Copper Fox Commissions Preliminary Economic Assessment for Schaft Creek Project

Calgary, November 24, 2020 - Copper Fox Metals Inc. (TSXV: CUU) ('Copper Fox' or the 'Company') announces that it has engaged Tetra Tech Canada Inc. ("Tetra Tech") to prepare a Preliminary Economic Assessment ("PEA"), National Instrument ("NI") 43-101 Technical Report for the Schaft Creek copper-gold-molybdenum project located in northwestern British Columbia. The Schaft Creek Project is a joint venture between Teck Resources Ltd. ("Teck") (75% and Operator) and Copper Fox (25%). The Schaft Creek Joint Venture ("SCJV") was formed in July 2013.

Copper Fox is commissioning the PEA to provide an update on technical and economic changes to the Schaft Creek Project arising from completion of the 2018 Sizing and Infrastructure Alternatives Study and a subsequent 2019 Conceptual Project Design Study. All of the input studies and the PEA are based on a 133 ktpd ore mining and milling throughput case.

The PEA will incorporate a project configuration that includes updates to the resource estimation, mine plan, plant layout, and tailings and waste management facilities.

Mr. Elmer Stewart, President and CEO said, "The PEA will provide important technical and economic updates on the Schaft Creek Project up to 2020. When compared to the January 23, 2013 Feasibility Study, the PEA incorporates changes to the mine plan, operating and capital costs, design improvements, updated metal pricing and USD:CAD currency exchange assumptions. The recent studies have identified a number of opportunities to lower capital and operating costs that enhances the value of the project. The PEA will provide Copper Fox an updated reference point from which to establish a strategy of maximizing the value of this asset to its shareholders."

Background to the PEA:
In January 2013, Copper Fox filed a NI 43-101 Technical Report on SEDAR titled "Feasibility Study on the Schaft Creek Project, BC, Canada" ("the Feasibility Study"), with an effective date of January 23, 2013, H. Gaffari, P. Eng., et al as Qualified Persons, resulting in the formation of the SCJV in July 2013. While the Feasibility Study is considered historical in nature and should not be relied upon in its entirety, a significant amount of the technical data and information included in the Feasibility Study is still valid and has been utilized in the preparation of the studies supporting the PEA.

Since formation of the SCJV approximately CAN$19 million has been spent on the Schaft Creek Project. Between 2013 and 2017, geological mapping of the deposit, re-logging 43,000m of core, metallurgical sampling/testing, two diamond drilling programs, updating the 3D geological model, and collection of baseline environmental data was completed. In 2018 an updated Resource Estimation Study was completed and in 2019 a Sizing and Infrastructure Alternatives Study, these were used to evaluate four potential development scenarios, one of which was recommended for further investigation. The 2019 Sizing and Infrastructure Alternatives Study focused on lowering the capital and operating costs associated with key infrastructure and access options, mine development and sequencing alternatives and tailings management facility options.

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 Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 25% interest in the Schaft Creek Joint Venture with Teck Resources Ltd. 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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This news release contains forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and forward-looking information within the meaning of the Canadian securities laws (collectively, "forward-looking information"). Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "budgets", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release includes statements regarding: commencing a PEA on the Schaft Creek Project; the objective of the PEA; the historical nature of the 2013 Schaft Creek Feasibility Study; the results of the 2018 Resource Estimation Study; the results of the 2019 Sizing and Infrastructure Alternatives Study; and statements about Copper Fox's strategy, future operations, prospects and the plans of management.

In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have made numerous assumptions. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause Copper Fox's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the PEA may not be completed as planned or at all; the results of the PEA may indicate that the Schaft Creek Project may have no economic value; uncertainties relating to interpretation of the previous drill results, geology, continuity and grade of the deposit; the previous metallurgical test work and metal recovery rates may not be reliable; the need to obtain additional financing and uncertainty as to timely availability of permits and other governmental approvals; fluctuations in copper prices and demand; currency exchange rates; conditions in the financial markets and the overall economy may continue to deteriorate. A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

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