tungsten Ltd. has received 2,358,797 common shares of Metal Energy Corp. in satisfaction of the tranche one and tranche two deferred consideration payments under the acquisition agreement dated Nov. 7, 2024, relating to the Highland Valley project in British Columbia.

The consideration shares have an aggregate deemed value of $2-million and were issued at a deemed issue price of 85 cents per share, representing the 30-day volume-weighted average price of Metal Energy's common shares as calculated in accordance with the acquisition agreement.

Prior to the issuance of the consideration shares, the company held 1,874,420 common shares of Metal Energy. Following the issuance, Fox Tungsten now holds an aggregate of 4,233,217 common shares of Metal Energy.

The consideration shares are subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws.

About Fox Tungsten Ltd.

Fox Tungsten is a Canadian critical minerals company focused on advancing its 100-per-cent-owned portfolio of tungsten and polymetallic projects in British Columbia. The company's flagship Fox tungsten project hosts one of the highest-grade tungsten resources in the Western world and is being advanced through resource expansion drilling, metallurgical studies, engineering and permitting activities.

The Fox tungsten project is located approximately 75 kilometres northeast of 100 Mile House in south-central British Columbia and benefits from excellent infrastructure access. The property hosts a large-scale tungsten mineral system extending approximately 12 kilometres by five kilometres, with multiple high-grade zones occurring in a near-surface setting.

The current National Instrument 43-101 mineral resource estimate includes 582,400 tonnes grading 0.826 per cent WO3 (indicated) and 565,000 tonnes grading 1.231 per cent WO3 (inferred). The Fox deposit remains open for expansion, with exploration targeting resource growth both laterally and at depth.

The continuing 20,000-metre drill program represents the largest exploration campaign in the company's history and is designed to significantly expand the current mineral resource while supporting an updated mineral resource estimate and preliminary economic assessment (PEA), targeted for completion in the second quarter of 2027.

In addition to Fox, the company owns the Silverboss molybdenum-copper-gold-silver project, located adjacent to Glencore's former Boss Mountain molybdenum mine in British Columbia.

Fox Tungsten is committed to responsible mineral resource development and building long-term, mutually beneficial relationships with indigenous communities and local stakeholders in the territories where the company operates.

We seek Safe Harbor.