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CUU: Announced Drill Results from Schaft Creek; Target Price Increase

What you need to know:
• Copper Fox announced drill results for the 2025 five-hole drill program.
• The drilling, originally planned for various analytic programs, intersected strong mineralization close to surface and outside of the current life-of-mine pit shell in an area currently planned as a rock storage facility.
• We have updated our metal price assumption and, as such, are increasing our target price on CUU to C$1.30/share (prev. C$0.60/share)

This morning, Copper Fox Metals Inc. (CUU:TSXV, CPFXF:OTC) announced analytical results for the five drillholes completed at the Schaft Creek project in 2025. In 2025, the Schaft Creek Joint Venture (SCJV), where CUU owns 25% interest in the project, approved a C$15.8M budget to advance project initiatives including geotechnical, geophysical, metallurgical, environmental data, engineering studies, and active community engagement. Four of five holes intersected strong intervals of near surface mineralization. Since our last note, we have updated our metal prices within our model to better reflect metal prices in this environment. We are maintaining our BUY rating and increasing our target price on CUU to C$1.30/share (previously, C$0.60/share).

2025 drilling covered ~500m in an area south of the Liard zone, highlights include:

• DDH SCK-25-478: 0.27% Cu, 1.81 g/t Au, 1.77 g/t Ag, and trace moly over 67.3m, including 0.38% Cu, 9.4 g/t Au, 2.67 g/t Ag, and trace moly over 11.5m.
• DDH SCK-25-480: 0.30% Cu, 0.006% Mo, 0.09 g/t Au, and 0.96 g/t Ag, including 0.56% Cu, 0.009% Mo, 0.131 g/t Au, and 1.70 g/t Ag.
• Two additional holes intersected near surface copper mineralization between 96-215m downhole depths.

Today’s drill results have expanded the footprint of the Schaft Creek porphyry deposit up to 500m south of the modelled Liard zone. Notably, both drill holes -478 and -480 lie outside of the life-of-mine pit shell (see Figure 1). However, the primary purpose of this drilling was to test the area south of the Liard zone which was designed as a potential rock storage facility for porphyry style mineralization. Today’s results will be incorporated into the project’s database and analyzed to determine the significance of the mineralization on the overall Schaft Creek development plan. The 2026 work program is to be announced this quarter.