Schaft Creek Joint Venture

MINERAL EXPLORATION COMPANY

SCHAFT CREEK JOINT VENTURE

Schaft Creek Joint

Venture – Owned 75% by Teck Resources Ltd. (Teck) and 25% by

Copper Fox Metals

(Copper Fox).

Vancouver, BC

teck.com copperfoxmetals.com

CONTACTS

GENERAL INQUIRIES, LEADERSHIP, CONTRACTING & EMPLOYMENT

Mike Takaichi

Project Manager 604 699 4382 mike.takaichi@teck.com

Right: Schaft Creek Project location map.

PROPERTY LOCATION & ACQUISITION DATE

The Schaft Creek deposit was discovered in the mid 1950’s. The project is managed through the Schaft Creek Joint Venture (SCJV). Teck is the Operator of the SCJV and holds a 75% interest with Copper Fox holding the remaining 25%. Teck has held an interest in the project since the early 1980’s. Pursuant to an Option Agreement Copper Fox earned 100% interest in the Schaft Creek project in 2010. In 2013, Teck exercised its 75% “back-in” right pursuant to a 2002 Option Agreement and assumed Operatorship. Copper Fox has been involved in the project since 2003.

COMPANY OVERVIEW & UPDATE

Any successes or challenges you’d like to share?

The poor fall weather in 2021 made the field season challenging, as we only drilled 835 metres of a planned 4,000 metres, but the field crews all worked safely with no incidents and no COVID cases. There had not been a drill program at Schaft Creek since 2015 so it was good to get back to assess the status of the camp and prepare for future activities.

Number of employees working on your project(s)?

Two full time Teck employees are assigned to the Schaft Creek project.

Where does the majority of your financing come from year to year? What’s the breakdown of who owns your company and what’s your company’s market cap?

Teck Resources Limited (Canadian) is financing the Schaft Creek project at this stage. The Schaft Creek Joint Venture is not a listed company. The Schaft Creek Joint Venture (SCJV), where Teck Resources Limited (Teck) is the Operator, Teck holds a 75% interest with Copper Fox holding the remaining 25%.

PROJECT ACTIVITIES IN THE 2021 SEASON

The 2021 Schaft Creek program completed 835 metre of diamond drilling in 4 holes. Additional work included pad building, core cutting and core logging, as well as environmental baseline studies.

In addition to field work, Copper Fox completed a Preliminary Economic Assessment (PEA) in 2021 with a positive long-term outlook for the project.

Tentative plans and hopes for the 2022 season?

We are planning for a field season consisting of 5,000 metre drilling and environmental baseline work. To accomplish this, we will need to refurbish the Schaft Creek Camp so the program can be based on site. The camp has not been in use since 2015. Additional work will include pad building, core logging and core cutting. The drill program will consist of geotechnical drilling and drilling within the deposit for metallurgical sampling

RELATIONSHIP WITH THE TCG & TAHLTAN NATION

During the 2021 season, what involvement did TCG personnel and departments have with your company? If they were not involved, why not?

Good collaboration and coordination took place with key members of the TCG as part of the Roundup 2021 meeting and Spring update meeting. TCG was also involved in contractor selection and providing details on available workers in the area.

In 2021, how many Tahltans did you employ? What positions did they hold in your company and what percentage of Tahltans did you employ compared to others?

No direct Tahltan hires but several workers were on site throughout the field program working as contractors.

What employment opportunities, now and in the future, are available to Tahltan members?

In 2021 we are looking to hire geologists, engineers, and an environmental specialist. Beyond that it is too early to know what an operational phase would look like, however, the SCJV will work closely with the Tahltan to employ Tahltan, including in leadership roles, on the Schaft Creek project. The SCJV has a long history of employing Tahltan people on the Schaft Creek project; further opportunities will be available in future years when field-based activity increases.

Why should Tahltan members want to work for you?

Teck is one of Canada’s leading mining companies, focused on providing products that are essential to building a better quality of life for people around the globe. Teck has been named one of Canada’s Top 100 Employers for four consecutive years, one of the World’s Best Employers by Forbes and one of Canada’s Top Employers for Young People 2021.

The SCJV highly values its relationship with the Tahltan

Nation and has a good history of: i) establishing and sustaining direct interactions between the SCJV leadership / teams with Tahltan Leadership and Tahltan community members on all aspects of work related to the assessment; and ii) designing and preparing the description of the project such that Tahltan and SCJV leadership have input into project design, development, operation and closure. As a results of that long history of respectful engagement, we believe the Schaft Creek project can provide a working environment and opportunities that will allow Tahltan members to develop and thrive.

Did you have any Tahltan contractors working for your company? What percentage of your contracting dollars went to Tahltan companies, including TNDC and their joint ventures?

Yes, Hy-Tech Drilling, Mustang Helicopters, TEEM, and Rugged Edge were all contracted in 2021 for on-site work. This accounts for ~80% of contracting dollars for the 2021 Schaft Creek Project.

Do you have any outside contractors working for you? If so, who are they? Who were the primary contractors you utilized? Do they offer employment opportunities to Tahltan members?

Sirius Medics – siriusmedx.com/en _ CA – provides on site medics and support to our project.

Anything else you would like to share with the Tahltan Nation?

As the Schaft Creek project moves forward in 2022 and beyond we are looking to continue our great relationship with Tahltan members. The project is currently in the Scoping Stage, but a positive Preliminary Economic Assessment (PEA) was published in 2021 that shows potential going forward. We are looking to continue building on these positive results as the project moves forward in 2022 and beyond.

Above: Quentin and Dickie Reid, core cutters at Schaft Creek in 2021.