Copper Fox Metals : AGM Presentation - September 2022

2022 Annual General Meeting

of Shareholders

September 22, 2022

Forward Looking Statements

This Power Point presentation contains certain 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"). This forward-looking information includes statements relating to management's expectations with respect to our projects based on the beliefs, estimates and opinions of the Company's management or its independent professional consultants on the date the statements are made.

Forward-looking information in this presentation includes statements about the potential growth and exploration of Copper Fox's investments; expected supply and demand for copper in the years to come; the copper refined balance forecast; potential economic enhancements to the Schaft Creek project; the future activities of the Schaft Creek Joint Venture; direct cash payments to Copper Fox upon a Production Decision and upon the completion date of a mine; and the interpretation of data from the Van Dyke, Eaglehead, Sombrero Butte and Mineral Mountain projects. Information concerning exploration results and mineral resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed.

With respect to the forward-looking statements contained in this presentation, Copper Fox has made numerous assumptions regarding, among other things: metal price assumptions used in mineral reserve estimates; the continued availability of project financing; 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; the availability of necessary permits; and the stability of environmental, economic, and market conditions. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social 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, without limitation: uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill projections/expectations and realize the perceived potential of Copper Fox's projects; the Schaft Creek Joint Venture may not result in a Production Decision being made, or the construction of a mine; financing commitments may not be sufficient to advance the Schaft Creek project as expected, or at all; uncertainties involved in the interpretation of drilling results and other tests and the estimation of mineral resources; the possibility that there may be no economically viable mineral resources may be discovered on any of Copper Fox's projects; risk of accidents, labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at Copper Fox's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government; ongoing relations with our partners and joint ventures; performance by contractors of their contractual obligations; unanticipated developments in the supply, demand, and prices for metals; changes in interest or currency exchange rates; legal disputes; and changes in general economic conditions or conditions in the financial markets.

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.sedar.com. 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 except as may be required under applicable securities laws. All figures are in Canadian Dollars unless otherwise indicated.

Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, is the Company's nominated Qualified Person pursuant to Section 3.1 of National Instrument 43-101,Standards for Disclosure for Mineral Projects, and has reviewed and approved the technical information disclosed in this presentation.

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Copper Fox ESG Policy

• Recognition of environmental, social and governance ("ESG") best practices as key components to being a responsible mineral exploration and development company.
• Exploration programs are conducted to meet or exceed environmental regulations, while respecting the communities and environments in which we operate.
• Strive to earn its social license, meeting with local communities, regulators, and stakeholders before, and during, exploration work to understand issues important to local and Indigenous communities.
• Preservation of wildlife and wildlife habitat are fundamental to our operating philosophy.
• Transparency, open communication, inclusivity, and respect, to better enable social and economic benefits for communities as well as value for investors.
• Sustainability - sustainable practices in all operating activities to foster long term community benefits.

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Copper is Essential

• Antimicrobial - copper-infused surfaces and equipment are being installed in healthcare facilities as they eliminate up to 99.9% of harmful bacteria and viruses.
• Climate Change - copper is required for the generation, transmission, storage and consumption of green energy: solar panels, wind turbines, replacing ICE's with EV's.
• Electrical, Electronics, Communications - wiring, conductors, high-efficiencymotors, stators, rotors, cables, connectors, computer chips, circuit boards and structured wiring which is a key component for the global G5 buildout.
• Health - copper is known to promote the development of blood vessels and rejuvenate skin through the synthesis of collagen and elastin and is now being used in clothing.
• Infrastructure - smart city technology, the USA alone has started funding their $1 trillion infrastructure bill.

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Copper Forecast - The Next Few Years

• The demand outlook for copper (and base metals generally) remains compelling in the midst of a rapidly evolving green-energy (electrification) revolution…which stands to increase global copper demand +15% by
  ~2030.
• Investment required to reach global net-zero GHGs by 2050 estimated at
  ~US$131T…of which ~22% pertains directly to electrification (think copper).
• EVs require 4x the copper of an internal combustion engine…translates into an incremental ~3.7 MMtpa copper demand by 2040 (EVs only).
• Today's copper market is unprepared to meet the inevitable demand.
• Large-scalemines take +15 years to develop from discovery-exasperated by heightening permitting requirements/opposition and political considerations.
• According to Goldman Sachs, a copper price of ~US$3.20/lb is required to generate an average project IRR of 17% across the firm's database of 85 undeveloped projects.
• Goldman Sachs pegs long-term (+2025) copper at ~US$6.80/lb.

Source: Cormark Securities

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