Copper Fox Provides Update on Schaft Creek Project

The October 16, 2025, news release provides an update on the completed 2025 field program at the Schaft Creek Project, a joint venture with Teck Resources (75% operator). The program included: * Drilling: Five diamond drill holes (1,797.1m) were completed south of the Liard zone. Four holes intersected "variable intervals of discontinuous" copper mineralization. Analytical results are pending. * Geophysical Surveys: Electrical resistivity and seismic refraction surveys were completed over proposed rock storage facility areas. Modelling is expected by year-end. * Environmental & Geometallurgical Studies: Baseline environmental studies were conducted. Preliminary geometallurgical test work indicated "more variability of copper recovery in certain spatial areas of the deposit." Coarse Particle Flotation test work has commenced to assess its viability. * PFS Transition: The objective of the program was to gather data to support a transition to a Pre-Feasibility Study (PFS), which is anticipated to begin in early 2026, but is "subject to meeting stringent criteria."

This is a routine operational update that is neutral in its impact. The news confirms the completion of the planned 2025 field program, which aligns with previously stated goals (e.g., news from July 24, 2025). However, the release contains no conclusive data.

Key Points: * No Assays: The description of mineralization as "variable intervals of discontinuous chalcopyrite" is non-committal and standard language before assays are returned. The market will wait for the actual grade and width from the drill core before reacting. The significance of these intersections is currently unknown. * PFS is Conditional: The statement that a PFS commencement is "subject to meeting stringent criteria to deliver attractive risk-adjusted returns" reiterates the conditional nature of the project's advancement. This is not a firm commitment from the operator, Teck Resources, and represents a key project hurdle. * Metallurgical Uncertainty: The mention of "variability of copper recovery" introduces a new element of technical risk. Inconsistent metallurgy can complicate processing flowsheets and negatively impact project economics. This is a new item for investors to monitor closely.

Overall, the news confirms that work is progressing as scheduled, which is positive. However, the lack of results and the introduction of potential metallurgical concerns temper any optimism. The update does nothing to address the company's critical financial situation, highlighted in the Q3 report from September 24, 2025.

Copper Fox Metals Inc. is a Canadian exploration and development company focused on copper. Its portfolio includes a 25% interest in the advanced-stage Schaft Creek copper-gold-molybdenum-silver project in British Columbia, which is its flagship asset. The Schaft Creek project is a joint venture with Teck Resources, which holds the remaining 75% and acts as the operator. The JV is currently working to advance the project towards a Pre-Feasibility Study. Copper Fox also holds four 100%-owned projects in Arizona (Van Dyke, Mineral Mountain, Sombrero Butte) and one in British Columbia (Eaglehead).