Fox Tungsten Announces Passing of Former CEO Mike Cathro

• Most Recent News (May 4, 2026): Fox Tungsten Ltd. announced the passing of former Chief Executive Officer Michael "Mike" Cathro on April 22, 2026, following a battle with cancer. The company recognized his contributions to the strategic vision and technical foundation but noted he was a former CEO.
• Current Management: According to the March 24, 2026 Investor Presentation, Stephen Gray is currently serving as President and Chief Executive Officer. Grant McAdam resigned as Director effective immediately in March 2026.
• Recent Financing (April 23, 2026): The company closed a bought-deal private placement raising C$12,736,500 gross proceeds. This included 6,100,000 hard dollar units and 48,875,000 charity flow-through units.
• Historical Context (March 24, 2026): The company announced the intent to raise C$11M via private placement, which materialized as the April closing.
• Project Status: The Fox Tungsten Project remains the flagship asset in British Columbia. Other assets include Silverboss and Hen-Art-DL projects. Highland Valley Copper was sold in November 2024.

• Operational Impact: Minimal to None. The deceased individual is identified as "Former CEO". Current leadership (Stephen Gray) remains intact per the March presentation, suggesting no immediate governance disruption or operational halt.
• Financial Impact: Neutral. The passing does not alter the financial position established by the April 23 financing which secured C$12.7M for exploration and working capital.
• Sentimental Impact: Negative to Neutral. While tributes are positive, the loss of a key founder figure can erode investor confidence in long-term vision or legacy projects. However, given the recent successful financing, liquidity concerns are temporarily alleviated.
• Market Expectations: The financing was expected (announced March 24). The passing of a former CEO is not priced into operational models but may affect sentiment among investors who valued his specific technical leadership.
• Conclusion on Materiality: The news does not change the fundamental investment thesis regarding capital availability or project status. It is classified as Routine - Neutral because it does not materially alter the company's ability to execute its exploration plan in the immediate term.

• Company Name: Fox Tungsten Ltd. (TSXV: FOXT).
• Strategy: Focused on making new discoveries and building resources in proximity to infrastructure within its 100% owned portfolio of diversified metals projects in British Columbia.
• Flagship Project: Fox Tungsten Deposit (British Columbia, Canada). Status is not specified as producing; currently in exploration/resource definition phase funded by recent capital raise.
• Other Assets:
  • Silverboss Project: Molybdenum-copper-gold-silver project adjacent to Glencore’s closed Boss Mountain mine.
  • Hen-Art-DL Project: Gold and silver project in British Columbia.
  • Highland Valley Copper Project: Sold to Metal Energy Corp. on November 7, 2024 (divestiture completed).
• Management: Stephen Gray is President and CEO. Grant McAdam resigned as Director in March 2026. Mike Cathro was Former CEO.