Copper Fox Metals Inc. provided analytical results for the last five of eleven drill holes completed as part of the 2022 metallurgical drill program on the Schaft Creek project. The Schaft Creek project is managed through the Schaft Creek Joint Venture. Teck Resources Limited 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 2022 metallurgical drill program completed 4,688 meters with the objective of collecting samples to complement historical metallurgical test work. The drill program expanded the metallurgical sampling coverage across the Schaft Creek project, with a focus on the early part of the mine life, to better inform metal recoveries and comminution characteristics.

Eleven drill holes were completed across the project's mineralized zones; Liard (six holes), Paramount (three holes) and West Breccia (two holes). Highlights and additional details regarding the analytical results received are summarized below. Mineralized intervals reported in this news release were calculated using a 0.10 CuEq % copper equivalent cut-off grade.

Samples lower than the selected cut-off grade were included in the weighted average interval provided that the sample interval below the cut-off did not exceed 10.0 m in core length. Intervals of lower grade mineralization are reported to demonstrate metal distribution within the drill holes. The 2022 metallurgical drilling program allows sample selection for metallurgical test work to commence and increases metallurgical sample coverage across the Schaft Creek deposit to better inform metal recoveries and comminution characteristics.

The mineralized intervals reported from this drilling program further extend the near-surface higher-grade mineralization zones reported in 2021 and increase continuity of this type of mineralization between existing drill holes. Drill holes SCK-22-456, and DDH SCK-22-460 intersected broad intervals (ranging from 14.15 m to 70.30 m) of near-surface higher-grade copper-gold-molybdenum-silver mineralization. These mineralized intervals further extend the lateral continuity of near-surface higher-grade mineralization zones reported in 2021 between existing drill holes within the Liard zone.

The last sample at the bottom of DDH SCK-22- 456 returned 0.127% Cu, 0.107g/t Au, 0.001% Mo and 0.73g/t Ag. DDH SCK-22-457 intersected a 270.00 m interval of higher-grade mineralization starting at a depth of 377.00 m. This deeper interval of higher-grade copper-gold-molybdenum-silver mineralization is representative of mineralization within the Paramount zone. The last sample in this drill hole returned 0.127% Cu, 0.049g/t Au, 0.002% Mo and 0.57g/t Ag.

The diamond drilling was completed using HQ diameter core. Overall core recovery was estimated to be greater than 90%. After cutting with a diamond saw, one half of the core was collected for sample preparation and analysis and the other half was retained for future reference.

Sample intervals were selected to not cross major lithological or hydrothermal alteration changes and ranged from 0.50 to 2.60 m in length, with most intervals being an average of 2.0 m long. A total of 1,356 samples analyzed at ALS Canada Ltd.("ALS") located in Vancouver, British Columbia are reported in this news release. Base metal and silver concentrations were determined by ALS MEMS61 package and a 4-acid digestion.

Gold concentrations were determined using ALS Au_ICP21 package. ALS has a 9001:2008 International Standard Organization rating. ALS has an ISO/IEC 17025:2017 UKAS (ref 4028) accreditation.