Mr. Carl Lofberg reports

FIREFOX GOLD LAUNCHES AGGRESSIVE EXPLORATION CAMPAIGN AT ITS MUSTAJÄRVI PROJECT, FINLAND: DIAMOND DRILLING UNDERWAY AND BOTTOM-OF-TILL SAMPLING BEGINS IN EARLY SEPTEMBER

Firefox Gold Corp. has launched what it expects to be the largest and most comprehensive exploration program in the company's history at its 100-per-cent-controlled Mustajarvi gold project in the Lapland greenstone belt of Northern Finland. Between now and spring of 2026, Firefox intends to drill more than 10,000 metres of diamond core along the existing mineralized trend defined by the Mustajarvi shear zone. Company geologists will also execute bottom-of-till (BoT) sampling programs at new and more distal targets, such as Mustajarvi West, Mustajarvi East and Pikkulehto. Once several drill holes are completed, the team will conduct new electrical geophysics surveys on surface and down hole around the primary targets at Mustajarvi.

The drilling at Mustajarvi will be a mix of infill and stepout drilling at existing mineralized zones, and it will test some of the new targets both proximal and distal to the main mineralized structures. There has been very little drilling between the three mineralized lodes discovered by the team between 2018 and 2022 (the Central, Northeast and East zones), and there is also very little drilling beneath 230 metres, where strong mineralization was reported in 2023 and 2024 (see company news releases dated July 18, 2023, and Feb. 28, 2024). As the company reported in its Feb. 20, 2025, news release, an electrical geophysics survey identified numerous conductive zones in and around the East zone that may indicate the presence of abundant pyrite, which is often associated with high-grade gold on the property. The first hole of the 2025 drill program has been collared approximately 280 metres southwest from the centre of the East zone, directed at one of the electromagnetic anomalies.

Carl Lofberg, Firefox's chief executive officer, commented about the commencement of the drilling campaign: "We are very pleased that our most ambitious exploration program yet at Mustajarvi is off to a smooth start, with the first new drill hole well under way. We are fully funded for more than 10,000 metres of drilling, and we expect to be drilling almost continuously between now and June of 2026, as we work towards a maiden mineral resource estimate. As always, our team is also keeping the pipeline full of new targets at other projects as well, so we do expect to conduct some diamond drilling at Sarvi and Jeesio. We'll provide an update on the other properties in our portfolio in September."

BoT sampling is an important tool in the Lapland greenstone belt because more than 90 per cent of the terrain is covered by glacial sediments that obscure bedrock. Next week Firefox geologists will commence a BoT survey at Mustajarvi to help develop drill targets on the numerous interpreted structures and geophysical anomalies further away from prior drilling. Several of these such areas at Mustajarvi West, Mustajarvi East and Pikkulehto have not been previously tested. The BoT campaign is expected to continue throughout the fall and early winter, and the results may lead to the first diamond drilling in these new target areas.

Mustajarvi project and drill program summary

The Mustajarvi project lies along the highway between the cities of Kittila and Sodankyla, approximately 17 kilometres east of Kittila. The project remains at an early stage as Firefox and predecessor companies have only drilled approximately 15,752 metres to date, and drilling has delineated three different lodes of gold mineralization along more than 1.5 kilometres of strike so far. Due to its near-surface high-grade nature, the company has been focusing most recently on the East zone.

To date, most of the mineralization identified at Mustajarvi is hosted in metasedimentary rocks that have been intensely altered with albite, sericite, local silicification, sulphidation, iron carbonates and/or cut by quartz-carbonate veining. The highest grades of gold are associated with quartz-carbonate-tourmaline-pyrite (QCTP) veins, hydrothermal breccias or semi-massive to massive pyrite controlled by foliations. Gold is sometimes enriched at or near the contact with ultramafic rocks, either intrusive mafic rocks or thin volcanics, but these mafic intrusive units are only rarely important hosts of gold. The mineralized mafic dikes and sills are usually intensely albitized with disseminated pyrite and cut by quartz-carbonate or QCTP veins.

Qualified person

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 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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