The board of Copper Fox Metals Inc. disclosed that its unaudited interim consolidated financial statements were filed on SEDAR+ on January 30, 2026. For the quarter ended January 31, 2026 the company recorded a net loss of $242,857 (compared with $1,071,237 reported for the quarter ended October 31, 2026), which translated to a rounded $0.00 loss per share for both periods. During the same quarter the company incurred $1,114,656 in expenditures directed at advancing the Schaft Creek and Van Dyke development projects and continuing exploration at Eaglehead, Sombrero Butte and Mineral Mountain.
Copies of the statements, notes and the management discussion and analysis are available on SEDAR+ and the company’s website.
Table of Contents:
Financial position and transaction highlights
Liquidity and recent capital actions were a focus this quarter. As at January 31, 2026 the company’s cash balance stood at $306,730 (compared to $686,236 on October 31, 2026), and management reported that, as of the date of the news release, cash had been replenished to $1,308,194. Subsequent financing activity included a completed non-brokered private placement that raised approximately $3,000,000 in gross proceeds through the issuance of 4,615,384 common shares at $0.65 per share. These proceeds underpin near-term technical programs and corporate requirements as Copper Fox advances several projects toward study milestones. The company also reiterated that all monetary amounts are expressed in Canadian dollars.
Technical programs and exploration updates
Across its portfolio, Copper Fox continued targeted technical work aimed at moving assets toward economic studies and potential development. Notably, the company initiated an updated preliminary economic assessment (PEA) program on the Van Dyke project and began a semi-regional 3-D numerical groundwater flow model to better define subsurface fluid behaviour. The modelling and expanded hydrogeological data collection are intended to inform wellfield design for potential in-situ recovery or heap leach scenarios, improve estimates of sweep efficiency, and strengthen permitting dialogues with state and federal regulators. Early site works for decline portal locations, potential SX-EW plant placement, and core sampling to confirm copper limits have also been completed alongside community consultations with the Town of Miami.
Van Dyke insights
The emphasis at Van Dyke is on translating geological understanding into engineering and permitting confidence. The company described the PEA stage as an important preparatory step ahead of a prefeasibility study (PFS), and emphasized that hydrogeological understanding is a critical component to demonstrate environmental containment and operational feasibility of leaching methods. The creation of a 3-D groundwater model for the Bloody Tanks Wash drainage basin, coupled with ongoing monitoring and water-quality sampling, aims to quantify interactions between the project footprint and the local aquifer system to support future design choices and regulatory submissions.
Mineral Mountain and other exploration targets
On the exploration front, the company’s first-ever drillhole at Mineral Mountain was completed and the rig was relocated roughly 1.3 km to the northeast to test an additional portion of this large Laramide porphyry target. Mineral Mountain sits on a prolific Arizona copper trend, approximately 25 km southwest of the Resolution deposit and roughly 20 km northeast of the Florence ISCR deposit. At Sombrero Butte the project has been advanced toward drill readiness; however, Copper Fox elected to delay its formal Plan of Operation to allow additional surface mapping and targeted field work intended to optimize drillhole placement for intersecting the anticipated copper shell of the porphyry system.
Schaft creek results and permitting progress
The joint venture at Schaft Creek continued to generate technical data with the 2026 drilling and study program. From inception in 2013 through the end of 2026, the Schaft Creek Joint Venture (SCJV) has incurred roughly $90 million in expenditures. The 2026 drill program included notable intersections south of the Liard zone. Specifically, DDH SCK-25-478 returned a 67.27 m core interval (357.73 to 425.00 m) grading 0.286% copper, trace molybdenum, 1.814 g/t gold and 1.77 g/t silver, including an 11.5 m interval (408.50 to 420.00 m) that averaged 0.381% copper, trace molybdenum, 9.352 g/t gold and 2.67 g/t silver. Also, DDH SCK-25-480 intersected a 181.50 m core interval (21.00 to 202.50 m) averaging 0.299% copper, 0.006% molybdenum, 0.088 g/t gold and 0.96 g/t silver, including a 15.00 m zone (110.90 to 125.90 m) that averaged 0.562% copper, 0.009% molybdenum, 0.131 g/t gold and 1.70 g/t silver. These results, together with earlier drilling, signal potential for resource expansion to support a longer-lived asset.
Permitting and next steps
Permitting milestones were advanced as well: a Multi Year Area Based (MYAB) permit application has been submitted for the Eaglehead project to the British Columbia Ministry of Mines, a necessary step to enable additional exploration work aimed at progressing the project toward a PEA. Copper Fox indicated that remaining 2026 metallurgical testwork results for Schaft Creek are pending, and that updates on both the Schaft Creek and Mineral Mountain programs will be provided shortly. Elmer B. Stewart, MSc, P.Geo, President and CEO, remains the company’s nominated Qualified Person under NI 43-101 and has reviewed the scientific and technical content disclosed.
Forward-looking considerations
The news release reiterates standard cautionary language about forward-looking information, noting that statements about advancing projects to the PFS stage, completing studies, obtaining permits, successful drilling outcomes, and securing future financing are subject to risks and uncertainties. Copper Fox directs readers to its continuous disclosure filings on SEDAR+ for a fuller inventory of risk factors. For further information and to access the full financial statements and MD&A, visit the company’s website at www.copperfoxmetals.com or the SEDAR+ platform.
