Mr. Carl Lofberg reports

FIREFOX GOLD SUMMARIZES NEW ANOMALIES AND ONGOING EXPLORATION AT ITS KOLHO PROPERTY, FINLAND

Firefox Gold Corp. has shared a progress report and the latest results from its Kolho property, located in northern Finland. The Kolho property exploration campaign is operated by a subsidiary of Agnico Eagle Mines Ltd. pursuant to an earn-in agreement announced on Dec. 20, 2023. Exploration expenditures by Agnico on the property totalled approximately $765,000 (U.S.) during 2024.

Firefox chief executive officer Carl Lofberg commented on the update on the Kolho property: "We are pleased with the steady ongoing work at Kolho. The tenement package is large and highly prospective, so it is important to see the application of large-scale systematic exploration on the ground. Even though this was the first year of activity on the first permit, it is encouraging to see gold and pathfinder element anomalies from the base-of-till sampling, and the geophysics is confirming our general interpretation of the structural setting and prospectivity. It is also not surprising to see further evidence for ultramafic rocks on the property with potential for Cu-Ni-PGE deposits. We look forward to seeing the pace of work increase in 2025 with the addition of a second base-of-till sampling rig and ongoing gravity surveys moving to the recently approved exploration permits."

The 2024 exploration activities were focused at the Nuttio permit, which was the first of the six exploration permit areas within the Kolho property to have a fully approved exploration permit allowing for mechanized work. The 2024 activities included a detailed ground gravity survey covering the entire Nuttio permit (approximately 31 square kilometres) and the initiation of a systematic base-of-till sampling campaign. By the end of 2024, a total of 1,619 BoT samples were collected, with assay results for 1,325 of the samples reported. The results to date are encouraging: Several gold-anomalous zones have been identified, accompanied by elevated levels of arsenic, bismuth, tellurium and copper, which are regarded as pathfinder elements commonly associated with orogenic gold systems in the central Lapland greenstone belt. The highest gold value reported from the BoT samples was 0.116 gram per tonne of Au, accompanied by an anomalous copper value of 0.27 per cent Cu.

The 2024 activities also included a ground gravity survey covering the Nuttio permit area. A total of 1,892 survey stations were measured with 125-metre spacing. The interpretation of the gravity data reveals the folding of the lithological units in the southwestern part of the project area, as well as the large contact zones and northwest-southwest-trending thrust zones seen throughout the whole project area. In the northern part of the permit area, these thrust zones appear to control the accumulation of significant ultramafic volcanic rocks as demonstrated by anomalous levels of elements such as chromium, nickel and magnesium in the BoT sample data.

The elevated chromium values, with a maximum value of 1,482 parts per million, form a cluster more than 1.1 kilometres in length and 500 metres in width, which is believed to represent the peridotitic komatiites of the Sattasvaara formation of the Proterozoic-aged Savukoski group. According to the Bedrock of Finland geological database (one to 200,000 scale) (Geological Survey of Finland, 2024), these ultramafic rocks are associated with most of the gold occurrences along the Sirkka line, as well as at the Ikkari and Pahtavaara deposits owned by Rupert Resources Ltd. In addition to the encouraging gold and pathfinder element anomalies, the BoT sampling results indicate the potential for copper-nickel sulphide deposits within the Nuttio permit area, which can also be enriched in platinum group elements.

During 2024, the Finnish Safety and Chemicals Agency (TUKES) granted two additional exploration permits within the Kolho property, southeast of Nuttio: Rova and Hilla. Together, these newly approved permits cover approximately 51 square kilometres along the major thrusted contact zone. Three additional applications for exploration permits, to the north of Nuttio, remain in progress at Kolho.

Exploration plans for 2025

A detailed gravity survey was initiated on the Hilla and Rova permit areas. The systematic BoT sampling campaign will continue in the Nuttio area and is expected to move to the Hilla area during first quarter of 2025. The BoT sampling rate is expected to increase through the addition of a heavier drill rig with the capacity for combining top-of-bedrock (chip) and base-of-till drilling.

About the Kolho property

The 120-plus-square-kilometre Kolho property is a group of three exploration permit applications and three exploration permits that occupies a prospective structural corridor northeast of Rupert Resources Ltd.'s Ikkari discovery and Firefox's Sarvi property.

Pursuant to the terms of the earn-in agreement, Firefox granted Agnico an exclusive right to earn a 51-per-cent interest in the Kolho property by incurring exploration expenditures totalling $5-million (U.S.) before the fifth anniversary of entering into the earn-in agreement, of which $2-million (U.S.) will be a committed amount required to be spent on or prior to the third anniversary of the date that certain permits are granted in respect of the Kolho property. For additional details with respect to the earn-in agreement, see the company's news release dated Dec. 20, 2023.

Methodology and quality assurance

The technical information in this news release has been verified by detailed monthly reports and on-line meetings amongst Firefox management and Agnico representatives. All BoT samples referred to in this news release were prepared at the independent laboratory facilities of CRS Laboratories Oy in Kemple, Finland, which operates as a subcontractor for Canadian MSALabs, which is a global provider of geochemical laboratory services for the mineral prospecting and mining industry. The BoT samples have been dried and sieved to a fine fraction at CRS Laboratories. The fine fraction of the BoT samples is tested for gold and 50 other elements with the IMS-131 method (20 grams true aqua regia, ICP-MS finish ultratrace) at MSALabs in Langley, B.C., Canada.

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 and approved the technical information in this news release.

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 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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