Copper Fox Announces 2023 First Quarter Operating and Financial Results

COPPER FOX ANNOUNCES 2023 FIRST QUARTER OPERATING AND FINANCIAL RESULTS

Calgary, Alberta – March 22, 2023. Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSX -V: CUU –

OTCQX: CPFXF) is pleased to announce that its unaudited interim consolidated January 31, 20 23, financial

statements have been filed on SEDAR.

For the three months e nded January 31, 20 23, Copper Fox had a net loss of $ 279,590 (January 31, 2022 –

$248,719) which equated to $0.00 loss per share (January 31, 2022 - $0.00 loss per share).

During the three months ended January 31, 2023, the Company incurred $134,583 in exploration expenditures

primarily furthering the development of the Van Dyke, Mineral Mountain and Eaglehead copper projects.

Copies of the financial statements, note s, 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, Pres ident and CEO of Copper Fox , stated, “During the Quarter, Copper Fox completed ‘stage

gate’ assessments on (i) completion of a preliminary feasibility study at Van Dyke, (ii) completion of a resource

estimation at Eaglehead and (iii) advancing the Mineral M ountain and Sombrero Butte pr ojects with the final

objective of reaching the drilling stage. At Van Dyke availability of service providers delayed the planned work

program, preliminary results will be announced when received and reviewed.

“The 2022 progr am at Schaft Creek returned a number of higher -grade mineralized intercepts within the first

five-year pit outlined in the 2021 Schaft Creek Preliminary Economic Assessment. The 2023 work program

includes geotechnical/metallurgical/resource drilling , metallurgical test work and a shift from quarterly to

monthly environmental sampling and is budgeted at $17.2 million an increase of approximately $10 million over

the 2022 budget. The 2023 exploration plans for Eaglehead, Mineral Mountain and Sombrero Butte are nearing

completion and will be announced when finalized.”

2023 Q1 Highlights

• 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 including several intervals of at

surface higher-grade mineralization intersected in the six drill holes.

• Provided an update as well as detailing plans for its Van Dyke project where i n late October 2022,

meetings with local communities and First Nations within a 40 -mile radius of the Van Dyke project were

completed. Upgrading of existing access to the wells selected for rehabilitation and the Van Dyke mine

shaft commenced in early December 2022. Upon completing the access upgrades, a downhole video

survey of the selected wells and the shaft was plann ed to determine if they were in a condition to allow

re-entry and further testing.

• Provided an update on the Eaglehead project including receiving the Mines Act permit to conduct

activities set out in the Notice of Work file d with the BC Ministry of Mine s on February 1, 2022. The

permit expires on March 31, 2024. Drilling activities pursuant to the conditions of the permit can only

be conducted within the period of July 16 to November 15, 2023.

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• Retained Creative Capital Corp. to provide the Company investor relations services for an initial period

of 12 months to increase general market awareness of Copper Fox.

Subsequent to the Quarter-end

On February 21, 2023, the Company provided final analytical results for the 2022 metallurgical drill program at

the Schaft Creek project. The 2022 metallurgical drill program completed 4,688 metres with the objective of

collecting samples to complement historical metallurgical test work. The drill program expanded the

metallurgical sampling coverage across the Schaft Creek project, with a focus on the early part of the mine life,

to better inform metal recoveries and comminution characteristics. Eleven drill holes were completed across the

project's mineralized zones: Liard (six holes), Paramount (three holes) and Wes t Breccia (two holes). Highli ghts

and additional details regarding the analytical results received are summarized below.

• The analytical results from the last five drill holes intersected copper -gold-molybdenum-silver

mineralization across a range of grades , representative of the proje ct life of mine for metallurgical test

work.

• DDH SCK-22-456 in the Liard zone intersected 144.7 m grading 0.442 per cent copper (Cu), 0.552 gram

per tonne (g/t) gold (Au), 0.032 per cent molybdenum (Mo) and 3.46 g/t silver (Ag ) (CuEq (copper

equivalent) 0.778 per cent) starting at 112.3 m downhole. This interval includes 70.3 m of 0.67 per cent

copper, 0.859 g/t gold, 0.043 per cent molybdenum and 5.41 g/t silver (CuEq 1.18 per cent) starting at

116.7 m.

• DDH SCK-22-457 in the Paramount zone intersected 270 m grading 0.371 per cent copper, 0.09 g/t gold,

0.054 per cent molybdenum and 1.6 g/t silver (CuEq 0.52 per cent) starting at 377 m downhole. This

interval includes 45.63 m of 0.442 per cent copper, 0.095 g/t gold, 0.088 per cent molybdenum and 1.63

g/t silver (CuEq 0.656 per cent) starting at 377 m, and 90 m of 0.447 per cent copper, 0.106 g/t gold,

0.058 per cent molybdenum and 1.82 g/t silver (CuEq 0.612 per cent) starting at 536 m.

On March 2, 2023, the Company announced the 2023 Schaft Creek program.

• Advancing the project with focus on key areas including Safety, Geoscience and Engineering,

Environmental, Communities, and Permitting.

• Planned expenditures in 2023 are $17.2 million.

• Proposed 9,000 metre drill program focused on geotechnical data collection.

• External review of currently envisaged construction timeline and offsite infrastructure costs to reduce

initial development costs and payback period, to improve the overall investment case.

• Collection of geotechnical data in key areas identified during a gap analysis, including the proposed pit

highwall, which aim to improve the pit design and life of mine strip ratio to reduce operating costs and

associated greenhouse gas emissions.

• The implementation of a 2-year, monthly sampling and environmental baseline field campaign that is in

accordance with envisaged future permit regulatory requirements.

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.

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Selected Financial Results

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

January 31, 2023 October 31, 2022 July 31, 2022 April 30, 2022

Loss before taxes $ 279,590 $ 461,137 $ 277,827 $ 363,283

Net loss 279,590 401,137 277,827 363,283

Comprehensive loss 563,026 (668,062) 832,007 (116,314)

Comprehensive loss per share,

basic and diluted 0.00 0.00 0.00 0.00

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

January 31, 2022 October 31, 2021 July 31, 2021 April 30, 2021

Loss before taxes $ 248,719 $ 367,608 $ 205,040 $ 343,256

Net loss 248,719 113,608 205,040 343,256

Comprehensive loss 140,436 133,849 32,777 842,711

Comprehensive loss per share,

basic and diluted 0.00 0.00 0.00 0.00

Liquidity

As at January 31, 2023, the Company’s cash position was $1,558,659 (October 31, 2022 - $132,192).

About Copper Fox

Copper Fox is a Tier 1 Canadian resource company 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 nort hwestern British Columbia and the 100% ownersh ip of the V an Dyke o xide copper pr oject 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 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 Provider (as that term is define d 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 Sec tion 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, “forwa rd-looking information”). Forward-looking information in this news release

include statements about; stage gate a ssessments for PFS on Van Dyke , RE on E aglehead and drilling programs at Mineral

Mountain and Sombrero Butte; receiving the NoW for Eaglehead; work program and budget for Schaft Creek.

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In connection w ith th e forward -looking infor mation 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 met hodologies which are consistent with industry standards; that

the mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are bas ed

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 achievement s expressed or implied by the

forward-looking information contained herein. Known risk factors include, the 2023 work programs may not be completed

as planned or at all; the budgets may be und erestimated; the overall economy may deteriorate; uncerta inty 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; trading prices of the Company’s common shares may decrease below

the exercise price of a ny outstanding warrants of the Comp any; and uncertainty as to timely a vailability of permits and

other governmental approvals.

A more complete discussion of the risks and unc ertainties facing Copper Fox is disclosed in Copper Fox's continuous

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 any obligation to revise or update a ny such

forward-looking information or to publicly announc e the result of any revisions to an y of the forward -looking information

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