Copper Fox Announces 2020 Fourth Quarter Operating and Financial Results

COPPER FOX ANNOUNCES 2020 FOURTH QUARTER OPERATING AND FINANCIAL RESULTS

Calgary, Alberta – January 29, 2021. Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSX-V:

CUU – OTC-Pink: CPFXF) is pleased to announce that its audited annual consolidated October 31, 2020

financial statements have been filed on SEDAR.

All the Company’s material subsidiaries are wholly owned . The Company owns 24.3% of the

outstanding common shares of District Copper Corp. (formerly named Carmax Mining Corp.).

For t he year ended October 31, 20 20, Copper Fox had a net loss of $ 537,453 (October 31, 201 9 –

$2,626,031) which equated to $0.00 loss per share (October 31, 2019 - $0.00 loss per share).

During the year ended October 31, 20 20, the Compan y incurred $695,582 in expenditures toward

furthering the development of its Schaft Cre ek and Van Dyke copper projects, exploration of its

Sombrero Butte , and Mineral Mountain copper projects and proposed acquisition o f the Eagleh ead

copper project . Copies of the financial st atements, notes , and relate d management discussion a nd

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, “ Activities during and subsequent to the

Quarter, included completion of the Preliminary Economic Assessment ( “PEA”) resulting in a four-fold

increase in valuation of the Van Dyke project and commissioning a PEA on the Schaf t Creek project.

The acquisition of the E aglehead project is progressing slower than expected with anti cipated

completion in early 2021. The exercise of previously issued warrants continues and these funds will be

used to f inance 2021 activities. While plans for 2021 have not been finalized , the Company will

continue to employ the strategy of “maximum value added per dollar invested.”

2020 Q4 Highlights:

a) The Schaft Creek Joint Venture continued work on the in-depth review of the 133 ktpd scenario

outlined by the 2018 Sizing and Infrastructure Study. After the Quart er ended, Copper Fox

commissioned the preparation of an external, independent PEA Technical Report to be

prepared in accordance National Instrument 43-101. The PEA will provide an update on current

project infrastructure , mine plan, processing, access and power opt ions, estimated capital,

operating and sustaining costs and estimated valuation on a pre- and post-tax basis.

b) At Van Dyke, the PEA yielded a post-tax Net Present Value (“NPV”)7.5 of US $644.7 million and

an Internal Rate of Return (“IRR”) of 43.4% versus NPV8.0 US $149.5 million and IRR of 27.9%

shown in the 2015 PEA.

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c) The company continues to work toward obtaining the permit required to transfer ownership of

the Eaglehead project. Consultation between the B.C. Ministry of Energy, Mines and Petroleum

Resources and First Nations related to the proposed Notice of Work are ongoing.

d) Programs planned for the Mineral Mountain and Sombrero Butte projects were not completed

during the yea r, primarily due to delays experienced in either receipt of app rovals or ongoing

requests to obtain Authorization from the BLM to conduct the EA surveys requested by the

BLM.

Warrant Exercises:

Subsequent to the fiscal year ended , the Company has received 7,387,667 exercised warrants for total

proceeds of $1,038,370.

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

nominated Qualif ied Person pursuant to National Instrument 43 -101, St andards for Disclosure for

Mineral Projects, and has rev iewed and approve s the scientific and technical information disclosed in

this news release.

Selected Financial Results

Liquidity

As at October 31, 2020, the Company’s cash position was $491,933 (October 31, 2019 - $374,507) and as of the

date of this News Release the Company’s cash position was $1,101,989.

About Copper Fox

Copper Fox is a Ti er 1 Canadian resource company listed on the TSX V enture Exchange (TSX-V: CUU) focused on

copper exploration and development in Cana da and the United States. The principal assets of Copper Fox and

its who lly 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 Resource s Limited on the Schaft

Creek copper-gold-molybdenum-silver project located in northwestern British Columbia and a 100% owne rship

of the Van Dyke oxide copper project located in Miami, A rizona. For more information on Copper Fox’s other

mineral properties and investments visit the Company’s website at http://www.copperfoxmetals.com.

October 31, 2020 July 31, 2020 April 30, 2020 January 31, 2020

3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended

Loss before taxes $ 298,567 $ 248,589 $ 375,725 $ 205,572

Net (gain)/loss (292,433) 248,589 375,725 205,572

Comprehensive (gain)/loss (453,015) 940,165 (283,957) 139,438

Comprehensive (gain)/loss per share,

basic and diluted 0.00 0.00 (0.00) 0.00

October 31, 2019 July 31, 2019 April 30, 2019 January 31, 2019

3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended

Loss before taxes $ 289,922 $ 270,252 $ 1,974,306 $ 192,708

Net loss 188,765 270,252 1,974,306 192,708

Comprehensive loss 257,746 528,250 1,732,808 176,208

Comprehensive loss per share, basic

and diluted 0.00 0.00 0.00 0.00

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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 Provide r (as that term is defined in the

policies of the T SX Venture Exchange) accepts responsibility for th e adequacy o r accu racy of thi s

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 Exc hange Act of 1934, and forwar d-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,” “wil l,” “anticipates,” “intends,” “budgets”, “could”, “estimates”, “expects”,

“forecasts”, “projects” and similar expressions, and the negative of such express ions. Forward-looking information in this

news release include statements regarding; the in-depth review of the 133 ktpd scenario at Schaft Creek; commissioning of

a PEA on the Schaft Creek project; the results of the PE A on the Van Dyke project ; ongoing discussions related to the

acquisition of the Eaglehead project; and delays encountered on the Mineral Mountain and Sombrero Butte projects.

In connection with the forw ard-looking information contained in this news r elease, Copper Fox and its subsidiar ies 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 stan dards; and

the st ability of economic and market conditions. Whi le Copper Fox co nsiders these assumptions to be reasonable, these

assumptions are inherently subject to significant uncertainties and contingencies.

Additionally, there are known and unknown risk factors whic h could cause Copper Fox’s actual results, performance, or

achievements to be materially different from any future result s, performance or achievements expressed or implied by the

forward-looking information contained here in. Known risk fac tors include, am ong others: the in-depth review of the 133

ktpd scenario of the Schaft Creek project may not produce t he desired results or be compl eted in a timely basi s, or at all;

the PEA on the Schaft Creek project may not be completed on a timely basis or at all; the results of the PEA on the Van Dyke

project may not be as estimated ; ongoing discussions related to the acquisition of the Eaglehead project may not be

concluded on a timely basis or a t all; the proposed 2020 programs on the Mineral Mountain and Sombrero Butte projects

may not be completed in 2021 or a t all; the overall economy may deteriorate; uncertainty as to the availability and t erms

of future financ ing; copper pr ices and demand may fluctuate; curren cy excha nge rates m ay fluctuate; cond itions in the

financial markets may deteriorate; and uncertainty as to timely availability of permits and other governmental approvals.

A more co mplete discussion of the risks and uncertainties facing Copper Fox is di sclosed in Copper F ox's continuous

disclosure filings with Canadian securities regulatory authoriti es 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 an y revisions to any of the fo rward-looking information

contained herein to reflect future results, events, or developments, except as required by law.