Copper Fox Announces Strategy to Advance Van Dyke Copper Project to PFS Stage
COPPER FOX ANNOUNCES STRATEGY TO ADVANCE
VAN DYKE COPPER PROJECT TO PFS STAGE
Calgary, Alberta – December 3, 2025. Copper Fox Metals Inc. (“Copper Fox” or the “Company”)
(TSXV:CUU | OTCQX:CPFXF | FSE:HPU) through its wholly owned subsidiary Desert Fox Van Dyke
Co., is pleased to provide an update on plans to advance its 100% owned Van Dyke in-situ copper recovery
(ISCR) project (the “Project”) located in the Globe-Miami Mining District, Gila County, Arizona.
Elmer B. Stewart, President and CEO of Copper Fox, stated, “Copper Fox is focused on restarting copper
production from the historic Van Dyke mine in Arizona employing responsible mining technologies ,
practices and utilizing ISCR methodology, a mining method currently being implemented at Florence
Copper. The 2020 Preliminary Economic Assessment (PEA) recognized Van Dyke as a near term, mid-
size, environmentally friendly and sustainable copper project located in the prolific Miami-Inspiration
mining district in Arizona. Copper Fox’s goal at Van Dyke is to update the 2020 PEA incorporating
results of studies completed since 2021 to provide a critically important assessment of the Project’s status.
The results of the PEA could optimize the timeline, activities and estimated cost of the Execution Plan
prepared to advance the project to the prefeasibility study (PFS) stage. We look forward to delivering on
this next milestone and are exploring available options for non-dilutive funding prior to initiating the PFS
level activities.”
The PEA would incorporate among other items , the results of technical studies completed since 2021,
update the capital, operating and sustaining costs, update pre -tax and post-tax economic models using
consensus long term copper pricing and a project economic sensitivity analysis to copper price.
Copper Designated Critical Mineral
The recent designation of copper as a critical mineral by the US Geological Survey combined with the
rapidly growing demand for copper to support the global energy transition, manufacturing, electrification,
and AI expansion highlights the importance of ne w, environmentally sustainable development stage
copper projects like Van Dyke. The Project has the potential to be a near term, mid -size copper project
located in a Tier -1 jurisdiction, playing a meaningful role in meeting the growing long -term domestic
demand for copper in the United States.
The Van Dyke Project
The 2020 PEA1 contemplated a mining operation with a production capacity of 85 million pounds (lb) of
Grade A, 99.99% pure copper cathode per year utilizing ISCR methodologies over a 17-year mine life.
Highlights of the 2020 PEA are (see news release dated January 12, 2021):
2020 PEA Highlights: (Based on US$3.15/lb copper)
• Base case post-tax NPV7.5% of US$644.7M, an IRR of 43.4%, and payback period of 2.1 years.
• Life of mine (LOM) copper production of 1.1 billion (B) lb with cumulative net free cash flow of
US$1.76B pre-tax and US$1.44B post-tax over a 17-year mine life.
• Initial capital expenditure of US$290.5M (includes a 30% contingency) with LOM direct operating
cost of US$0.71/lb and sustaining costs of US$0.07/lb.
• C1 cost US$0.98, and AISC cost US$1.14/lb copper.
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1) The Technical Report, titled “NI 43-101 Preliminary Economic Assessment Technical Report for the Van Dyke Copper
Project”, with an effective date of December 30, 2020, was prepared by Susan C. Bird, MSc., P.Eng., Bob Lane, P.Geo., and
Tracey Meintjes, P.Eng., of Moose Mountain Technical Services and Jim Norine, P.E., of Ausenco Limited. C1 and AISC are
Non-GAAP and IFRS measures, (see Note 1 in Life of Mine Comparison table in January 12, 2021, news release)
In addition to providing copper to meet US domestic copper requirements, t he 2020 PEA projected the
project could support directly and indirectly approximately 500 jobs in the Miami -Globe area; injecting
approximately US$1.07B into the Miami-Globe and Arizona economies and contribute approximately
US$355M in mineral, state and federal taxes over its 17-year mine life. The project also benefits from
access to local infrastructure including a copper smelter, a copper rod plant, highways, rail lines, and
power grid.
Technical Investigations Completed Since 2021
Studies completed by our team in combination with the contributions from the consultants that prepared
the PFS Execution Plan has materially strengthened the foundation of the Van Dyke project and include:
i. Established four hydrogeological monitoring stations and initiated water quality sampling in
accordance with Federal and State regulatory requirements.
ii. Updated conceptual hydrogeological, geometallurgical, geological, structural, and mineralogical
models for the deposit.
iii. Preliminary characterization of the copper mineralogy in the oxide and transition mineralogical
domains within the deposit.
iv. Preliminary characterization of the copper mineralization, gangue, and host rock to mitigate
potential operating issues during the leaching process.
v. Geotechnical study to determine rock strength and geotechnical characteristics of the Gila
Conglomerate.
vi. Infrastructure reviews to minimize environmental and social disturbance.
vii. An Execution Plan outlining expected activities, estimated costs, timeline and permitting process
to achieve a PFS level technical report.
Current Activities
Activities currently in progress in advance of completing the planned PEA include initiating the permitting
process with the Town of Miami to conduct future diamond drilling activities and completion of a
preliminary groundwater flow model for the Project. The groundwater flow model is expected to optimize
the hydrogeological recommendations set out in the PFS Execution Plan and potentially locate additional
hydrogeological monitoring and water sampling stations to support developing an updated
hydrogeological model. The updated hydrogeological model would be used to better predict solution
flows and potentially projected copper recoveries during the leaching process . Other activities include
continuing the community outreach program, quarterly water sampling, and collection of hydrogeological
data from existing hydrogeological monitoring sites within the project area.
Qualified Person
Elmer B. Stewart, MSc. P. Geol., President, and CEO 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 scienti fic and technical information disclosed in this news
release.
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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 with Teck Resources Limited (75% interest and Operator) which hosts the Schaft
Creek copper-gold-molybdenum-silver project, transitioning from the Scoping to the PFS stage in 2026,
located 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 properties 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 [email protected] or 1-844-464-2820
Neither the 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 is 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 about: an updated PEA; results of technical investigations; updated
models; optimizing the PFS Execution Plan; initiating permitting for future drilling ; a generalized
hydrogeology flow model; options for non-dilutive funding; and advancing work to the PFS level.
In connection with the forward-looking information contained in this news release, Copper Fox has made
numerous assumptions regarding, among other things: the availability of service providers; the geological,
metallurgical, engineering, 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: an updated PEA may not be completed as contemplated or at all; the updated
models may not be accurate ; the PFS Execution Plan may not be optimized; the drilling permit may not
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be as received as contemplated or at all; the generalized hydrogeology flow model may not be completed
as planned or at all; non-dilutive funding to advance to the PFS level may not be achieved as contemplated
or at all ; and advancing the project to the PFS level may not be achieved as contemplated or at all ;
uncertainties relating to interpretation of the previous results; the overall economy may deteriorate;
uncertainty as to the availability and terms of future financing and non-dilutive funding; fluctuations in
commodity prices and demand; uncertainty related to potential threat of tariffs; currency exchange rates;
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.