Copper Fox Metals Inc.

The way I understand it, Teck can elect to either opt for 20%, 40% or 75% of CUU 's direct and indirect interests in Schaft Creek. This doesn't include the new Liard shares purchased. Well if you work out 40% of CUU's direct and indirect shares of Schaft Creek, it comes to 38.something% - not 40%. So under the 40% back-in option, I don't think Teck can own a 40% interest in Schaft Creek (as defined in the Agreement), and therefore is not eligible under the provision that says if they own 40% of Schaft, they can vote as if they have a 50% interest after they have spent 2 times the qualified expenditures. So I think this option is a non-starter for Teck. Haven't received confirmation one way or another from anyone.

Signed

Isolated and Looking for Guidance