Here is an easier to read format. It my own edits, so the paragraphs might not be quite right. I didn't realize that Carmax area had been explored for 50 years.

A MESSAGE TO SHAREHOLDERS Copper Fox Metals Inc. (‘Copper Fox’ or the ‘Company’) is committed to responsible mineral exploration and development of copper projects in geopolitical stable jurisdictions. Our strategy is to, through exploration and development, advance copper projects to the stage where they can be sold to potential purchasers.

In my 2014 Message to Shareholders I spoke about the many issues faced by companies involved in the mineral resource sector. These issues along with the time required to make the best possible interpretation of the data leading to either a decision to complete more work or make a production decision takes time and requires careful consideration due to the capital intensive nature of mineral projects.

Future forecasts on metal pricing, exchange rates and taxation to name a few issues are also required. Copper Fox manages its copper projects in the same manner taking into account the various stages of these projects. The outlook on the fundamentals of the copper industry remain positive going forward with some sources forecasting a supply deficit as early as 2016 due in part to forecasted economic growth and operational difficulties on the supply side including declining head grades. These factors combined with continued demand for resources from China and India are considered positive for companies such as Copper Fox.

While the expected rebound in the resource sector is long overdue we remain positive on the copper industry.

During the year, Copper Fox participated in the Schaft Creek Joint Venture, completed the work necessary to commence a Preliminary Economic Assessment on the Van Dyke copper project and acquired 42% of the equity of Carmax Mining Corp.

In 2014, the Schaft Creek Joint Venture implemented of a series of detailed studies with the objective of optimizing the Schaft Creek project. These studies will continue in 2015 focused on the key economic drivers and geotechnical aspects with a budget of $4.8 million. Copper Fox is well positioned going forward as the terms of the Schaft Creek Joint Venture (among other things) requires that Teck Resources Limited, operator of the Schaft Creek Joint Venture, fund the first $60.0 million in pre-production expenditures. Schaft Creek is a great asset located in a safe geopolitical jurisdiction. The completion of the Northwest Transmission Line in 2014; is not only a source of cheap electrical power, it also is an important step in developing the infrastructure in this area of British Columbia.

Our work at Van Dyke has resulted in the commencement of a Preliminary Economic Assessment on this project. This study includes an independent preliminary scoping level engineering analysis of the project, an estimate of potential value based on certain input parameters, estimated operating, capital and sustaining costs and a conceptual development and operating plan for the project. The Van Dyke project is similar to other oxide copper deposits currently under evaluation in Arizona.

The approval to complete a Quantec Titan-24 DCIP & MT survey at Sombrero Butte was obtained in 2014. The Company is currently assessing the possibility of completing this survey to test for chargeability anomalies commonly associated with porphyry copper deposits below the large hydrothermal footprint exposed on surface.

On the acquisition front, Northern Fox Copper Inc., a wholly owned subsidiary of Copper Fox, acquired 42% of the equity of Carmax Mining Corp., a publicly traded company. Carmax’s Eaglehead project exhibits the characteristics of a large copper-gold-molybdenum-silver porphyry system. Exploration of this project spans approximately 50 years and with that; issues regarding the use of legacy data emerge. These issues have been identified and work to resolve these issues, advance our understanding and assess the mineral potential of the project is underway.

In line with our corporate strategy to deploy capital in these depressed market conditions, Copper Fox continues to look at the possibility of acquiring either equity or working interest in copper projects in North America.

As of the date of this letter, there are cautious indications that the sentiment toward the resource sector is turning to the positive. Copper Fox with sufficient working capital and a portfolio of advanced copper projects is positioned to take advantage of the next expected up-cycle in the resource sector.

I want to thank all of our shareholders for their continued support in 2014. I also thank our suppliers, contractors and the Tahltan First Nation who have been instrumental in our efforts. We look forward to working with them in 2015. Lastly, I want to recognize the efforts of our employees and the Board of Directors.

On behalf of the Board of Directors (Signed) “Elmer B. Stewart” Elmer B. Stewart President and Chief Executive Officer April 14, 2015