Copper Fox Files Schaft Creek Technical Report on SEDAR

Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") is pleased to report that it has filed on SEDAR a National Instrument 43-101 ("NI 43-101") Technical Report (the "Technical Report") which includes the results of a preliminary economic assessment ("PEA") for the Schaft Creek copper-molybdenum-gold-silver porphyry project located in Tahltan territory in northwestern British Columbia (see news release dated September 20, 2021). The Schaft Creek Project is managed through the Schaft Creek Joint Venture ("SCJV") formed in 2013 between Teck Resources Limited ("Teck") (75%) and Copper Fox (25%) with Teck being the operator.

The Technical Report, titled "Schaft Creek Preliminary Economic Assessment (PEA), NI 43-101 Technical Report", with an effective date of September 10, 2021, was prepared by H. Ghaffari. M.A.Sc., P.Eng., J. Huang, Ph.D., P.Eng., and S. Hafez, PhD., P.Eng., of Tetra Tech Canada Inc. ("Tetra Tech"), M. O'Brien, P.Geo. of Red Pennant Communications Corp. ("Red Pennant"), D. Friedman, P.Eng., of Knight Piésold Ltd. ("KP") and B. Masson, P.Eng., of McElhanney Consulting Services Ltd., ("McElhanney").

PEA Highlights

Metal Price Assumptions: Cu: US$3.25/lb, Au: US$1,500/oz, Mo: US$10.00/lb, Ag: US$20.00/oz

• After-tax NPV₈ of US$842.1 million and IRR of 12.9%
• EBITDA of US$10.8 billion life of mine ("LOM")
• Free Cash Flow US$9.96 billion LOM
• Net Smelter Return of US$20.63 per tonne
• 21-year LOM producing approximately 5.0 billion pounds ("lbs") or 2.3 million tonnes copper, 3.7 million ounces ("oz") gold, 226.0 million lbs molybdenum and 16.4 million oz silver in concentrate
• 133,000 tonne per day LOM nominal milling rate at 92% capacity processing 1.030 billion tonnes of mill feed LOM, representing approximately 60% of identified mineral resources
• Estimated Initial Capital Costs of US$2.653 billion
• Sustaining Capital Costs of US$848.7 million which is inclusive of US$154.0 million Closure Costs
• Operating Costs are estimated to be US$8.66/t processed
• C1 Cost (net of by-product credits) US$1.00 per pound payable copper LOM
• All in Sustaining Costs ("AISC") US$1.18 per pound payable copper LOM

Elmer B. Stewart, President and CEO of Copper Fox stated, "The 2021 PEA provides Copper Fox shareholders a technical update on the project and outlines the changes and improvements to the project configuration and the economics of the Schaft Creek Project since the 2013 Feasibility Study. These changes resulted in a significant increase in the after-tax NPV and IRR and demonstrated the potential for a large mining operation with low C1 Cost and AISC per pound of copper. The Technical Report recommends a multi-purpose program and budget to advance the project to the pre-feasibility stage ("PFS")."

Recommended Program

The PEA describes a recommended work program for the Schaft Creek Project that contemplates a C$23.2 million budget as part of a potential PFS. Activities include geological and geotechnical drilling, metallurgical testwork and additional environmental and infrastructure studies to complete the PFS. The recommended budget includes contingencies, preparation of the PFS and direct costs related to completion of the recommended program.

Project Enhancements

The PEA identified opportunities that could enhance the investment opportunity of the Schaft Creek Project including:

• Additional metallurgical testwork to increase metal recoveries and reduce processing costs
• Geotechnical drilling to potentially reduce the LOM strip ratio
• Infill drilling to increase confidence in the resource model, extend the limits of the mineralization and upgrade the mineral resources to a higher mineral resource category
• Pursue opportunities to reduce the project development execution timeline from the current 5 years

Qualified Persons

The Qualified Persons who participated in preparation of the Technical Report are: H. Ghaffari M.A.Sc., P.Eng, of Tetra Tech, J. Huang, Ph.D., P.Eng., of Tetra Tech, M. O'Brien, P. Geo., of Red Pennant, S. Hafez, PhD, P.Eng., of Tetra Tech, D. Friedman, P.Eng., of KP and B. Masson, P.Eng., of McElhanney. The QPs have approved the scientific and technical content of this news release. Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, the Company's nominated QP pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has reviewed the scientific and technical information disclosed in this news release. Mr. Stewart is not independent of Copper Fox.

About Copper Fox

Copper Fox is a Tier 1 Canadian resource company focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and United States subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia and the 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona. For more information on Copper Fox's other mineral properties and investments visit the Company's website at https://www.copperfoxmetals.com.

For additional information contact: Lynn Ball at 1-844-464-2820 or 1-403-264-2820.

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 include statements regarding: the PEA improved the project; estimated Operating, Capital and Sustaining costs; projected average daily milling rates, estimate costs to produce a pound of copper, projected metal prices and recommendations for future programs; a greater confidence in the geological and resource models; a recommended C$23.2 million budget, and project enhancements. Information concerning PEA's also may be deemed to be forward-looking information in that it reflects a prediction of the mineralization that would be encountered if a mineral deposit were developed and mined. Information concerning PEA's with indicated and inferred mineral resource estimates also may be deemed to be forward-looking information in that it reflects a prediction of the mineralization that would be encountered if a mineral deposit were developed and mined.

In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiary have made numerous assumptions regarding, among other things: the geological, metallurgical, engineering, 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 recommendations of the Technical Report may not be completed as suggested, or at all; the C$23.2 million estimated cost may not be sufficient to complete the PFS; uncertainties relating to interpretation of the previous drill results; the actual mineralization in the Schaft Creek deposit may not be as favorable as suggested by the resource estimate; the possibility that future drilling on the Schaft Creek Project may not occur on a timely basis, or at all; the estimated Operating, Capital and Sustaining costs may not be realized; projected average daily milling rates may not be achieved as projected, estimate costs to produce a pound of copper, projected metal prices may not be achieved and the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs or in construction projects; the uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; fluctuations in copper prices and demand; currency exchange rates; and conditions in the financial markets and the overall economy may deteriorate.

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.sedar.com. 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/102128