Copper Fox Announces 2021 Second Quarter Operating and Financial Results

Copper Fox Metals Inc. (TSXV: CUU) (OTC Pink: CPFXF) ("Copper Fox" or the "Company") is pleased to announce that its unaudited interim consolidated April 30, 2021, financial statements have been filed on SEDAR.

For the six months ended April 30, 2021, Copper Fox had a net loss of $542,580 (April 30, 2020 - $581,312) which equated to $0.00 loss per share (April 30, 2020 - $0.00 loss per share).

During the six months ended April 30, 2021, the Company incurred $768,349 in expenditures primarily furthering the development of the Van Dyke and Schaft Creek copper projects, as well as acquiring the Eaglehead property and placing a reclamation bond for it. Copies of the financial statements, notes, and related management discussion and analysis may be obtained on SEDAR at www.sedar.com, 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.

Elmer B. Stewart, President and CEO of Copper Fox stated, "Copper Fox was active on four projects during the quarter with our primary focus on the Schaft Creek Preliminary Economic Assessment ("PEA") and 2021 work program. The PEA on the Van Dyke copper project in Arizona exceeded our expectations and established this project as a potential mid-tier copper producer and the Company is evaluating the next steps to advance the project. Receipt of the BC Mines Act permit cleared the way to add the Eaglehead copper project to the Company's pipeline of exploration and advanced stage projects and a geophysical survey on the Mineral Mountain project in Arizona commenced."

2021 Q2 Highlights

• The independent PEA for the Van Dyke in-situ copper recovery ("ISCR") project was filed on SEDAR and recommends a US$15.5 million budget for diamond drilling, permitting and completion of an ISCR pilot test program.
• The 2021 Schaft Creek C$3.4 million metallurgical and geotechnical drilling program was announced and focusses on enhancing project value based on key parameters identified over the past two years.
• Announced an induced polarization survey on the Mineral Mountain project.
• Appointed Mark T. Brown, CPA, CA, as the Chief Financial Officer.
• Received the BC Mines Act permit for the Eaglehead Property and finalized the transaction with District Copper.

Subsequent to the Period End

• Filed a NI 43-101 Technical Report, Mineral Resource Estimate Update for the Schaft Creek Property, which forms the basis of the PEA currently underway.
• The Company provided an update on the PEA for the Schaft Creek project which included improved mine design reducing the life of mine strip ratio, capital efficient project configuration, options to extend mine life or increase throughput, and potentially lower operating cost compared to the 2013 feasibility study.
• Compiled and interpreted data for the Eaglehead copper project in preparation for the 2021 program.

Notice of Warrant Expirations

The Company wishes to remind holders of those warrants issued in connection with various prior non-brokered private placement unit offerings of the Company noted below, that the term of the previously extended exercise period during which these warrants may be exercised will expire, without further extension, on the dates indicated in the table below:

With respect to the warrants (the "2020 Warrants") issued in connection with the non-brokered private placement unit offerings completed in March and April, 2020, the Company further advises that in light of the recent trading price of the common shares, the Company may at a future date, in its discretion having regard to the then state of the capital markets and project funding requirements, issue notice to the holders of the 2020 Warrants of the early acceleration of the expiry date for the exercise of the 2020 Warrants. Such notice, when issued, will specify the accelerated early expiry date for the exercise of these 2020 Warrants.

Subsequent to April 30, 2021, 12,197,168 warrants were exercised for proceeds to the Company of $1,931,409.

Elmer B. Stewart, MSc. P. Geol., 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, 2021, the Company's cash position was $1,230,280 (October 31, 2020 - $491,933). Shortly after the quarter end, the Company also received $1,931,409 from the exercise of warrants.

About Copper Fox

Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange (TSXV: CUU) 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 www.copperfoxmetals.com.

For additional information please 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 in this news release include statements about our Van Dyke, Schaft Creek, Mineral Mountain and Eaglehead projects; potential as a mid-tier copper producer for the Van Dyke project and recommended budget from the recently filed PEA; adding the Eaglehead project to the Company's pipeline of exploration and advanced stage projects and receipt of BC Mines Act permits; the $3.4 million budget and program for the Schaft Creek project; and comments related to outstanding warrants of the Company, including acceleration of the expiry date for the exercise of the 2020 Warrants.

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; that the mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are based are reasonable; the costs and results of planned exploration activities are as anticipated; 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, the PEA on the Schaft Creek project may not be completed as planned or at all; the $3.4 million budget and program for the Schaft Creek project may not be completed as planned or at all or achieve the desired results; the Mineral Mountain geophysical survey may not achieve the desired results; the Eaglehead 2021 program may not be completed; 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; trading prices of the Company's common shares may decrease below the exercise price of any outstanding warrants of the Company; 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.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.

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