Copper Fox Announces 2021 First Quarter Operating and Financial Results
COPPER FOX ANNOUNCES 2021 FIRST QUARTER OPERATING AND FINANCIAL RESULTS
Calgary, Alberta – March 29, 2021. Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSX -V: CUU –
OTC-Pink: CPFXF) is pleased to announce that its unaudited interim consolidated January 31, 20 21, financial
statements have been filed on SEDAR.
For the three months e nded January 31, 20 21, Copper Fox had a net loss of $ 199,324 (January 31, 2020 –
$205,572) which equated to $0.00 loss per share (January 31, 2020 - $0.00 loss per share).
During the three months ended January 31, 20 21, the Compan y incurred $212,986 in expenditures primarily
furthering the development of the Van Dyke and Schaft Creek copper projects. 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 reference s 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 F ox stated, “ Activities during the Quarter focused on the Van
Dyke and Schaft Creek projects. The results of the Preliminary Economic Assessment (“PEA ”) on the Van Dyke
project exceeded expectations and established this project as a potential mid -tier copper producer. The 2021
Schaft Creek program is focused on enhancing project value based on key parameters identified over the past
two years. Receipt of the Mines Act permit clears the way to add the Eaglehead project to the C ompany’s
pipeline of exploration and advanced stage projects.”
2021 Q1 Highlights
• Announced results of the independent PEA for the Van Dyke in-situ copper recovery (“ISCR”) project.
• Commissioned a PEA for the Schaft Creek project based on a 133,000 tonne per day mining and milling
throughput case.
• Announced 2020 fourth quarter results including exercise of 8,460,167 warrants for total proceeds of
$1,038,370.
Subsequent to the Period Ended
• The technical report titled “NI 43 -101 Preliminary Economic Assessment Technical Repor t for the Van
Dyke Copper Project” dated February 26, 2021, prepared by MMTS and Ausenco was filed on SEDAR .
The PEA recommends a US$15.5 million budget for diamond drilling , permitting and completion of an
ISCR pilot test program.
• The 2021 Schaft Creek program contemplating at $3.4 million budget to review construction timeline
and offsite infrastructure costs; metallurgical testwork to confirm throughput assumptions, ensure a ‘fit
for purpose’ process design flowsheet, confirm opportunities to decrease the life of mine strip ratio, and
update regulatory requirements in accordance with the updated project configuration and associated
permitting timeline was announced.
• The Mines Act permit for the Eaglehead project was received.
• Results of the 2021 Resource Estimate for the Schaft Creek polymetallic porphyry copper project were
reported.
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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:
Issue Date Exercise Price Expiry Date
April 29, 2019 0.15 April 29, 2021
Issue Date Exercise Price Extended Expiry Date
June 14, 2018 0.15 June 14, 2021
June 30, 2016 0.17 June 30, 2021
July 27, 2017 0.17 July 27, 2021
With respect to the warrants (the “2020 Warrants”) issued in connection with the non -brokered pr ivate
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 o f 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.
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 January 31, 2021, the Company’s cash position was $1,117,774 (October 31, 2020 - $491,933).
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. 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 locat ed in northw estern British Columbia and the 100% ownership of
January 31, 2021 October 31, 2020 July 31, 2020 April 30, 2020
3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
Loss before taxes $ 199,324 $ 299,017 $ 248,589 $ 375,725
Net loss 199,324 (291,983) 248,589 375,725
Comprehensive (gain)/loss 791,658 (453,015) 940,165 (283,957)
Comprehensive (gain)/loss per share,
basic and diluted 0.00 (0.00) 0.00 (0.00)
January 31, 2020 October 31, 2019 July 31, 2019 April 30, 2019
3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
Loss before taxes $ 205,572 $ 289,922 $ 270,252 $ 1,974,306
Net loss 205,572 188,765 270,252 1,974,306
Comprehensive loss 139,438 257,746 528,250 1,732,808
Comprehensive loss per share, basic
and diluted 0.00 0.00 0.00 0.00
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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 Ex change nor i ts 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 (collective ly, “forward -looking information”). Forward-looking information in this news release
include statements about our Van Dyke, Schaft Creek an d Eaglehead projects; potential as a mid -tier copper producer for
the Van Dyke project and recommended budget from th e recently f iled PEA; adding the Eaglehead project to the
Company’s pipeline of exploration and advanced stage projects and receipt of 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 estimate s and the ke y 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 as sumptions 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; t he $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 Eaglehead acquisition may not be completed; the overall economy may
deteriorate; uncertainty as to the availabilit y 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 c ommon 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.