Mr. Carl Lofberg reports

FIREFOX GOLD SIGNIFICANTLY INCREASES SIZE OF NON-BROKERED PRIVATE PLACEMENT

Firefox Gold Corp., effective today, subject to regulatory acceptance, has completed the first tranche of the non-brokered private placement announced on June 11, 2020. The private placement has been substantially oversubscribed. The company intends to complete a second tranche of the private placement before July 1, 2020, which is expected to increase the total gross proceeds of the private placement to approximately $1,572,500.

In this first tranche, the company will have raised total gross proceeds of $1,072,500 by issuing 10,725,000 units of the company at a purchase price of 10 cents per unit. Each unit consists of one common share of the company and one-half of one common share purchase warrant, with each whole warrant being exercisable to acquire one additional common share of the company at an exercise price of 12 cents per share for a term of two years from the date of issuance. The shares issued pursuant to the private placement will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.

The company intends to use the proceeds of the private placement for general corporate purposes, working capital and exploration activities on Firefox's gold exploration properties in Finland.

M Partners Inc. acted as a finder in this placement. In association with this tranche of the financing, subject to TSX Venture Exchange acceptance, the company will pay to qualified finders $18,725 in cash finders' fees and will issue 187,250 finders' warrants exercisable at 10 cents for two years from the date of issuance.

About Firefox Gold Corp.

Firefox Gold is listed on the TSX Venture Exchange under the ticker symbol FFOX. The company is focused entirely on gold exploration in Finland where it is exploring its project portfolio that includes over 150,000 hectares of prospective ground.

We seek Safe Harbor.