Mr. Carl Lofberg reports

FIREFOX GOLD ANNOUNCES NON-BROKERED PRIVATE PLACEMENT WITH LEAD ORDER FROM NEW STRATEGIC INVESTOR

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.

Tin International AG, a subsidiary of the Deutsche Rohstoff Group, will take part in the financing as a lead order, subscribing for approximately 3,333,333 units or $600,000. Deutsche Rohstoff is a German natural resource holding company specializing in oil and gas in the United States as well as investment in gold and strategic metals. Upon closing of the private placement, Tin International AG is expected to own approximately 3.6 per cent of the issued and outstanding shares of Firefox.

Carl Lofberg, Firefox's president and chief executive officer, commented: "We are very pleased to add a quality strategic corporate investor to our shareholder registry, which already includes several very strong institutional gold investors. Together, we continue to execute on our strategy in Lapland, securing a vast land package and continually advancing our projects towards discovery."

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 81.8 million shares outstanding, 33.2 million warrants and 6.6 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 before April 22, 2021.

About Firefox Gold Corp.

The company has been exploring for gold in Finland since 2017, where it holds a project portfolio that includes approximately 180,000 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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