Copper Fox Metals Inc.

Just spoke with Elmer in the office:

capex decent, operation costs up but in keeping with industry costs, now we sit and wait for TCK in or out, why would they leave 25% on the table with a small partner, demonstrated capacity for 180,000 tpd which is awesome, numbers are realistic and very acceptable by other comparisons in the field, we have a port, power, much better than the TCK Chilean project. Remember there is a copper shortage and TCK knows this. Where will copper be in 5 years, probably not at 3.25. Conservative BFS makes us very credible. No opportunity for hostile takeover. Majority of shareholders at the board level.

Merry Xmas, Elmer, thank you and enjoy your holiday in St. Lucia!

The above is my recollection of this phone call and is not a direct quotation of E. Stewart. Do your own due diligence.