What you need to know: • Copper Fox has announced 2026 plans at Schaft Creek, which will advance the Project to the PFS stage. • 2026 will focus on gaps in data required to meet the PFS threshold, with a key component being a BC Hydro System Impact Study. • In parallel, the Company is preparing an updated PEA at its 100%-owned Van Dyke Project, as reported in February. • We expect updated and advanced technical work to be key in de-risking project development at both assets. This morning, Copper Fox Metals Inc. (CUU:TSXV, CPFXF:OTC) provided an overview of the planned 2026 program at Schaft Creek in northwestern British Columbia, which will focus on transitioning the Project to the PFS stage. Since our last update, the Company has also initiated work toward an updated PEA for the Van Dyke Project and cushioned the balance sheet via a ~C$3M private placement (details below). CUU continues to take key steps in advancing its portfolio, and we anticipate 2026 will be a pivotal year in de-risking development as these studies progress. We are maintaining our BUY rating and C$1.30/share target price on CUU. Schaft Creek Project As a reminder, Teck Resources is the operator of the Project, holding a 75% interest, and CUU holds the remaining 25%. Expenditure is expected to total C$9.1M in 2026 to advance Schaft Creek toward a PFS, which will include a technical review of the geological model, metallurgical test work, mine plan and tailings design, and access road trade-off studies. In addition, the program will include camp maintenance, environmental sampling, and a BC Hydro System Impact Study. The study will be key in determining energy requirements and its impact on the BC electrical grid and is expected to take several years to complete. Ultimately, the 2026 program is designed to identify gaps in data for key project parameters to achieve the threshold required for a PFS. The current PEA was completed in 2021, and several investigations have been completed since. Van Dyke Project On February 12th, CUU announced it had commenced preparation of an updated PEA at its 100%-owned Van Dyke ISCR project. The updated PEA is estimated to cost ~C$300K and will focus on refining the technical framework of the project, optimizing elements of the prior development plan, and outlining the environmental permitting pathway required for advancement.