Copper Fox Announces 2026 Q3 Financial Results and Project and Corporate Updates
COPPER FOX ANNOUNCES 2026 Q3 FINANCIAL RESULTS AND PROJECT AND CORPORATE UPDATES
Calgary, Alberta – September 21, 2026 . Copper Fox Metals Inc. (“Copper Fox” or the “Company”)
(TSXV:CUU | OTCQX:CPFXF | FSE:HPU) announces that its unaudited interim consolidated July 31,
2026, financial statements have been filed on SEDAR+. For the Quarter ended July 31, 2026 , Copper
Fox had a net loss of $ 956,920 (October 31, 2025 – $1,071,237) which equated to $0.00 loss per share
(October 31, 2025 - $0.00 loss per share).
Highlights
• Schaft Creek 2026 work program with planned expenditures of ~$9 million, bringing Teck ’s
spend on the project to ~$123 million since inception of the SCJV.
• Laramide age porphyry copper discovery at Mineral Mountain which includes a 278.97m
interval of continuous copper-molybdenum mineralization.
• Extended the mineralized envelope at Van Dyke ; analytical results from 15 of the 18 drillholes
returned intervals exceeding the TSCu cutoff of 0.025% (ASCu% + CNCu%) used in the 2020
MRE.
• Results of t he 2025 geotechnical, hydrogeological, environmental, and meteorological studies
at Schaft Creek, continues to de-risk the project and move toward the PFS stage.
• Completed a non -brokered private placement which brings a total of $5,571,600 in gross
proceeds in 2026.
Elmer B. Stewart, President and CEO of Copper Fox, stated, “During the Quarter, Copper Fox advanced
several key work streams directed at increasing technical confidence, reducing project risk and
identifying the next value -creating catalysts ac ross the portfolio. At Van Dyke, the updated PEA is
expected to provide an important decision -making framework by presenting a realistic , achievable
operating plan and enabling potential pre- and post-tax economic modelling of the project. At Mineral
Mountain, the 279-meter interval of continuous copper -molybdenum mineralization provides further
evidence of a large porphyry copper system and supports additional work to test the interpreted
higher-grade core at depth. At Schaft Creek, the SCJV continues to evaluate opportunities to improve
recoveries, processing design and overall project configuration. Receipt of the five -year Multi -Year
Area Based exploration permit at Eaglehead is an important milestone that provides greater planning
certainty and flexibility for future programs following constructive engagement with First Nations,
regulatory authorities and the Company.”
“Our near -term priorities are focused on measurable milestones that can strengthen the Company’s
investment profile . These initiati ves are intended to allocate capital to the highest -priority
opportunities, advance assets with meaningful copper exposure, and position Copper Fox to make
disciplined decisions that are aligned with shareholder value creation.”
During the nine months ended July 31, 2026, the Company incurred $4,038,415 in expenditures toward
furthering the development of its Van Dyke copper project and furthering exploration of its Eaglehead,
Sombrero Butte and Mineral Mountain copper projects. The SCJV continued working on various
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technical reviews on Schaft Creek. 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.
Van Dyke Project
The 2020 Preliminary Economic Assessment (PEA) established Van Dyke as a potential near -term, mid-
size and environmentally responsible ISCR copper project, outlining a projected 17 -year mine life with
average annual production capacity of approximately 85 million pounds of Grade A 99.99% pure
copper cathode. The 2020 PEA provides the technical and economic baseline from which the 2026 PEA
is being advanced, allowing new resource, hydrogeological, metallurgi cal and engineering inputs to be
incorporated into a more current assessment of the project’s potential.
During the Quarter, several key technical advancements were incorporated into the study. These
include the preliminary groundwater flow model, chemical analyses of leach solutions generated from
bottle-roll testing, and an updated MRE, each of which materially strengthens the technical basis for
evaluating the Van Dyke project. The groundwater flow model provides the framework for future
simulation te sting to assess sweep efficiency, support wellfield design and improve predictions of
future copper production. The leach-solution analytical results provide data to refine water -treatment
plant design, capital -cost assumptions, and operating parameters. In parallel, the design and
specification of underground excavations, underground infrastructure, portal location, surface
infrastructure, and the leaching schedule have been substantially completed , representing meaningful
progress in converting conceptu al development assumptions into defined engineering inputs.
Completion of these early -stage technical workstreams is expected to allow the remaining PEA
parameters, including pre-tax and post -tax economic modelling using long -term consensus copper
prices, to advance more efficiently once the principal project inputs are finalized. The updated PEA is
expected to be completed in Q4 2026.
Mineral Mountain Project
The maiden drilling program at Mineral Mountain confirm ed the presence of a large, previously
unknown Laramide-age porphyry copper system beneath the property. Diamond drillhole (DDH) MM-
02-2025 intersected a well-developed porphyry alteration and mineralization sequence that provides
important geological vectors toward a potential higher -grade zone at depth. The 278.97m interval of
continuous copper-molybdenum mineralization encountered in the interpreted outer portion of the
copper shell demonstrates the scale and fertility of the system, validates the exploration model, and
establishes a stronge r technical foundation for follow -up drilling designed to test the higher -
temperature, potentially higher-grade portion of the porphyry system.
Although DDH MM-02-2025 ended at a core depth of 1,697.35m due to difficult ground conditions and
related technical challenges, the geological information collected before termination is highly
significant. The down -hole increase in copper -molybdenum mineralization, quartz veining, high -
temperature alteration minerals, magnetite sulphidization and the appearance of bornite rimming
chalcopyrite toward the bottom of the hole indicate that drilling was vectoring toward, but had not yet
reached, the core of this highly evolved porphyry system. The hole ended in quartz -sericite-pyrite
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alteration consistent with strong to intense phyllic alteration, a geological setting commonly developed
above or peripheral to a potassic core. These observations materially advance the Company’s
technical understanding of the system architecture, improve confidence in the vectoring model , and
support the interpretation that deeper drilling would be required to evaluate the most prospective
part of the porphyry system.
During the next Quarter, Copper Fox plans to complete geochemical vectoring, detailed alteration
studies and an integrated project compilation to refine drillhole locations for the next phase of drilling.
This work is expected to convert the geological information into practical drill-targeting criteria focused
on testing the interpreted higher -grade core at depth. The planned technical assessment is expected
to strengthen target definition, reduce geological uncertainty and guide the design of a follow -up
drilling program. Copper Fox plans to contact t he Bureau of Land Management to determine what, if
any, additional permitting is required before advancing the next phase of drilling.
Schaft Creek Project
The SCJV was created in 2013 between Teck and Copper Fox to fu rther explore and develop the
polymetallic Schaft Creek porphyry copper project. Total expenditures incurred by Teck since inception
of the SCJV to the end of 2025 are reported to be C$114 million.
During the Quarter, the SCJV advanced an integrated technical review of the geological, metallurgical,
geotechnical, infrastructure, environmental and archaeological datasets developed for Schaft Creek.
The review represents an important technical advancement that consolidates the principal project
disciplines into a single assessment framework designed to evaluate readiness for a potential transition
to the Prefeasibility Study (PFS) stage, subject to meeting stringent risk-adjusted return criteria aligned
with Teck’s capital allocation framework. By integrating these datasets, the SCJV is improving the
technical basis for development assumptions, identifying opportunities to optimize project
configuration, and strengthening the foundation for higher -confidence engineering, permitting and
investment decisions. Supporting field activities completed in 2026, including camp improvements,
access road trade -off studies and continued environmental baseline and hydrology data collection,
further enhance the project’s practical readiness for future work programs.
The SCJV reported results from rougher flotation testing on 75 variability samples using multiple
flotation collectors to determine an optimized reagent combination. This work advances the
understanding of metallurgical variability across feed grades ranging from 0.1% to 0.4% copper and
provides a stronger technical basis for predicting processing performance acro ss the deposit. These
results help to better understand the relationship between grind size, recovery performance and
potential processing efficiency, which is critical to evaluating future throughput and cost -optimization
opportunities.
Locked cycle tests (LCT) completed on a sample representative of expected life -of-mine grades at a
primary grind size of 80% passing 209 μm produced metal recoveries that were broadly comparable to
previous testing at a finer grind size of 153 μm. Additional LCT results showed copper recovery
decreasing from 89% to 86% and silver recovery from 60% to 55% as the primary grind size increased
from 80% passing 109 μm to 173 μm; however, molybdenum recovery improved materially from 71%
at the finest grind size to 87% at the coarsest grind size, while gold recovery increased from 67% to
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72%. The results indicate that coarser grind strategies may maintain acceptable copper performance
while improving by -product metal recovery, thereby supporting a more balanced evaluation of
recovery, throughput, energy requirements and potential project economics.
The ability to achieve comparable metal recoveries at coarser grind sizes represents a meaningful
technical advancement for Schaft Creek because it identifies a potential pathway to increase daily
throughput and metal production using the existing milling -circuit concept while reducing processing
costs per tonne. Based on these results, the testwork recommended future metallurgical programs be
completed at a grind size of approximatel y 210 microns and that the potential use of High -Pressure
Grinding Rolls in the comminution circuit be evaluated to further improve milling efficiency, energy
performance and cost competitiveness. In parallel, BC Hydro continues to advance the System Impact
Study to update estimated project power requirements, a significant infrastructure -planning step that
will help align metallurgical design, power demand, process selection and future development
scenarios for Schaft Creek.
Eaglehead Project
During the Quarter, receipt of the five -year Multi -Year Area Based (MYAB) exploration permit
represented a significant technical and strategic milestone for Eaglehead, providing a longer -term
permitting framework to support more efficient field planning, staged exploration, and future project
evaluation. The permit reflects meaningful collaboration among First Nations, regulatory authorities,
and the Company, and materially improves planning certainty for future work programs. In
preparation for a 2027 field program , the Company completed a Wildlife Management Plan to
document habitat considerations and migration routes for wildlife species in the vicinity of the project,
strengthening the environmental baseline required to support responsible exploration. Planned
technical work includes additional rock characterization and variability testwork to better define
metallurgical parameters of the mineralization from the East, Bornite and Pass deposits, as well as
camp improvements, bridging of stream crossings to access proposed drill locations, and
archaeological and biological studies to support permitting for construction of an estimated 3km
access trail to expedite exploration of the southwest portion of the project . Collectively, these
activities advance the technical, environmental, and logistical readiness required to evaluate resource -
growth potential, improve understanding of metallurgical performance and support disciplined future
exploration at Eaglehead.
Sombrero Butte Project
During the Quarter, the Company made meaningful technical progress at Sombrero Butte by
integrating new ground -truthing observations, mapping results and updated geophysical modelling
into the project’s exploration model. This work strengthens the geological interpretation of the
porphyry system, improves confidence in the location and geometry of priority drill targets, and
provides a clearer technical basis for advancing the project toward drill testing. Recent mapping
identified an approximately 800m by 600m zone of moderate to intens e phyllic alteration associated
with a late -stage quartz monzonite plug, a key exploration indicator that may mark the upper or
peripheral expression of a larger porphyry copper system and potentially vector toward a deeper
potassic core. The planned engagement of an Arizona-based consulting firm with expertise in cultural
and biological studies to support preparation and submission of a GFOP, a necessary permitting step to
allow the Company to drill-test the large porphyry target outlined at Sombrero Butte.
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Elmer B. Stewart, MSc, P. Geo, 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
July 31, 2026 April 30, 2026 January 31, 2026 October 31, 2025
Loss before taxes $ 317,250 $ 396,813 $ 242,857 $ 336,885
Net loss 317,250 396,813 242,857 164,538
Comprehensive (gain) / loss (262,917) $214,355 964,419 (100,174)
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
July 31, 2025 April 30, 2025 January 31, 2025 October 31, 2024
Loss before taxes $ 295,679 $ 374,058 $ 236,962 $ 261,484
Net loss 295,679 374,058 236,962 (219,427)
Comprehensive (gain) / loss 197,381 1,225,382 (461,245) (402,630)
Comprehensive loss per share,
basic and diluted
0.00 0.00 0.00 0.00
Liquidity
As at July 31, 2026, the Company’s cash position was $1,736,477 (October 31, 2025- $686,236) and as
of the date of this news release the Company’s cash position is $1,122,874.
About Copper Fox
Copper Fox is a Canadian resource company focused on copper development and exploration in the
United States and Canada. Copper Fox and its subsidiaries own 100% of the Van Dyke ISCR project, a
development stage, potential near term, mid -size copper mine in Arizona and a 25% interest in the
Schaft Creek Joint Venture wit h Teck Resources Limited (75% interest and Operator) which hosts the
Schaft Creek copper -gold-molybdenum-silver project in British Columbia’s Golden Triangle. In
addition, Copper Fox owns 100% of the resource stage Eaglehead polymetallic porphyry copper project
in northwestern British Columbia and the Sombrero Butte and Mineral Mountain advanced exploration
stage porphyry copper projects located in the prolific Laramide age copper province in Arizona. For
more information on Copper Fox’s mineral propertie s and investments visit the Company’s website at
www.copperfoxmetals.com.
On behalf of the Board of Directors,
Elmer B. Stewart
President and Chief Executive Officer
For additional information contact Lynn Ball at 1-844-464-2820, [email protected]
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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 respons ibility 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 is generally identifiable by use of the words “believes,”
“may,” “plans,” “will,” “anticipates,” “intends,” “budgets”, “could”, “estimates”, “expects”, “forecasts”,
“projects” and similar expressions, and the negative of such expressions. Forward-looking information
in this news release includes statements regarding; updating the PEA and MRE at Van Dyke; further
drilling at Mineral Mountain; conducting future exploration programs at Eaglehead and Sombrero
Butte; and completing technical reviews at Schaft Creek to determine project readiness to transition
the project to the PFS stage.
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 updated PEA and MRE at Van Dyke may not get completed as
planned or at all; the maiden drilling program at Mineral Mountain may not result in further drilling;
additional exploration may not be completed at Eaglehead; the required surveys for the GFOP at
Sombrero Butte may not get started; 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.