Copper Fox’S October 31, 2016 Year End Operating and Financial Results

COPPER FOX’S OCTOBER 31, 2016 YEAR END OPERATING AND FINANCIAL RESULTS

Vancouver, British Columbia – February 24th, 2017. Copper Fox Metals Inc. (“Copper Fox” or the

“Company”) (TSX -V: CUU – OTC-Pink: CPFXF) is pleased to announce that its audited

consolidated October 31, 2016 financial statements have been filed on SEDAR.

All of the Company’s material subsidiaries are wholly owned , except for Carmax Mining Corp.

(“Carmax”) (TSX-V: CXM), of which the Company owns 65.4% of the outs tanding common shar es.

These audited consolidated financial statements include 100% of the assets and liabilities related to

Carmax and include a non -controlling interest portion, representing 34.6% of Carmax’s assets and

liabilities that are not owned by the Company.

For the year ended October 31, 2016, Copper Fox had a comprehensive loss of $784,363 (October 31,

2015 - $20,215) which equated to $0.00 loss per share (October 31, 2015 - $0.00). During the fiscal

year ended, the Company incurred $477,945 in expenditures t oward furthering the development of its

Van Dyke, Sombrero Butte, and Mineral Mountain copper projects in Arizona. 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 rel ease

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, “ In 2016, Copper Fox achieved positive

technical results on all five of its projects, while considerably reducing its general and administrative

expenses. At Schaft Creek, the joint venture completed a geological model and commenced updating

the Schaft Creek deposit resource model, in addition to other project related activities. The Preliminary

Economic Assessment (“PEA”) of the Van Dyke project indicated that the anticipated costs to produce a

pound of copper is in the first quarti le for global copper costs, identified a number of economic

enhancements, and recommen ded the completion of a pre-feasibility study . The Mineral Mountain ,

Sombrero Butte, and Eaglehead (Carmax) projects were all advanced technically during the fiscal year

ended 2016, and all yielded positive results. One potential issue that arose during the fiscal year ended

2016 was Carmax’s ownership of its Eaglehead mineral tenures. This issue has been heard by the courts

and the Company is now awaiting a decision . Until said decision is rendered, Carmax’s ownership of

the Eaglehead mineral claim ten ures remains in doubt. Going into 2017, Copper Fox will continue its

strategy adopted in 2016 , which is to focus on advancing its project s through exploration and

development.”

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2016 Fiscal Year Ended Highlights

 The Schaft Creek Joint V enture completed updating the geological model o f the Schaft Creek

deposit, which incorporated the results from the last three years of field work and determined

that an updated resource remodel of the Schaft Creek deposit is required. The resource

remodeling commenced in 2016 and has continued into 2017.

 The Schaft Creek Joint Venture approved a $0.9 mill ion budget for the 2017 program which

includes: completion of the resource remodeling , desktop engineering and trade -off studies,

collection of baseline environmental data, and an application for a Multi-Year Area Based Permit

(“MYAB”). The main activities covered pursuant to the MYAB permit include: the approval for

up to 50 diamond drill holes, 5 kilometers of a new drill road, and 20 kilometers of line cutting;

none of which are planned for at this time.

 The PEA on the Van Dyke In-Situ Leach (“ISL”) copper project suggests that the project has

low cash costs (first quartile) per pound of copper produced, strong cash flows and a pre-tax Net

Present Value (“NPV”) of US $213.1 million, coupled with an Internal Rate of Return (“ IRR”)

of 35.5%.

 A time/cost analysis related to obtaining the main permits for the ISL test on the Van Dyke

project indicated that t he cost would be approximately US $425,000, which is significantly less

than the amount indicated in the PEA.

 During the fiscal year 2016, Copper Fox invested an additional $1.5 million in Carmax , thereby

increasing its equity ownership to 65.4%. Carmax used these funds to complete re-logging of

historical diam ond drill core s, re -analysis of pulps, re -sampling of historical drill core s, and

additional metallurgical testwork.

 Two drill-ready targets have been identified on the Sombrero Butte project , based on the

correlation of the historical drilling and the 2015 geophysical survey.

 A large area of porphyry style copper -molybdenum-gold mineralization was outlined on the

Mineral Mountain project.

Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, is the Company’s non-independent,

nominated Qualified P erson 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.

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Selected Annual Results

October 31, 2016 October 31, 2015 October 31, 2014

Year Ended Year Ended Year Ended

Loss before non-operating items and taxes $ 1,667,161 $ 1,910,352 $ 2,733,444

Net loss 1,070,949 1,546,398 1,350,909

Comprehensive loss 784,363 20,215 912,959

Comprehensive Loss per Share, Basic and Diluted 0.00 0.00 0.00

Weighted Average Number of Shares Outstanding 419,326,720 407,660,044 405,529,414

Financial Position

Total assets $ 80,323,388 $ 79,601,459 $ 80,067,623

Non-current liabilities $ 2,389,297 $ 2,984,494 $ 3,324,523

Liquidity

As at October 31, 2016, the Company had $847,505 in cash (October 31, 2015 - $1,529,138).

About Copper Fox

Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange (TSX -V:

CUU) focused on copper exploration and development in Canada and the United States. Copper Fox

and its wholly owned Canadian and United States subsidiaries, being Desert Fox Copper Inc. and

Northern Fox Copper Inc., hold the five primary assets listed below:

 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.

 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona.

 65.4% of the shares of Carmax Mining Corp. , who in turn own 100% of the Eaglehead copper -

molybdenum-gold project located in northern British Columbia.

 100% ownership of the Sombrero Butte copper project located east of Mammoth, Arizona.

 100% ownership of the Mineral Mountain copper project located east of Florence, Arizona.

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 Provid er (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 wit hin 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

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include statements about the anticipated costs to produce a pound of copper at the Van Dyke project; focusing on advancing

the Company’s projects through exploration and development; a $0.9 million budget for th e 2017 Schaft Creek Joint Venture

program, including completion of the resource remodeling, desktop engineering and trade -off studies, collection of baseline

environmental data, and an application for a MYAB permit; approval of the MYAB permit and the unde rlying activities;

projections for the Van Dyke In -Situ Leach (“ISL”) copper project to have low cash costs (first quartile) per pound of copper

produced, strong cash flows and a pre -tax Net Present Value (“NPV”) of US $213.1 million, coupled with an Inter nal Rate of

Return (“IRR”) of 35.5%; and a cost of approximately US $425,000 to obtain the main permits for the ISL test.

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 an d 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 F ox’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: exploration of the projects may

not find copper mineralization in significant quantities or at all, or at the expected cost; 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 permit s

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 s tatement, 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.