Mr. Carl Lofberg reports

FIREFOX ANNOUNCES SHARES FOR DEBT TRANSACTION

Firefox Gold Corp. has entered into a debt settlement agreement as of Dec. 31, 2025, with one director of the company to settle deferred consulting fees payable in the aggregate principal amount of $142,000 by way of: (i) $70,000 in cash as partial satisfaction of the debt; and (ii) the issuance of 144,000 fully paid common shares in the capital of the company at a deemed price of 50 cents per common share. The debt comprises the outstanding balance owed by the company to the creditor.

The issuance of the common shares to the creditor, an insider of the company, is considered a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company is exempt from the formal valuation and minority shareholder approval requirements under MI 61-101 in reliance on the exemptions set out in sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101 as the fair market value of the transaction is not more than 25 per cent of the company's market capitalization.

The common shares will be issued on a private placement basis and will be subject to a four-month hold period. The closing of the share-for-debt transaction remains subject to the approval of the TSX Venture Exchange.

About Firefox Gold Corp.

Firefox Gold 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 on a large portfolio of ground prospective for high-grade gold deposits. The delineation of multiple gold zones at the company's 100-per-cent-held Mustajarvi project is paving the way for the discovery of Finland's next major gold deposit. 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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