What you need to know: • Copper Fox reported final results from the 2026 historical core sampling program at its Van Dyke ISCR Project. Of the 29 holes sampled, 21 returned TSCu intervals above the 0.025% cutoff used in the 2020 MRE. • The results could influence an updated MRE that will feed into the revised PEA, with the preliminary 3D groundwater flow model now complete. • Since our last note, CUU also provided a PEA operational update (Apr 21) and reported its first Mineral Mountain drill result (Apr 7). • We recently interviewed CEO Elmer Stewart; watch here. Yesterday, Copper Fox Metals Inc. (CUU:TSXV, CPFXF:OTC) reported the final results from its 2026 historic diamond drill core sampling program at the 100%-owned Van Dyke ISCR Project in Arizona. Results were received for 18 additional drill holes, 15 of which returned intervals exceeding the 0.025% total soluble copper (TSCu) cutoff used in the 2020 MRE. Combined with the eleven holes reported on April 30th (see below), the program has now delivered results for all 29 holes, with 21 returning concentrations above the cutoff. Management indicated that the results could influence the updated MRE, which will feed into the revised PEA currently underway. We are maintaining our BUY rating and C$1.30/share target price on CUU. Highlights from today's release include: • DDH M-2 returned 0.543% TCu and 0.416% TSCu over 53.8m (272.19 to 325.98m), including 0.725% TCu and 0.592% TSCu over 34.6m. • DDH OXY-46 returned 0.273% TCu and 0.223% TSCu over 74.6m, including 0.518% TCu and 0.453% TSCu over 19.5m. • The preliminary 3D groundwater flow model for the Bloody Tanks Wash drainage basin has been completed and is now in the calibration stage, advancing the Company's understanding of the project's hydrogeology. • Work on the updated PEA is progressing across resource estimation, cost modelling, engineering, geotechnical, water treatment, and hydrogeological studies. • Q1/26 groundwater monitoring (field water quality, water levels, analytical results, and VWP data) was consistent with prior quarters, with no seasonal patterns evident.