Mr. Carl Lofberg reports

FIREFOX GOLD EXPANDS DRILL PROGRAM AT MUSTAJARVI AND COMMENCES DRILLING AT THE SARVI PROJECT IN LAPLAND, FINLAND

Firefox Gold Corp. has drilled 56 holes, comprising 13,945 metres, at the 100-per-cent-held Mustajarvi gold project in Lapland, Finland, since beginning the program in August, 2025. As the first drill rig goes on a scheduled break, the technical team is completing its core logging and sampling while looking forward to the receipt of analytical data for 25 holes at the Mustajarvi deposit. After significantly exceeding its plans for approximately 10,000 metres of drilling, Firefox will resume drilling at its flagship project in early August. In the meantime, the company further announces the engagement of a second drilling contractor and the initiation of a follow-up drilling campaign at its 100-per-cent-held Sarvi gold project, located approximately 20 kilometres east of Mustajarvi and five kilometres north of the Ikkari gold deposit, which is now 100 per cent owned by Agnico Eagle Mines Ltd.

The Sarvi drill program will test the continuity and extent of the gold mineralization intersected in scout drill hole 25SA003, which returned 27.48 grams per tonne gold over 1.75 metres (see the company's news release dated Jan. 21, 2026). In addition to stepout drilling around hole 25SA003, the Firefox technical team has generated additional targets from recently completed geophysical surveys on the Sarvi property.

Firefox chief executive officer Carl Lofberg commented: "It has already been a very productive year in the field. We have well surpassed our targeted drill metreage at Mustajarvi, which will lead to steady news flow during the second half of 2026, building towards a maiden mineral resource estimate. This is the sort of critical mass of drilling and expanded scale of exploration that we've been waiting for. Now, after closing another significant financing, we are initiating drilling at a second project. After a short, planned break at Mustajarvi, we will be operating two drill rigs in parallel for the first time. While Mustajarvi is our first discovery and flagship project, it's important to remember that Firefox has a total of seven projects. The Sarvi project was the site of a high-grade drill intercept that we reported in January. Our team has now applied multiple geophysical methods to target beneath the thin cover of glacial sediments in that area. We are confident that we have identified favourable targets there with excellent potential to yield more high-grade gold. We believe a core strength of our company is the team's ability to move rapidly and systematically across multiple targets on multiple properties."

Near-term objectives at Sarvi project

The summer drilling program at the Sarvi project aims to improve the company's understanding of the controls on the previously identified high-grade gold mineralization. Ahead of the current drilling program, Firefox completed detailed ground magnetic, fixed-loop electromagnetic (FLEM) and gravity surveys across the target area. The high-resolution ground magnetic survey, completed using 20-metre line spacing, outlined a northwest-southeast-trending corridor that coincides with the gold mineralization intersected in drill hole 25SA003. The FLEM survey also identified several conductors, which have now been modelled into attractive targets, which fit well with the magnetic features. The strongest conductors occur below the depth of previous drilling and exhibit high conductance values, indicating the potential for sulphide-rich polymetallic mineralization at depth. Firefox geologists can trace this trend for several hundred metres, making it a high-priority exploration target.

After a modest follow-up campaign at Sarvi, the second drill will move back to Mustajarvi while the company awaits assays. The second rig at Mustajarvi will allow the team to balance between systematic infill drilling and testing new targets along the several kilometres of structures that remain untested there.

Corporate update

Firefox also announces that it has granted 1.43 million stock options at an exercise price of 55 cents to certain employees, consultants and directors of the company. These options were issued at a significant premium to the closing share price on the trading day preceding the stock option grant (50 cents). These stock options have been granted pursuant to the company's incentive stock option plan and will expire five years from the date of grant.

Qualified person

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 Exchange 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.

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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