Q. Does the current Copper Fox stock price accurately represent the net asset value of the company?

A. No it does not. Market forces along with macro issues tend to distort the value being assigned to high growth companies such as Copper Fox. Copper Fox currently has four properties of merit. Of these four properties, three properties have had third party independent National Instrument 43-101 technical reports completed which confirmed a combination of measured, indicated and inferred resources being identified. Of these three projects, the Schaft Creek project in addition to having measured, indicated and inferred resources has also been assigned proven and probable reserves as a result of a technical report and feasibility study. The technical report confirmed that the Schaft Creek project has positive net present value ("NPV") and internal rate of return ("IRR"). Based on the study's input parameters, Copper Fox's 25% share equates to a NPV (discounted at 8% and 5%) ranging from $128 to $424 million, or $0.31 per share to $1.04 per share. These per share values are substantially higher than the current share price of Copper Fox. And again, this only includes the value associated with one project, not four.

Q. Do the above noted NPVs and associated per share values reflect current copper price and foreign exchange scenarios which would have been used as input parameters?

A. No they don't. Using current copper price and foreign exchange values, the current per share values are higher. By way of example, when using the NPV discounted at 8% of $128 million, the base case analysis used a copper price of US$3.25/lb and a foreign exchange rate of $1 US = $1.03 C. As of the end of March 31, 2015, the copper price decreased by 15% to US$2.75/lb and the foreign exchange decreased by 23% to $1.27 C/$US. The sensitivity analysis associated with these parameter changes shows that NPV will have increased to approximately $350 million from $128 million. On a per share basis, this equates to an increase in per share value from $0.31 to $0.86.

Q. What keeps your largest shareholder interested in the company and what is his long term objective?

A. Our largest shareholder, an insider and director, Mr. Ernesto Echavarria, holds 55.5% of the company's common shares and has been a shareholder since 2009. Over the last six years, Mr. Echavarria has continued to accumulate shares in Copper Fox by participating in all the equity financings since he first became involved in Copper Fox. He fully understands the merits of investing in copper for the longer term and the compelling logic of the Copper Fox story. Of course, Mr. Echavvaria's reasons underlying his investment is being further reinforced by knowing just how limited the number of quality assets are in the copper space, not to mention the volatile markets and geopolitically sensitive scenarios other jurisdictions throughout the world are subject to. Mr. Echavarria's long term objective is to continue supporting Copper Fox in its growth and in seeing the market value the company more in line with its net asset value.

Q. Do you have the necessary capital resources to execute your planned 2015 exploration and development activities?

A. Yes we do. Of the four projects we have working interests or equity interests in, only two are funded directly by Copper Fox. The Schaft Creek capital budget is 100% funded by Teck Resources Limited ("Teck") while the Eaglehead budget is funded 100% by Carmax Mining Corporation. Van Dyke and Sombrero Butte are funded by Copper Fox. The capital budget requirement for Van Dyke in 2015 is approximately $750,000 to complete a Preliminary Economic Assessment while the capital to finalize a deep penetrating induced polarization ("IP") survey at Sombrero Butte has yet to be determined. Therefore our capital requirements are minimal.

Q. Your projects are located in the province of British Columbia ("BC") in Canada and in the state of Arizona in the USA. Are these geopolitically stable areas and are there any environmental issues of concern?

A. Both the province of BC and the state of Arizona are very geopolitically stable areas. Both areas are pro-mining, derive a considerable amount of funding from the mining industry through taxes, etc. and have a long and positive mining history. Both jurisdictions have rigorous environmental and permitting processes which are well defined and manageable. Regarding specific environmental issues, there are none of concern. Both BC and Arizona have well defined environmental protection laws which are in place to ensure sustainable development of the province's and state's resources while protecting environmental values, preventing pollution and promoting and restoring environmental quality. Copper Fox works with the appropriate environmental authorities to ensure that these laws are adhered to.

Q. Aside from environmental issues, don't you have to deal with aboriginal issues in both BC and Arizona?

A. In BC, we have a strong relationship with the Thaltan First Nation and have developed this friendship over the past 13 years since Copper Fox first became involved in the Schaft Creek project. We engage the Thaltan First Nation and discuss work plans, employment opportunities and participate in community and social affairs whenever possible. In Arizona, as the Van Dyke project is only in its early stage of exploration, our relationships there are continuing to develop. We have made a considerable effort to engage the people living around the Van Dyke project as well as the local community leaders. This social engagement and involvement forms the basis of Copper Fox's social and community relationship policies.

Q. How would you describe the exploration potential of your four properties beyond the billions of pounds of copper resources currently identified?

A. We believe that all four projects have excellent potential to locate additional resources. At Schaft Creek the mineralization in the deposit is open in three directions and the project has excellent exploration potential to locate new zones of mineralization. The mineralization is characterized by a chargeability signature that extends for a distance of at least four kilometers ("kms") and possibly up to seven kms north of the Schaft Creek deposit depending on the interpretation of the survey results. So far four large areas of mineralization exposed in outcrop, the Discovery zone, the LaCasse zone, the ES zone and the GK zone, have been located within this chargeability signature. Drilling on the Discovery zone in 2012 located broad intervals of mineralization in drill holes spaced hundreds of metres apart and we are preparing to drill test the LaCasse zone this year.

At Van Dyke, the modelling completed after the 2014 drilling program suggests that the mineralization could be open for a considerable distance to the west and to the southwest from the existing deposit. In addition to this, a second zone of oxide copper mineralization is exposed in outcrop approximately two kms southwest of the Van Dyke deposit which has not been explored.

We feel that the Eaglehead project is similar to the Schaft Creek project in terms of size and potential to host mineral resources. At Eaglehead a modest resource has been defined within a six km long chargability signature which shows a strong correlation to the copper mineralization. Only a very small portion of the mineralized chargeability signature has been tested by drilling and approximately 122 holes containing variable concentrations of copper mineralization has been completed over a four km strike length of the chargeability signature. Two other zones of mineralization are located along strike of the chargeability signature.

The Sombrero Butte project is located within the Arizona porphyry copper belt close to several other large copper deposits. This project exhibits many parameters/characteristics suggestive of a porphyry system. The alteration and mineralization exposed in outcrop combined with the numerous mineralized breccia pipes suggest the presence of a porphyry system underlying the Sombrero Butte property. To support this interpretation, the next step would be to complete an IP survey to test the property at depth for chargeability/resistivity signature characteristic of a porphyry system.

Q. Your premier project, Schaft Creek, is a Joint Venture with Teck whereby Teck holds 75% and is operator. Will they continue to aggressively invest in the Schaft Creek project given the current challenges facing large corporations such as Teck?

A. Only Teck can answer that question, however, Teck like all other copper producing companies requires an ongoing supply of copper to sustain its copper business. This copper could come from the Schaft Creek project should the current work demonstrate the economic viability of the project. The Schaft Creek project has many positive features including a low estimated cost to produce a pound of copper and is in the politically stable province of BC.

Q. What is your long-term view on the price of copper?

A. We believe that long term, the price of copper will appreciate. Demand for copper continues to increase at a conservative rate of around 2.5% per year. Consumption of copper per capita in developing countries such as India is only about one tenth that of copper consumed in developed countries such as Canada. The copper head grade of operating mines and of new projects coming on-stream continues to decline with copper ore now yielding 30% less than just 20 years ago. Yearly supply disruptions and higher than projected yearly copper mine losses adds to our thesis as to why there is only one direction to the long term price of copper, and that's up!