Copper Fox Announces 2026 Q2 Financial Results and Project and Corporate Updates

Copper Fox Metals Inc. (TSXV: CUU,OTC:CPFXF) (OTCQX: CPFXF) (FSE: HPU) ("Copper Fox" or the "Company") announces that its unaudited interim consolidated April 30, 2026, financial statements have been filed on SEDAR+. For the Quarter ended April 30, 2026, Copper Fox had a net loss of $639,670 (October 31, 2025 - $1,071,237) which equated to $0.00 loss per share (October 31, 2025 - $0.00 loss per share).

Elmer B. Stewart, President and CEO of Copper Fox, stated, "It has been a very exciting and busy Quarter, the work being completed by the various contractors on the 2026 Preliminary Economic Assessment (PEA) at Van Dyke continues and will include an updated mineral resource estimate (MRE) to support the 2026 PEA. The maiden drilling program at Mineral Mountain has confirmed the discovery of a large Laramide age porphyry copper system with six additional mineral claims being added to cover the possible extension of the large target. Teck Resources Limited, Operator of the Schaft Creek Joint Venture (SCJV), following the positive results of the 2025 drill program, announced a $9.1 million program for 2026 and reported the results of geotechnical, hydrogeological, environmental and meteorological studies.

Our current focus is completion of the 2026 MRE and PEA for the Van Dyke project. Compilation and assessment of a drilling program for Mineral Mountain is planned contingent on receipt of the analytical results for the bottom 300 meters of drillhole DDH MM-02-2025. The Eaglehead and Sombrero Butte projects are at various stages of the permitting process to obtain the permits required to conduct future exploration programs. Copper Fox is looking forward to working with the regulatory bodies to diligently advance these permitting initiatives."

During the six months ended April 30, 2026, the Company incurred $2,894,499 in expenditures toward furthering the development of its Van Dyke copper project and furthering exploration of its Eaglehead, Sombrero Butte and Mineral Mountain copper projects. The SCJV continued working on various technical reviews on Schaft Creek. Copies of the financial statements, notes, and related management discussion and analysis may be obtained on SEDAR+ at www.sedarplus.ca, the Company's web site at www.copperfoxmetals.com 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. All amounts are expressed in Canadian dollars unless otherwise stated.

Highlights

• Announced commencement of the 2026 Van Dyke PEA.
• Announced preliminary Mineral Mountain drill results and the discovery of a large Laramide age porphyry copper system.
• Announced the Schaft Creek 2026 work program and budget of $9.1 million.
• Announced positive results for the historical drill core sampling at Van Dyke, analytical results include:
  • DDH OXY-42, intersected a 100.59 meter (m) core interval (336.19 to 436.78m) that averaged 0.250% total copper (TCu) and 0.163% TSCu
  • DDH OXY-42 included a 22.86m core interval (337.72 to 360.58m) that averaged 0.481% TCu and 0.409% TSCu
• Completed a non-brokered private placement of $3,000,000 in gross proceeds by issuing 4,615,384 common shares at a price of $0.65 per share.
• Announced an updated MRE to be included to support the 2026 PEA on the Van Dyke project along with a preliminary 3-D numerical groundwater flow model and continued hydrogeological data collection.
• Announced results of the 2025 geotechnical, hydrogeological, environmental, and meteorological studies at Schaft Creek.
• Announced additional positive results for the historical drill core sampling at Van Dyke. Analytical results from 15 of the 18 drillholes returned intervals exceeding the TSCu cutoff of 0.025% (ASCu% + CNCu%) used in the 2020 MRE.

Van Dyke Project, Arizona
During the Quarter, early works required to update the PEA, have been completed. The PEA includes updates to the MRE, underground access and wellfield design, copper recovery predictions, infrastructure layout, water treatment, pre-tax and post-tax economic analysis using long term consensus copper prices and recommendations to advance the developments of the Van Dyke project. The results of the PEA would be used to determine project readiness to transition to the Preliminary Feasibility Study (PFS) stage. Activities included hydrogeological monitoring, quarterly water quality sampling, established two additional hydrogeological monitoring and one groundwater sampling station, preliminary meetings with the Town of Miami on obtaining a permit to conduct future drill programs and sampling to confirm the limits of the recoverable copper mineralization were completed. A critical portion of advancing the Van Dyke project is demonstrating to the federal and state regulatory bodies that future leaching operations can be conducted in a safe, environmentally friendly manner. To achieve this, understanding fluid flow patterns within the Bloody Tanks drainage basin and the Van Dyke project is critical and impact the well field and monitoring well design configurations to contain and recover the leaching fluids, but also provides data to estimate the sweep efficiency and predicted copper production, critical aspects of maximizing the economics of the Van Dyke project.

Mineral Mountain Project, Arizona
The project is in a prolific porphyry copper trend in Arizona, approximately 25km southwest of the giant Resolution porphyry copper deposit and 20km northeast of the Florence ISCR deposit. The two hole (totalling 2,558.11m) "maiden" drilling program confirmed the presence of a large, evolved Laramide age porphyry copper system underlying the project.

The two drillholes located approximately 1.3km apart, tested the large Laramide age porphyry copper target. DDH MM-01-2025 (total depth 860.76m) intersected the outer propylitic zone of the system and six significant intervals of copper-molybdenum enrichment associated with sulphide (Cu+/-Mo+/-Py) veining and associated alteration envelopes. DDH MM-02-2025 intersected a classic porphyry alteration and mineralization sequence that indicates vectoring toward a potential higher-grade potassic core at depth (see news release dated June 11, 2026). The increase in copper-molybdenum mineralization associated with intense quartz-sericite-pyrite alteration, combined with increasing quartz veining, high-temperature alteration at depth, magnetite sulphidization and appearance of bornite rimming chalcopyrite toward the bottom of the hole indicate that drilling has not yet reached the core of this large porphyry system. DDH MM-02-2025 has been placed on care and maintenance and can be re-entered to continue the hole to test the interpreted higher-grade core of the porphyry. Pending receipt of the analytical results for the core interval 1,394m to 1,697m in DDH MM-02-2025, an updated technical assessment of the Mineral Mountain porphyry copper system is planned to prepare a follow-up drilling program to test the interpreted higher-grade core of the system at depth.

Schaft Creek Project, British Columbia
The SCJV was created in 2013 between Teck and Copper Fox to further explore and develop the polymetallic Schaft Creek porphyry copper project. Since inception of SCJV, Teck has spent C$114 million ($90 million Pre-Production Costs), on the project.

Since completion of the 2021 Schaft Creek PEA, the SCJV has completed geological, metallurgical, geotechnical, infrastructure, environmental, hydrogeological and archeological studies focused on advancing the Schaft Creek project. The 2026 budget for Schaft Creek is $9.1million and is primarily directed at completing a critical in-depth assessment of the geological, metallurgical, geotechnical, infrastructure, environmental and archeological studies completed since 2021 to determine project readiness to transition the project to the Preliminary Feasibility Study (PFS) stage, subject to meeting stringent criteria to deliver attractive risk-adjusted returns in alignment with Teck's capital allocation framework. A System Impact Study to determine the energy requirements for the Schaft Creek project in conjunction with BC Hydro, environmental and hydrogeological data collection programs and upgrades to the camp to support future programs are planned for 2026.

During the Quarter, the SCJV reported the results for the 2025 geotechnical, hydrogeological, environmental, and meteorological studies and recommend future programs to provide support for permitting activities and augment these databases to meet threshold industry standards for a preliminary feasibility level of study.

Eaglehead Project, British Columbia
During the Quarter activities included advancing the permitting process, completion of a Wildlife Management Plan, investigating the applicability of Ore Sorting technology and planning for additional rock characterization and variability testwork at a coarser grind size on mineralization from the East, Bornite and Pass deposits. A review of previous Lock-Cycle Flotation testwork to the third cleaner concentrate stage suggests that the metallurgical performance at a coarse grind size could approximate metal recoveries at finer grind size. Processing material at a coarse grind size could have a positive impact on the comminution circuit and related costs in the milling portion of future project design. As of the date of this MD&A, the MYAB is in the review stage by various interested parties and not been approved. At this time, it is highly unlikely that Copper Fox could access the services required to conduct the planned drilling program given the short exploration season and level of exploration in northern British Columbia.

Sombrero Butte Project, Arizona
During the Quarter, activities included "ground truthing" of potential drillhole locations, mapping, and additional modelling of the 2025 chargeability/resistivity data and revisions to the exploration model used to advance exploration of the project. The proposed drill holes are located on Arizona State land. To obtain the permit to conduct drilling operations on State land, Copper Fox must submit a Geologic Field Operations Plan (GFOP) supported by a cultural and native plant species. Copper Fox is in discussions with an Arizona-based consulting firm with expertise in cultural resources and native plant studies to define the scope and estimated costs to complete these studies.

Elmer B. Stewart, MSc, P. Geo, 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

Liquidity
As at April 30, 2026, the Company's cash position was $629,849 (October 31, 2025- $686,236) and as of the date of this news release the Company's cash position is $145,220.

About Copper Fox
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% of the Van Dyke ISCR project, a development stage, potential near term, mid-size copper mine in Arizona and a 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited (75% interest and Operator) which hosts the Schaft Creek copper-gold-molybdenum-silver project in British Columbia's Golden Triangle. In addition, Copper Fox owns 100% 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. For more information on Copper Fox's mineral properties and investments visit the Company's website at www.copperfoxmetals.com.

On behalf of the Board of Directors,

Elmer B. Stewart
President and Chief Executive Officer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and forward-looking information within the meaning of the Canadian securities laws (collectively, "forward-looking information"). Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "budgets", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release includes statements regarding; updating the PEA and MRE at Van Dyke; further drilling at Mineral Mountain; conducting future exploration programs at Eaglehead and Sombrero Butte; and completing technical reviews at Schaft Creek to determine project readiness to transition the project to the PFS stage.

In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have made numerous assumptions regarding, among other things: the geological, financial, and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards; and the stability of economic and market conditions. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.

Additionally, there are known and unknown risk factors which could cause Copper Fox's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the updated PEA and MRE at Van Dyke may get completed as planned or at all; the maiden drilling program at Mineral Mountain may not result in further drilling; Eaglehead may not receive an approved MYAB permit; the required surveys for the GFOP at Sombrero Butte may not get started; the overall economy may deteriorate; uncertainty as to the availability and terms of future financing; copper prices and demand may fluctuate; currency exchange rates may fluctuate; conditions in the financial markets may deteriorate; and uncertainty as to timely availability of permits and other governmental approvals.

A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at www.sedarplus.ca. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/302968