Copper Fox Metals Inc.

These waste numbers are comforting but it is somewhat disappointing that the feasibility results are so weak without them. Spending $4496M to recover $67M (after tax NPV 8) is not going to help our share price. I wiill feel a lot better when I see the actual report and can make some more educated calculations.

Yes, I removed the cost of removing the waste. It will cost $6.56/tonne to remove the waste. If the waste has value we can process it for a cost of $13.33/tonne. Therefore it will cost an extra $6.77/tonne to process it. The waste has a value of $25.08/tonne, giving us an extra profit of $18.31/tonne for 171.2M tonnes of waste.