Mr. Carl Lofberg reports

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

Effective Aug. 15, 2025, subject to regulatory acceptance, Firefox Gold Corp. has completed the second and final tranche of the non-brokered private placement and the 1:10 share consolidation announced on July 15, 2025.

All numbers and prices in the paragraph below pertaining to the private placement are stated as preconsolidation values.

Firefox has raised gross proceeds of $7-million by issuing 175 million units of the company at a purchase price of four 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 six 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. Pursuant to this offering and before the effects of the share consolidation, the company has issued and outstanding shares totalling 383,272,249.

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.

The company now recognizes a new insider, Concept Capital Corp. Certain directors and officers of the company purchased a total of 1,375,000 units. Other insiders, namely Agnico Eagle Mines Ltd., Crescat Portfolio Management LLC and Concept Capital Corp., purchased a total of 62,772,500 units. Specifically, Agnico exercised its participation right and acquired 19,022,500 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 shareholder 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.

The company also notes that new investors subscribed for 78 per cent of this offering, totalling 90,927,500 units.

Immediately following the close of the private placement, the company completed a 1:10 consolidation of its common shares. The share consolidation was approved by the company's board of directors pursuant to a resolution passed on Feb. 25, 2025, and received TSX-V approval. The company's new issued and outstanding share total now stands at 38,327,225. Firefox's newly consolidated shares commenced trading on the TSX-V on Aug. 15, 2025, at 55 cents per share.

Firefox will pay fees and issue warrants to qualified finders totalling $102,046 in cash, 4,987,500 preconsolidation shares in lieu of cash and 7,383,650 finders warrants (preconsolidation warrants), exercisable at a re-consolidation price of six cents for three years from the date of issuance).

About Firefox Gold Corp.

Firefox Gold is listed on the TSX-V 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.

We seek Safe Harbor.