Copper Fox Metals Inc. · TSXV:CUU
Copper Fox Metals — Investor Presentation (October 2026)
32 slides from Copper Fox Metals's investor presentation, October 2026
Slide 1: Copper Development and Exploration in North America
Copper Development and Exploration in North America 1 October 2026
Slide 2: Forward Looking Cautionary Statements
Forward Looking Cautionary Statements This Power Point presentation contains certain 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 Canadi
Slide 3: Capital Structure, Management & Directors
Capital Structure, Management & Directors Capital Structure Ownership Market Capitalization (M) C$419.3 Shares Outstanding (M) 590.5 40.6% Options/Warrants (M) Nil 59.4% 59.8% Insider Ownership 350.7 Cash (M) C$1.1 Insiders Debt Nil Others Management Elmer B. Stewart, MSc., P.Geo., President & Chief
Slide 4: Copper demand supports the long-term thesis
Copper demand supports the long-term thesis Electrification and AI data centers support copper demand New supply must overcome long development timelines Annual copper supply needs to increase from 27Mt to 43Mt by 20351 Copper prices remain cyclical ➢Economic growth affects demand and pricing ➢Disru
Slide 5: Two advanced assets anchor the investment case
Two advanced assets anchor the investment case ➢ Business Model: Advance copper projects through economic studies, then pursue a sale, option or joint venture ➢ Core Assets: Located in Tier 1 jurisdictions – 25% of Schaft Creek with Teck Resources Limited as operator, plus 100% of Van Dyke ➢ Technic
Slide 6: Portfolio spans resources & discovery
Portfolio spans resources & discovery Schaft Creek (25%) Advanced Cu-Au-Mo-Ag project in British Columbia. Teck operates the JV and is advancing work towards PFS. Van Dyke (100%) Arizona in-situ copper recovery (ISCR) project. Updated PEA will assess readiness for PFS. Eaglehead (100%) British Colum
Slide 7: Schaft Creek: Teck operated copper exposure
Schaft Creek: Teck operated copper exposure ➢ Copper Fox owns 25% – Teck owns 75% & operates the joint venture ➢ Teck investment of ~C$114M (2013-2025) ➢ 2026 budget C$9.1M ➢ Teck provides funding; terms include deemed loans and recovery from production ➢ Large open-ended Cu-Au-Mo-Ag deposit ➢ Work
Slide 8: Schaft Creek: scale with a major capital requirement
Schaft Creek: scale with a major capital requirement 2021 PEA1 100% project basis - Copper Fox owns 25% - All amounts below are US$ ➢ After-tax NPV8% : $842.1M, IRR: 12.9%, Payback period: 4.8 years ➢ Pre-tax NPV8%: $1.4B, IRR: 15.2%, Payback period: 4.4 years ➢ Mine Life (LOM): 21 years, with strip
Slide 9: Schaft Creek: metal price sensitivity 2021 PEA
Schaft Creek: metal price sensitivity 2021 PEA 2021 PEA sensitivity, 100% project basis 2012 2021 Production and Cost Summary Units All other study assumptions remain constant FS PEA Current LT metal price US$ Mine Life years 21 21 Cu $4.85/lb, Au $3,500/oz, Mo $23.00/lb, Ag $40.00/oz CuEq Metal Pro
Slide 10: Schaft Creek: funding carries repayment obligations
Schaft Creek: funding carries repayment obligations 10
Slide 11: Schaft Creek: cash flows capital recovery
Schaft Creek: cash flows capital recovery Initial capital: US$2.653B 100% project basis Direct: US$1.296B Rounded 2021 PEA estimates Distribution depends on capital recovery Indirect: US$0.771B Contingency: US$0.586B Before Payout After Payout Free Cash Flow (FCF) Annual FCF Teck Copper Capital Cost
Slide 12: Van Dyke: 100% owned copper development
Van Dyke: 100% owned copper development ➢ Arizona in-situ copper recovery project ➢ PEA1 completed in 2020 ➢ Project economics sensitive to copper price ➢ Hydrogeological, geotechnical and metallurgical studies, historical core sampling and updated models completed 2021-2026 ➢ Updated PEA expected i
Slide 13: In-situ recovery depends on hydrogeology
In-situ recovery depends on hydrogeology Copper recovery through wells ➢ Leaching leaves the host Injection Well rock in place ➢ Smaller surface footprint ➢ No open pit or conventional tailings storage Recovery Wells ➢ Reduces energy and water consumption ➢ Reduces gas emissions (CO2 etc.) ➢ Pilot s
Slide 14: Van Dyke: 2020 PEA results
Van Dyke: 2020 PEA results 2020 PEA1 - Copper Fox owns 100% - All amounts below are US$ ➢ After-tax NPV7.5% : $644.7M, IRR: 43.4%, Payback period: 2.1 years ➢ Pre-tax NPV7.5% : $798.6M, IRR: 48.4%, Payback period: 2.0 years ➢ Mine Life (LOM): 17 years ➢ Processing: 85M lb in years 2-12, declining th
Slide 15: Van Dyke: copper price sensitivity 2020 PEA
Van Dyke: copper price sensitivity 2020 PEA 2015 2020 2020 PEA sensitivity, 100% project basis Production and Cost Summary Units PEA PEA All other study assumptions remain constant Mine Life years 11 17 Current long term copper price US$4.85/lb Copper Production Mlbs 456.9 1,101.0 Copper Price US$/l
Slide 16: Van Dyke: resources underpin further studies
Van Dyke: resources underpin further studies KTonnes Rec Cu TCu ASCu CNCu Recovery TCu ASCu Class (000) (%) (%) (%) (%) (%) (Mlb) (Mlb) Indicated 97,637 0.24 0.33 0.23 0.04 90 717 517 Inferred 168,026 0.19 0.27 0.17 0.04 90 1,007 699 NI-43-101 Technical Report and Updated Resource Estimate for the V
Slide 17: Van Dyke: infrastructure layout
Van Dyke: infrastructure layout ➢ Proposed infrastructure limits community impact ➢ Nearby roads and electrical power (+/- 1km) ➢ Historical mining centre, local workforce supports development potential ➢ Community support and engagement remains essential Copper mineralization 396m level Van Dyke mi
Slide 18: Van Dyke: potential and local economic benefits
Van Dyke: potential and local economic benefits Illustrative development benefits ➢ Miami-Globe area ➢ Estimated employment • 134 direct jobs • 402 indirect jobs ➢ ~US$1.07B in local operating expenditure ➢ LOM estimated taxes: • Severance ~US$24M • Arizona ~US$64M • Federal ~US$257M ➢ Potential to
Slide 19: Van Dyke: updated PEA and next steps
Van Dyke: updated PEA and next steps ➢ Updated PEA incorporating: • Technical studies completed since 2021 • Revised geology, metallurgical, geometallurgical and hydrogeological models • Updated long term copper price assumptions • Revised capital, operating and sustaining costs • Potential changes
Slide 20: Eaglehead: resource expansion potential
Eaglehead: resource expansion potential Resource NSR Cutoff Tonnage NSR CuEq Cu Mo Au Ag NSR CuEq Cu Mo Au Ag Category (C$/tonne) (kt) (C$/tonne) % % % gpt gpt C$M Mlb Mlb Mlb koz koz 5 71,971 24.42 0.322 0.219 0.0107 0.060 0.9 1,758 510 347 17.0 139.8 2,159 Indicated 5.5 70,810 24.74 0.326 0.221 0.
Slide 21: Eaglehead: preliminary metallurgy
Eaglehead: preliminary metallurgy 2014 testwork ➢ Covered 0.11%–0.40% Cu grade range. Master composite: 0.26% Cu. ➢ Copper sulphide liberation averaged 78%. Exposure averaged 91%. ➢ Rougher tests achieved 92.4%–97.6% copper recovery. ➢ Third-cleaner concentrates: 21.1%–37.9% Cu, with significant gol
Slide 22: Eaglehead: drilling will test resource extensions
Eaglehead: drilling will test resource extensions ➢ Strong correlation between chargeability Pass zone and mineralization Camp zone Bornite zone ➢ 6km long geophysical East zone anomaly, open-ended ➢ Mineralized zones are open-ended ➢ Chargeability used to prioritize targets Planned work Deep Potent
Slide 23: Mineral Mountain: discovery needs follow-up drilling
Mineral Mountain: discovery needs follow-up drilling Chargeability ➢ Laramide age (67.4 Ma) Cu open to NE porphyry discovery ➢ Within the Santa Cruz-Globe- Discovery Drillhole DDH MM-02-2025 Miami porphyry copper belt ➢ Surface target ~4,500m x 2,000m ➢ Open ended geophysical anomaly supports follow
Slide 24: Mineral Mountain: drilling tested the model
Mineral Mountain: drilling tested the model ➢ MM-01-2025 intersected distal propylitic alteration with elevated copper and molybdenum concentrations ➢ MM-02-2025 intersected continuous mineralization in the outer part of copper shell ➢ Sporadic bornite occurs coating chalcopyrite near the hole botto
Slide 25: Mineral Mountain: encouraging mineralization
Mineral Mountain: encouraging mineralization ➢ 278.9m core interval of continuous Cu-Mo mineralization ➢ Selected higher-grade core intervals: • 0.180% Cu and 0.019% Mo over 188.0m core interval • 0.264% Cu and 0.036% Mo over 55.88m core interval • 0.709% Cu and 0.052% Mo over 8m core interval ➢ Max
Slide 26: Mineral Mountain: mineralized drill core
Mineral Mountain: mineralized drill core 26
Slide 27: Sombrero Butte: strategic location
Sombrero Butte: strategic location Former BHP enrichment Former San Manuel- ➢ Arizona’s Copper Smelter Kalamazoo Copper Mine Laramide(62.9 Ma to 63.1 Ma) copper province ➢ Road access ➢ Local infrastructure Sombrero Butte Project ➢ Mineralized Copper Creek Deposit breccias (2023 Pit Outlines) sugges
Slide 28: Sombrero Butte: historical drill results
Sombrero Butte: historical drill results 2006-2008 historical drilling of magmatic hydrothermal breccias in the NW corner of the project yielded the following analytical results Breccia DDH ID From (m) To (m) Interval (m) Cu (%) Mo (%) Au (g/t) Ag (g/t) Magna SB-02 280.0 368.0 88.0 0.663 0.012 0.009
Slide 29: Sombrero Butte: core results
Sombrero Butte: core results Chalcopyrite Veins with Potassic Clasts with Potassic Envelopes Altered Rind Malachite “Shingle” Texture SB-25 (Victor’s Breccia) SB-03 (Campstool Breccia) Malachite Chalcocite Gypsum/Anhydite SB-05 (Sunset Breccia) SB-02 (Magna Breccia) 29
Slide 30: Sombrero Butte: deep target untested
Sombrero Butte: deep target untested Upper anomaly (red): interpreted metamorphosed volcanics with a pyritic overprint Lower anomaly (blue): interpreted porphyry target in granodiorite below the volcanics, drilling required to test this interpretation 30
Slide 31: Milestones Investors Can Track
Milestones Investors Can Track Schaft Creek: Operator-led studies • Peer review of metallurgical testwork • Assess 2026 results and PFS progress Van Dyke: Updated economics • Updated PEA targeted for Q4 2026 • Hydrogeological and groundwater water-quality studies • Continue community engagement Eagl
Slide 32: Corporate Information
Corporate Information Corporate Office Desert Fox Office Suite 650, 340 – 12 Ave SW 3445 E Highway 60 Calgary, AB T2R 1L5 Miami, AZ 85539-1353 Canada USA Investor Relations 1-844-464-2820 or 1-403-264-2820 investor@copperfoxmetals.com www.copperfoxmetals.com 32
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