Van Dyke Copper Recovery Project Recent Activities

CALGARY - Copper Fox Metals Inc. through its wholly owned subsidiary Desert Fox Copper Inc., reported on recent activities at the Van Dyke in-situ copper recovery (ISCR) project. The Van Dyke project is in the Globe-Miami Mining District in Gila County, Arizona; a Tier 1 mining jurisdiction. The 2020 Preliminary Economic Assessment (PEA) for the Van Dyke project prepared in accordance with National Instrument 43-101, indicated an after-tax Net Present Value of US$644.7 million, an Internal Rate of Return of 43.4%, based on a 17 year mine life. The PEA recommended advancing the project to the Preliminary Feasibility Stage (PFS) and concluded that the project has the potential to become a mid-tier copper mine producing in the order of 85 million pounds (approximately 39kt) of copper per year.

In late October 2022 meetings with local communities and First Nations within a 40-mile radius of the Van Dyke project were completed. Upgrading of existing access to the wells selected for rehabilitation and the Van Dyke mine shaft is expected to commence in early December 2022. Upon completing the access upgrades, a downhole video survey of the selected wells and the shaft is planned to determine if they are in a condition to allow re-entry and further testing. Successful completion of the downhole video survey would be followed by well development and testing/water sampling activities. These surveys are expected to take up to 3-4 months to complete subject to availability of certain service providers. Inspection and refurbishment of three vibrating-wire piezometers ('VWP') installed in drill holes completed in 2014 are also planned.

Elmer B. Stewart, President and CEO, said, "Following the recommendations set out in the 2020 PEA, Copper Fox's objectives are to foster a meaningful dialogue between the Company and stakeholders as the project advances towards a PFS. The ability to use pre-existing drill holes where possible is both capital and time efficient and our planned activities, if successful, then the first steps will be taken in establishing a series of hydrogeological monitoring stations across the property to collect data which would be used to develop a robust hydrogeological model for the project.”