Copper Fox Announces Strategy to Advance Van Dyke Copper Project to PFS Stage

Rhea-AI Summary

Copper Fox (OTCQX: CPFXF) announced plans to advance its 100% owned Van Dyke ISCR copper project in Arizona toward a prefeasibility study (PFS) by updating the 2020 PEA and incorporating technical studies completed since 2021.

Key PEA metrics cited: 85M lb/year cathode, 1.1B lb LOM, initial capex US$290.5M, LOM direct operating cost US$0.71/lb, AISC US$1.14/lb, post-tax NPV7.5% US$644.7M, IRR 43.4%, 17-year life. Company is updating models, permitting for drilling, completing hydrogeological work, and exploring non-dilutive funding before starting PFS activities.

Positive

• 85M lb/year cathode production capacity
• 1.1B lb life-of-mine copper production
• Post-tax NPV7.5% US$644.7M
• Projected IRR 43.4% and 2.1-year payback
• LOM direct operating cost US$0.71/lb and AISC US$1.14/lb

Negative

• Initial capital expenditure US$290.5M (includes 30% contingency)
• PFS not started; funding unconfirmed, exploring non-dilutive options
• Permitting and additional drilling required before PFS activities

News Market Reaction

-6.14%

1 alert

-6.14% News Effect

On the day this news was published, CPFXF declined 6.14%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Post-tax NPV7.5%: US$644.7M IRR: 43.4% Initial capex: US$290.5M +5 more

8 metrics

Post-tax NPV7.5% US$644.7M 2020 PEA base case at US$3.15/lb copper

IRR 43.4% 2020 PEA post-tax internal rate of return

Initial capex US$290.5M 2020 PEA, includes 30% contingency

LOM direct operating cost US$0.71/lb 2020 PEA life-of-mine direct operating cost

AISC cost US$1.14/lb 2020 PEA all-in sustaining cost per pound

Annual production 85M lb/year Planned Grade A 99.99% copper cathode capacity

LOM copper production 1.1B lb 2020 PEA life-of-mine copper output over 17 years

Mine life 17 years 2020 PEA projected operating life for Van Dyke

Market Reality Check

Price: $0.5949 Vol: Volume 28,363 vs 20-day a...

normal vol

$0.5949 Last Close

Volume Volume 28,363 vs 20-day average 19,397 (relative volume 1.46x) ahead of the Van Dyke update. normal

Technical Price $0.284 is trading above the $0.21 200-day moving average, indicating a pre-news uptrend.

Peers on Argus

While CPFXF was modestly lower pre-news (-0.15%), several copper peers like CPPK...

While CPFXF was modestly lower pre-news (-0.15%), several copper peers like CPPKF (+4.97%), COPR (+7.69%), and HHLKF (+6.5%) were up, suggesting the setup was more stock-specific than a uniform sector move.

Historical Context

5 past events · Latest: Dec 03 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 03	Project strategy update	Positive	-6.1%	Outlined plan to update 2020 PEA and advance Van Dyke toward PFS.
Nov 19	Geophysical results	Positive	-4.1%	Reported 2025 geophysical program results at Eaglehead highlighting large anomalies.
Oct 28	Drilling commencement	Positive	+1.0%	Commenced maiden drilling at Mineral Mountain targeting large geophysical footprint.
Oct 17	Warrant acceleration	Neutral	-1.7%	Accelerated warrant expiry after VWAP trigger, with potential additional proceeds.
Oct 16	Project update	Positive	+8.4%	Schaft Creek field program and steps toward PFS, including drilling and studies.

Pattern Detected

Operational and project updates often saw mixed to negative next-day moves, while advancement toward PFS at Schaft Creek coincided with a stronger positive reaction.

Recent Company History

Over the last several months, Copper Fox has advanced multiple copper projects. On Oct 16, 2025, a Schaft Creek update with drilling, geophysical, and environmental work preceded an 8.4% gain. Subsequent news on Mineral Mountain drilling (Oct 28) and Eaglehead geophysics (Nov 19) brought smaller or negative moves. The current Van Dyke strategy update on Dec 3, 2025 outlines a path to PFS by updating the 2020 PEA and building on technical studies since 2021.

Market Pulse Summary

The stock moved -6.1% in the session following this news. A negative reaction despite the Van Dyke a...

Analysis

The stock moved -6.1% in the session following this news. A negative reaction despite the Van Dyke advancement fits prior patterns where operational updates sometimes preceded declines, such as moves of -6.14% and -4.07% after earlier news. The market may reassess risks around funding, permitting, and execution even with a strong PEA NPV of US$644.7M and 43.4% IRR, and sentiment toward long-dated copper projects can influence how such updates are received.

Key Terms

in-situ copper recovery (iscr), preliminary economic assessment (pea), prefeasibility study (pfs), c1 cost, +4 more

8 terms

in-situ copper recovery (iscr) technical

"100% owned Van Dyke in-situ copper recovery (ISCR) project (the "Project")"

A mining method that dissolves copper while it is still underground by pumping a chemical solution through the rock and then recovering the copper-rich liquid at production wells, like brewing coffee underground and collecting the brew. It matters to investors because it can lower upfront costs, reduce surface disturbance and speed production compared with traditional open-pit or underground mines, but outcomes depend heavily on geology, water management and regulatory or environmental risk.

preliminary economic assessment (pea) financial

"The 2020 Preliminary Economic Assessment (PEA) recognized Van Dyke as a near term"

A preliminary economic assessment (PEA) is an early-stage study that shows whether a proposed mining or resource project could make money by estimating likely production levels, costs, and returns using accessible but limited data. It matters to investors because a PEA acts like a rough business plan or feasibility snapshot: it highlights potential value, capital needs and main risks so investors can decide whether to fund further, more detailed work or walk away.

prefeasibility study (pfs) financial

"advance the project to the prefeasibility study (PFS) stage"

A prefeasibility study (PFS) is a preliminary evaluation that estimates whether a proposed project is likely to be technically workable and economically viable before committing major time or money. It gives a rough blueprint of expected costs, potential returns and key risks—like a contractor’s early budget and sketch for a house—so investors can decide whether to fund further, more detailed studies or walk away.

c1 cost financial

"C1 cost US$0.98, and AISC cost US$1.14/lb copper"

C1 cost is a common industry measure of the direct cash expense to produce one unit of a commodity (for example, one ounce of gold or one barrel of oil), typically covering day-to-day operating costs but excluding larger items like major equipment replacements, exploration or corporate overhead. Investors use it like a “per-unit price tag” to compare how cheaply different producers can turn raw material into saleable output; lower C1 costs generally mean a company can stay profitable at lower market prices and compete more effectively.

aisc cost financial

"C1 cost US$0.98, and AISC cost US$1.14/lb copper"

All-in sustaining cost (AISC) is a per-unit measure that captures the full ongoing cost to produce a commodity, including direct production expenses plus the spending needed to maintain operations and key support activities. Think of it as the true ‘price to keep the factory running’ for each unit produced; investors use it to compare profitability, assess cash flow sustainability, and judge whether a commodity’s market price is likely to cover long-term operating needs.

ni 43-101 regulatory

"titled "NI 43-101 Preliminary Economic Assessment Technical Report for the Van Dyke"

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

hydrogeological technical

"Established four hydrogeological monitoring stations and initiated water quality sampling"

Relating to the distribution and movement of groundwater beneath the surface and the properties of the soils and rocks that hold or transmit that water. For investors, hydrogeological information matters because it affects water supply, pollution risks, construction foundations, mining and energy projects, and cleanup costs — think of it as the earth’s plumbing system that can make projects work smoothly or create costly surprises.

copper cathode technical

"production capacity of 85 million pounds (lb) of Grade A, 99.99% pure copper cathode"

Purified copper cathode is the flat, high-purity copper product produced during metal refining that serves as the standard raw material for making wires, pipes, and electronic components — think of it as uniform bricks of copper ready for manufacturers to melt and reshape. Investors watch cathode output and inventories because its availability and price reflect mining supply, industrial demand, and global economic activity, influencing the value of miners, smelters and manufacturers.

AI-generated analysis. Not financial advice.

Calgary, Alberta--(Newsfile Corp. - December 3, 2025) - Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) (FSE:HPU) ("Copper Fox" or the "Company") through its wholly owned subsidiary Desert Fox Van Dyke Co., is pleased to provide an update on plans to advance its 100% owned Van Dyke in-situ copper recovery (ISCR) project (the "Project") located in the Globe-Miami Mining District, Gila County, Arizona.

Elmer B. Stewart, President and CEO of Copper Fox, stated, "Copper Fox is focused on restarting copper production from the historic Van Dyke mine in Arizona employing responsible mining technologies, practices and utilizing ISCR methodology, a mining method currently being implemented at Florence Copper. The 2020 Preliminary Economic Assessment (PEA) recognized Van Dyke as a near term, mid-size, environmentally friendly and sustainable copper project located in the prolific Miami-Inspiration mining district in Arizona. Copper Fox's goal at Van Dyke is to update the 2020 PEA incorporating results of studies completed since 2021 to provide a critically important assessment of the Project's status. The results of the PEA could optimize the timeline, activities and estimated cost of the Execution Plan prepared to advance the project to the prefeasibility study (PFS) stage. We look forward to delivering on this next milestone and are exploring available options for non-dilutive funding prior to initiating the PFS level activities."

The PEA would incorporate among other items, the results of technical studies completed since 2021, update the capital, operating and sustaining costs, update pre-tax and post-tax economic models using consensus long term copper pricing and a project economic sensitivity analysis to copper price.

Copper Designated Critical Mineral
The recent designation of copper as a critical mineral by the US Geological Survey combined with the rapidly growing demand for copper to support the global energy transition, manufacturing, electrification, and AI expansion highlights the importance of new, environmentally sustainable development stage copper projects like Van Dyke. The Project has the potential to be a near term, mid-size copper project located in a Tier-1 jurisdiction, playing a meaningful role in meeting the growing long-term domestic demand for copper in the United States.

The Van Dyke Project
The 2020 PEA¹ contemplated a mining operation with a production capacity of 85 million pounds (lb) of Grade A, 99.99% pure copper cathode per year utilizing ISCR methodologies over a 17-year mine life. Highlights of the 2020 PEA are (see news release dated January 12, 2021):

2020 PEA Highlights: (Based on US$3.15/lb copper)

• Base case post-tax NPV_7.5% of US$644.7M, an IRR of 43.4%, and payback period of 2.1 years.
• Life of mine (LOM) copper production of 1.1 billion (B) lb with cumulative net free cash flow of US$1.76B pre-tax and US$1.44B post-tax over a 17-year mine life.
• Initial capital expenditure of US$290.5M (includes a 30% contingency) with LOM direct operating cost of US$0.71/lb and sustaining costs of US$0.07/lb.
• C1 cost US$0.98, and AISC cost US$1.14/lb copper.

1) The Technical Report, titled "NI 43-101 Preliminary Economic Assessment Technical Report for the Van Dyke Copper Project", with an effective date of December 30, 2020, was prepared by Susan C. Bird, MSc., P.Eng., Bob Lane, P.Geo., and Tracey Meintjes, P.Eng., of Moose Mountain Technical Services and Jim Norine, P.E., of Ausenco Limited. C1 and AISC are Non-GAAP and IFRS measures, (see Note 1 in Life of Mine Comparison table in January 12, 2021, news release)

In addition to providing copper to meet US domestic copper requirements, the 2020 PEA projected the project could support directly and indirectly approximately 500 jobs in the Miami-Globe area; injecting approximately US$1.07B into the Miami-Globe and Arizona economies and contribute approximately US$355M in mineral, state and federal taxes over its 17-year mine life. The project also benefits from access to local infrastructure including a copper smelter, a copper rod plant, highways, rail lines, and power grid.

Technical Investigations Completed Since 2021
Studies completed by our team in combination with the contributions from the consultants that prepared the PFS Execution Plan has materially strengthened the foundation of the Van Dyke project and include:

1. Established four hydrogeological monitoring stations and initiated water quality sampling in accordance with Federal and State regulatory requirements.
2. Updated conceptual hydrogeological, geometallurgical, geological, structural, and mineralogical models for the deposit.
3. Preliminary characterization of the copper mineralogy in the oxide and transition mineralogical domains within the deposit.
4. Preliminary characterization of the copper mineralization, gangue, and host rock to mitigate potential operating issues during the leaching process.
5. Geotechnical study to determine rock strength and geotechnical characteristics of the Gila Conglomerate.
6. Infrastructure reviews to minimize environmental and social disturbance.
7. An Execution Plan outlining expected activities, estimated costs, timeline and permitting process to achieve a PFS level technical report.

Current Activities
Activities currently in progress in advance of completing the planned PEA include initiating the permitting process with the Town of Miami to conduct future diamond drilling activities and completion of a preliminary groundwater flow model for the Project. The groundwater flow model is expected to optimize the hydrogeological recommendations set out in the PFS Execution Plan and potentially locate additional hydrogeological monitoring and water sampling stations to support developing an updated hydrogeological model. The updated hydrogeological model would be used to better predict solution flows and potentially projected copper recoveries during the leaching process. Other activities include continuing the community outreach program, quarterly water sampling, and collection of hydrogeological data from existing hydrogeological monitoring sites within the project area.

Qualified Person
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 Canadian resource company focused on copper development and exploration in the United States and Canada. Copper Fox and its subsidiaries own 100% of the Van Dyke ISCR project, a development stage, potential near term, mid-size copper mine in Arizona and a 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited (75% interest and Operator) which hosts the Schaft Creek copper-gold-molybdenum-silver project, transitioning from the Scoping to the PFS stage in 2026, located in British Columbia's Golden Triangle. In addition, Copper Fox owns 100% of the resource stage Eaglehead polymetallic porphyry copper project in northwestern British Columbia and the Sombrero Butte and Mineral Mountain advanced exploration stage porphyry copper projects located in the prolific Laramide age copper province in Arizona. For more information on Copper Fox's mineral properties and investments visit the Company's website at www.copperfoxmetals.com.

On behalf of the Board of Directors

Elmer B. Stewart
President and Chief Executive Officer

For additional information contact: Lynn Ball at investor@copperfoxmetals.com or 1-844-464-2820

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 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 about: an updated PEA; results of technical investigations; updated models; optimizing the PFS Execution Plan; initiating permitting for future drilling; a generalized hydrogeology flow model; options for non-dilutive funding; and advancing work to the PFS level.

In connection with the forward-looking information contained in this news release, Copper Fox has made numerous assumptions regarding, among other things: the availability of service providers; the geological, metallurgical, engineering, financial and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards; and the stability of economic and market conditions. 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: an updated PEA may not be completed as contemplated or at all; the updated models may not be accurate; the PFS Execution Plan may not be optimized; the drilling permit may not be as received as contemplated or at all; the generalized hydrogeology flow model may not be completed as planned or at all; non-dilutive funding to advance to the PFS level may not be achieved as contemplated or at all; and advancing the project to the PFS level may not be achieved as contemplated or at all; uncertainties relating to interpretation of the previous results; the overall economy may deteriorate; uncertainty as to the availability and terms of future financing and non-dilutive funding; fluctuations in commodity prices and demand; uncertainty related to potential threat of tariffs; currency exchange rates; and uncertainty as to timely availability of permits and other governmental approvals.

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.sedarplus.ca. 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276686

FAQ

What did Copper Fox (CPFXF) announce on December 3, 2025 about Van Dyke?

Copper Fox announced plans to advance the Van Dyke ISCR project toward a PFS by updating the 2020 PEA and incorporating studies completed since 2021.

What are the 2020 PEA production and economic highlights for Van Dyke (CPFXF)?

The 2020 PEA projected 85M lb/year cathode, 1.1B lb LOM, initial capex US$290.5M, post-tax NPV7.5% US$644.7M and IRR 43.4%.

What technical work has Copper Fox completed at Van Dyke since 2021?

Completed hydrogeological monitoring, updated geological and geometallurgical models, preliminary mineralogy and geotechnical studies, and an Execution Plan for PFS.

How is Copper Fox addressing funding for Van Dyke PFS (CPFXF)?

The company is exploring available non-dilutive funding options prior to initiating PFS-level activities.

What permitting or field activities are planned before the Van Dyke PFS for CPFXF?

Permitting with the Town of Miami to enable diamond drilling and completing a preliminary groundwater flow model are in progress.