Mr. Carl Lofberg reports

FIREFOX GOLD CLOSES FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Firefox Gold Corp. has closed the first tranche of its non-brokered private placement for units announced on May 15, 2026, the upsizing of which was announced on May 29, 2026. The company intends to complete the second and final tranche of the private placement on or about June 18, 2026, completing a successful offering for estimated gross proceeds of $6,745,000.

Pursuant to the first tranche, the company has raised gross proceeds of $4,730,700 by issuing 7,884,499 units of the company at a purchase price of 60 cents per unit. Each unit consists of one common share of the company and one-half of 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 90 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 Canadian securities legislation. completion of the private placement is subject to receipt of final approval of the TSX Venture Exchange.

The company intends to use the proceeds of the private placement for mineral exploration and related expenditures on Firefox's projects in northern Finland and general working capital.

Certain directors and officers of the company purchased or acquired direction and control over a total of 1,085,000 units under the first tranche of the private placement. The placement to those persons constitutes a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions adopted in the policy. The company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61 101 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25 per cent of the company's market capitalization (as determined under MI 61-101).

Additional insiders are expected to participate in the second tranche of the placement as well.

Firefox paid qualified finders $153,682 in cash finders' fees and issued 256,136 finders' warrants exercisable at 90 cents for three years from the date of issuance in association with the first tranche of the private placement.

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 where it holds a large portfolio of prospective ground.

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.