Copper Fox Metals: Geophysical Program Identifies Further Potential at Eaglehead

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Late last week Copper Fox Metals (CUU) provided results from its 2025 geophysical program undertaken at the Eaglehead porphyry copper project, located in British Columbia. Given the positive conclusions, a desktop study is currently being completed to assess drilling targets in a priority area between the East and Bornite deposits.

The 2025 geophysical survey materially expanded the anomalous chargeability and resistivity signatures associated with the four deposits of porphyry copper-gold-molybdenum-silver mineralization located within the mineralized corridor at Eaglehead. The program highlighted the potential to expand the mineralization in all the four deposits. Given the positive results, management is currently following up by undertaking a desktop study assessing potential options to provide access to proposed drillhole locations situated between the East and Bornite deposits. Given the most recent close (November 21), shares of Copper Fox currently trade at a 0.16x P/NAV valuation, or at C$0.02 per booked CuEq lbs. We maintain our C$0.60 per share price objective.

Late last week Copper Fox Metals provided results from its 2025 geophysical program undertaken at the Eaglehead porphyry copper project, located in British Columbia. The program highlighted an open-ended, northwest trending, north dipping zone of anomalous chargeability and associated low resistivity measuring approximately 4,400m in length. Given the positive conclusions, a desktop study is currently being completed to assess drilling targets in a priority area between the East and Bornite deposits.

GEOPHYSICAL PROGRAM UNDERSCORES THE CONTINUED POTENTIAL AT EAGLEHEAD

The 2025 program identified several pipe-like bodies of anomalous chargeability extending from the main chargeability body to surface that show a strong spatial correlation to leached, mineralized hydrothermal breccia and areas of copper showings exposed in outcrop. Specifically, at the 250m level below surface, the chargeability anomaly measures approximately 1,000m wide in the East deposit and increases to 2,000m wide in the Camp deposit. The chargeability anomaly is open to the northwest past the Camp deposit. Recall that the Eaglehead property is host to four deposits (East, Bornite, Pass, Camp) located along a minerzlized corridor. The specifics were outlined in a NI 43-101 compliant Mineral Resource Estimate dated August 21, 2023.  

PRIORITY ZONE IDENTIFIED

Data from the 2025 geophysical program was merged with chargeability and resistivity datasets gathered previously in 2014 and 2021. Ultimately, all the four porphyry deposits are now better understood. The potential to expand the mineralization in all the deposits is apparent given the extension of the chargeability and resistivities to the northwest portion of the project located between the Camp deposit and the West zone. This priority zone Is currently being assessed for a future drilling program. 

Note that the program identified several pipe-like bodies of anomalous chargeability extending from the main chargeability body to surface that show a strong spatial correlation to leached, mineralized hydrothermal breccia and areas of copper showings exposed in outcrop. The program also highlighted the previously unrecognized mineral potential of the Camp deposit and the 1,500m long area between the Camp deposit and the West zone, a previously defined area of porphyry style mineralization. 

Recall that the 2023 MRE established a strong spatial correlation between porphyry mineralization and anomalous chargeability and concluded that the mineralization contained within these deposits represents the upper levels of the porphyry mineralization. Of the four porphyry deposits, the East and the Bornite deposits are better understood and provide an example of the open-ended nature of these deposits. That said, following the latest geophysical results, desktop studies are currently underway with the intent to support future drilling programs within an identified priority zone located between the Camp deposit and the West zone.

MAIDEN DRILLING CAMPAIGN STARTED AT MINERAL MOUNTAIN

As announced in late October, a drilling program consisting of up to 2,000m spread over four locations was started at the Mineral Mountain copper porphyry project, located in Arizona. The objective of the 2025 drilling program is to drill test the depth extent of the porphyry style copper-molybdenum mineralization and alteration exposed on surface and determine the cause of the underlying, equally large open-ended chargeability anomaly. Copper and molybdenum mineralization occurs over an area of approximately 4,500m long up to 2,000m wide and is underlain by an open-ended, northeast trending positive. The project itself is located on a prolific northeast trending porphyry copper belt approximately 25km southwest from Rio Tinto (RIO) and BHP’s (BHP) giant Resolution porphyry copper-molybdenum deposit and approximately 20km northeast of the Florence (Taseko Mines, TGB) porphyry copper deposit.

CONCLUSION & VALUATION

We’re glad to see that work is advancing simultaneously on all portfolio projects as management has previously emphasized a systematic approach for each, in an effort to advance and de-risk, while also in an effort to allocate capital efficiently. Just as with the developments undertaken by Teck Resources (TECK) at Schaft Creek, work programs at Eaglehead and Mineral Mountain are being undertaken to gain a better understanding of the full size and scope of the large deposits.

Shares of Copper Fox currently trade at attractive levels versus peers: at a 0.16x P/NAV valuation and at an EV of C$0.02 per booked CuEq lbs. Our price objective equates to upside of +62% from the most recent close (November 21). We maintain our C$0.60 per share price objective. For more specific information on all the company assets, refer to our June 18, 2025 initiation of coverage piece.