Mr. Carl Lofberg reports

FIREFOX ANNOUNCES UPSIZING OF PRIVATE PLACEMENT TO $7,100,000

Further to its press release dated May 15, 2026, due to strong investor demand, Firefox Gold Corp. has upsized its previously announced private placement to 11,833,333 units of the company at a price of 60 cents per unit for aggregate gross proceeds to the company of up to $7.1-million. Each unit comprises one common share and one-half of one common share purchase warrant. Each warrant will be exercisable for one common share at an exercise price of 90 cents and will expire three years from the closing date of the offering.

The net proceeds of the offering are expected to finance 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 plans to continue with the current drill program and expects to drill through the winter. The offering is expected to close on or about June 9, 2026, subject to certain conditions, including, but not limited to, the approval of the TSX Venture Exchange and all other necessary regulatory approvals. 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.

In connection with the offering, the company anticipates paying certain arm's-length parties cash finders' fees up to an agreed percentage, based on the units that are sold to subscribers introduced by such parties.

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, is not more than 25 per cent of the company's market capitalization.

About Firefox Gold Corp.

Firefox Gold is listed on the TSX-V 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, 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.