Corporate Presentation

NORTHERN FOX RESOURCES INC. One of Eastern Canada’s largest undeveloped Copper Resources

Northern Fox The Thierry Mine Deposit hosts more than 1 Billion pounds of Copper

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Thierry Mine, from the air looking South West 2017-07-21

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Northern Fox Thierry Mine Deposit Polymetallic Resource >

1,000,000,000 lb Copper

>

75,000,000 lb Nickel

>

60,000 Oz Gold

>

50,000 Oz Platinum

>

125,000 Oz Palladium

>

4,000,000 Oz Silver

Open on strike and at depth – significant expansion potential 2017-07-21

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Northern Fox Location The Thierry Project is located in North Western Ontario - the 47 Km2 property is largely patent ground, easily accessible by provincial highway. The Thierry Mine and the K1-1 deposit are the most advanced resource occurrences on the property and are only 3 Km apart. The large historically identified G and J Zones have seen little recent attention.

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Between the Thierry and K1-1 areas the Magnetic Survey Data indicates continuity of structure, also in the G and J mineralization areas. Exploration to date has not focused on structural continuity, relationship or origin.

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Northern Fox Thierry Mine Deposit

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Northern Fox K1-1 Open Pit

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Northern Fox 1 Billion Pounds of Metal

• NE/SW Strike length of ~4000 feet, Open on Strike • Mineralization depth of >3000 feet, Open at Depth • Mineralization consists of Copper, Nickel and Precious Metals Group Elements • Mineralized Inventory: >800,000,000 lb Copper >75,000,000 lb Nickel >60,000 Oz Gold >50,000 Oz Platinum >125,000 Oz Palladium >4,000,000 Oz Silver

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Northern Fox Significant Existing Infrastucture

28 Miles of Underground Tunnels and Ramps 2017-07-21

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Northern Fox Thierry and K1-1 Relationship

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Northern Fox K1-1 Deposit

• Over 4 km of strike • Open on strike and at depth • Mineralized Inventory: >400,000,000 lb Copper >100,000,000 lb Nickel >50,000 Oz Gold >90,000 Oz Platinum >250,000 Oz Palladium >3,400,000 Oz Silver • Inventory is contained within a Whittle Economic Pit Shell, mineralization extends beyond pit shell

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Northern Fox K1-1 Whittle Pit Design

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Northern Fox K1-1 Exploration

Subsequent to the calculation of the Economic Whittle Pit (above) at K1-1, exploration drilling outside of the pit shell (drillholes traced in green) encountered mineralization (in red) as indicated on the trace. These holes were drilled in order to tighten the drill pattern at K1-1. It is expected that this will result in an increase to the resource at K1-1 upon recalculation and the elimination of the pinching of the pit (seen above) which had been caused by a lack of drill results in the area pinched.

Removal of this data caused pinch should increase the pit size at K1-1. Significant otential remains on strike and at depth at K1-1.

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Northern Fox Past Expenditures The Thierry Project has benefited from significant historical expenditure, both while the Mine was operating and in subsequent exploration spending.

1. Union Miniere Exploration & Mining (UMEX) of Belgium spent $104 million developing a 4,000 tpd mill at the Thierry Mine in the early 1970s 2. During 2002-2004 Iberian spent $5 million on Drilling programs at Thierry and K-1-1 deposits 3. During 2005-2010 Richview Resources spent approximately $18 million on drilling and surface programs 4. During the period 2010-2015 Cadillac spent $8.5 million on drilling and positive preliminary metallurgy.

As a Result of the significant investigation and investment in the property made to date the Thierry Project has several paths to production 2017-07-21

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Northern Fox Copper Price Potential 1

Ongoing construction within China and the US creates great demand for copper

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China consumers 40% of the world’s copper and their tight market has limited supplies and production

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This consumption has more than quadrupled in the past 15 years and will triple in the next 25

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No major Copper producers are expected to emerge before 2025

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Growing demand in China is not met by its internal production.

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India, South Asia and Africa will demand much more copper

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Northern Fox Significant Gold Potential At Thierry • • •

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Gold is present in the mineralization at Thierry and K1-1 Gold has not, to date, been a focus of exploration at Thierry The Thierry Project is located in the Pickle Lake Gold Camp, a notable gold camp which produced 2.5 million ounces of gold between 192895: Past Producer Central Patricia Gold Mine >600,000 oz production is virtually adjacent to the Thierry property Past Producer Pickle Crow Mine >1.4 Moz production is within 2 kms of Thierry The Thierry Property hosts banded iron formations, the local gold structure, on portions of the property which have not been prospected for gold at surface

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Northern Fox Pickle Lake Gold Camp

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Northern Fox Advantages 1 Large Advanced Resource – Copper, Nickel, PGM 2 Mining Friendly Jurisdiction – Town of Pickle Lake and Mishkeegogaming First Nation support Thierry 3 Clear Path to Production – Past-Producing Mines, Initiated Dewatering Program 4 Accessible Location – Pickle Lake, Ontario 5 Attractive Valuation – EV/lb of $0.02/lb for high-grade Copper Resource 6 Experienced Management Team – Proven development and operational experience 2017-07-21

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Northern Fox Capitalization Structure

56 million Shares

Management

Founders 50%

Class

Common Shares

Debt

None

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Northern Fox This presentation is focused primarily on forward-looking statements and information The future price of copper, gold and zinc, the estimation of mineral reserves and resources, government regulation of exploration, development and mining operations, environmental risks, reclamation and rehabilitation expenses, title disputes or claims, and limitations of insurance coverage are all subject to change There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

The Corporation undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

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