The Company

Copper Fox is a Canadian resource company advancing a copper focussed, portfolio of critical mineral projects in proven porphyry copper districts in North America. Our cornerstone asset is a 25% carried interest in the Schaft Creek Joint Venture (SCJV) formed to explore and develop the large-scale Schaft Creek project in British Columbia, operated by Teck Resources Limited (Teck). The Company also owns the Van Dyke project, an in-situ copper recovery (ISCR) asset with strong economics and near-term development potential in Arizona. These two advanced-stage projects anchor a total copper-equivalent inventory exceeding 7.3 billion pounds, which includes substantial recoverable quantities of gold, molybdenum and silver. Copper Fox project portfolio also includes three wholly owned copper focussed exploration assets; the Eaglehead project in British Columbia and the Sombrero Butte and Mineral Mountain projects in Arizona, offering additional growth through resource expansion, exploration discovery and strategic optionality.

The Company is uniquely positioned to offer investors exposure to the increasing demand for critical metals such as copper, gold, molybdenum and silver. Copper Fox is pleased to be able to do its part in providing critical metals to support the evolution to electrification and the transition to a lower carbon environment.

Of the five projects held by Copper Fox, two projects are advancing from the preliminary economic assessment (PEA) stage to the prefeasibility study (PFS) stage, one is at the mineral resource estimate (MRE) stage and two are at the drill ready exploration stage.

Schaft Creek

At Schaft Creek the objective of the 2026 program is to determine project readiness to advance from the Preliminary Economic Assessment (PEA) to the Prefeasibility Study (PFS) stage. Copper Fox holds a 25% interest in the SCJV with Teck holding 75% interest and is the Operator. Since formation of the SCJV in 2013, Teck’s investment in the Schaft Creek project at the end of 2025 is reported to be approximately C$90 million. In 2021 Copper Fox completed a PEA of the Schaft Creek project based on a copper price of US$3.25/lb, that yielded (on a 100% basis) an after-tax NPV 8% of US$842 million, an IRR of 12.9% and identified opportunities that could enhance project economics and lead to a more robust investment model. The 2021 PEA indicated that each US$0.25/lb increase in copper price above the base case increases EBITDA by US$970 million. Since completion of the 2021 Schaft Creek PEA, the SCJV has completed multi-disciplinary studies to advance the project from the PEA to the PFS stage. The data collected from these studies assesses the potential impact of project development on the local environment and identifying data gaps on which to base future programs to achieve the PFS level in accordance with industry standards.

The C$9.1 million 2026 work program is focussed on addressing key aspects of the Scoping Study including a technical review of the geology, metallurgical response, tailings and waste management facilities, mine plan options, infrastructure layout, access trade-off studies as well as a System Impact Study in co-ordination with BC Hydro to determine the energy requirements and assess the impact of the Schaft Creek project on the provincial power grid in preparation to transition the project to the PFS stage. Click here for PEA

Van Dyke

The Van Dyke in-situ copper recovery (ISCR) project is recognized as a potential near term, mid-size, environmentally friendly, sustainable copper project with a 17-year mine life and a production capacity of 85 million pounds of Grade A 99.99% copper cathode per year located in the center of the prolific Miami-Inspiration Mining District.

In 2020 Copper Fox completed a PEA, based on a copper price of US$3.15/lb, that yielded an after-tax NPV 7.5% of US$645 million, an IRR of 43.3% and identified opportunities that could enhance project valuation including expanding the resource base. The PEA indicated that each US$0.25/lb increase in copper price above the base case increases EBITDA by US$270 million.

Since 2020, Copper Fox completed geotechnical, metallurgical, geological, and hydrogeological studies and initiated hydrogeology monitoring to advance the project to the PFS stage. The first step in advancing the Van Dyke project to the PFS stage, is updating the 2020 PEA incorporating technical studies completed since 2020 and the results of the PFS Execution Plan completed in 2025. The PEA is being prepared by a team of Arizona based consultants with expertise in ISCR deposits. The updated PEA will include an updated Mineral Resource Estimate, modifications to the underground access and well field design, infrastructure layout, water treatment, 3-D groundwater flow modelling and an updated pre and post tax economic analysis using long term consensus copper prices. Click here for PEA

Eaglehead

Eaglehead is a polymetallic (copper-molybdenum-gold-silver) porphyry copper project that has transitioned to the resource development stage. Lock cycle tests to the third cleaner concentrate stage indicates the mineralization responds well to standard flotation recovery. Subject to receipt of the Multi-Year Area Based (MYAB) permit currently under review by the BC Ministry of Mines, Copper Fox plans to conduct a program with the objective of advancing this project to the PEA stage in late 2026. The proposed program contemplates a program to confirm the continuity of the mineralization between the East and Bornite deposits, conduct metallurgical characterization of the mineralization and continue environmental baseline studies. Positive results from the drilling program is expected to increase the project’s mineral resource base and could have a positive impact on advancing the project to the PEA stage. The 2025 geophysical survey identified an open-ended, northwest trending chargeability anomaly (>8mv/v) measuring 2,800m long by 2,400m wide that substantially expanded the resource potential of the project both down dip and along strike. Click here for MRE

Sombrero Butte & Mineral Mountain

Sombrero Butte and Mineral Mountain are ‘high quality’ exploration stage porphyry copper-molybdenum projects strategically located in well defined, prolific porphyry copper belts in Arizona. Both projects host large porphyry targets hosted in Laramide age intrusives with mineralization, alterations and geophysical signatures indicative of large porphyry systems.

The Sombrero Butte project is located at the intersection of two prolific Laramide age porphyry copper belts, approximately 3km south of the Copper Creek porphyry copper deposit currently undergoing development stage activities. Copper Fox expects to file a Plan of Operation to conduct an initial drill test of the recently identified large porphyry copper target.

The Mineral Mountain project’s location is in a prolific, northeast trending Laramide-age porphyry copper belt in Arizona, approximately 25km southwest of Rio Tinto and BHP’s giant Resolution porphyry copper-molybdenum deposit and approximately 20km northeast of the recently commissioned Florence ISCR copper mine, reinforcing the porphyry potential of the property.

Drilling of the porphyry copper target at Mineral Mountain commenced in late 2025. The first drillhole DDH MM-01-2025 intersected propylitic and weakly sericitic altered rocks hosting multiple intervals of elevated concentrations of copper-molybdenum-silver. The second drillhole MM-02-2025 located approximately 1.3km northeast of DDH MM-01-2025 was terminated prematurely at a depth of 1,697m due to technical difficulties. This hole intersected a classic porphyry alteration and mineralization sequence and provided technical data that indicates vectoring toward a potential higher-grade potassic core of the porphyry system at depth.