Calgary, Alberta--(Newsfile Corp. - March 1, 2021) - Copper Fox Metals Inc. (TSXV: CUU) ('Copper Fox' or the 'Company'), through its wholly owned subsidiary Desert Fox Copper Inc., are pleased to report that it has filed on SEDAR a National Instrument 43-101 ("NI 43-101") technical report titled "NI 43-101 Preliminary Economic Assessment Technical Report for the Van Dyke Copper Project" dated February 26, 2021, prepared by Moose Mountain Technical Services ("MMTS") and Ausenco. The results of the Preliminary Economic Assessment ("PEA") for the Van Dyke project were disclosed in a previous news release dated January 12, 2021.

Elmer B. Stewart, President and CEO of Copper Fox stated, "The four-fold increase in value over that demonstrated by the 2015 PEA, and significant potential to increase the resource base through exploration, has shown the Van Dyke deposit to be a technically sound, in-situ copper recovery (ISCR) project. While the PEA is preliminary in nature, the results of which are speculative, the study has indicated several opportunities for additional value-added work programs to be completed which, if successful, would significantly de-risk the project."

PEA Recommendations:

• A diamond drilling program to expand the size of the resource and upgrade the existing Indicated and Inferred Resources to a higher resource classification.
• Proceed to the permitting stage to obtain an Arizona Protection Permit and the Underground Injection Control Permit for Class III Wells.
• Complete an ISCR pilot test program designed to further investigate overall metal recoveries, connectivity between wells, refine well field design, and determine the extent of rock stimulation required, if any.
• The total recommended budget is estimated to be $US15.5 million.

The PEA used the technical report that Copper Fox filed on SEDAR May 5, 2020 entitled "NI 43-101 Technical Report and Updated Resource Estimate for the Van Dyke Copper Project" dated May 4, 2020 with Ms. Sue Bird, P.Eng and R. Lane P.Geo, as Qualified Persons. The 2020 resource estimate resulted in an upgrade in resource classification and an increase in soluble copper content of the deposit.

2020 Resource Estimate used in the 2020 PEA:

(%)=percent, TCu=total copper, Soluble Cu=estimated pounds of recoverable copper, Mlbs=million pounds
Mineral resources that are not mineral reserves do not have demonstrated economic viability.

2020 PEA Highlights:

The results of the 2021 PEA are preliminary in nature as it includes an inferred mineral resource which is considered too speculative geologically to have the economic considerations applied that would enable them to be categorized as mineral reserves. There is no certainty that the PEA forecasts will be realized or that any of the resources will ever be upgraded to reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Figures below show the project LOM annualized copper production and projected post-tax-free cash flow.

Projected LOM Production (MLb)

To view an enhanced version of this table, please visit:
https://orders.newsfilecorp.com/files/2177/75671_coppertable1.jpg

Projected Post-Tax Cash Flow

To view an enhanced version of this table, please visit:
https://orders.newsfilecorp.com/files/2177/75671_coppertable2.jpg

Qualified Persons:

Sue Bird - P.Eng. of MMTS, R. Lane - P.Geo., of MMTS, T. Meintjes - P.Eng., of MMTS and Jim Norine P.E, of Ausenco are the QP's pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects. Elmer B. Stewart, MSc. P. Geol., President and CEO of Copper Fox, is the Company's non-independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed and approves the scientific and technical information disclosed in this news release.

About Copper Fox:

Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange (TSXV: CUU) focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and United States subsidiaries, being Desert Fox Copper Inc., and Northern Fox Copper Inc. are the 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia and a 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona. For more information on Copper Fox's other mineral properties and investments visit the Company's website at http://www.copperfoxmetals.com.

On behalf of the Board of Directors

Elmer B. Stewart
President and Chief Executive Officer

For additional information contact:

Lynn Ball: investor@copperfoxmetals.com
(844) 464-2820 or (403) 264-2820