Copper Fox Announces 2024 Second Quarter Operating and Financial Results

COPPER FOX ANNOUNCES 2024 SECOND QUARTER OPERATING AND FINANCIAL RESULTS

Calgary, Alberta – June 18, 2024 . Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSX-V: CUU –

OTCQX: CPFXF) is pleased to announce that its unaudited interim consolidated April 30, 2024, financial

statements have been filed on SEDAR+.

For the six months ended April 30, 2024, Copper Fox had a net loss of $533,545 (April 30, 2023 – $533,608)

which equated to $0.00 loss per share (April 30, 2023 - $0.00 loss per share).

During the six months ended April 30, 2024, the Company incurred $620,331 in exploration expenditures

primarily furthering the development of the Van Dyke (Globe-Miami Mining District, AZ), Mineral Mountain

(Mineral Mountain Mining District, AZ), Sombrero Butte (Bunker Hill Mining District, AZ) and Eaglehead (Liard

Mining District, BC) copper projects. Copies of the financial statements, notes, and related management

discussion and analysis may be obtained on SEDAR+ at www.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, “During the Quarter, the Company continued to

advance the Van Dyke project toward the prefeasibility study (‘PFS’) stage and finalized the scope and scale of

the permitting process with the Bureau of Land Management (‘BLM’) to obtain the permits to complete a

“maiden” drilling program on the Mineral Mountain porphyry copper project in Arizona. Preliminary results for

Sombrero Butte yielded positive results that further support our interpretation of the presence of a large copper

porphyry system. The exploration permit at our Eaglehead project was extended by two years and the final

payment on the promissory note to District Copper Corp. was completed.

At Schaft Creek, the Schaft Creek Joint Venture (‘SCJV’) is embarking on the most comprehensive annual

program since formation of the joint venture, budgeted at $18.7 million. The focus of the current program is to

position the project to progress toward the start of a PFS. The 2023 geotechnical investigation recommended

additional data collection and studies to better assess pit slope conditions ahead of updating the current open

pit design. Preliminary indications from the metallurgical program are that the grinding and metal recovery

projections are encouraging, completion of these studies are necessary to define metallurgical performance and

optimize the overall processing flowsheet.”

2024 Q2 Highlights

 On February 29, 2024, the Company announced the 2024 program and budget for the Schaft Creek project

approved by the SCJV. The focus of the 2024 program is:

 Advance the key project parameters to transition the project from Scoping to PFS stage by the end

of 2024 or early 2025.

 Planned expenditures are $18.7 million to be fully funded by Teck.

 Technical Activities:

o Completion of the metallurgical testwork program currently underway.

o 4,500m of drilling focused on key technical areas including the Highwall, Tailing Storage

Facility (‘TSF’), and Rock Storage Facility (‘RSF’).

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 Engineering Studies:

o Site wide geotechnical and facilities assessment of the TSF, RSF and proposed infrastructure.

o Update access road alignment.

o Update construction timeline.

o Updates to the Resource, Geologic, Structural and Slope Stability Models.

 Continue the Environmental Baseline data collection program initiated in 2023 and strengthen

collaboration and engagement with the Tahltan Nation.

 On March 22, 2024, the Company announced that it retained Mr. Fidel Ricardo Montagu Thomas to provide

investor relations services for an initial period of six months. The Company has the option to renew the

agreement for an additional one year subject to the terms of the service agreement.

 On March 25, 2024, the Company announced the appointment of Mr. Manuel Gomez Rubio as an additional

director of the Company until the next annual general meeting of shareholders. Mr. Gomez holds a Bachelor

of Accounting degree from Instituto Tecnologico y de Estudios Superiores de Monterrey in Mexico and an

MBA from City University in Zurich, Switzerland. Mr. Gomez has held positions of Fund Manager with United

Bank of Switzerland (‘UBS’), and Senior Vice President with Credit Suisse Group.

 On March 27, 2024; the Company provided an update on its 100% owned Van Dyke in-situ copper recovery

(‘ISCR’) project. Highlights included:

 Installation of the vibrating wire piezometers (‘VWP’) and data recorder in drillhole M-3 was

completed and daily recording of hydrogeological data commenced mid-March. Four stations are

now recording hydrogeological data.

 Analysis of the formational waters from the Gila Conglomerate collected during the drillhole

rehabilitation program returned concentrations of metals, anions, and cations well below

acceptable limits established by the Environmental Protection Agency (‘EPA’).

 Laboratory strength testing of samples of the Gila Conglomerate is nearing completion with

preliminary results expected mid-April.

 Chemical analyses of the pregnant leach solution (‘PLS’) from the mineralogical and solubility

testwork completed in late 2023 and early 2024 is planned.

 On April 11, 2024, the Company provided an update on its 100% owned Mineral Mountain porphyry copper

project. Highlights included:

 Three distinct areas of higher positive chargeability located within a larger 18 milliradians (mrad’)

chargeability anomaly have been identified.

 These areas of higher chargeability are interpreted to represent three potential porphyry copper

centers.

 Target #1, located in the central portion of the property, has been discussed in several previous

news releases. Targets #2 and #3 are located northeast and southwest of Target #1 respectively.

 The Plan of Operations submitted to the BLM contemplates drill testing the chargeability signature

of Target #1 and Target #2, each with a 1,000-meter-deep hole.

 An Environmental Review (‘ER’) as required pursuant to the National Environmental Protection Act

(‘NEPA’), and Solicitation of Public Comments on the Plan of Operations must be completed prior to

receiving a final decision from the BLM on the drilling permit.

 SWCA has been retained to assist Copper Fox to determine the scope and scale of the ER in

conjunction with the BLM.

 On April 22, 2024, the Company announced that the final installment payment of $330,000 related to the

purchase of the Eaglehead project from District Copper Corp. was completed.

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Subsequent to the Quarter-end

 On May 14, 2024. the Company announced that that management was unaware of any material change in

the Company’s operations that would account for the recent increase in market activity.

 On May 22, 2024, the Company provided an update on the application to obtain a permit to conduct drilling

operations at its 100% owned exploration stage Mineral Mountain porphyry copper property.

 On May 30, 2024, the Company provided an update on its 100% owned Sombrero Butte project which

included planning a deep penetrating geophysical survey to define the size and the chargeability anomalies

underlying Target # 1 and #2.

 On June 18, 2024, the Company announced that the 2024 field program at the Schaft Creek project is

underway.

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.

Selected Financial Results

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

January 31, 2024 January 31, 2024 October 31, 2023 July 31, 2023

Loss before taxes $ 302,668 $ 230,877 $ 232,117 $ 348,787

Net loss 302,668 230,877 232,117 348,787

Comprehensive (gain) / loss (167,103) 905,445 (602,417) 870,509

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

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

Loss before taxes $ 254,018 $ 279,590 $ 461,137 $ 277,827

Net loss 254,018 279,590 401,137 277,827

Comprehensive (gain) / loss (43,966) 563,026 (668,062) 832,007

Comprehensive loss per share,

basic and diluted 0.00 0.00 0.00 0.00

Liquidity

As at April 30, 2024, the Company’s cash position was $174,966 (October 31, 2023 - $1,368,852).

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 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.

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On behalf of the Board of Directors,

Elmer B. Stewart

President and Chief Executive Officer

For additional information please contact:

Fidel Montegu at 1-844-464-2820 or [email protected]

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 Act of 1934, 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; advancing the Van Dyke towards the PFS stage;

obtaining permits for a “maiden” drilling program at Mineral Mountain; interpretation of a buried copper

porphyry system at Sombrero Butte; and progressing the Schaft Creek project towards the start of a PFS.

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; 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 2024

work programs may not be completed as planned or at all; the budgets may be underestimated; exploration

permits may not be received; key data collection may not provide the information required to enter the

permitting stage; 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; 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 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.