Mr. Carl Lofberg reports

FIREFOX ANNOUNCES FALL EXPLORATION PROGRAM AT LAPLAND GOLD projECTS, FINLAND

Firefox Gold Corp. has released results from its summer exploration program and plans for additional work before winter. The company focused its summer work on two of its 100-per-cent-controlled projects in northern Finland: Mustajarvi and Jeesio.

The effort at Mustajarvi is aimed at expanding the footprint of gold mineralization beyond the three zones already identified in drilling and trenching over the last several years. The project has yielded numerous strongly mineralized intervals from drilling, including 13.85 metres at 28.74 grams per tonne gold from 24 m down hole (22MJ006) and 15.5 m at 13.09 g/t gold from 11 m down hole (22MJ021). The first trench from Mustajarvi East in the summer of 2023 also included outstanding results of 6.87 m of 59.12 g/t gold (only 80 m from a highway).

Outcrop at Mustajarvi is rare, as most of the property is covered by variable deposits of glacial sediments. However, recent prospecting has discovered a new prospect with outcropping gold mineralization, including rock chip samples of 4.82 and 4.41 g/t gold. The new target is approximately 500 metres away from the nearest drilling. Fill-in base-of-till (BoT) sampling also continues to highlight structures and aid in the interpretation of the deposit. Company geologists are preparing a small trenching campaign to follow-up on last year's success at Mustajarvi East and increase the exposure around the new prospect. The team also aims to conduct some magnetics and electromagnetic surveys ahead of a planned winter drill program.

Jeesio is a large project with numerous targets across different settings. Since 2021, Firefox has enjoyed modest success in the south of the property from very limited work. This summer and fall, company geologists are adding detailed ground magnetics in areas of encouraging rock sampling. The new magnetics data suggest that gold in rock samples (33.6 g/t, 6.39 g/t, 7.79 g/t, 5.04 g/t and numerous others) in the Kataja and Saittavaara areas may be related to NW-SE (northwest-southeast) and NNE-SSW (north-northeast-south-southwest) trending D3 and D4 structures that trend under cover to the north and appear to intersect magnetic lows. Magnetic lows are often indicative of alteration and gold mineralization in orogenic gold terranes. Trenching and BoT sampling are planned in the prospective areas. The first drilling in this part of Jeesio may also come during the winter.

Carl Lofberg, Firefox's chief executive officer, commented about the new results: "There are two noteworthy things about this program. First, we keep growing the footprint of the gold system at Mustajarvi, and again, the new prospect exhibits strong grade at surface. Secondly, we are seeing the benefits of repeated application of our orogenic gold toolkit: detailed magnetics, iterative structural interpretation, reconnaissance mapping follow-up in exposed areas and base-of-till sampling in covered settings. Gold-in-rock samples associated with the right generation of deformation is a key ingredient in discovery in Lapland. We look forward to having the excavator back on site at Mustajarvi and Jeesio and the drill to follow in the winter."

The potential grades noted above and discussed below are conceptual in nature; there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in these targets being delineated as a mineral resource.

Mustajarvi update

The Mustajarvi project lies along the highway between the cities of Kittila and Sodankyla, approximately 17 kilometres east of Kittila. Drilling to date has delineated three different lodes of gold mineralization along more than 1.5 kilometres of strike. Due to its near-surface high-grade nature, the company has been focusing most recently on the East target.

Summer field work at the East target included a short BoT sampling program in untested or sparsely tested areas of deep cover. This work confirmed anomalous gold in several locations, providing at least one drill target for follow-up testing, where a BoT sample collected above the interpreted Mustajarvi shear zone yielded 0.47 g/t Au. This anomaly is located 300 metres northwest from the East target and 80 metres west from drill hole 21MJ005, which returned 3.79 g/t gold over a one-metre interval from 15 m downhole (see news release dated Aug. 17, 2021), suggesting continuity of this zone to the west. The company is planning a down-hole geophysical survey to help vector toward continuation of the sulphide minerals associated with the gold mineralization. The Firefox team expects this feature to evolve into a drill-ready target by later in the year.

Elsewhere at the project, the summer reconnaissance mapping program discovered a mineralized outcrop in an area that had seen limited previous field work by Firefox. The area is generally low-lying with swamp and overburden making outcrop scarce. The outcrop is exposed on the slope of a north-northwest-trending topographic low that is believed to be a fault. Such faults have been associated with high-grade gold mineralization elsewhere on the property.

The outcrop consists of silica-rich metasedimentary rock with semi-massive specularite layers, interpreted as a possible oxide facies banded iron formation (BIF). BIF is well known in the stratigraphic section, and specularite has been associated with gold in drilling at Mustajarvi East. However, this outcrop is more than 500 metres away from any previous drilling. Hand-panning of a small amount of weathered regolith that was collected adjacent to the outcrop yielded numerous tiny gold flakes and some small rock fragments containing visible gold.

Rock chip samples were collected from the outcrop and the company is currently compiling all available data in order to finalize the interpretation and plan a follow-up program this fall if possible.

Approximately three kilometres east of the East target area, the 318-hectare Pikkulehto property block is undergoing the first ground-magnetics survey to delineate areas for follow-up BoT sampling. The survey is anticipated to continue into the fall.

Jeesio project update

The 100-per-cent-controlled Jeesio project covers approximately 74.6 square kilometres along one of the major trans-crustal structures that control the emplacement of numerous orogenic gold deposits in Lapland. The main Jeesio targets include the Utsamo and Kataja belt areas. From south to north, the Kataja belt consists of three gold prospects: Saittavaara, Katajavaara South (KJ South) and Katajavaara Hill (KJ Hill). The prospects span more than four kilometres, apparently related to en echelon northerly striking younger (D3 or D4) structures. The high-resolution airborne magnetics data reveal multiple generations of folding and faulting across the southern part of the property.

An extensive ground magnetics survey was completed over 16.15 square kilometres, including the Kataja belt and adjacent areas. This work has provided a more detailed interpretation of the complex structural setting of the area, in particular, in the northern part of the Kataja belt near the confluence of two major features. The magnetics data reveal intense folding and shearing, suggestive of favourable conditions for focusing hydrothermal activity and gold deposition. Firefox has identified multiple gold anomalies from the limited boulder, outcrop and trench sampling in the southeastern part of the target area, however most of these structurally favourable areas are coincident with topographic lows, which are now swamps. Swamps and wetlands cover approximately 45 per cent of the survey area, so mapping and sampling have not yet been possible in that area. In the 2024 fall program, the Firefox team will conduct more trench sampling at the Katajavaara prospect in order to follow-up on and vector from the previously reported high gold grab sample of 33.6 g/t reported in 2023 (see news release dated Jan. 25, 2023).

Additional targets have been identified from the ground magnetics surveys in the southern and southwestern parts of the Jeesio permit. The team collected rock samples from strongly deformed sericite quartzites, including one sample reported to date that contained 1.1 g/t of gold. These are similar to rocks sampled 500 metres to the southeast at the Saittavaara prospect that yielded gold values of up to 6.28 g/t, as previously reported (see news release dated Feb. 22, 2024). The new prospects occur in highly folded quartzites northwest from the Saittavaara occurrence, where drilling intercepted a near-surface zone of 4.0 m averaging 2.03 g/t Au (see news release dated Aug. 3, 2021). Firefox geologists have collected numerous samples from the area and expect results to be received early in the fourth quarter. Reconnaissance mapping and sampling continues over the area throughout the fall of 2024.

Methodology and quality assurance

Samples reported in this news release were collected by Firefox geologists, who transported the samples to the company's secure facility in Sodankyla. After documentation and insertion of quality assurance samples, the rock samples were delivered to an ALS sample prep lab in Sodankyla. The samples were then crushed to negative two millimetres, split and pulverized into one-kilogram pulps, before being shipped to the ALS facility in Rosia, Montana, Romania, for gold by fire assay of 50-gram aliquots with AAS finish (method Au-AA24). Other elements, altogether 48, were measured after four-acid digestion by ICP-AES and ICP-MS (method ME-MS61) at the ALS facility located in Loughrea, Ireland.

ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures. The Firefox QA/QC (quality assurance/quality control) program consists of insertion of certificated standard material and blanks inserted by Firefox into the analytical batches did not show deviations from recommended values.

Patrick Highsmith, certified professional geologist (AIPG CPG No. 11702) and director of the company, is a qualified person as defined by National Instrument 43-101. Mr. Highsmith has helped prepare, reviewed, verified and approved the technical information in this news release.

About Firefox Gold Corp.

Firefox Gold is listed on the TSX Venture Exchange under the ticker symbol FFOX. Firefox also trades on the OTCQB Venture Market Exchange 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.

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