Mr. Steve Gray reports

FOX TUNGSTEN REPORTS INITIAL ASSAY RESULTS FROM 2026 DRILL PROGRAM, INCLUDING HIGH-GRADE INTERVALS AT RC SOUTH

Fox Tungsten Ltd. has released initial assay results from its fully financed 20,000-metre 2026 drill program at the Fox tungsten project in British Columbia. Initial results from resource expansion drilling at RC South have confirmed multiple zones of tungsten mineralization, including several high-grade intervals.

Highlights:

• 2.1 metres grading 1.43 per cent WO from 34.6 metres in hole F26-003;
• 8.8 metres grading 0.33 per cent WO from 43.6 metres, including 1.0 metre grading 1.94 per cent WO, in hole F26-005;
• 1.2 metres grading 1.97 per cent WO from 18.4 metres in hole F26-006;
• 7.9 metres grading 0.48 per cent WO from 84.0 metres, including 0.4 metre grading 9.63 per cent WO, in hole F26-012;
• Multiple zones of mineralization in hole F26-020, including 0.6 metre grading 2.35 per cent WO from 226.5 metres.

Today's release represents only the first 18 holes from this year's program. To date, approximately 52 holes have been completed, and drilling is expected to continue to late October. Additional assay results will be released as they are received.

Resource expansion holes

Resource expansion drilling at RC South continues to demonstrate the presence of tungsten mineralization along the southern extension of the RC zone. The results demonstrate the presence of broader mineralized intervals containing higher-grade tungsten zones at RC South that support strong geological connection between the BN and RC zones.

Exploration holes

Fox North is an emerging exploration target located west of the BK zone. Previous drilling identified multiple intervals containing visible scheelite, including several previously unrecognized parallel zones. While the initial assay results from Fox North did not return significant tungsten grades, the drilling has provided valuable geological information from an area that remains underexplored and will assist in refining future exploration targeting.

Chief executive officer commentary

Steve Gray, president and chief executive officer, commented: "Today's results provide an important early indication of the potential of the RC South area, with multiple broader mineralized intervals containing higher-grade tungsten zones. These results confirm that the visible scheelite observed during drilling at RC South was associated with significant tungsten mineralization and provide further support for our resource expansion strategy.

"At Fox North, the initial assays did not return significant tungsten grades, but the drilling has provided valuable geological information from an underexplored area and will help refine our exploration targeting.

"These are the first results from our 2026 program. Over 30 completed holes still have assays pending, and we are mobilizing a fourth drill to Silverboss. We look forward to reporting additional results as they become available."

Quality assurance/quality control procedures

NQ/NQ2 sized diamond drill core was split and sampled over intervals ranging from 0.30 metre to 2.0 metres and averaging approximately 1.3 metres. Split core samples were delivered, logged, weighed, prepared and tested at Activation Labs (ISO/IEC 17025:2017 including ISO 9001:2015 and ISO 9002 specifications), an accredited material-testing facility in both Kamloops, B.C., and Ancaster, Ont.

Core samples are prepared through preparation package RX-1 (dry, crush (fewer than seven kilograms), up to 80 per cent passing two millimetres, riffle split (250 grams) and pulverize to 95 per cent passing 105 micrometres). Trace element analysis performed on a 0.5-gram aliquot of pulverized material is facilitated using 1E3 (40-element ICP-OES). Tungsten analysis is performed by a lithium metaborate/tetraborate fusion digestion and testing by XRF (Code 8-XRF-W) with a results range of 0.05 to 100 per cent elemental W.

For its own reporting, the company converts W (per cent) to WO3 (per cent) (tungsten trioxide) by multiplying the reported W value 1.261 to obtain WO3, which is the compound for which tungsten concentrate and prices are quoted. In addition to Activation Labs internal laboratory quality assurance/quality control measures, the company implements an internal QA/QC program that includes the insertion of sample blanks, duplicates (coarse and pulp reject) and matrix appropriate certified reference standards into the sampling stream of drill core samples at a rate greater than 10 per cent.

Qualified person statement

The technical and scientific contents of this release have been verified and approved by Patrick McLaughlin, PGeo, a qualified person pursuant to National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

About Fox Tungsten Ltd.

Fox Tungsten is a Canadian critical mineral company focused on advancing its 100-per-cent-owned portfolio of tungsten and polymetallic projects in British Columbia. The company's flagship Fox tungsten project hosts one of the highest-grade tungsten resources in the Western world, and is being advanced through resource expansion drilling, metallurgical studies, engineering and permitting activities.

The Fox tungsten project is located approximately 75 kilometres northeast of 100 Mile House in south-central British Columbia and benefits from excellent infrastructure access. The property hosts a large-scale tungsten mineral system extending approximately 12 kilometres by five kilometres, with multiple high-grade zones occurring in a near-surface setting.

The current National Instrument 43-101 mineral resource estimate includes 582,400 tonnes grading 0.826 per cent WO3 (indicated) and 565,400 tonnes grading 1.231 per cent WO3 (inferred). The Fox deposit remains open for expansion, with exploration targeting resource growth both laterally and at depth.

The continuing 20,000-metre drill program represents the largest exploration campaign in the company's history, and is designed to significantly expand the current mineral resource while supporting an updated mineral resource estimate and preliminary economic assessment, targeted for completion in the second quarter of 2027.

In addition to Fox, the company owns the Silverboss molybdenum-copper-gold-silver project, located adjacent to Glencore's former Boss Mountain molybdenum mine in British Columbia.

Fox Tungsten is committed to responsible mineral resource development and building long-term, mutually beneficial relationships with indigenous communities and local stakeholders in the territories where the company operates.

We seek Safe Harbor.