Copper Fox Provides Update for Mineral Mountain Project

Calgary, Alberta--(Newsfile Corp. - May 22, 2024) - Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) (FSE: HPU) ("Copper Fox" or the "Company") and its wholly owned subsidiary, Desert Fox Mineral Mountain Co. ("Desert Fox"), are pleased to provide an update on the progress of the application to obtain a permit to conduct drilling operations at its 100% owned exploration stage Mineral Mountain porphyry copper property (2,692.4 ha) located in the Mineral Mountain Mining District, Arizona (see News Release dated April 11, 2024).

The Mineral Mountain project is located on a northeast trending, regional scale, porphyry copper belt that hosts some of the largest porphyry copper deposits in Arizona including Santa Cruz and Resolution. The project is located approximately 25 kilometers (km) (15 miles) southwest from Rio Tinto and BHP's giant Resolution porphyry copper-molybdenum deposit and approximately 25 km northeast of Taseko's Florence porphyry copper deposit.

SWCA Environmental Consultants, an Arizona based firm specializing in environmental, regulatory, and natural and cultural resources management services, has been retained by Copper Fox to complete the literature review and field work required to prepare an Environmental Assessment (EA), pursuant to the National Environmental Policy Act, (NEPA), and Solicitation of Public Comments on the Plan of Operations (PoO) prior to receiving a decision from the Bureau of Land Management (BLM) on the drilling permit.

Highlights

• The work program consists of a literature review and field based studies in coordination and compliance with the policies and guidelines established by the BLM and other Federal and Arizona State regulatory bodies.
• The field work program includes a general assessment of a 447 acre area and includes an 86 acre area of a species specific survey for the endangered acuña cactus.
• The work program includes cultural, biological and archeological studies and an EA over a 447 acre area of the property.
• These surveys are focused on the location and, if observed, documentation of plant and animal species that are on an endangered species list as well as documenting the species habitat for such species to assess the environmental impact and potential cumulative effects on the environment resulting from the proposed program.
• The program is expected to take approximately four months to complete with an estimated cost of US$42,000.00. The estimated timeline and costs are subject to change contingent on amendments to the scope of work that could be requested by either Federal or State authorities.

Elmer B. Stewart, President, and CEO of Copper Fox, stated, "Copper Fox is pleased to have retained SWCA to complete the required work in furtherance of obtaining a permit from the BLM to conduct a "maiden" drilling program on the Mineral Mountain porphyry copper project. Copper Fox has advanced this project from the "conceptual" stage, through exploration to a high priority drill target. Obtaining a drilling permit is the next step to test the porphyry "footprint" exposed on surface and the large chargeability body at depth. The regional location, the chargeability target and porphyry footprint suggest the potential for the discovery of a Laramide age porphyry copper deposit."

Background
Copper Fox submitted a PoO to conduct a drilling program at four locations on their Mineral Mountain porphyry copper project and received approval from the BLM, Tucson Field Office. The BLM requires Copper Fox to prepare an EA and supporting resource surveys due to the project being partially located within designated critical habitat for the acuña cactus. SWCA will co-ordinate all activities with the BLM and other Federal and State regulatory bodies in advance of commencing field activities and generate reports on each phase of the work program.

Phase 1 Biological Resources
SWCA will review the files of applicable Federal and State authorities to identify for Pinal County special-status species and any special areas, such as wildlife corridors. The fieldwork includes a general site visit covering a 447.22-acre area and a species-specific survey over a 85.92-acre area to document existing, plant species, noxious or invasive species, wildlife species, and the suitability of habitat for special-status species including the Migratory Bird Treaty Act, Bald and Golden Eagle Protection Act, Executive Order 13112 on Invasive Species and relevant requirements of special designation areas, such as critical habitat, wildlife corridors, and important bird areas.

Phase 2 Cultural Resources
A Cultural Resource Use Permit (CRUP) permit is required from the BLM to conduct this phase of the program consisting of a literature review for recorded archaeological sites from State regulatory bodies to identify buildings and structures, and previously conducted cultural resources projects within 1.0 mile of each drill pad site. This survey will examine each drill pad area with a 20-meter buffer for archaeological artifacts, sites, and historic buildings/structures. New archaeological sites if any; will be photographed, mapped to scale, fully recorded and evaluated for eligibility for listing in the National Register of Historic Places.

Phase 3 Environmental Assessment (EA)
The EA is based on the field data and is being completed to assess the affected environment and potential environmental effects, including cumulative effects that may result from the proposed project in accordance with the BLM's NEPA guidance to identify resource or resource issues to be addressed.

Elmer B. Stewart, MSc. P.Geo., President, and CEO of Copper Fox, is the Company's non-independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed and approves the scientific and technical information disclosed in this news release.

About Copper Fox
Copper Fox is a Tier 1 Canadian resource company focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned subsidiaries being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 100% ownerships of the Van Dyke ISCR project, and the Mineral Mountain and Sombrero Butte porphyry copper exploration projects all located in Arizona, the 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project and the 100% owned Eaglehead polymetallic porphyry copper project each located in northwestern British Columbia. For more information on Copper Fox's mineral properties and investments visit the Company's website at www.copperfoxmetals.com.

On behalf of the Board of Directors

Elmer B. Stewart
President and Chief Executive Officer

For additional information contact:
Fidel Montagu at investor@copperfoxmetals.com or 1-844-464-2820

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information
This news release contains 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"). Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "budgets," "could," "estimates," "expects," "forecasts," "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release includes statements regarding; preparation of an Environmental Assessment, biological, cultural, and archeological surveys, preparation of reports as required by Federal and Arizona state regulators.

In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have made numerous assumptions regarding, among other things: the geological advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards; and the reliability of historical reports. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant 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, among others: preparation of the Environmental Assessment, the biological and cultural and archeological surveys may not be completed on time or as expected or at all; the Solicitation of Public Comment may not occur as planned or at all; the drill permit may not be approved as contemplated or at all; the financial markets and the overall economy may deteriorate; the need to obtain additional financing and uncertainty as to timely availability of permits and other governmental approvals.

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.sedarplus.ca. 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.

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