Firefox Gold outlines drill targets at Mustajarvi

Executive Summary

• Firefox Gold Corp. identified new high-priority drill targets at its 100%-held Mustajarvi gold project in Lapland, Finland, based on new base-of-till (BoT) sampling and geophysical anomalies.
• A significant BoT sample returned greater than 100 grams per tonne gold in an undrilled area near a major structural intersection, located approximately two kilometres southwest of previous drilling.
• The company received an exploration reservation area (Vuoma) covering 4.32 square kilometres contiguous with the main project, granting exclusive rights to apply for an exploration permit for two years.

Key Details

• Base-of-Till (BoT) Sampling Results:
  • Campaign initiated in late fall 2025; 437 samples collected by end of 2025, with 251 assays received.
  • One significantly gold-enriched sample returned >100 g/t gold, along with highly anomalous bismuth (50.1 ppm) and tellurium (30.7 ppm).
  • Elevated gold values clustered near the interpreted junction of the Venejoki shear zone and the Mustajarvi shear zone.
  • New targets are located well away from previously reported high-grade results in the Northeast and East zones.
• Geophysical Surveys:
  • Fixed-Loop Electromagnetic (FLEM): Conducted by Magnus Minerals on targets 900 to 2,000 metres east of the East zone.
  • Identified two well-defined conductive anomalies recommended for drill testing:
    • One anomaly ~700 metres southeast of the East zone, consistent with shallow pyrite mineralization along a northeast-striking structure.
    • Another anomaly >1 kilometre to the east, coincident with magnetite destruction (hydrothermal alteration).
  • Combined GMAG-VLF Survey: Conducted by Geovisor at the "Triangle" target to define a north-south trending fault zone.
  • Combined survey successfully outlined the structure and highlighted a disruption/bend, enhancing the target's credibility.
  • Previous rock sampling at Triangle included 1m diamond-saw cuts grading 1.83 g/t and 1.425 g/t gold, and grab samples of 4.82 g/t and 4.41 g/t gold.
• Regulatory/Property Updates:
  • Finnish mining authority (Tukes) granted an exploration reservation area named "Vuoma."
  • Area size: 4.32 square kilometres.
  • Location: Southern side of and contiguous with the main Mustajarvi exploration permits.
  • Validity: Two years, during which an application for an exploration permit must be prepared.
• Drilling Program Status:
  • Current drill campaign exceeds 10,000 metres.
  • New drilling will target the high-grade BoT anomaly near the structural intersection and the new geophysical anomalies east of the East zone.
• Technical Methodology:
  • Samples analyzed by ALS Laboratories using AuME-TL43 method (aqua regia digestion with ICP-MS finish).
  • No QA/QC issues identified.
  • Qualified Person: Patrick Highsmith, AIPG CPG No. 11702.

Notable Quotes

• "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." — Carl Lofberg, CEO
• "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... Having high gold in till sampling so close to a major interpreted structural intersection makes this target particularly exciting." — Carl Lofberg, CEO