The below is my summary notes of the questions and answers during the 2020 shareholder meeting:

1) What was the reason for so much in legal fees?

-Eaglehead transaction

-Due diligence for the execution of the purchase agreement 

-Also for the preparation of the AGM 

2) When do you anticipate a sale in the Schaft Creek project?

-Question has been asked alot

-We want this report to be comprehensive because its critical going forward

-needs a clear path forward for the project and is in our best interest to work with the SCJV

-Teck is very receptive to our comments and once report is finalized, board will determine what to do with the project at that time

3) Why isn't the mineral resources not reflected in the share price?

-We have two projects with established resources, Schaft Creek and Van Dyke

-Most of the attention going to the precious metal sector

-We will continue to address the discount in the future

4) Why haven't you submitted an ROFO demand to Teck?

-This would be a fundamental error to submit an ROFO to Teck at this time when we are still working on the report trying to rise the value of the project

-Ask yourself if you execute the ROFO now, how much money are you prepared to leave off the table

-Working to get an established value and at that point when the report is completed, and agreed on by the joint venture, the board will meet to discuss plans for what to do with Schaft Creek but until that time, it is not a good idea to submit ROFO

5) Why was the warrants revised and does that mean there will be a Private Placement in the next few months?

-Company has sufficient funds going forward

-Market conditions

-Can still exercise warrants if needed at a later date

-Not anticipatig another PP but do not know market at that time

6) If Teck does not want Copper Fox to release the updated report, would Copper Fox do so anyway and take legal action against Teck as they are not acting in the best interest of the joint venture?

-Clearly we want to get this report done

-We want both parties to sign off on it

-We are looking at our various options

-Clearly we have done alot of work on Schaft Creek and we will be dealing with Teck on that specific item to see where they are at

-Teck announced recently senior management appointments and we have to assess how that will affect our relationship with Teck. We are working on that, addressing that...to come to a positive conclusion in the near future cause we think its important our shareholders know whats going on

-New report not supported by 43-101 and not willing to be prosecuted...will not disseminate numbers without regulatory compliance

7) What is your succession plan?

-Elmer does not agree with that

-His objective is to take Schaft Creek to its final decision with Copper Fox

-Clearly the position of company has been...in the point in time they establish fair value then they would seriously consider diposing of the asset

-Board makes final decision

8) Do we anticipate the 2019 report being completed and signed off by the end of this year?

-This is Elmer's expectation, as of right now where its at, they have provided their comments to the recent draft of the report

-There are 4 individuals inside of Teck who will have to also review and provide their comments aswell 

-Copper Fox comments have been incorporated in the draft but it is fundamentally important to get their inputs into report before it goes final

-They dont know how slowly, but in the past they have been very intentive and quick to respond to our comments

9) How much will it cost to produce a 43-101 feasibility report for Schaft Creek?

30-40 million dollars approximately 

10) In regards to the Schaft Creek 2019 report, What parameters are we still trying to improve on?

The one parameter that is most important is the economic value of the project

11) Are you marketing Schaft Creek as a precious metal asset?

-No

-The industry will use the commodity that provides the greatest value and in our case its Copper

-We are using $1300US price but going forward the gold price will need to be discussed for Schaft Creek 

12) In the case of an asset sale, how do you value Schaft Creek and what are comparable projects to determine a price?

43-101 report would put a value on the project. Getting an independent valuation to assess offer is fair. Schaft Creek not drilled out and is open in all directions. Not defined resource. Potential of the Schaft Creek district is quite significant. All those issues would need to be considered in a go-to transaction

Comparable project is QB2 minority partner transaction

13) When would the Van Dyke PEA study be completed, is it a few months?

-Their objective is to get it done before the end of the year. Alot of the work has been completed already. Elmer stated: Project has tremendous potential

14) With Teck working on the report and possibly the future acquirer of Schaft Creek, could they be undervaluing the project?

-17 individuals and 5 external contractors working on Schaft Creek project

-2nd guy in command is Copper Fox representative called Cam (Alternate on the SCJV management committee

-Elmer believes Teck undervaluing the numbers is not the case at all, primarily due to the openness and willingness to provide anything Copper Fox asks for and has provided

-Cam gets information at the same time as Teck guy and Elmer thinks there is no issue with teck trying to devalue the project

15) The board must know a value of the project, is it within the board's expectations?

-Elmer does not have any expectations as the work they are doing right now is trying to surface the maximum amount of value in the project. The only thing he can compare to is the 2013 study but since then alot of work has been done on the project

-Clearly they are advancing the project, "our expectations of value....we are working on that with Teck"

-The other thing they have to look at is where and if there are other economic drivers that would add substantially more value to the project. Those have to be looked at...identified and assessed going forward

16) Does the board believe they cant get a buyout price based on high percentage of NAV? Many companies with advanced projects get 50-75% of NAV in a sale deal.

-Elmer would like to address this at a time when they enter into that transaction because he said before diposing of our interest in Schaft Creek...it is simply not just diposing the value established in the report. Alot of material is left in the pit walls that has to be taken into account. Exploration potential in the district also has to be taken into account, and clearly the terms of the agreement we signed in 2013 need to be taken into account. So it is premature to address this question but giving you a pretty good idea of the conponents we are looking for in the disposition of Schaft Creek.