Mr. Carl Lofberg reports

FIREFOX GOLD COMPLETES $2.1 MILLION NON-BROKERED PRIVATE PLACEMENT

Subject to regulatory acceptance, Firefox Gold Corp. has completed the non-brokered private placement announced on Oct. 13, 2020.

The private placement was oversubscribed, raising total gross proceeds of approximately $2,143,494 by issuing 11,908,300 units at a purchase price of 18 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 27 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 $80,875 in cash finders' fees and will issue 374,422 finders' warrants exercisable at 18 cents for two years from the date of issuance.

About Firefox Gold Corp.

The company 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.

We seek Safe Harbor.