Copper Fox Metals Inc.

Eaglehead is an Early Jurassic (195 Ma) age resource stage porphyry copper project covering 15,713 ha (157.1 km2)located 50 kilometers (km) east of Dease Lake in the Liard Mining District, British Columbia, within Tahltan territory. The porphyry footprint is defined as an 8km by 3km area of porphyry style mineralization and alteration exposed in a northwest trending valley containing four open-ended porphyry copper deposits, two areas of widespread porphyry style mineralization and 173 copper showings referrred to as the “mineralized corridor” located on the southern margin of the Eaglehead intrusive.  The project is located in Quesnel terrane on the north side of the Thibert fault system that separates the Quesnel and Cache Creek tectonic plates.

The Schaft Creek project is managed through the Schaft Creek Joint Venture (SCJV) between Teck Resources Limited (Teck) (75%) and Copper Fox (25%) with Teck as Operator. The SCJV was formed on July 15, 2013 to manage the exploration and development of the Schaft Creek project which hosts the Schaft Creek polymetallic copper deposit, one of the largest undeveloped porphyry copper-gold-molybdenum-silver deposits in North America. Cumulative expenditures by Teck from July 15, 2013 to December 31, 2024 is approximately C$98 million (M) (C$24M cash payment to Copper Fox on execution of the SCJV agreement and C$74M in Pre-Production Costs).

Copper Fox’s objective is to restart copper production at the Van Dyke project utilizing the in-situ copper recovery method (ISCR).  The premliminary economic assessment (PEA) completed in 2020 indicated that the Project has the potential to become a near term, mid-size copper producer with a production capacity of 85 million (M) pounds (lb) of LME Grade A copper metal per year over a 17 year mine life.  The Project is projected to support over 400 jobs in the Miami area and throughout Arizona during operations.  The combination of readily soluble copper minerals, fractured nature of the deposit and a low acid consuming host rock are positive geological and metallurgical characteristics that indicates ISCR is a viable copper extraction method at Van Dyke.