Mr. Carl Lofberg reports

FIREFOX GOLD CLOSES SECOND AND FINAL TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Effective June 22, 2026, subject to regulatory acceptance, Firefox Gold Corp. has completed the second and final tranche of the non-brokered private placement announced on May 15, 2026.

The company raised gross proceeds of $6,725,400 by issuing 11,208,999 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 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 common shares issued pursuant to the private placement are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation. Following completion of the private placement, the company has 49,957,066 common shares issued and outstanding.

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

Certain directors and officers of the company purchased a total of 2.91 million units. In addition, Agnico Eagle Mines Ltd. exercised its participation right and acquired 1,825,000 units.

The private placement to these insiders constitutes a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, and TSX Venture Exchange Policy 5.9, Protection of Minority Security Holders in Special Transactions. In connection with these related party transactions, the company is relying on the formal valuation and minority shareholder approval exemptions of sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the portion of the private placement subscribed for by these insiders does not exceed 25 per cent of the company's market capitalization.

Firefox will pay fees and issue warrants to qualified finders totalling $319,179 in cash, and 265,982 finder warrants, exercisable at a price of 90 cents for three years from the date of issuance.

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.