Calgary, Alberta--(Newsfile Corp. - February 4, 2021) - Copper Fox Metals Inc. (TSXV: CUU) (OTC Pink: CPFXF) ("Copper Fox" or the "Company") is pleased to provide an update on the progress of the Preliminary Economic Assessment ("PEA") (see news release dated November 24, 2020) for the Schaft Creek project. The Schaft Creek project is managed through the Schaft Creek Joint Venture ("SCJV") formed in 2013 between Teck Resources Limited ("Teck") (75%) and Copper Fox (25%) with Teck being the operator. The Schaft Creek deposit is one of the largest undeveloped porphyry copper deposits containing significant gold-molybdenum-silver by-products in North America. Highlights of the work completed are set out below.

Highlights:

• A review of the work completed by the SCJV on the Schaft Creek project since 2018 has been completed.
• The PEA contemplates a 133,000 tonne per day ("tpd") mine/processing facility like that set out in the 2013 Feasibility Study completed by Copper Fox Metals Inc. in 2013.
• An updated resource estimate will include analytical, drilling, and metallurgical information generated by the SCJV on the project since completion of the Feasibility Study in 2013.
• A site visit by the Qualified Person ("QP") has been completed and preparation of the resource estimate is progressing.

Elmer B. Stewart, President and CEO of Copper Fox stated, "The objectives of the PEA are to assess the economic impact on the project due to changes in the project footprint and identify potential opportunities to further enhance project value. The work completed to date indicates that a substantial amount of the technical data used in the 2013 Feasibility Study remains relevant. This information, combined with the data generated and studies completed by the SCJV over the past three years, will form the basis for the 2021 PEA. The PEA outcome will include a comparison against the January 23, 2013 Feasibility Study."

Schaft Creek Project:

With input from the SCJV, Tetra Tech Canada Inc. ("Tetra Tech") and other independent consultants are advancing the PEA on the Schaft Creek project. The resource estimation, along with the other components of the study are in progress. Price Waterhouse Coopers has been retained to complete the post-tax cash flow model for the project.

Resource Estimate:

In the context of completing the PEA, the independent QP, Michael F. O'Brien of Red Pennant Geoscience, retained by Tetra Tech, has reviewed the resource modelling completed by the SCJV in 2018 and is of the opinion that the work was completed in a thorough and consistent manner in accordance with NI 43-101 standards (May 9, 2016), CIM Definition Standards (May 19, 2014) with guidance from CIM Best Practice Guidelines (November 29, 2019). The 2018 resource model will be used as a foundation to the resource estimation that is being produced for the PEA and will be accompanied by a National Instrument 43-101 Technical Report.

Mine Plan:

The PEA updated mine plan contemplates a conventional truck/shovel operation providing 133,000 tpd to the processing facility and includes a stockpiling strategy to manage LOM mill feed grades.

Processing:

The metallurgical work completed by the SCJV indicates that the Schaft Creek deposit consists of four geometallurgical domains. The processing circuit (133,000 tpd at 92% availability) contemplated in the PEA is like that set out in the 2013 Feasibility Study. The processing flow scheme includes crushing, two stage grinding and conventional flotation producing separate, clean copper and molybdenum concentrates.