Copper Fox Announces 2021 Fourth Quarter Operating and Financial Results
COPPER FOX ANNOUNCES 2021 FOURTH QUARTER OPERATING AND FINANCIAL RESULTS
Calgary, Alberta – February 28, 2022. Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSX -
V: CUU – OTCQX: CPFXF) is pleased to announce that its audited annual consolidated October 31, 2021
financial statements have been filed on SEDAR.
All the Company’s subsidiaries are wholly owned. As of October 31, 2021, the Company owned 23.87%
of the outstanding common shares of District Copper Corp.
For the year ended October 31, 20 21, Copper Fox had a net loss of $ 861,228 (October 31, 20 20 –
$537,453) which equated to $0.00 loss per share (October 31, 2020 - $0.00 loss per share).
During the year ended October 31, 20 21, the Compan y incurred $1,860,147 in expenditures towar d
furthering the development of its Schaft Creek and Van Dyke copper projects as well as exploration of
its Sombrero Butte, Mineral Mountain and Eaglehead, 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 references to planned acti vities 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 Schaft Creek Preliminary Economic Assessment (“PEA”) resulting in
a substantial increase in after-tax valuation of the project (100% basis ) and investigating the
requirements related to en tering the permitting process for the Van Dyke project. The 2021 field
program at Eaglehead has significantly upgrade d the potential, increased the porphyry footprint and
generated high priority targets for drilling in 2022. The first stage of the 2022 programs on our Arizona
based exploration projects are expected to commence toward the end of March.”
2021 Q4 Highlights:
• the Company retained Montgomery & Associates , a water resource consulting firm
headquartered in Tucso n, Arizona, to complete a data gap analysis of the Van Dyke project in
relation to current EPA (Environmental Protection Agency) and ADEQ (Arizona Department of
Environmental Quality) requirements to obtain a Class III well permit for the project.
• the Company upgraded from the OTC Pink Market to the OTCQX Best Market and continued to
trade under the symbol CPFXF. The Company also retained the services of Stonegate Capital
Partners Inc. to provide investor relations services for a period of six months.
• the Company provided an update on a ctivities in advance of the Company’s annual general
meeting on September 16, 2021, including, the 2021 Schaft Creek drilling program, the data gap
analysis and conceptual Hydrogeological Model for the Van Dyke project and the IP sur vey at
the Eaglehead project.
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• the Company provided the results of the PEA for the Schaft Creek project (see Property
Summary in this MD&A).
• the Company provided an update on its Van Dyke ISCR project in advance of discussions with
the EPA and ADEQ.
• the Company provided an update on the Schaft Creek 2021 metallurgical drilling program w ith
the primary objective of collecting geometallurgical samples for additional metallurgical
testwork.
Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, is the Compa ny’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 October 31, 202 1, the Company’s cash position was $ 2,646,608 (October 31, 2 020 - $491,933) and as of
the date of this News Release the Company’s cash position was $2,047,653.
About Copper Fox
Copper Fox is a Tier 1 Canadian resource company focused on copper explorati on 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 a 100% ownership of the Van Dyke oxide copper pro ject located in Miami,
Arizona. For more information on Copper Fox’ s other mineral properties and investments visit the Company’s
website at http://www.copperfoxmetals.com.
October 31, 2021 July 31, 2021 April 30, 2021 January 31, 2021
3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
Loss before taxes $ 367,608 $ 205,040 $ 343,256 $ 199,324
Net (gain)/loss 113,608 205,040 343,256 199,324
Comprehensive (gain)/loss 133,849 32,777 842,711 791,658
Comprehensive (gain)/loss per share,
basic and diluted 0.00 0.00 0.00 0.00
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 loss (292,433) 248,589 375,725 205,572
Comprehensive loss (453,015) 940,165 (283,957) 139,438
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 Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsib ility 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 Se curities Exchange Act of 1934, and forward -looking information with in 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,” “will,” “anticipates,” “intends,” “budgets”, “could”, “esti mates”, “expects”,
“forecasts”, “projects” and similar expressions, and the negative of such expressions. Forward-looking information in this
news release include statements regarding; the substantial increase in aft er-tax valuation of Schaft Creek, investigating the
requirements to entering the permitting process at Van Dyke, significantly upgrading the po tential, foot print and drilling
targets at Eaglehead, and, commencing 2022 programs on Arizona exploration projects.
In connection with the forw ard-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 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 di fferent from any future results, performance or achievements expressed or implied by the
forward-looking information contained herein. Known risk factors include, among others: the Company may not complete
the requirements to obtain a Class III well p ermit for Van Dyke ; the re sults of the metallurgical drilling program at Schaft
Creek may not produce the results anticipated; the proposed 2022 programs on the Mineral Mountain and Sombrero Butte
projects may not be completed in 2022 or at all; 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 permits and other governmental
approvals.
A more complete discussion of the risks and uncer tainties 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.