Hello, Very disappointing results as perceived by the investor !!! (After tax NPV (on 100% basis) went from $US64 million in 2013 to $US842 million in 2021 a $US780million increase, that is a very positive increase. While some shareholders maybe disappointed, other Copper Fox’s shareholders are very please with the results of the PEA)

 

What means does copper fox have to force TECK to invest in the drilling of shaft creek? (Teck owns 75% and Copper Fox 25%. Advancing a project is not necessarily always about more drilling, as indicated by the 2021 program.  The 2021 drilling is to collect samples and data with the objective of increasing metal recoveries, decreasing the strip ratio both value enhancing initiatives assuming positive results.  The drilling could also provide a better confidence level in the resource model. Teck are completing the activities required to advance the project to the next stage.  Spending money unless required would be a poor use of capital)  

 

 

We were told that the pea was the step that would allow us to monetize shaft creek ??? (The PEA substantially increased the value of the Schaft Creek project and is not only a significant step toward increasing the value of the project, it also identified several project enhancements which if successful indicates the possibility of enhancing the project valuation. I cannot speak for what other people are saying or speculating as to a course of action. Ernesto (Copper Fox’s largest shareholder) stated at the AGM, the project interest is for sale but Copper Fox wants to get a fair value, to which I agree)   

 

 

how much more dilution if someone wants to invest (?) to continue our operations after the 3 million in reserve? ( Current funds are sufficient for at least 1-1.5 years depending on activities. A lot can change in that time period. Warrants that could be exercise amount to +/- $2.0million (Ernesto hold the majority of these)

 

 

Why have we been mirrored with a quantity of copper (and equivalent) which is not recognized in the PEA? (Not sure of the questions here, if you are referring to using only 60% of the identified resources in the PEA, my response would be. As indicated in the news release, the additional 40% of the resources provides the possibility to either extend the mine life beyond 21 years and/or increase mill throughput greater than 133,000 tpd.  When preparing for the PEA, a series of exercises was completed using a number of parameters to maximize NPV. This exercise showed a 21 year mine life at 133,000 tpd.  A longer initial mine life would have decreased NPV. The longer you discount a cash flow stream, the NPV declines. Including the additional 40% resource would have not only extended the mine life, it would have extended the discount period thus lowering the NPV. Payout (all initial capital is recovered) is achieved in 4.8 years on an after tax basis. The objective is to design a reasonable mine life that maximizes NPV and achieve the lowest possible payback period.

 

Wouldn't it be time for management to explain clearly where they are going and how other than by terse communication? (During the AGM, Copper Fox did indicate its plans for each project, drilling at Mineral Mountain/Sombrero Butte/Eaglehead in early-mid 2022, a data gap and conceptual hydrogeological model for the Van Dyke project to determine next steps to advance that project and the results for the 2021 drilling program at Schaft Creek investigating the project enhancements set out in the PEA News release. When the current study (including the timeline and estimated costs are received) is completed at Van Dyke, Copper Fox will announce the next step for that project)