INK Research Morning Report: 
Copper Fox Metals returns to the INK Edge spotlight
April 28, 2023

Canada's morning overview of insider filings with a special focus on companies that may interest active and momentum-oriented investors.

We last featured Copper Fox Metals (CUU) here during the last great bull market in 2011 when we were in the throes of Ben Bernanke's quantitative easing and also a debt ceiling showdown in Washington. At the time, we highlighted buying from Director Ernesto Echavarria who is a Mexican multimillionaire who made part of his fortune on Franks Distributing, a private company that ships fruits and vegetables internationally. The stock is well below its all-time high of $2.75 set in 2011, but it is up 74.2% year-to-date, setting a 52-week high of $0.29 on April 18th. Mr. Echevarria has been acquiring shares again recently, spending $1.95 million exercising warrants in February.

Copper Fox has two advanced projects, the 100%-owned Van Dyke project in Arizona and a 25% joint venture interest in the Schaft Creek project in BC operated by Teck Resources (Mixed; TECK) which holds the remainder. A 2020 preliminary economic assessment for Van Dyke estimated a post-tax NPV (7.5%) of US$664.7 million with all-in sustaining costs of US$1.14 per pound of copper over a 17-year mine life base on an assumed US$3.15/lb copper price. Work is ongoing to advance Van Dyke to a preliminary feasibility stage. A 2021 PEA for Schaft Creek estimated a post-tax NPV (8%) of US$842.1 million with an AISC of US$1.18 per pound of copper over a 21-year mine life base on an assumed US$3.25/lb copper price. A 9,000-metre drill program at Schaft Creek is planned for 2023. Copper Fox sneaks into our April Top Mining report in the 19th spot due to its renewed price momentum.

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Today’s Chart (not included here - wn)

On February 14th, Ernesto Echavarria (GIP, MASS, etc.) acquired 21,666,667 common shares through warrants exercises at $0.09 (not shown on chart). Mr. Echavarria is the majority owner of Copper Fox with 59.35% of shares outstanding. Copper Fox Metals has above median ownership (direct & indirect holdings) by Officers and Directors compared to other small-cap stocks in the Basic Materials sector according to SEDI filings as of April 26th, 2023.

Copper Fox Metals currently holds a sunny INK Edge outlook on the equally weighted V.I.P. criteria of valuations, insider commitment, and price momentum which places it in the top 10% of all stocks ranked. INK outlook categories are designed to identify groups of stocks that have the potential to out or underperform the market. However, any individual stock could surprise on the up or downside. As such, outlook categories are not meant to be stock-specific recommendations. For background on our INK Edge outlook, please visit our FAQ #3 at inkresearch.com.

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All news is good news, right? wn