Copper Fox Announces 2023 Year-End Operating and Financial Results

COPPER FOX ANNOUNCES 2023 YEAR-END OPERATING AND FINANCIAL RESULTS

Calgary, Alberta – February 7, 2024. 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, 2023,

financial statements have been filed on SEDAR+.

All the Company’s subsidiaries are wholly owned.

For the year ended October 31, 2023, Copper Fox had a net loss of $1,114,512 (October 31, 2023 –

$1,290,966) which equated to $0.00 loss per share (October 31, 2022 - $0.00 loss per share).

During the year ended October 31, 2023, the Company incurred $915,190 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

sedarplus.ca, 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, “2023 was a pivotal year with the

completion of the Mineral Resource Estimate at Eaglehead and the completion of the C$17.2 million,

geotechnical, and metallurgical program at Schaft Creek, this is the largest program and budget on the

project since inception of the Schaft Creek Joint Venture. The Mineral Resource Estimate at Eaglehead

significantly increased Copper Fox’s metal balance and demonstrated the potential of this project to

become a significant porphyry deposit and supply of copper in the future. Other achievements in 2023

included mitigation of several operational issues that would significantly impact copper production at

Van Dyke and advancing Mineral Mountain to the drilling stage.

"As we enter 2024, the results from the 2023 Schaft Creek program are being processed and we

await delivery of these results as well as notification of Teck Resource Limited’s (“Teck”) 2024 Schaft

Creek program and budget, this is expected to be received by the end of February. At Van Dyke, the

current drillhole rehabilitation and geotechnical work is progressing and is expected to be completed

in April, at which time the next phase of activities would be planned. The Company is in the

process of obtaining a permit to conduct a maiden drill program at Mineral Mountain and an

extension of the existing Mines Act permit to conduct an “infill” drilling program at Eaglehead.”

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2023 Q4 Highlights

• At Schaft Creek, the Schaft Creek Joint Venture (“SCJV”) completed the field portion of the 2023

program. The C$17.2 million budget is the largest budget since the formation of the SCJV and,

pursuant to the terms of the SCJV agreement, was fully funded by Teck. The field portion of the

2023 program included geotechnical drilling, wildlife, aquatic and archeological surveys,

community engagement and is progressing with a comprehensive metallurgical testwork

program.

• Completion of a Mineral Resource Estimate (“MRE”) on the Eaglehead project reported for the

first time an Indicated resource along with the Inferred resources. The details of the MRE are

set out in a news release dated August 31, 2023.

• Advanced the Mineral Mountain project to the drilling stage. The 2023 geophysical program

outlined a large positive chargeability/resistivity anomaly underlying the porphyry “footprint”.

The geophysical signature a t Mineral Mountain is like that at other oxidized porphyry copper

deposits in Arizona.

• At Van Dyke, the mineral so lubility/mineralogical testwork indicated a high degree of

oxidization, rapid leaching rates for the copper minerals and low acid consum ing gangue and

host rock mineralogy. The work also indicated low potential to generate carbon d ioxide gas

and the precipitation of gypsum during leaching operations ; two ope rational issue s that

significantly impact copper production. The drillhole rehabilitation program and geotechnical

study is currently in progress and expected to be completed by the end of April 2024.

• At Sombrero Butte, the hyperspectral survey identified several areas of interpreted argillic and

siliceous alterations, known mineralized breccia pipes (including the breccia pipes exhibiting

advanced a rgillic alteration) and a sign ificant number of anomalies int erpreted to represent

breccia pipes. Ground checking of the se anomalies is expected to be completed by the end of

March 2024.

Subsequent to the Year Ended

• Activities completed after year-end include an update as well as detailing plans for its Van Dyke

project, the analytical results for the Schaft Creek 2023 geotechnical drilling program and an

update on activities and the hyperspectral survey at Sombrero Butte.

Elmer B. Stewart, MSc, P.Geo, President of Copper Fox, is the Company’s non-independent, nominated

Qualified P erson pursuant to National Instrument 43 -101, Standards for Di sclosure for Mineral

Projects, and has reviewed and approves the scientific and technical information disclosed i n this news

release.

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Selected Financial Results

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

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

Loss before taxes $ 232,117 $ 348,787 $ 254,018 $ 279,590

Net loss 232,117 348,787 254,018 279,590

Comprehensive (gain) / loss (602,417) 870,509 (43,966) 563,026

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

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

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 loss per share,

basic and diluted

0.00 0.00 0.00 0.00

Liquidity

As at October 31, 2022, the Company’s cash position was $1,368,852 (October 31, 2022- $132,192) and as of the

date of this News Release the Company’s cash position is $912,900.

About Copper Fox

Copper Fox is a Tier 1 Canadian r esource company focused on copper exploration and de velopment in Canada

and th e United States. The principal assets of Copper Fox and its wholly owned Ca nadian 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 project located in Miami,

Arizona. For more information on Copper Fox’s other m ineral properties and inve stments visit the Company’s

website at www.copperfoxmetals.com.

For additional information please contact Lynn Ball at 1-844-464-2820, [email protected]

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.

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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 (collectively, “forward-looking information”). Forward-looking information is generally identifiable

by use of the words “believes,” “may,” “plans,” “will,” “anticipates,” “intends,” “budgets”, “could”, “estimates”, “expects”,

“forecasts”, “projects” and similar e xpressions, and the negative of such expressions. Forward-looking information in this

news release include statements regarding; Eaglehead MRE increasing copper inventories and the potential to be a future

copper supplier; completion of a comprehensive metallurgical program at Schaft Creek; mitigating operational issues at Van

Dyke; obtaining a permit for a maiden drill program at Mineral Mountain; extending the permit for an ‘infill’ drill program at

Eaglehead; and the hyperspectral survey at Sombrero Butte identifying several areas of alterations.

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; 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, among others: the metallurgical testwork on the

Schaft Creek project may not be completed as planned or at all; drillhole rehabilitation and geotechnical work at Van Dyke

may not be completed as planned or at all; the maiden drilling program at Mineral Mountain may not be completed as

planned or at all; the ‘infill’ drilling program at Eaglehead may not be completed as planned or at all; the ground checking of

the Sombrero Butte anomalies 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; 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 uncertainties facing Copper Fox is disclosed in Copper Fox's continuous

disclosure filings with Canadian securities regulatory authorities at www.sedarplus.ca. 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.