Copper Fox Metals Inc. provided an update on the Schaft Creek project. The Schaft Creek project is managed through the Schaft Creek Joint Venture (SCJV). Teck Resources Limited (Teck) is the Operator of the SCJV and holds a 75% interest with Copper Fox holding the remaining 25% interest.

The Schaft Creek deposit, located in northwestern British Columbia, is one of the largest undeveloped porphyry copper deposits in North America that contains significant gold-molybdenum-silver by-products. The 2024 program is budgeted at CAD 18.7 million (funded by Teck) and focuses on furthering technical investigations required to confirm key aspects of the open pit design and continuing environmental baseline studies in alignment with Tahltan Nation's cultural and social traditions. The program is anticipated to allow the project to progress towards the start of the Prefeasibility Study stage.

Highlights. The 2024 field program is underway: Upgrades to the camp facilities including installation of solar array to supply clean, renewable electrical power are in progress. The geotechnical drilling program is advancing with two drill rigs to collect additional data in key areas identified in the 2023 Geotechnical Investigation.

Engineering Studies: The report on the 2023 geotechnical drilling and related geophysical and hydrogeological surveys has been received and is being used to guide the 2024 geotechnical program. Metallurgical studies are underway with completion expected in Third Quarter 2024, preliminary results are showing opportunities to optimize the processing flowsheet. Studies will include updated metal recovery and grinding projections.

Completion of the 2023 Geotechnicals Investigation augments the projects geotechnical knowledgebase and makes recommendations for additional data collection and studies to better assess pit slope conditions ahead of updating the current open pit design. In relation to the metallurgy testwork, the preliminary indications from the grinding and metal recovery projections are encouraging, completion of these studies are necessary to define metallurgical performance and optimize the overall processing flowsheet. Slope design acceptability criteria for the Schaft Creek open pit slope design were developed based on a review of industry standards for open pit slopes, as laid out in Gu guidelines for Open Pit Slope Design.

The proposed Schaft Creek open pit is approximately 3.1 kilometers (km) long and 1.7 km wide, with proposed open pit slopes in excess of 1,200 meters ('m') high. As background to the 2023 Geotechnically Investigation, a feasibility-level geotechnical assessment completed in 2013 concluded that the final pit walls would be mainly developed in relatively competent rock with overall slope angles of 40deg being considered feasible within the northwest, northeast, east, and southeast design sectors for slope heights ranging from 570 to 1,370 m and overall slope angles of 44deg considered feasible within the southwest and west design sectors for slope heights ranging From 380 to 400 m. Recent studies reported in the 2021 PEA on optimization of the project shifted the location of the proposed open pit to the west. The 2023 geotechnical program was completed to support the progression of the geotechnical model for an updated open pit design.

The results from the 2023 program indicate that the deposit can be subdivided into 5 separate geotechnical domains, each with recommended pit slope angles, ranging from 39deg - 51deg and indicating potential for 30 m high benches in the southwestern portions of the pit. Additional drilling is required to confirm the geotechnical design within specific geotechnical domains. 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: results and recommendations of the geotechnical drilling program may not be accurate; the recommendation from the geotechnical drilling may not be completed; the recommendation from the geoteschnical drilling may not be complete; the recommendation from the geotchnical drilling may not be conducted in the 2023 Geoteignical investigation.