Mr. Carl Lofberg reports

FIREFOX ANNOUNCES UPSIZING OF PRIVATE PLACEMENT TO $7 MILLION

Firefox Gold Corp., further to its press release dated July 15, 2025, has upsized its previously announced private placement. Under the amended terms, the company will issue up to 175 million units of the company at a price of four cents per unit for aggregate gross proceeds to the company of up to $7-million.

The net proceeds of the offering are expected to fund a significant drill program at the Mustajarvi project, as well as a return to drilling at the Sarvi project along with other exploration work, working capital and general corporate purposes. The company has secured drill rig availability for a significant drill program to start within a few weeks of closing the offering, and Firefox expects to drill through the winter. The offering is expected to close on or about Aug. 15, 2025, subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange. The shares, warrants and warrant shares will be subject to a statutory hold period of four months plus one day from the closing date, in accordance with applicable securities legislation.

Firefox reminds the reader that the company is also undertaking a 1:10 consolidation of its share capital concurrently with the closing of the offering. The details of the consolidation and additional information are available in the company's last news release on July 15, 2025.

It is expected that certain insiders of the company (as such term is defined under the policies of the TSX-V), including certain directors, will participate in the offering. The participation of insiders in the offering will constitute a "related party transaction" within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company intends to rely upon exemptions from the formal valuation and minority approval requirements of MI 61-101 based on a determination that the fair market value of the offering, insofar as it involves the related parties, does not exceed $2.5-million.

Quality assurance

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. As a director and shareholder of the company, he is not independent.

About Firefox Gold Corp.

Firefox Gold Corp 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.

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