02:29:10 EDT Sat 17 Apr 2021
Enter Symbol
or Name
USA
CA



Copper Fox Metals Inc
Symbol CUU
Shares Issued 498,397,496
Close 2021-01-29 C$ 0.27
Recent Sedar Documents

Copper Fox has cash of $491,933 at year-end FY 2020

2021-01-29 17:33 ET - News Release

Mr. Elmer Stewart reports

COPPER FOX ANNOUNCES 2020 FOURTH QUARTER OPERATING AND FINANCIAL RESULT

Copper Fox Metals Inc. has filed its audited annual consolidated Oct. 31, 2020, financial statements on SEDAR.

All the company's material subsidiaries are wholly owned. The company owns 24.3 per cent of the outstanding common shares of District Copper Corp. (formerly named Carmax Mining Corp.).

For the year ended Oct. 31, 2020, Copper Fox had a net loss of $537,453 (Oct. 31, 2019: $2,626,031), which equated to nil loss per share (Oct. 31, 2019: nil loss per share).

During the year ended Oct. 31, 2020, the company incurred $695,582 in expenditures toward furthering the development of its Schaft Creek and Van Dyke copper projects, exploration of its Sombrero Butte and Mineral Mountain copper projects, and the proposed acquisition of the Eaglehead copper project. Copies of the financial statements, notes, and related management's discussion and analysis may be obtained on SEDAR or the company's website or by contacting the company directly. All references to planned activities and technical information contained in this news release have been previously announced by way of news releases.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "Activities during and subsequent to the quarter, included completion of the preliminary economic assessment (PEA) resulting in a fourfold increase in valuation of the Van Dyke project and commissioning a [preliminary economic assessment] on the Schaft Creek project. The acquisition of the Eaglehead project is progressing slower than expected with anticipated completion in early 2021. The exercise of previously issued warrants continues, and these funds will be used to finance 2021 activities. While plans for 2021 have not been finalized, the company will continue to employ the strategy of maximum value added per dollar invested."

Fourth quarter 2020 highlights:

  • The Schaft Creek joint venture continued work on the in-depth review of the 133,000-tonne-per-day scenario, outlined by the 2018 sizing and infrastructure study. After the quarter ended, Copper Fox commissioned the preparation of an external, independent PEA technical report to be prepared in accordance National Instrument 43-101. The PEA will provide an update on current project infrastructure, mine plan, processing, access and power options, estimated capital, operating and sustaining costs, and estimated valuation on a pre and posttax basis.
  • At Van Dyke, the PEA yielded a posttax net present value (NPV) discounted at 7.5 per cent of $644.7-million (U.S.) and an internal rate of return (IRR) of 43.4 per cent versus NPV discounted at 8.0 per cent of $149.5-million (U.S.) and an IRR of 27.9 per cent shown in the 2015 PEA.
  • The company continues to work toward obtaining the permit required to transfer ownership of the Eaglehead project. Consultation between the B.C. Ministry of Energy, Mines and Petroleum Resources and first nations related to the proposed notice of work is continuing.
  • Programs planned for the Mineral Mountain and Sombrero Butte projects were not completed during the year, primarily due to delays experienced in either receipt of approvals or continuing requests to obtain authorization from the BLM (Bureau of Land Management) to conduct the EA (environmental assessment) surveys requested by the BLM.

Warrant exercises

Subsequent to the fiscal year, the company received 7,387,667 exercised warrants for total proceeds of $1,038,370.

Elmer B. Stewart, MSc, PGeol, president 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.

                                           SELECTED FINANCIAL RESULTS

                                                           Three months    Three months    Three months    Three months
                                                                  ended           ended           ended           ended
                                                          Oct. 31, 2020   July 31, 2020        April 30,        Jan. 31,
                                                                                                   2020            2020

Loss before taxes                                              $298,567        $248,589        $375,725        $205,572
Net (gain)/loss                                                (292,433)        248,589         375,725         205,572
Comprehensive (gain)/loss                                      (453,015)        940,165        (283,957)        139,438
Comprehensive (gain)/loss per share, basic and diluted             0.00            0.00            0.00            0.00
                                                             ----------      ----------      ----------      ----------

                                                           Three months    Three months    Three months    Three months
                                                                  ended           ended           ended           ended
                                                          Oct. 31, 2019   July 31, 2019        April 30,        Jan. 31,
                                                                                                   2019            2019

Loss before taxes                                              $289,922        $270,252      $1,974,306        $192,708
Net loss                                                        188,765         270,252       1,974,306         192,708
Comprehensive loss                                              257,746         528,250       1,732,808         176,208
Comprehensive loss per share, basic and diluted                    0.00            0.00            0.00            0.00
                                                             ----------      ----------      ----------      ----------

Liquidity

As at Oct. 31, 2020, the company's cash position was $491,933 (Oct. 31, 2019: $374,507) and as of the date of this news release, the company's cash position was $1,101,989.

About Copper Fox Metals Inc.

Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange, focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and U.S. subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 25-per-cent interest in the Schaft Creek joint venture with Teck Resources Ltd. on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia and a 100-per-cent ownership of the Van Dyke oxide copper project located in Miami, Ariz.

We seek Safe Harbor.

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