Mr. Carl Lofberg reports

FIREFOX IDENTIFIES PROMISING NEW DRILL TARGETS AT MUSTAJARVI GOLD PROJECT, LAPLAND, FINLAND

Firefox Gold Corp. has shared an exploration update from its 100-per-cent-held Mustajarvi gold project in Lapland, Finland. New drill targets have emerged well away from previously reported high-grade drill results in the Northeast and East zones. The new targets are based on new gold anomalies in base-of-till (BoT) sampling and geophysical anomalies, both of which correlate with attractive structural settings and other favourable indicators. Perhaps most significant, one new BoT sample returned more than 100 grams per tonne gold in an undrilled area near a major structural intersection two kilometres southwest from any previous drilling. Firefox will be targeting this area and the new geophysical anomalies with new drilling as part of its continuing Mustajarvi drill program.

In addition, the Finnish mining authority (Tukes) has granted Firefox Gold an exploration reservation area, Vuoma, covering 4.32 square kilometres, on the southern side of and contiguous with the main Mustajarvi exploration permits. An exploration reservation grants the exclusive right to apply for an exploration permit within the designated area. The reservation area is valid for two years, during which the application for an exploration permit must be prepared.

Carl Lofberg, Firefox's chief executive officer, commented: "As our 10,000-plus-metre drill campaign continues at Mustajarvi, these new targets, which are, in some cases, kilometres away from any previous drilling, continue to show the potential large scale of the system. The latest high-gold BoT sample (greater than 100 grams per tonne) at Mustajarvi West is one of the highest-grade surface samples we have seen, but the East zone discovery also yielded similarly high gold in BoT samples. Having high gold in till sampling so close to a major interpreted structural intersection makes this target particularly exciting. We will be testing this new target in the current phase of drilling. After confirming the efficacy of our approach to electrical geophysics with recent high-grade drill intercepts, we also look forward to drill testing the latest geophysical anomalies, which are well to the east of any previous drilling."

Early results from BoT sampling campaign include bonanza grade

Most of the Lapland greenstone belt is covered by glacial sediments. BoT sampling has been used effectively to explore beneath this cover. The company initiated a BoT sampling campaign at the Mustajarvi project in late fall of 2025. By the end of 2025, the team had collected a total of 437 samples, for which 251 assays have been received. Results to date include a cluster of elevated gold values occurring near the interpreted junction of the Venejoki shear zone and the Mustajarvi shear zone. One significantly gold-enriched sample returned an assay of greater than 100 grams per tonne gold, together with highly anomalous bismuth (50.1 parts per million) and tellurium (30.7 parts per million). This association of gold with bismuth and tellurium is consistent with the drill indicated mineralization in each of the known gold zones on the property.

The East, Northeast, and Central zones at Mustajarvi are generally associated with BoT gold anomalies. The team has been aware of a number of anomalies on the western end of the property from previous surveys, but this new survey pushes the data farther to the south near an important structural intersection. There is no drilling in the area yet.

BoT samples are collected from glacially transported sediments, ideally at the bedrock-till interface. The provenance of the material can vary, ranging from highly local sources (higher-quality samples) to material transported from kilometres away (lower-quality samples). Elevated gold values, together with anomalous pathfinder elements, are generally considered to be priority drilling targets.

Expanded geophysical tool kit provides new targets

In 2025, Firefox successfully employed fixed-loop electromagnetic (FLEM) surveys to identify gold in conductive (pyrite-dominant) horizons that expanded the known mineralization at the near-surface high-grade Mustajarvi East zone (see the company's news releases dated Oct. 27, 2025, and Dec. 8, 2025). The company initiated new FLEM surveys on targets lying approximately 900 to 2,000 metres east of the East zone. Magnus Minerals was contracted by Firefox to conduct the surveys, which included five loops and 564 stations, employing a blanket-style approach to ensure comprehensive coverage. This methodology allowed for clear visualization of conductive zones that may be related to gold mineralization. Where these anomalies coincide with breaks in the magnetics and key structures are high-priority targets, as this setting compares very favourably with the East zone discovery. The results of the latest survey indicate two well-defined anomalies recommended for drill testing. Approximately 700 metres southeast of the East zone, there is a strong conductive EM anomaly, consistent with the typical signature seen for shallow pyrite mineralization elsewhere on the project. This is a highly prospective indication along an apparent northeast-striking structure or lithologic contact that was already of interest. Farther to the east, more than a kilometre away, there is another strong EM conductor that is coincident with magnetite destruction, another possible indication of hydrothermal alteration. Neither of these areas has ever been drilled, and the geophysical signature and structural setting lend credibility for drill testing.

The team also conducted an innovative test to improve efficiency and efficacy by simultaneously applying two well-known survey methods. Geovisor Oy conducted ground magnetics (GMAG) and very-low-frequency electromagnetic (VLF) measurements together. VLF measurements are particularly effective for detecting near-surface, low-resistivity or conductive features that often coincide with mineralized zones. This test survey focused on the Triangle target, where earlier sampling identified gold mineralization associated with a north-south-trending fault zone. Previous rock sampling results here included one-metre diamond-saw cuts grading 1.83 grams per tonne and 1.425 grams per tonne gold and grab samples of 4.82 grams per tonne and 4.41 grams per tonne gold (see the company's news releases dated Jan. 16, 2025, and Sept. 17, 2024).

The survey was initiated to better define a suspected north-south structure believed to host gold mineralization and to trace the structure southward toward the Mustajarvi shear zone. Previous attempts to map the fault using detailed GMAG alone did not produce optimal results. The combined GMAG-VLF survey successfully outlined the structure and highlighted zones of potentially mineralized, low-resistivity material. The data also revealed a disruption or bend in the structure, which further enhance an already-strong target.

Magnus Minerals is a long-time partner of Firefox and has long experience and deep expertise in the Lapland greenstone belt. Magnus senior geophysicist Markku Montonen is a leading expert in geophysical exploration in the region, and he provided interpretation of the geophysical results. Geovisor is a leading geophysics provider to the mining exploration community in northern Finland.

Methodology and quality assurance

BoT sampling targets the basal till and bedrock interface using a percussion drill mounted on a tracked vehicle. Firefox geologists supervised sampling procedures and maintained chain of custody according to best industry practice and with due attention to quality assurance and quality control. The samples were transported to the ALS sample prep lab in Outokumpu.

The lab dried (60 C) and screened the till samples to minus 180 micrometres and analyzed them by the AuME-TL43 method, utilizing an aqua regia digestion with an ICP-MS finish. ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures.

No quality assurance/quality control issues were identified from a review of the analytical data discussed herein.

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 in the United States under the ticker symbol FFOXF. The company has been exploring for gold in Finland since 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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