I woke up in a bad mood yesterday and sent an email to Elmer. My intention is to wait for CF to negotiate a buyout but sometimes panic that we may not see anything at all. Probably would have worded it a little different had I been in a balanced mood. He repied this morning and his reponses are in brackets.

Hello Elmer,

I had once asked if you were planning on any campaigns to publically promote Copper Fox. You mentioned INN and that you were contemplating doing more.

I was wondering what your thoughts are now. (In 2018 Copper Fox retained an IR firm. End result; was very little benefit (the IR firm did their job) was achieved due mainly to competition with other higher performing sectors of the market since then copper process have declined.) I have no idea what it would cost or what the results of such an endevour would produce. ( Its hard to get attention on copper these days due to perception on spot copper prices.  Companies that are drilling are getting some attention.) But surely if more investors realized the potential of the SC deposit they would load up on shares (I cannot speak for what investors would or would not do.  I have been accumulating Copper Fox shares since 2009. Copper Fox’s disclosure demonstrates the corporate value including the upside at Schaft Creek.  Copper Fox’s share price seems to tract copper price.  Higher copper prices would be very helpful from the retail side of the market)

So many of us bought CF when Teck was under timelines. (Since signing the 2002 option agreement, the only time line for Teck was the 120 day period to make a decision on its intentions regarding its “back-in” rights after Copper Fox delivered a feasibility study.   When the feasibility study was delivered; Teck had already decided to exercise the maximum allowable pursuant to the “back-in” provision under the 2002 option agreement) We took a huge risk, investing in unproven ground (If the ground was proven, Copper Fox would most likely not have been able to option the property ) , a risk that Teck was not willing to make (When Teck retained the “back in” right in the 2002 option agreement, they protected the upside which Copper Fox identified when it delivered the FS in 2013. Unfortunately at that time, the world was going into a negative commodity cycle which lasted into 2016). Yet their actions since the positive BFS has been rather disappointing to put it mildly.(I do not agree with that statement.  Teck collected a considerable amount of additional technical data on the Schaft Creek project between 2013 and 2015 all of which has been beneficial to advancing the project.   Since 2017, the SCJV has completed substantial work all focussed at advancing the project (2017 updated resource estimate, 2018 Sizing and Alternatives study to determine best scenario in 2018 terms ), 2019 focussed on the 133,000 tpd scenario to surface more value). I cannot speak for Teck, but I suspect that If Teck did not see the potential to create value in a project that meets their corporate requirements, do you think they would continue to spend funds on that project, I don’t) )  

 A decade of owning CF has aged me a lot more than a decade should. It would be nice to see some return before I flip over dead. If I could buy shares in the 10 cent range and sell them in the 40 cent range (half of the present NAV) it would help recuperate some of the money I invested. (Some Copper Fox shareholders have told me that is their approach toward their investment in Copper Fox.  The board of Copper Fox wants to dispose of its interest in Schaft Creek project at a fair value.  A lot has changed since 2013.  In 2018, the SCJV identified the scenario that provides the best option to surface the value of Schaft Creek project.   2019 parameters are being incorporated into that scenario to with the objective to surface more value in the project.  Copper Fox’s news releases have identified all aspects of the project that are under review in 2019 and that the objective of the work is to reduce capital and operating costs and surface value in the project, essentially establish the potential value of the project in 2019 terms).

As well, could it not be argued that the mineral claims that CF turned over to Teck should be reversed and given back to CF. (The 2002 option agreement, under which Copper Fox optioned the Schaft Creek project from Teck set the path of the SC project.  The 2002 option agreement required delivery of a FS which then allowed Teck a period of 120 days to make a decision regarding its intension related to its “back-in” rights. As we know, Teck exercised its ‘back-in” and a joint venture was formed.) The claims are only to be issued to entities that have intentions to mine them (Not sure on what you mean by this statement. if you look at the work completed since 2017, when the commodity cycle turned positive, all work completed and in progress at Schaft Creek is directed at surfacing the maximum value.) It seems with Teck cancelling their place for the power line (that was a decision of the SCJV to avoid making a very large cash payment to BC Hydro. At that time, no companies were in a position to connect to the powerline, and that is the same today.  It was a good decision, saved a lot of cash)  and lack of progress since shows their intentions (again Xxxx, I disagree, the SCJV is doing a lot of work on SC.  Look at the parameters discussed in the Copper Fox news releases which are essentially all aspects required to advance a project including permitting).  The low copper prices have not stopped them from investing other parts of the world. (I assume you are talking about QB2. When Teck took the decision to invest in QB2, copper prices were significantly higher than current spot prices.  I think it fair to say that companies use long term metal prices and FOREX as part of the decision process. Teck are also spending funds surfacing value on the copper projects (in addition to Schaft Creek) included in their Project Satellite. Since 2017, Teck have purchased the minority interest to increase their ownership.  Teck has significant investments in these projects and most likely see upside potential to add value that meets their internal corporate requirements).

Thanks for your time, any thoughts about this subject would be appreciated.

xxxx xxxxxxx

I usually share any info I get with the Agora stock forum members.