Copper Fox Metals Inc. · TSXV:CUU
Copper Fox Metals — Investor Presentation (October 2023)
31 slides from Copper Fox Metals's investor presentation, October 2023
Slide 1: Creating Value in the Copper Space in North America
Creating Value in the Copper Space in North America Van Dyke headframe 1 October 2023
Slide 2: Forward Looking Statements
Forward Looking 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 Canadian securiti
Slide 3: Capital Structure, Ownership & Management
Capital Structure, Ownership & Management Capital Structure Ownership Market Capitalization (M) C$103.3 Shares Outstanding (M) 558.7 Warrants (M) 4.7 40.2% Options (M) Nil 59.8% 59.8% Fully Diluted Share Capital (M) 563.4 Cash (M) C$1.4 Debt Nil Insiders Retail Elmer B. Stewart, M.Sc., P.Geo., Presi
Slide 4: Copper Supply
copper al " Pr rUA ME Copper supply could be constrained by a shortage of advanced projects Production profile for probable copper mine projects in 2008 Production profile for probable copper mine projects in 2020 MS 4 eg * 2008 2020 = * 60 projects * 36 projects o 3 + 4.8 Mt/a production 3 + 1.74 M
Slide 5: Copper Demand
comer Lay run Copper demand growth puts supply elasticity under stress in an accelerated energy transition (AET-2) scenario Primary copper demand scenarios versus mine supply potential Other possible 50 mau Lower risk possible 45 Off radar projects Probable Projects mm Base Case capability Primary D
Slide 6: Copper is Essential
Copper is Essential • Climate Change – copper is required for the generation, transmission, storage and consumption of green energy: solar panels, wind turbines, replacing ICE’s with EV’s. • Transportation – EV’s require electric motors, wiring, batteries, inverters and charging stations. • Electric
Slide 7: The Company and Focus
The Company and Focus • Copper exploration/development company focused on large porphyry projects located in Tier 1 mining jurisdictions in North America • Two advanced stage and three exploration stage projects in proven mining districts: • Golden Triangle - British Columbia, Canada • Laramide Copp
Slide 8: Project Pipeline
Project Pipeline Copper Fox Projects (100%) • Van Dyke (1,312 ha) advanced stage in-situ copper recovery (ISCR) project located in Miami, Arizona • Eaglehead (15,713 ha) advanced exploration stage porphyry Cu-Au-Mo-Ag project located 50 km east of Dease Lake in northwestern British Columbia • Sombre
Slide 9: Mineral Resource Growth
Mineral Resource Growth Cu Inventory (Blbs) CuEq Inventory (Blbs) 8.00 8.00 7.00 7.00 6.00 6.00 2.78 CuEq (Blbs) 5.00 5.00 Cu (Blbs) 2.36 2.65 1.52 4.00 4.00 1.33 1.21 3.00 2.16 3.00 2.00 0.72 2.00 3.75 4.22 2.66 3.00 2.86 2.86 1.00 1.78 1.78 1.00 0.00 0.00 2012 2015 2020 2023 2012 2015 2020 2023 Ye
Slide 10: Project Locations & Resources
Project Locations & Resources 1) NI 43-101 Mineral Resource Estimate of the Eaglehead Project, British Columbia, Canada, prepared by Moose Mountain Technical Services with an effective date of August 21, 2023. CuEq calculation based on US$3.50/lb Cu, US$20.00/lb Mo, US$1,750/oz Au, and US$20/oz Ag a
Slide 11: Van Dyke ISCR Project
Van Dyke ISCR Project Objective Advance to pre-feasibility study (PFS) stage to surface additional value/increase technical certainty. • 2021 PEA post-tax NPV US$645 million, IRR 43% • Potential mid-tier ISCR copper mine - 85Mlb/yr • First quartile - C1 cost of US$0.86/lb and AISC cost of US$1.14/lb
Slide 12: Van Dyke 2021 PEA Results
Van Dyke 2021 PEA Results Base Case Units 2015 PEA 2020 PEA Change (%) 2020 PEA post-tax cash flow Mine Life years 11 17 54 Copper Production Mlbs 457 1,101 141 Copper Price US$/lb 3.00 3.15 5 Gross Revenue US$B 1.37 3.47 153 Total Cash Costs US$M 550 1,080 96 Total Cash Costs ($/lb recovered Cu) US
Slide 13: In-Situ Copper Recovery (ISCR)
In-Situ Copper Recovery (ISCR) ISCR Advantages • Leaching, not mining, rock stays in place • No open pit, reduces environmental impact • No tailings • Lower carbon intensity • Lower water consumption • Lower greenhouse gas emissions • Less social disturbance • Safer working environment Source: SME:
Slide 14: Deposit Outline and Resource Potential
Deposit Outline and Resource Potential 14
Slide 15: Schaft Creek Joint Venture
Schaft Creek Joint Venture • Teck Resources Limited 75% & Operator - Copper Fox 25% • Experienced Operator - mitigates project risk • Covers one of the largest undeveloped porphyry copper deposits in North America • 8 Blb Cu, 7 Moz Au, 511 Mlb Mo and 54 Moz Ag in M+I resource category • 1 Blb Cu, 1
Slide 16: Schaft Creek 2021 PEA Results
Schaft Creek 2021 PEA Results Total Annual Category LOM Average • 21-year mine life at 133,000 tpd (@92% Mining capacity) utilizing 60% of known resources Total Material Moved 2,073.6 Mt 98.7 Mt Processing • Life of Mine strip ratio 1:1 Total Material Processed 1,030.2 Mt 49.1 Mt Head grade – copper
Slide 17: Key Changes - 2012 FS to 2021 PEA
Key Changes - 2012 FS to 2021 PEA • Reduced strip ratio from 2.16:1 to 1:1 • LOM average Operating Cost per tonne processed reduced from US$13.25/t to US$8.66/t • Initial Capital Costs reduced from US$3.26B to US$2.65B (includes 28% contingency costs) • Sustaining Capital Costs reduced from US$1.2B
Slide 18: 2023 Schaft Creek Program
2023 Schaft Creek Program Objective – Investigate project enhancements to surface additional value and increase technical certainty • 9,000m of geotechnical drilling – pit slope stability and hydrogeological studies (3,062 m as at Sept 12, 2023) • Metallurgical testwork to improve metal recoveries,
Slide 19: Schaft Creek Joint Venture
Schaft Creek Joint Venture • Teck Resources Limited 75% & Operator – Copper Fox 25% • Teck funds first $60 million of pre-production expenditures - approximately $29 million incurred to Oct 2022 • Copper Fox to receive $40 million in milestone payments • 1st $20 million payment on sanction decision
Slide 20: Advanced Stage Project Economics
Advanced Stage Project Economics Parameter Schaft Creek (100%) Van Dyke (100%) At Mine Revenue US$21.3B US$3.5B Pre-tax NPV and IRR US$1.4B/15.2% US$0.8B/48.4% After-tax NPV and IRR US$842M/12.9% US$645M/43.4% Payback Period (after-tax) 4.8 years 2.1 years Initial Capital Costs US$2.63B US$0.29B LOM
Slide 21: Eaglehead Project
Eaglehead Project Objective Assess project options to demonstrate continuity of the mineralization between the Bornite and East zones. • Updated Mineral Resource - Indicated (25%) and Inferred (75%) resource categories • Large 8,000m by 3,000m porphyry footprint – hosting • Selected historical drill
Slide 22: Eaglehead Timing and Chemical Affinity
Eaglehead Timing and Chemical Affinity Calc-alkaline and Alkalic Porphyry Types Timing of BC Porphyry Systems • Chemical affinities indicative of High-K calc-alkalic systems • Eaglehead intrusion and mineralization emplaced during major porphyry epoch event • Same age as other large BC deposits such
Slide 23: Geology and Alteration Models
Geology and Alteration Models • Early Jurassic (195Ma) intrusive system • Classical porphyry style alteration • Mineralization primarily hosted in biotite assemblage, potassic/propylitic/phyllic granodiorite • Potassic alteration primarily restricted to • Northwest mineralized trend the biotite gran
Slide 24: Chargeability/Mineralization Correlation
Chargeability/Mineralization Correlation • Chargeability signatures in the East (left image) and Bornite (right image) zones exhibit strong correlation to mineralization • Mineralization is open in several directions and at depth • Additional drilling warranted to test the extensions of chargeabilit
Slide 25: Eaglehead Updated Resource Estimate
Eaglehead Updated Resource Estimate NSR Cutoff Tonnage NSR CuEq Cu Mo Au Ag NSR CuEq Cu Mo Au Ag Class (C$/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 0.0108 0.061 0.9 1
Slide 26: Laramide Copper Province - Arizona
Laramide Copper Province - Arizona Laramide Copper province in SW North America estimated copper endowment (resources + production) of 295M tonnes of copper; (650 billion lbs) 96% of which is hosted in Laramide age deposits (80-45Ma) Average Laramide copper deposit contains 4.35Mt (9.5 Blb) Cu, 0.24
Slide 27: Sombrero Butte Project
Sombrero Butte Project • Located 2 miles south of the Copper Creek porphyry copper deposit • Underlain by Laramide age Copper Creek intrusive (host to Copper Creek deposit) • Multiple mineralized magmatic breccia pipe swarms • Historical mining district - production averaged 5% Cu from breccia pipes
Slide 28: Mineral Mountain Project
Mineral Mountain Project • Located on the Santa Cruz to Globe-Miami mineral trend which hosts several Giant Porphyry copper deposits/mines • Multi-phase Laramide Intrusive - 67.4Ma • 4,500m by 2,000m porphyry footprint, mineralization like the Safford Mining District • 2021 chargeability signature (
Slide 29: Leverage to Copper Price
Leverage to Copper Price Schaft Creek Van Dyke Metal Price (US$/lb) 2.75 3.00 3.25 3.50 3.75 Metal Price (US$/lb) 2.65 2.90 3.15 3.40 3.65 EBITDA (US$B) 8.88 9.85 10.81 11.78 12.75 EBITDA (US$B) 1.77 2.04 2.31 2.58 2.85 Net Cash Flow (pre-tax US$B) 5.45 6.41 7.37 8.34 9.31 Net Cash Flow (pre-tax US$
Slide 30: Copper Fox News Flow
Copper Fox News Flow Van Dyke • Mineral solubility/geotechnical studies – implications on future copper recovery- solubility/ground stability • Drillhole rehabilitation – collect data for hydrogeological modelling/water quality studies Schaft Creek • Geotechnical drilling results – implications on u
Slide 31: 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 Investor Relations Jason Shepherd 1-844-464-2820 investor@copperfoxmetals.com 31
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