His replies are no longer hiding the fact we could still be waiting and no immediate sale.

I agree. here are more of Elmers recent answers/comments in bold.

The recent drill results announced were for 6 of 11 holes.

It seems that the length of time for these results has been longer than one would expect. [Given the start time of the drilling (mid-july), time required to completed the drilling, complete geological logging, photograph, Geotech and sample the core, shipment from camp, ground transportation, special samples preparation required, lab availability, holidays, completed QA/QC on results, getting the results in early January, preparing a news release obtaining approvals, the time line seems appropriate. I have received a number of e-mails regarding the same question. The objective is to obtain accurate analytical results on which to base selection of samples for met test work, if that takes more time than what is considered the norm, then I am ok with that]

What is the delay on the remaining 5 holes, and do you have a timeline of when the remaining 5 will be released? [ Samples are usually forwarded on a batch basis, normally 3-4 holes per batch but can vary depending on the type of drilling. The 2022 drilling was to obtain samples for metallurgical testing and that work could not start until the entire drilling program was completed and analytical results were received, which allows the geologists and metallurgists to select samples for the met test work. Samples from the last five drill holes would have left Schaft Creek on or about mid-October.]

When will the 2023 program for the SCJV be announced? Are we looking at another year of “studies” with the SCJV? [Teck have until the end of Feb each year to propose a work program.  As for additional studies, the board of Copper Fox want to achieve a fair value for all shareholders and surfacing/demonstrating that; could mean additional studies, if these studies demonstrate the possibility of increasing the value for the Schaft Creek project, then these options would need to be assessed at that time.]

You have mentioned previously that Copper Fox is extremely undervalued, and I agree. What valuation do you put on the company? [Would need to see results of the enhancements identified in the 2021 PEA as these activities were identified by the independent engineers that could have a significant impact on the value of the project.  This assumes positive results from the work to investigate the enhancements.]

Quite a few years ago you stated that the objective of Copper Fox was to buy, develop, sell, repeat, yet we have not been able to monetize any of the assets. [That is still the strategy of the board, if that changes it will be announced. Picking the correct time to sell a development stage asset is never easy. As indicated in both the Van Dyke and Schaft Creek projects, the independent engineers identified project enhancements that could significantly increase the project value again assuming positive results.]

Should Van Dyke not be sold now, or do you plan to develop further? [based on the project enhancements Copper Fox has announced its plans to advance the project to the Preliminary Feasibility stage. It is expected to take 2-3 years to complete.  However if a potential purchaser approached Copper Fox, and had the financial and technical capabilities to advance the project, sale of the project would be considered]

What catalyst are you looking for to attempt to monetize Schaft Creek? Are you waiting for Teck to make an offer? When would you consider using Rofo? [Complete project enhancements and assess the results could be a significant near term catalyst.  Having Teck approach Copper Fox would be preferable as it shows Teck’s interest in wanting to acquire the 25% interest and should give Copper Fox an advantage in determining an acceptable sale price.  Exercising the ROFO would only be considered on completion of the project enhancements as these activities, assuming positive results, have the most impact on the value of the project. Once the letter exercising the ROFO is delivered, there is no negotiating and withdrawal of the terms and conditions set out in the ROFO letter is not allowed.  Hence if the terms set out in the letter are accepted immediately, you know the asset was sold at a lower price than what could have been achieved and the sender cannot withdraw the offer or alter the terms and conditions set out in the letter.  The sender could withdraws the offer, but that most likely, if the receiving party wanted to; initiate legal action to ensure compliance with the terms set out in the letter. Not a good scenario.

The recent rehiring of Creative Capital does not seem to be bearing results, our trading volume remains lackluster, and our share price is less than when I started investing in 2010. The market seems oblivious to us. [It takes time to develop an effective IR program. I am pleased with the work Creative Capital has completed to date and look forward to working with them over the next few months]

Monetizing any asset would alert the market to this company and give us the financial capital to develop other assets. [I agrees with you comments, the questions is when and at what price]

Cheers, Radagast