Mr. Carl Lofberg reports

FIREFOX GOLD PROVIDES UPDATE ON KOLHO JOINT VENTURE LAPLAND, FINLAND

Firefox Gold Corp. has shared a progress report from exploration activity at its Kolho property, located in Northern Finland. The Kolho property exploration campaign is being operated by a subsidiary of Agnico Eagle Mines Ltd. (Toronto Stock Exchange: AEM) (New York Stock Exchange: AEM) (Agnico) pursuant to the earn-in agreement announced on Dec. 20, 2023. Exploration expenditures on the Kolho property during 2025 by Agnico totalled $1,842,000 (U.S.). This brings the total expenditure on the project to approximately $2,936,000 (U.S.) since signing of the earn-in agreement.

The 2025 field programs commenced with base-of-till (BoT) sampling from January through August, resulting in 2,778 samples collected, covering most of the Hilla exploration permit. The first drill program was initiated in the fall, including 2,383 metres of diamond drilling in 12 holes at Nuttio and Hilla, and drilling resumed early in 2026, delivering an additional 1,398 metres during the first quarter.

Firefox chief executive officer Carl Lofberg commented on the progress at the Kolho property: "Agnico has established itself as the premier gold explorer and miner in the region, and we are pleased to continue our partnership at Kolho. Our shareholders benefit from Agnico's expertise and capital coupled with the discovery potential over this very large project. It is significant that they have now completed two drill programs on the back of results from systematic BoT sampling and geophysical surveys. Much of the property remains substantially unexplored while occupying a very attractive geological setting. We look forward to the results from the ongoing program."

The first three drill holes, totalling 618.8 metres, tested targets at the Nuttio exploration permit where gold-anomalous zones were identified from BoT sampling and geophysics completed during the 2024 campaign (see company news release dated March 4, 2025). Seven additional holes tested new targets at the Hilla exploration permit area, with a total of 1,764.5 metres drilled.

The 2026 diamond drilling program commenced on March 5 at the Rova exploration permit with two drill holes, totalling 464 metres. In mid-March the drill rig moved to continue drilling at the Hilla exploration permit to test geophysical and structural anomalies. The three additional holes at Hilla totalled 934 metres of 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.) was 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.

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 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 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.

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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