Copper Fox Announces 2022 Fourth Quarter Operating and Financial Results
COPPER FOX ANNOUNCES 2022 FOURTH QUARTER OPERATING AND FINANCIAL RESULTS
Calgary, Alberta – February 15, 2023. 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, 2022
financial statements have been filed on SEDAR.
All the Company’s subsidiaries are wholly owned.
For the year ended October 31, 2022, Copper Fox had a net loss of $1,290,966 (October 31, 2021 –
$861,228) which equated to $0.00 loss per share (October 31, 2021 - $0.00 loss per share).
During the year ended October 31, 20 22, the Compan y incurred $1,312,952 in expenditures toward
furthering the development of its Schaft Creek and Van Dyke copper projects as well as exploration of
its Eaglehead, Sombrero Butte and Mineral Mountain 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 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
year ended included analytical results of the 2022 metallurgical drilling program at Schaft Creek which
extended and increased continuity of the near-surface higher-grade mineralized zones reported in 2021. These
results allow for the metallurgical test work, one of the main project enhancements identified in the 2021
Preliminary Economic Assessment , to commence. Following the positive results from the biological evaluation
(BE) of the Van Dyke project, field operations to determine the possibility of re-habilitating selected drill holes is
underway. The positive exploration results from the Sombrero Butte and Mineral Mountain porphyry copper
projects continued to upgrade and support the porphyry potential on both projects. At Eaglehead, despite the
delay of the planned 2022 drill program, the field operation s resulted in expanding the limits of the porphyry
style mineralization and provided the information to allow the 3D modelling of the four open-ended porphyry
deposits located within the project area to begin.”
2022 Q4 Highlights
• On August 2, 2022, the Company provided a summary of operations at the Eaglehead project.
• On August 18, 2022 , the Company announced an update at the Mineral Mountain project
detailing the 3D modelling results.
• On August 25, 2022, the Company provided a summary of activities completed at the Eaglehead
project in anticipation of receipt of the permit to conduct drilling operations.
• On September 8, 2 022, the Company released the results of an early -stage BE of certain parts
of the Van Dyke project and announced plans to commence Phase 1 activities of the
hydrogeologic monitoring program.
2
• On September 14, 2022, the C ompany announced that the proposed 2,500-metre drilling
program on its Eaglehead project would be delayed due to non-receipt of the drilling permit.
• On October 17, 2022, the Company announced the completion of metallurgical drilling program
at the Schaft C reek project by completing 4,688 meters in eleven drill holes focusing on
collecting samples to complement historical metallurgical testwork.
Subsequent to the Year Ended
• On November 10, 2022, the Company provided an update as well as detailing plans for its Van
Dyke project.
• On November 29, 2022, the Company provided an update on the Eaglehead project including
receiving the Mines Act permit to conduct activities set out in the N otice of Work dated
February 1, 2022 from the BC Ministry of Mines.
• On January 18, 2023 , the Company provided the analytical results for six (6) of the eleven (11)
drill holes completed as part of the 2022 metallurgical drill program at the Schaft Creek project.
The program expanded the coverage across the Schaft Creek deposit with a focus on the early
part of the mine life, to better inform metal recoveries and comminution characteristics. A
wide range of metal concentrations were intersected in the six drill holes.
Warrant Exercises
Subsequent to the fiscal year ended , the Company has received 23,451,667 exercised warra nts for
total proceeds of $2,110,650.
Elmer B. Stewart, MSc. P. Geol., Pre sident of Copper Fox, is the Company’s non -independent,
nominated Qual ified P erson pursuant to National Instrument 43 -101, Standards for Di sclosure for
Mineral Projects, a nd has reviewed and approves the scientific and technical information disclosed in
this news release.
Selected Financial Results
October 31, 2022 July 31, 2022 April 30, 2022 January 31, 2022
3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
Loss before taxes $ 461,137 $ 277,827 $ 363,283 $ 248,719
Net loss 401,137 277,827 363,283 248,719
Comprehensive (gain)/loss (668,062) 832,007 (116,314) 140,436
Comprehensive (gain)/loss per share,
basic and diluted 0.00 0.00 0.00 0.00
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 loss 113,608 205,040 343,256 199,324
Comprehensive loss 133,849 32,777 842,711 791,658
Comprehensive loss per share, basic
and diluted 0.00 0.00 0.00 0.00
3
Liquidity
As at October 31, 2022, the Company’s cash position was $132,192 (October 31, 2021- $2,646,608) and as of the
date of this News Release the Company’s cash position is $1,516,528.
About Copper Fox
Copper Fox is a Tier 1 Canadian r esource company focused on copper exploration and development in Canada
and th e 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 R esources 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 project located in Miami,
Arizona. For more information on Copper Fox’s other mineral pro perties and investments visit the Company’s
website at www.copperfoxmetals.com.
For additional information please contact Jason Shepherd at 1-844-464-2820.
On behalf of the Board of Directors,
Elmer B. Stewart
President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Pro vider (as that term is defined i n the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy o r accuracy of this
release.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking statements within the meaning of the Sectio n 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 is generally identifiable
by use of the words “believes,” “may,” “plans,” “will,” “anticip ates,” “intends,” “budgets”, “could”, “estimates”, “expects”,
“forecasts”, “projects” and similar expressions, and the negative of such exp ressions. Forward-looking information in this
news release include statements regarding; analytical results and commencement of metallurgical testwork on the Schaft
Creek project; results of the Biological Evaluation on the Van Dyke project, commencement of field operations at Van Dyke;
delay of the drilling program at Eaglehead; positive results f rom exploration on its Eaglehead, Mineral Mountain and
Sombrero Butte projects.
In connection with the f orward-looking i nformation c ontained 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; and
the stability of economic and market conditions. While Co pper 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 impl ied by the
forward-looking information contained herein. Known risk factors include, among others: the metallurgical testwork on the
Schaft Creek project may not be completed as planned or at all; the metallurgical testwork may not produce the r esults
anticipated; field operations on the Van Dyke project may not proceed as planned or at all; planned activities at Van Dyke
may not produce the results anticipated; the deferred drilling program at Eaglehead may not be completed as planned or at
all; and the results f rom exploration on Eag lehead, Mineral Mountain and Sombrero Butte projects the overall economy
4
may deteriorate; uncertainty as to the availability and terms of future financing; copper prices and demand may fluctu ate;
currency exchange rates may flu ctuate; conditions in the financial markets may deterior ate; and uncertainty as to timely
availability of permits and other governmental approvals.
A more complete discussion of the risks and uncertainties facing Coppe r Fox is disclosed in Copper Fox's c ontinuous
disclosure filings with Canadian securities re gulatory authorities at www.sedar.com. All forward-looking information herein
is qualified in its entirety by this cautionary statement, and Copper Fox disclaims an y obligation to revise or update any such
forward-looking information or to publicly announc e 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.