Mr. Carl Lofberg reports

FIREFOX GOLD ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Firefox Gold Corp. intends to raise up to $2-million by way of a non-brokered private placement. The private placement will consist of up to 11,111,111 units of the company at a price of 18 cents per unit. Each unit will consist 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 common share of the company at an exercise price of 27 cents per warrant share for a term of two years following the closing of the offering.

It is anticipated that the proceeds of the private placement will be used for general working capital and exploration activities on Firefox's gold exploration properties in Finland. Prior to this financing, Firefox has 68.9 million shares outstanding, 31.0 million warrants and 6.2 million stock options issued.

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 anticipates that the private placement will close on or about Oct. 23, 2020. The company expects to pay finder's fees in association with this financing.

About Firefox Gold Corp.

Firefox is focused entirely on gold exploration in Finland where it is exploring its project portfolio that includes over 170,000 hectares of prospective ground.

Finland is one of the top mining investment jurisdictions in the world as indicated by its multiple top 10 rankings in recent Fraser Institute Surveys of Mining Companies. Having a strong mining law and long mining tradition, Finland remains underexplored for gold. Recent exploration results in the country have highlighted its prospectivity, and Firefox is proud to have a Finland-based chief executive officer and technical team.

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