Mr. Carl Lofberg reports

FIREFOX GOLD CLOSES SECOND AND FINAL TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Effective Aug. 23, 2024, subject to regulatory acceptance, Firefox Gold Corp. has completed the second and final tranche of the non-brokered private placement announced on June 19, 2024.

Firefox has raised gross proceeds of $1,395,250 by issuing 27,905,000 units of the company at a purchase price of five cents per unit. Each unit consists of one common share of the company and 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 eight cents per share for a term of three 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 mineral exploration and related expenditures on Firefox's Mustajarvi, Jeesio and Sarvi projects in northern Finland, and for general working capital.

Certain directors and officers of the company purchased a total of 1.35 million units. Other insiders, namely Agnico Eagle Mines Ltd. and Crescat Portfolio Management LLC, purchased a total of 5,085,000 units. Specifically, Agnico exercised its participation right and acquired 3,085,000 units.

The placement to these insiders constitutes a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, and TSX Venture Exchange Policy 5.9, Protection of Minority Security Holders in Special Transactions. In connection with this related party transaction, the company is relying on the formal valuation and minority approval exemptions of 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the portion of the private placement subscribed for by these insiders does not exceed 25 per cent of the company's market capitalization.

Of special note is that new investors in Firefox purchased 57 per cent of this offering totalling 15.87 million units.

Firefox will pay to qualified finders $19,950 in cash finders' fees and will issue 399,000 finders' warrants, exercisable at eight cents for three years from the date of issuance.

About Firefox Gold Corp.

Firefox is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. Firefox also trades on the OTCQB Venture Market in the United States under the ticker symbol FFOXF. The company has been exploring for gold in Finland since 2017, where it holds a large portfolio 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.