Copper Fox Announces 2021 Third Quarter Operating and Financial Results
COPPER FOX ANNOUNCES 2021 THIRD QUARTER OPERATING AND FINANCIAL RESULTS
Calgary, Alberta – September 23, 2021. Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSX -V: CUU
– OTCQX: CPFXF) is pleased to announce that its unaudited interim consolidated July 31 , 20 21, financial
statements have been filed on SEDAR.
For the nine months e nded July 31 , 2021, Copper Fox had a net loss of $ 747,620 (July 31 , 2020 – $845,158)
which equated to $0.00 loss per share (July 31, 2020 - $0.00 loss per share).
During the nine months ended July 31 , 20 21, the Compan y incurred $1,156,194 in expenditures primarily
furthering the development of the Van Dyke and Schaft Creek copper projects, and the acquisition costs, the
reclamation bond and expenses related to the 2021 exploration program for the Eaglehead copper project .
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 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, “ During the Quarter, our primary focus was the
Schaft Creek Preliminary Economic Assessment (“ PEA”) and advancing the Van Dy ke copper project.
Compilation of the historical data has significantly increased our understanding of the geometry, controls and
potential to located additional polymetallic copper mineralization within the Eaglehead project. The large
positive chargeability/resistivity anomalies outlined at Mineral Mountain demonstrate a strong correlation to
copper-molybdenum mineralization exposed in outcrop and has provided the confidence to move the project to
the drilling stage planned for early 2022.”
2021 Q3 Highlights
• Filed a National Instrument 43-101 Technical Report, containing a Mineral Resource Estimate Update for
the Schaft Creek Property.
• Advanced the PEA for the Schaft Creek project.
• Completed an induced polarization survey on the Mineral Mountain copper project.
• Compilation, geological modelling and commencement of the 2021 field program on the Eaglehead
project.
After the Period End
• Retained Montgomery & Associates to prepare a data gap analysis and conceptual Hydrogeological
Model for the Van Dyke project.
• Qualified to trade on the OTCQX® Best Market (trading symbol CPFXF) and retained the services of
Stonegate Capital Partners, Inc. for an initial period of six months to provide investor relations services
in the United States.
• Announced the results of the PEA for the Schaft Creek project which yielded an after -tax net present
value of US$842.1 million (on 100% basis using constant dollars) and internal rate of return of 12.9%, life
of mine EBITDA of US$10.81 billion and free cash flow before recovery of initial capital expenditures of
US$9.96 billion.
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Warrant Exercised
During the nine months ended July 31 , 2021, a total of 33,175,667 warrants were exercised for proceeds to the
Company of $5,193,404.
Elmer B. Stewart, MSc. P. Geol., President of C opper 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
July 31, 2021 April 30, 2021 January 31, 2021 October 31, 2020
3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
Loss before taxes $ 205,040 $ 343,256 $ 199,324 $ 299,017
Net loss 205,040 343,256 199,324 (291,983)
Comprehensive (gain) / loss 32,777 842,711 791,658 (453,015)
Comprehensive (gain) / loss per share,
0.00 0.00 0.00
(0.00)
basic and diluted
July 31, 2020 April 30, 2020 January 31, 2020 October 31, 2019
3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
Loss before taxes $ 248,589 $ 390,982 $ 205,587 $ 289,922
Net loss 248,589 390,982 205,587 188,765
Comprehensive (gain) / loss 940,165 (406,527) 110,398 257,746
Comprehensive (gain) / loss per share, basic
and diluted 0.00 (0.00) 0.00 0.00
Liquidity
As of July 31, 2021, the Company’s cash position was $3,781,225 (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 located in northwestern British Columbia , and the 100%
ownership of 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 or [email protected]
On behalf of the Board of Directors,
Elmer B. Stewart
President and Chief Executive Officer
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Neither TSX Venture Exchange nor its 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 Ac t of 1 934, and forward -looking information within the meaning of the Canadian securities laws
(collectively, “forward -looking information”). Forward-looking information in this news release include
statements about our Van Dyke, Schaft Creek , Mineral Mount ain and Eaglehead projects ; filing a NI 43 -101
Technical Report, Mineral Resource Estimate Update for the Schaft Creek Property; advancing the PEA for the
Schaft Creek project; a data gap analysis and conceptual hydrogeological model for the Van Dyke proje ct;
acquisition of the Eaglehead project; compilation of data on the Eaglehead project ; the 2021 program for the
Eaglehead project and the results of a geophysical survey and planned drill program on the Mineral Mountain
project.
In connection with the f orward-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 up on practices and methodologies which
are consistent with industry standards; that the mineral reserve and resources estimates and the key
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 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 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; the data gap analysis and conceptual
hydrogeological model for the Van Dyke project may not be completed as planned or at all, the 20 21 program
for the Eaglehead project may not be completed as planned or achieve the desired results ; the compilation of
Eaglehead exploration results may not be realized; the geophysical survey on the Mineral Mountain project may
not result in locating additional mineralization; a drilling program at Mineral Mountain may not be completed as
planned or at all; the overall economy may deteriorate; uncertainty as to the availability and terms of future
financing; copper prices and demand may fluctuate; currenc y exchange rates may fluctuate; conditions in the
financial markets may deteriorate; trading prices of the Company’s common shares may decrease below the
exercise price of any outstanding warrants of the Company; and uncertainty as to timely availability o f 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 forwa rd-
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 forw ard-looking information contained herein to reflect future results, events, or
developments, except as required by law.