Copper Fox Provides Execution Plan FOR PFS ON Van Dyke Iscr Project
COPPER FOX PROVIDES EXECUTION PLAN FOR
PFS ON VAN DYKE ISCR PROJECT
Calgary, Alberta – September 5, 202 5. 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 announce completion of the Project Execution Plan For Van Dyke Prefeasibility Study (the “Plan”)
prepared by Stantec Consultants Services Inc. (“Stantec”) (see News Release dated June 23, 2025) on its 100%
owned Van Dyke in-situ copper recovery (ISCR) project located in the Globe-Miami Mining District, Gila County,
Arizona.
In 202 0, Copper Fox completed an updated Mineral Resource Estimate (MRE) and Preliminary Economic
Assessment (PEA) on Van Dyke using a US$3.15 per pound (lb) copper price for the base case economic model.
The significant increase in copper pric e, the potential social and financial benefit to the town of Miami and
surrounding communities support Copper Fox’s decision to prepare the Plan to assess the timeline, work programs
and estimated cost to complete a Prefeasibility Study (PFS) on the Van Dyke project. Among other findings, the
PEA indicated:
i. each US$0.25/lb increase in copper price increased the project’s after-tax NPV by ~US$90 million (M),
ii. significant exploration potential to increase the project’s mineral resources, and
iii. recommendation to advance the project to PFS stage.
Highlights of the Plan
• Outlines plan for completion of a PFS level report on the Van Dyke project.
• Outlines the objectives, work programs and expected timelines for the main components of the study.
• A two-phase, multi -purpose drilling program (12,620 meter (m) ) focused primarily on expanding and
upgrading the resource categories within the Van Dyke copper deposit.
• Estimated three years completion time, subject to time required to complete metallurgical testwork.
• Estimated cost of ~ US$23.4M including a 10% (US$2.17M) contingency.
Elmer B. Stewart, President and CEO of Copper Fox, stated, “Copper Fox thanks the team of mining professionals
led by Stantec , a global leader in surface and underground mining engineering, design, and project delivery, for
preparation of the Plan. The team’s knowledge and work experience at two other advanced-stage ISCR projects in
Arizona contributed to the development of a concise, focused plan, including a permitting strategy to achieve a PFS
level study on the Van Dyke project. A decision to proceed to advance the project to the PFS stage is expected to
be made before the end of October 2025.”
A brief discussion of the main components of the Plan follows.
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Project Management
The consultants and responsibilities of the team preparing the Plan are outlined in Figure 1.
Figure 1 - Project Management for Van Dyke PFS Execution Plan
Drilling
A two-phase drilling program is proposed focused on upgrading the mineral resource categories to meet the
requirements of a PFS level stud y and allows for additional metallurgical and geotechnical sampling, and
installation of hydrogeological monitoring and water quality sampling stations.
The program consists of 12,620m of reverse-circulation (RC) and diamond core (core) drilling in 25 locations.
Phase I (estimated 6 months to complete) focuses primarily on resources and consists of 11,120m in 21 holes with
Phase II consisting of 1,500m in 4 holes for additional hydrogeology monitoring wells, a deeper aquifer pump test
well and two geotechnical core holes if required for portal selection. The timing between Phase I and Phase II
depends on laboratory turnaround, particularly for metallurgical testwork plus time for analysis and interpretation.
Laboratory Testwork
The Plan outlines additional metallurgical, geotechnical, hydrogeological and water quality testwork to enable
completion of prefeasibility studies and engineering works to support a PFS level of study.
Metallurgical testing includes sample characterization, mineralogy, locked-cycle and/or small pilot-scale leaching
tests to evaluate/confirm optimum acid addition and consumption, leach cycle, and copper recovery; tracer tests to
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evaluate effluent conductivity over time (indicative of copper leaching progression in -situ); and pressurized rinse
tests.
Geotechnical testwork includes core sampl ing to determine rock strength and elastic properties of the Gila
Conglomerate, small-scale direct shear tests, Atterberg limits testing, and USCS particle size classification of bulk
samples to characterize material properties.
The water quality monitoring wells and vibrating wire piezometers (VWPs) established during the drilling program
allows for the collection of hydrogeological data, water level measurements, and sampling for ground water quality
analysis in accordance with EPA and Arizona state requirements.
Updated Resource and Initial Reserve Estimates
The r esults of the proposed drilling program would be used to complete an updated MRE in accordance with
National Instrument 43 -101 - Standards of Disclosure for Mineral Projects incorporating updated geological,
structural, mineral zonation and hydrogeological models, geotechnical data, and estimated copper recoveries by
zone/material type. Provided that a PFS level of study is achieved, a reserve statement would be completed that
quantifies mineralization with reasonable expectation of economic extraction.
Mine Plan
Additional geotechnical characterization of the site incorporating geotechnical and structure orientation data from
the Gila Conglomerate to access the Van Dyke copper deposit is required. The mine plan would be scheduled to a
PFS level and incorporate trade-off studies related to the portal type and site selection, mining methodology, mine
design, ventilation, ground support design and an assessment to determine if the historical mine workings could be
incorporated into the mine plan. The mine plan also includes lateral and vertical development distances, tonnages
and rock volumes that follows a leaching schedule and the mobile equipment to support the life-of-mine (LOM)
activities. The “Deswik” scheduling software would be used to create the mine plan and schedule for development
and production activities.
ISCR
Understanding the hydrogeological conditions is a significant parameter in predicting future copper production in
an ISCR operation. The mineralization in the Van Dyke deposit is hosted in oxidized and weathered Pinal Schist
primarily in fractures with lesser concentrations occurring along schistosity surfaces and in quartz veinlets.
Copper recovery using ISCR techniques was historically successful on the Van Dyke property by Occidental
Minerals Corp, following hydraulic fracturing of several injection and recovery test wells within a localized area
near the Van Dyke shaft. Historic ISCR well spacings at Van Dyke ranged between 24m to 38m.
The injection and recovery wellfield would be designed using a distributed pattern of injection and recovery wells,
typically consisting of one central injection well to four surrounding recovery wells, with calculated spacing
between collars.
Hydrogeological data would be used to determine interconnectivity between the injection and recovery wells and
establish conceptual operational layouts to assist with drilling and construction diameters required for operation of
injection and recovery pump equipment in operational designs. Sweep efficiencies obtained from baseline
hydrogeology testing would be used to determine the operational flows required to maintain interconnectivity
between injection and recovery wells within the mineralized zone.
Reclamation of leach blocks would be achieved by injecting and recovering a fresh water solution to return the
formation to pre-leaching water quality conditions or Aquifer Water Quality Standards (AWQS) as defined in an
Aquifer Production Permit.
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Mineral Processing and Recovery
Additional metallurgical testwor k results, would be used to update the Conceptual Geometallurgical Model and
develop prediction algorithms for copper recovery, product quality, operating cost, throughput rates to better inform
deposit variability in terms of leach kinetics, acid consumption, and deleterious elements to allow evaluation of
various processing options and optimization of short- and long-term operational performance.
The eight VWP locations and three water quality monitoring locations installed during the drilling program expands
the hydrogeology and groundwater coverage to establish hydraulic gradients across the site and guide water
management options to better characterize the hydrogeology of the Van Dyke deposit guide water management
options and support permitting efforts. Groundwater monitoring well s would be designed to meet or exceed
“Special Well Construction and Abandonment Procedures for Pinal Creek, Water Quality Assurance Revolving
Fund Site” guidelines.
PFS Infrastructure Engineering
The infrastructure required for an ISCR operation includes the solvent extraction/electrowinning (SX/EW) plant,
water treatment/neutralization, power distribution, surface infrastructure and all infrastructure associated with the
underground wellfield. Base engineering criteria would include significant infrastructure areas (e.g., surface civil)
to support a PFS level of study and lay the foundation for each major engineering discipline (civil, mechanical,
electrical, instrumentation and controls, and structural) for future engineering studies/designs in compliance with
applicable codes and standards . Prefeasibility and engineering studies include data analysis, modeling, trade -off
evaluations, and engineering design to identify risk, explore potential options, and assess the viability of the project
to optimized cost and schedule outcomes.
Economic Evaluation
The Plan included the use of “InEight” estimating software to an AACEI Class 4 prefeasibility level of detail with
a –15%/–30% (Low Side) to +20%/+50% (High Side) level of accuracy to estimate capital and operating costs
based on basic engineering with costs developed from similar ISCR projects, benchmarked data and general
arrangement drawings to develop direct, indirect and operating costs. The project’s indirect costs including EPCM
and owner costs would be factored based on the direct cost of the project.
The preparation of a market study that includes the sale of copper and aggregate based on product pricing,
marketability, offtake or sales agreements , long-term view of the copper market and local supply/demand for
aggregate is planned.
The preparation of a financial model and sensitivity analysis following industry standards includes pre- and after-
tax calculations, net present value (NPV), internal rate of return (IRR), and payback period, estimated annual cash
flows, operating and sustaining costs, and predicted copper sales is planned. The sensitivity analysis includes four
key cost and revenue drivers, discount rate, copper price and capital and operating costs to assess the impact on
cashflow, NPV, IRR and payback period. Monte Carlo simulations would be used to show the distribution of NPV
based on sensitivity analysis and key factors, such as grade, production, and schedule.
Environmental
The Plan contemplates development of Environmental and Water Management Plans focused on proactive waste
management and waste reduction practices addressing; waste and vegetation management, water, noise, air quality
and hazardous goods and outline s responsibilities, procedures, training, as well as communication, mitigation,
emergency response and incident investigation and reporting, reclamation, permitting, social and community factors
related to the project. The WQARF designation to the project site means extra care is required to seal off potentially
contaminated groundwater within alluvium and upper Gila aquifers to prevent mixing. Community outreach,
engagement, and public information based on the ongoing Desert Fox Community Relations Program with Town
of Miami officials and the local community is proposed.
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Permitting
The Plan outlines the estimated timeline and anticipated permitting requirements to complete the work programs
required to support completion of the PFS. The project permitting strategy would be to apply for all inclusive APP
and UIC permits after completion of the proposed PFS level study outlined in the Plan.
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 Project s, and has
reviewed and approves the scientific and technical information disclosed in this news release.
About Copper Fox
Copper Fox is a Canadian resource company focused on copper explorati on and development i n Canada and the
United States. The principal assets of Copper Fox and its wholly owned subsidiaries, being Northern Fox Copper
Inc. and Desert Fox Copper Inc., are the 100% ownership of the Van Dyke oxide copper project located in Miami,
AZ, the 100% interest in the Mineral Mountain and Sombrero Butte porphyry copper exploration projects located
in Arizona, the 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek
copper-gold-molybdenum-silver project and the 100% owned Eaglehead polymetallic porphyry copper project each
located in northwestern British Columbia. For more information on Copper Fox’ s mineral properties and
investments visit the Company’s website at http://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 t he Securities Exchange Act of 1934, and forward-looki ng information within the
meaning of the Canadia n securities laws (collectivel y, “forward-looking information”) . Forward-looking
information i s identifiable by use of th e 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: the Plan; the components
of the Plan; permitting timeline; work programs: sampling programs; estimated costs, advancing the project to the
PFS stage; and updated models.
In connection with the forward-looking information contained in this news release, Copper Fox has made numerous
assumptions regarding, among other things: t he availability of service providers; t he geological, metallurgical,
engineering, financial and economic advice that Copper Fox has received is reliable and is based upon practices
and methodologie s which ar e consistent wit h industr y standards; and t he stabilit y of economi c and market
conditions. While Copper Fox considers these assumption s 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: advancing the project to the PFS stage may not occur; the permitting timeline may not be
achieved or at all; future work programs may not be completed within the estimated timeline or at all: cost
estimates may not be
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accurate; updated models may not be completed as planned 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; 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.