Copper Fox Metals Inc. provided shareholders an update of recent activities on its 100% owned Van Dyke in-situ copper recovery (`ISCR') project. The Van Dyke project is in the Globe-Miami Mining District in Gila County, Arizona, a Tier 1 mining jurisdiction. The 2020 Preliminary Economic Assessment (`PEA') for the Van Dyke project prepared in accordance with National Instrument 43-101, (click here for the News Release) indicated an after-tax Net Present Value of USD 644.7 million, an Internal Rate of Return of 43.4%, based on a 17 year mine life using a USD 3.15/lb copper price.

The PEA recommended advancing the project to the Preliminary Feasibility Stage (`PFS') and concluded that the project has the potential to become a mid-tier copper mine producing in the order of 85 million pounds (approximately 39kt) of copper per year. Recent activities include: Highlights: · In late October 2022 meetings with local communities and First Nations within a 40-mile radius of the Van Dyke project were completed. Upgrading of existing access to the wells selected for rehabilitation and the Van Dyke mine shaft is expected to commence in early December 2022.

Upon completing the access upgrades, a downhole video survey of the selected wells and the shaft is planned to determine if they are in a condition to allow re-entry and further testing. Successful completion of the downhole video survey would be followed by well development and testing/water sampling activities. These surveys are expected to take up to 3-4 months to complete subject to availability of certain service providers.

Inspection and refurbishment of three vibrating-wire piezometers (`VWP') installed in drill holes completed in 2014 are also planned.