Arctic Fox Ventures Inc. Issues Incentive Stock Options

Suite #905-1030 West Georgia St., Vancouver, BC Canada V6E 2Y3

Phone (604) 689-2646 Fax (604) 689-1289

ARCTIC FOX VENTURES INC.

January 20, 2023 Trading Symbol: CSE –AFX

ARCTIC FOX VENTURES INC. ISSUES INCENTIVE STOCK OPTIONS

VANCOUVER, BRITISH COLUMBIA ( January 20, 202 3) – Arctic Fox Ventures Inc. (CSE: AFX) (the

“Company”) is pleased to announce that it has issued 2,000,000 incentive stock options at a n exercise price of

$0.13 to directors, officers and employees of the Company for a period of five years from the date of issuance. The

options will vest immediately.

For further information, please contact:

Harry Chew, President, CEO

Phone: (604) 689-2646

On behalf of the Board of Directors,

“Harry Chew”

Harry Chew

President & CEO

Arctic Fox Ventures Inc.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian

Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Forward-Looking Information: This release includes certain statements that may be deemed "forward -looking statements". All statements in this release,

other than statements of historical facts, that address any activities and events or developments that Arctic Fox Ventures Inc. ("Arctic Fox") expects to occur,

are forward -looking statements. Although Arctic Fox believes the expectations expressed in such forward -looking statements are based on reasonable

assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward -looking

statements. Factors that could cause actual results to differ materially from those in forward looking statements include: market prices; disruptions relating to

the COVID-19 pandemic; continued availability of capital; and financing and general economic, market or business conditions. These statements are based

on a number of assumptions including, among other things, assumptions regarding general business and economic conditions . Investors are cautioned that

any such statements are not guarantees of future performance and actual results or developments may differ materially from th ose projected in the forward -

looking statements. Arctic Fox does not assume any obligation to update or r evise its forward -looking statements, whether as a result of new information,

future events or otherwise, except as required by applicable law.