Week of May 4, 2015

2015 Fundamental Research Corp. “ 10+ Years of Bringing Undiscovered Investment Opportunities to the Forefront “ www.researchfrc.com

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Analysts’ Ideas of the Week – Copper Fox Increases Stake in Carmax Mining www.researchfrc.com

Sid Rajeev, B.Tech, MBA, CFA Head of Research Copper Fox Increases Stake in Carmax Mining On April 30, 2015, Carmax Mining Corp. (TSXV: CXM) announced that Copper Fox Metals’ (TSXV: CUU) wholly owned subsidiary, Northern Fox Copper Inc., has exercised its pre-emptive right to purchase an additional 11 million units at an unit price of $0.05 for gross proceeds of $550,000. Each unit consists of a common share and a common share purchase warrant (exercise price - $0.075 per share; maturity – 2 years). This transaction will increase CUU’s equity ownership in CXM to 50.97% on an undiluted basis. Copper Fox’s first investment in CXM was in May 2014, through the subscription of 20 million units @ $0.05 per unit for gross proceeds of $1 million. Copper Fox holds a 25% interest in the Schaft Creek project, in northwestern British Columbia. The remaining 75% is held by Teck Resources Limited (NYSE: TCK). The Schaft Creek project is located south west of CXM’s Eaglehead property (see map below).

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2015 Fundamental Research Corp. “ 10+ Years of Bringing Undiscovered Investment Opportunities to the Forefront “ www.researchfrc.com

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Source: Agnerian Consulting Ltd. / RPA Technical Report

Considering the proximity of the Eaglehead project to CUU’s Schaft Creek project, we see CUU’s continued interest in CXM as highly encouraging. Eaglehead’s estimated resources total 103Mt with a copper equivalent of 0.37% in the inferred category, as shown in the table below.

ZoneTonnage

(Mt)Cu Grade

(%)Contained Cu (Mlbs)

Mo Grade

(%)

Contained Mo (Mlbs)

Au Grade (g/t)

Contained Au (oz)

Cu Eq (%)

East 61.6 0.28 376 0.011 14.9 0.06 126,000 0.35Bornite 40.9 0.32 287 0.008 7.17 0.11 139,000 0.40Total 103 0.29 662 0.010 22.0 0.08 265,000 0.37

Source: Technical Report on the Eaglehead Property, June 29, 2012

In a press release on May 1st, CXM outlined its plan for the summer on the Eaglehead project. The summer program will include re-logging and sampling of historical diamond drill holes, a verification drilling program; and the commencement of a water quality sampling program. Considering the increasing interest from CUU, we highly recommend investors to closely track CXM. We currently do not have a rating or fair value estimate on the company.

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2015 Fundamental Research Corp. “ 10+ Years of Bringing Undiscovered Investment Opportunities to the Forefront “ www.researchfrc.com

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Daniel Iwata, BA, Dip. Fin. Mgmt. Equity Research Associate Tank Car Industry Benefits From New Government Regulations In our last article on oil by rail from July of 2014, we had maintained a positive outlook on the rail car industry. We felt that Greenbrier (NYSE: GBX) was one of the leading tank car manufacturers with a good position and strong industry outlook. At that time, the stock traded in the mid $60’s, and subsequently hit a 52 week high in September of 2014. Since then, the stock has declined with the price of oil, hitting a low of $42 in December, but has increased to the low $60’s currently. We feel that the company is set to grow as the price of oil improves, and the U.S. and Canadian governments introduce new tank car regulations. On May 1, 2015, the U.S. and Canada announced new safety rules for tank cars transporting flammable liquids by rail. This comes in the wake of a series of train derailments and accidents. Under the new rules, tank cars will be required to have certain safety requirements (thicker hulls, thermal protection and other safety features). The new rules will require tank cars built before 2011 to be retrofitted or replaced to meet the new requirements within the next 3 years. Tank cars built after 2011, without reinforced hauls, will need to be retrofitted or replaced within the next 5 years. This has set a rapid timeline for companies to retrofit and replace their existing tank car fleets. We feel these regulations will benefit Greenbrier who have the production facilities for new tank cars as well as the largest independent repair, refurbishment and maintenance shop network. They note they have 14 repair shops specializing in tank cars and are able to retrofit and qualify tank cars. The Railway Supply Institute estimates there are approximately 94,000 pre-2011 tank cars transporting hazardous liquids. Greenbrier was up in early trading based on the new regulations, as was the industry. . We feel that at current valuations, the company still has room to grow. GBX currently trades at a P/E of 12.38x compared to the Railway and Tramway cars industry average P/E of 49.1x.

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2015 Fundamental Research Corp. “ 10+ Years of Bringing Undiscovered Investment Opportunities to the Forefront “ www.researchfrc.com

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