FireFox Gold : Q1 2024

FireFox Gold Corp.

Management Discussion and Analysis

For the three months ended March 31, 2024 (Expressed in Canadian dollars)

FIREFOX GOLD CORP.

Management Discussion and Analysis

March 31, 2024

MANAGEMENT DISCUSSION AND ANALYSIS

THREE MONTHS ENDED MARCH 31, 2024

INTRODUCTION

The Management Discussion & Analysis has been prepared by management and reviewed and approved by the Board of Directors on May 30 , 2024. The following discussion of performance, financial condition and future prospects should be read in conjunction with the unaudited interim condensed financial statements and the related notes thereto for the three months ended March 31, 2024, and the audited annual consolidated financial statements and the related notes thereto for the year ended December 31, 2023. The information provided herein supplements but does not form part of the financial statements. This discussion covers the period ended March 31, 2024 and the subsequent period up to May 30, 2024, the date of issue of this MD&A. Monetary amounts in the following discussion are in Canadian dollars unless otherwise noted.

Additional information regarding the Company can be found on the Company's page at www.sedar.com.

The technical information presented herein has been reviewed by Patrick Highsmith, MSc, CPG, a member of the American Institute of Professional Geologists, a director of the Company, and a qualified person as defined by National Instrument 43-101.

This MD&A contains Forward Looking Information.

Please read the Cautionary Statements on page 3 carefully.

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Management Discussion and Analysis

March 31, 2024

FORWARD LOOKING STATEMENTS

This MD&A contains certain forward-looking statements or forward-looking information within the meaning of applicable Canadian securities laws. All statements and information, other than statements of historical fact, included in or incorporated by reference into this MD&A are forward-looking statements and forward-looking information, including, without limitation, statements regarding activities, events, or developments that we expect or anticipate may occur in the future. Such forward-looking statements and information can be identified by the use of forward-looking words such as "will", "expect", "intend", "plan", "estimate", "anticipate", "believe" or "continue" or similar words and expressions or the negative thereof. There can be no assurance that the plans, intentions, or expectations upon which such forward-looking statements and information are based will occur or, even if they do occur, will result in the performance, events or results expected.

The forward-looking statements and forward-looking information reflect the current beliefs of the Company and are based on currently available information. Accordingly, these statements are subject to known and unknown risks, uncertainties and other factors which could cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed in or implied by the forward- looking statements. This forward-looking information includes estimates, forecasts, plans, priorities, strategies and statements as to the Company's current expectations and assumptions concerning, among other things, ability to access sufficient funds to carry on operations, compliance with current or future regulatory regimes, particularly in the case of ambiguities, financial and operational performance and prospects, collection of receivables, anticipated conclusions of negotiations to acquire projects or investments, our ability to attract and retain skilled staff and consultants, expectations of market prices and costs, expansion plans and objectives, requirements for additional capital, the availability of financing, and the future development and costs and outcomes of the Company's projects or investments. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause actual results to vary materially.

We caution readers of this MD&A not to place undue reliance on forward-looking statements and information contained herein, which are not a guarantee of performance, events or results and are subject to a number of risks, uncertainties and other factors that could cause actual performance, events or results to differ materially from those expressed or implied by such forward-looking statements and information. These factors include: unanticipated future operational difficulties (including cost escalation, unavailability of materials and equipment, industrial disturbances or other job action and unanticipated events related to health, safety and environmental matters); social unrest; failure of counterparties to perform their contractual obligations; changes in priorities, plans, strategies and prospects; general economic, industry, business and market conditions; disruptions or changes in the credit or securities markets; changes in law, regulation, or application and interpretation of the same; the ability to implement business plans and strategies, and to pursue business opportunities; rulings by courts or arbitrators, proceedings and investigations; inflationary pressures; and various other events, conditions or circumstances that could disrupt the Company's priorities, plans, strategies and prospects including those detailed from time to time in the Company's reports and public filings with the Canadian securities administrators, filed on SEDAR.

This information speaks only as of the date of this MD&A. The Company undertakes no obligation to revise or update forward-looking information after the date of this document, nor to make revisions to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws or the policies of the TSX-V exchange.

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FIREFOX GOLD CORP.

Management Discussion and Analysis

March 31, 2024

THE COMPANY

The principal business of FireFox Gold Corp. ("FireFox" or "the Company") is the exploration and development of mineral properties in Finland. The Company owns several exploration-stage properties in the country, further described in the following pages.

FireFox was incorporated in the Province of British Columbia on June 16, 2017, under the name Silverstone Resources Corp. The Company's name was changed to FireFox Gold Corp. on August 23, 2017. The Company is a reporting issuer in British Columbia and Alberta. The Company's shares were listed on the TSX Venture Exchange in December 2018 and trade under the symbol FFOX. FireFox is also listed on the OTCQB exchange in the United States under the symbol FFOXF, as well as on the Frankfurt Stock Exchange under the symbol FIY.

Plan of arrangement

The Company was a wholly owned subsidiary of Anacott Resources Corp. ("Anacott") until a plan of arrangement was completed on July 28, 2017, under which the Company's common shares were distributed to shareholders of Anacott on a pro-rata basis.

Recent share issuance activities

On June 2, 2022, FireFox announced an arm's length shares-for-debt agreement with Oy Kati Ab Kalajoki ("Kati"), a leading provider of drilling services in Finland, under which it issued 1,056,997 common shares as payment for drilling services. At the time of the agreement, the shares had a fair value of $0.15 per share and hence accounted for settlement of invoices totaling $158,549.

FireFox closed the first tranche of a non-brokered private placement on June 29, 2022, under which it issued 3,228,643 units at a purchase price of $0.14 per unit for gross proceeds of $452,010. Each unit consisted of one common share of the Company and one common share purchase warrant, with each whole warrant being exercisable to acquire one additional common share of the Company at an exercise price of $0.21 per share for a term of two years from the date of issuance. In association with this tranche of the private placement, FireFox paid cash finder's fees of $2,520 and issued 15,000 finder's warrants, which are exercisable at a price of $0.21 for 2 years from the date of issuance.

On July 7, 2022, the Company closed a second tranche to the above mentioned non-brokered private placement for an additional $50,000 of gross proceeds. This second tranche included the issuance of an additional 357,143 units of the Company at a purchase price of $0.14 per unit. Each unit consisting of one common share of the Company and one common share purchase warrant, with each whole warrant being exercisable to acquire one additional common share of the Company at an exercise price of $0.21 per share for a term of two years from the date of issuance. This brought the total gross proceeds of the private placement to $502,010.

In October 2022, the Company raised gross proceeds of $506,000 by issuing 5,060,000 units of the Company at a purchase price of $0.10 per unit. Each unit consisted of one common share of the Company and one-half common share purchase warrant, with each whole warrant being exercisable to acquire one additional common share of the Company at an exercise price of $0.18 per share for a term of two years from the date of issuance. The Company paid qualified finders $1,800 in cash finders fees and issued 18,000 finders warrants exercisable at $0.18 for 2 years from the date of issuance in association with this private placement.

In December 2022, the Company raised total gross proceeds of $1,065,080 by issuing 13,318,500 units at a purchase price of $0.08 per unit. Each unit consisted of one common share of the Company and one common share purchase warrant, with each whole warrant being exercisable to acquire one additional common share of the Company at an exercise price of C$0.12 per share for a term of two years from the date of issuance. In association with this financing the Company paid

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Management Discussion and Analysis

March 31, 2024

qualified finder's fees of $ 25,841 and issued 323,010 finder's warrants. The Company also paid $6,480 in advisory fees and issued 81,000 advisory warrants. During the year ended December 31, 2022, 10,777,166 warrants were converted to common shares for total proceeds of $1,257,800, of which $30,000 was received before December 31, 2021.

In March 2023, the Company raised total gross proceeds of $623,500 by issuing 6,235,000 units of the Company at a purchase price of $0.10 per unit. Each unit consists of one common share of the Company and one common share purchase warrant, with each whole warrant being exercisable to acquire one additional common share of the Company at an exercise price of $0.15 per share for a term of two years from the date of issuance. The Company paid to qualified finders $2,700 in cash finder's fees and issued 27,000 finders warrants exercisable at $0.15 for 2 years from the date of issuance in association with this private placement. The Company paid $12,000 in agency fees and issued 120,000 agency warrants exercisable at $0.15 for 2 years from the date of issuance in association with this private placement.

In April 2023, the Company completed a second tranche of the non-brokered private placement announced on February 27, 2023. It raised total gross proceeds of $355,000 by issuing 3,550,000 units of the Company at a purchase price of $0.10 per unit. Each unit consists of one common share of the Company and one common share purchase warrant, with each whole warrant being exercisable to acquire one additional common share of the Company at an exercise price of $0.15 per share for a term of two years from the date of issuance. The Company paid qualified finders $1,500 in cash finder's fees and issued 15,000 finders warrants exercisable at $0.15 for 2 years from the date of issuance in association with this private placement. The Company paid $19,800 in agency fees and issued 198,000 agency warrants exercisable at $0.15 for 2 years from the date of issuance in association with this tranche.

In September 2023 the Company closed another non-brokered private placement raising total proceeds of $323,498 by issuing 4,621,414 units of the Company at a price of $0.07 per unit. Each unit consisted of one common share of the Company and one common share purchase warrant, with each whole warrant being exercisable to acquire one common share of the Company at an exercise price of $0.10 per warrant whare for a term of two years following the closing of the private placement. The Company paid qualified finders $840 in cash finder's fees and issued 12,000 finders warrants exercisable at $0.10 for 2 years from the date of issuance in association with this private placement.

In December 2023, FireFox closed a non-brokered private placement of 22,507,840 units of the Company at a purchase price of $0.075 per unit, for total gross proceeds of $1,688,088. The Company issued 19,010,000 units to Agnico Eagle Mines Ltd. ("Agnico") for gross proceeds of $1,425,750. Each unit was comprised of one common share of the Company and one common share purchase warrant, with each warrant being exercisable to acquire one common share at an exercise price of $0.10 per warrant share for a term of five years following the closing of the private placement, subject to adjustment and an acceleration of the expiry date upon the occurrence of certain events. Crescat Portfolio Management LLC ("Crescat") exercised its participation right and subscribed for 3,497,840 units on the same terms as Agnico for additional gross proceeds of $262,388.

At the closing of the December 2023 private placement, Agnico owned 19,010,000 common shares and 19,010,000 warrants, representing approximately 10.9% of the issued and outstanding common shares on a non-diluted basis and 19.6% of the common shares on a partially diluted basis. Also, as of closing of the December 2023 private placement, Crescat owned 31,188,969 common shares and 8,050,678 warrants, representing approximately 17.8% of the issued and outstanding common shares on a non-diluted basis and 21.5% of the common shares on a partially diluted basis.

In connection with the December 2023 private placement, the Company entered into an investor rights agreement with Agnico (the "Investor Rights Agreement"). Pursuant to the Investor Rights Agreement, Agnico is entitled to certain rights, provided Agnico maintains certain ownership thresholds in FireFox, including: (i) the right to participate in equity financings and top-up its holdings in relation to dilutive issuances in order to maintain its pro rata ownership interest in the Company

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Management Discussion and Analysis

March 31, 2024

at the time of such financing or acquire up to a 19.99% ownership interest, on a partially diluted basis, in FireFox; and (ii) the right to nominate one person to the board of directors of FireFox. At the time of this writing, Agnico has not elected to exercise this right.

PROPERTY DESCRIPTIONS

Riikonkoski, Jeesiö, and Ylöjӓrvi Properties ("RJY Properties")

On August 1, 2017, the Company entered an option agreement with Magnus Minerals Ltd. ("Magnus"), a company incorporated under the laws of Finland, whereby Magnus granted FireFox an exclusive right and option to earn and acquire a 100% interest in each of the Riikonkoski (East and West), Jeesiö (including Jeesiö West) and Ylöjӓrvi (including Oks) Projects, which are located in Finland and owned at the time by Magnus (the "RJY Option Agreement"). Since originally entering into the option agreement, certain extensions were formally granted by Magnus to commitment dates under the RJY Option Agreement. In January 2021 FireFox announced that it had completed its exploration expenditure commitments and cash payments, fully exercising its option.

Pursuant to the RJY Option Agreement, FireFox completed the following commitments:

1. issued 6,000,000 common shares to Magnus;
2. incurred $3,935,617 in exploration expenditures on the RJY Properties; and
3. made cash payments to Magnus totaling $250,000.

Under the terms of the RJY Option Agreement FireFox remains obligated to pay Magnus an additional payment, equal to the value of 1,000 troy ounces of gold, within 12 months of the commencement of commercial production. In addition, under the RJY Option Agreement, FireFox granted Magnus a 1.5% net smelter return royalty (NSR), which may be reduced to 1% by the payment to Magnus of 1,000 troy ounces of gold within 90 days of publishing a positive feasibility study. Pursuant to the RJY Option Agreement, Magnus has agreed to provide mineral exploration services to FireFox.

Jeesiö Project

The Jeesiö Project presently consists of twelve distinct tenement blocks, including nine exploration permit applications and three valid exploration permits (Figure 1). The total size of the Jeesiö tenements is currently 74.6 km2.

The northern boundary of the Jeesiö exploration permit applications is only 2 kilometers south from the Aamurusko gold discovery (Risti Property) by Aurion Resources Ltd (TSX-V:AU), and 12 kilometers SSW from the Pahtavaara Gold Mine (350,000 oz. produced), currently being explored and redeveloped by Rupert Resources Ltd (TSE:RUP). Numerous smaller drilled prospects and deposits are located in the vicinity of Jeesiö.

[FireFox cautions that being near a discovery, or past-producing mine with a resource, does not indicate that mineralization will occur on FireFox's property, and if mineralization does occur, that it will occur in sufficient quantity or grade that would be economic to mine. These facts were referenced here to provide context for the prospectivity of the FireFox properties.]

Portions of the Jeesiö property straddle the Sirkka Shear Zone (SSZ) or related regional-scale structures. FireFox purchased and reprocessed government low-altitude airborne geophysical survey data, which helped guide target generation. Despite its location along these important controlling structures, the Jeesiö area has seen only limited exploration work. Therefore, Jeesiö is considered a greenfield exploration target. Prior to FireFox's work, the Jeesiö area was covered by government funded regional till sampling programs, but only one small gold prospect, Homelampi, was drill tested. These 4 shallow holes returned low grades (0.1-0.3 grams per tonne Au) over intervals up to several metres long, with the best intersection returning 0.3 grams per tonne (g/t) Au over 2.07 metres.

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Management Discussion and Analysis

March 31, 2024

During small scale exploration programs in the period 2018 - 2020, FireFox conducted geological mapping, prospecting, as well as extensive geophysics (ground magnetics, airborne magnetics, and limited induced polarization/resistivity). In the northern part of the property, where the SSZ is interpreted to pass, the Utsamo Target emerged. The Company initiated limited base-of-till (BOT) sampling over the targeted fault corridor, and FireFox geologists drilled 7 shallow reconnaissance holes in two campaigns (totaling 921 metres) that yielded no significant gold intercepts.

Figure 1 - A map showing the Jeesiö property outlines with all the gold assayed surface samples until Q4 of 2023.

BOT sampling re-started in January 2021 at the Jeesiö Property and the program tested the five-kilometre-long Utsamo Corridor of complex faults and shears that are believed to occupy a flexure in the shear zone that crosses the northeast portion of the project. The previous BOT campaign was reconnaissance in nature, comprised of only two parallel sampling lines 2.5 kilometres apart. That work led to shallow drill holes that penetrated a thick section of fault gouge on a likely splay of the SSZ but no significant gold.

By September 30, 2021, the teams had collected 1,012 new BOT samples, increasing the total number of BOT samples at the Utsamo area to 1,233 (Figure 2). These samples were comprised primarily of dense basal till, often mixed with weathered bedrock. Glacial overburden encountered during the BOT sampling occasionally reached depths of up to 35 metres, suggesting deeply weathered terrane that may indicate the presence of faults or shear zones. Significant pathfinder anomalies were identified, especially from the northwestern portion of the Utsamo area. These pathfinder- elements, such as bismuth, (Bi) tellurium, (Te) and antimony (Sb) are strong indications of orogenic gold in this geological terrane. Firefox used the BOT campaign to build a more detailed structural map of the Utsamo Corridor with associated gold, multi-element geochemistry and alteration.

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Management Discussion and Analysis

March 31, 2024

In Q4 of 2021 Firefox tested these BOT-anomalies with a 5-hole diamond drilling campaign (1113.3 metres). None of these holes encountered significant gold mineralization, and the results were reported on April 5, 2022. The drill holes encountered dominantly metasedimentary rocks with lesser mafic volcanics, which were variably cut by thin zones of albite- silica-carbonate alteration with disseminated magnetite and pyrite.

Figure 2. BOT Survey and Structure in Utsamo Corridor at Jeesiö Project

More than 5 kilometres south of the Utsamo Target, FireFox has delineated several additional targets, potentially associated with the interpreted Venejoki Shear Zone, a major transcrustal thrust system running broadly in a West-East direction south of the Sirkka Shear Zone.

FireFox conducted a short reconnaissance drilling program at the southernmost target, ("Saittavaara") in early May 2021. This drilling campaign targeted the anomalous grab samples collected earlier in FireFox´s 2020 summer program (Figure 3). These six holes, totaling 309.1 metres, were the first known drilling in the area by any operator. Two of the six holes encountered anomalous gold mineralization of more than 0.9 g/t. Drill hole 21JE002 intercepted a near-surface zone of 4.0m averaging 2.03 g/t Au, including 2.0m at 3.18 g/t Au.

After the encouraging scout drilling results at Saittavaara, FireFox conducted a small-scale mapping campaign around the area late in Q3 of 2021. The team located several gold anomalous rock chip samples from local boulder material, yielding gold up to 7.79 g/t. The highest gold values were received from a chip sample collected from a sulphide rich quartz vein that was observed crosscutting the mafic intrusive in surface boulders or outcrop. The Company submitted an additional exploration permit application to the northwest from the encouraging drilling and encompassing the area of the highly

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anomalous rock sample. The new permit application covers approximately 4.67 km2.

Additional diamond drilling took place at Saittavaara in late Q4 2021, and the results were reported on April 4, 2022. Despite favorable indications from geophysics along the trend, drill holes 21JEE009 and 21JEE010 did not encounter significant gold or the same strong deformation or alteration previously noted in the area. The two holes totaled just under 400 metres of drilling.

Along the trend to the north (approximately 2 kilometres), FireFox geologists identified high-grade gold in outcrop (10.5 g/t Au) from quartz-magnetite-sulphide vein samples in 2019 and 2020 (see Company news release dated October 6, 2020). The anomalous samples are associated with the southwest margin of a magnetic body believed to represent mafic intrusive or volcanic rocks. This was the target of the 2022 exploration trenching campaign at Katajavaara South (KJ South) and Katajavaara Hill (KJ Hill). The results were reported in a news release dated January 25, 2023, and are summarized in Figure

3. The team excavated 9 small exploration trenches and collected 68 chip/channel and 34 grab samples from bedrock. Channel samples were taken perpendicular to observed mineralized veins and structures to represent true width.

The trenches exposed the intensely sheared contact between siliciclastic metasedimentary and mafic intrusive rocks, revealing several mineralized quartz-sulphide veins and lenses within both units. In addition to pyrite and magnetite, geologists also noted the presence of chalcopyrite and copper oxides in these samples. The gabbro in the area is likely attributable to mafic sills that are related to a younger continental rift setting (Haaskalehto-type), which are common at the Jeesiö Project. The mineralization encountered in the trenches is clearly controlled by shearing, as it crosscuts both lithologies and the contact between them. Among several samples at KJ South containing strongly anomalous gold, one chip channel sample averaged 1.33 g/t gold over 0.8 metres. Another grab sample contained 1.43 g/t gold.

KJ Hill is located approximately 900 metres to the north of KJ South along the trend of a N-S oriented magnetic feature. Along the eastern slope of the hill, there are fields of locally derived boulders displaying abundant mineralized quartz veins intruding metasedimentary (arkose and quartzite) and mafic rocks. FireFox teams collected grab samples from boulders of these quartz veins in 2020, including one sample with 4.73 g/t Au (see Company news release dated October 6, 2020). This trend of anomalous samples is approximately 400 metres long and appears to be associated with a younger structure that crosscuts the north-trending magnetic anomaly in a northeasterly direction.

At KJ Hill, the team cut six trenches that exposed several quartz lenses and veins hosted in siliciclastic metasedimentary rocks. The mineralization exposed in the trenches was relatively simple, quartz with chlorite and minor sulfides (partially oxidized). The highest-grade sample was 33.60 g/t Au from a bedrock grab sample of quartz vein. The extent of gold mineralization at both KJ South and KJ Hill is not known, as the gold anomalies are undrilled and remain open along strike and at depth. Firefox commenced a limited mapping and sampling program, accompanied by ground magnetics, at Jeesiö NE, Saittavaara and Katajavaara during Q3 of 2023. This mapping campaign resulted in locating another cluster of gold mineralized samples, approximately 400 metres west from the Saittavaara occurrence. The gold in this new area occurs in highly deformed and altered metasedimentary rocks (quartzites). The highest gold values from this sampling included 6.28 g/t, 5.04 g/t and 4.07 g/t (Company news release dated February 22, 2024).

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Figure 3. The 2022 trenching campaign locations with anomalous gold values highlighted. The 2023 surface rock

samples marked as orange.

Ylöjärvi Project

The Company´s Ylöjӓrvi property (1.01 km2 in total size) is secured by an exploration permit application. Ylöjärvi is located in the western branch of the Tampere Schist Belt, a volcano-sedimentary belt well-known for its historical and active gold mining.

The area of the Ylöjärvi tenement saw only minor exploration work prior to FireFox's involvement. The Company's exploration targeting work at Ylöjärvi focused on the similarities in geochemistry, style of alteration and structural geology of the volcanic sequences to those features observed near the gold mines of the region. In addition, the presence of numerous high-grade glacial erratics and gold anomalies in till or soil support the general prospectivity of the area. Additional exploration work will have to be performed in order to ascertain whether there is significant mineralization associated with these initial indicators.

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