Mr. Steve Gray reports

FOX TUNGSTEN COMMENCES PRELIMINARY ECONOMIC ASSESSMENT

Fox Tungsten Ltd. has commenced a preliminary economic assessment (PEA) for its 100-per-cent-owned Fox Tungsten project, located in the South Cariboo region of British Columbia.

The PEA represents a significant milestone in advancing Fox from exploration and resource expansion toward potential development. The company has assembled an experienced team of engineering, geological and metallurgical consultants to undertake the study, with completion targeted for Q2 2027.

The company's fully financed 20,000-metre diamond drilling program is nearing completion, with approximately 18,500 metres drilled to date. Drilling at the Fox project is complete, and the remaining program is focused on exploration targets at the company's Silverboss project. Results from the Fox drilling program will form the basis of an updated mineral resource estimate, currently targeted for completion in Q1 2027.

Experienced technical team led by Ausenco

Ausenco Engineering Canada ULC has been selected as the lead engineering consultant for the PEA. Ausenco brings directly relevant experience from two of Canada's leading tungsten development projects. This experience provides Fox with access to specialized tungsten processing and metallurgical expertise, including practical experience in developing processing flowsheets and evaluating the technical and economic considerations associated with tungsten projects.

The company has also engaged various other specialist consultants to support the PEA, including:

• Mineral resource update;
• Metallurgical testwork;
• XRT ore sorting;
• Environmental characterization;
• Owner's team and project management.

Management commentary

Steve Gray, president and chief executive officer of Fox Tungsten, commented:

"Commencing the PEA represents an important step forward for Fox Tungsten as we advance the Fox project beyond exploration and resource definition towards development. We have assembled a strong technical team, led by Ausenco, whose direct experience on Canadian tungsten projects provides highly relevant expertise as we evaluate the optimal approach to developing Fox.

"With our 20,000-metre drilling program nearing completion and both the PEA and drilling program fully funded, we are well positioned to advance the project. We are targeting an updated mineral resource estimate in Q1 2027 and completion of the PEA in Q2 2027. These studies will significantly advance our understanding of the project's scale, technical characteristics and potential economic viability."

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 minerals 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.

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.