FireFox Gold : YE 2020

20170622

FireFox Gold Corp.

Management Discussion and Analysis

For the year ended December 31, 2020 and 2019

(Expressed in Canadian dollars)

SKEENA RESO

FIREFOX GOLD CORP.

Management Discussion and Analysis

December 31, 2020

MANAGEMENT DISCUSSION AND ANALYSIS

YEAR ENDED DECEMBER 31, 2020

INTRODUCTION

The Management Discussion & Analysis has been prepared by management and reviewed and approved by the Board of Directors on April 27, 2021. The following discussion of performance, financial condition and future prospects should be read in conjunction with the audited annual consolidated financial statements and the related notes thereto for the year ended December 31, 2020, and the audited annual consolidated financial statements and the related notes thereto for the year ended December 31, 2019. The information provided herein supplements but does not form part of the financial statements. This discussion covers the year ended December 31, 2020 and the subsequent year up to April 27, 2021, 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 Petri Peltonen, Ph.D., Chartered Professional of Australian Institute of Mining and Metallurgy (AusIMM), European Geologist (EurGeol), a consultant to 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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FIREFOX GOLD CORP.

Management Discussion and Analysis

December 31, 2020

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); the extent of work stoppage and economic impacts that may result from the COVID 19 virus; 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

December 31, 2020

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 or has options to purchase 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, 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.

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Share issuance activities

On January 11, 2019, the Company issued 187,500 warrants of the Company at a purchase price of $0.06 each for gross proceeds of $11,250 pursuant to the exercise of the over-allotment option granted under the agency agreement dated December 6, 2018. Each warrant entitled the holder to acquire one common share of the Company at an exercise price of $0.60 any time prior to December 21, 2020. The Company incurred warrant issuance costs of $12,026.

In June and July 2019, the Company closed the first and second tranches of a private placement by issuing 7,500,000 units of the Company at a price of $0.10 per unit for gross proceeds of $750,000. Each unit consisted of one common share of the Company and one whole common share purchase warrant, with each warrant being exercisable to acquire one additional common share of the Company at an exercise price of $0.15 for a term of three years following the closing. In relation to the private placement, cash share issuance costs of $24,217 were paid.

In September 2019, the Company closed the first and second tranches of a private placement by issuing 3,803,333 units of the Company at a price of $0.15 per unit for gross proceeds of $570,500. Each unit consisted of one common share of the Company and one whole common share purchase warrant, with each warrant being exercisable to acquire one additional common share of the Company at an exercise price of $0.20 for a term of two years from the date of closing. In relation to the private placement, the Company paid cash share issuance costs of $7,764 and issued 25,200 broker warrants as finders' fees with a fair value of $2,240. These broker warrants are exercisable at a price of $0.20 for two years following the closing.

In October and November 2019, the Company issued 565,100 and 1,959,300 common shares, respectively, of the Company in relation to the agreement for services (the "Kati Agreement") entered into with Oy Kati Ab Kalajoki ("Kati") an arm's length party. Pursuant to the Kati Agreement, the Company agreed to issue common shares of the Company in full satisfaction of ongoing drilling services (the "Services") provided by Kati in Northern Finland. Under the Kati Agreement, the deemed price of the common shares to be issued was calculated using the closing price of the Company's common shares on the first trading day after the last date on each invoice in which Services were provided to the Company. The common shares issued in October had a value of approximately $0.16 per share and were issued in order to settle invoices totaling $89,597. The common shares issued in November had a value of approximately $0.124 per share and were issued in order to settle invoices totaling $243,309. In total, the Company issued 2,524,400 common shares in full satisfaction of the invoices received from Kati totaling $332,908. The Company incurred share issuance costs of $4,339 in association with issuing these common shares.

On April 23, 2020, the Company completed a non-brokered private placement by issuing 5,630,000 units of the Company at a price of $0.05 per unit for gross proceeds of $281,500. Each unit consisted of one common share of the Company and one whole common share purchase warrant, with each warrant being exercisable to acquire one additional common share of the Company at an exercise price of $0.08 per share for a term of two years following the closing of the private placement. In relation to this private placement, the Company paid cash share issuance costs of

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FIREFOX GOLD CORP.

Management Discussion and Analysis

December 31, 2020

$4,251.

On June 24, 2020, the Company completed the first tranche of a private placement by issuing 10,725,000 units of the Company at a price of $0.10 per unit for gross proceeds of $1,072,500. Each unit consisted 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 additional common share of the Company at an exercise price of $0.12 per share for a term of two years from the date of issuance. In relation to this tranche of the private placement, the Company paid cash share issuance costs of $4,522, finder's fees of $34,475, and issued 344,750 broker warrants as finder's fees. The broker warrants are exercisable at $0.10 for two years from the date of issuance. The broker warrants have a total fair value of $39,438, with $36,225 pertaining to the 297,500 warrants issued on July 2, 2020.

On July 2, 2020, the Company completed the second tranche of a private placement (first tranche closed on June 24) by issuing 9,275,000 units of the Company at a price of $0.10 per unit for gross proceeds of $927,500. The second tranche brought the total gross proceeds of the financing to $2,000,000. Each unit consisted 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 additional common share of the Company at an exercise price of $0.12 per share for a term of two years from the date of issuance. In association with this tranche of the financing, the Company paid cash share issuance costs of $1,913, finder's fees of $62,825, and issued 628,250 finder's warrants exercisable at $0.10 for two years from the date of issuance with a fair value of $65,268.

On October 28, 2020, the Company completed an oversubscribed non-brokered private placement raising total gross proceeds of approximately $2,143,494 by issuing 11,908,300 units at a purchase price of $0.18 per unit. Each unit consisted 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 additional common share of the Company at an exercise price of $0.27 per share for a term of two years from the date of issuance. In relation to this placement the Company paid $80,875 in cash finder's fees and issued 374,422 finders warrants exercisable at $0.18 for two years from the date of issuance.

All shares issued in these financings were subject to the statutory hold period.

SUBSEQUENT EVENTS

In order to complete its earn-in requirements on the RYJ (Riikonkoski, Jeesiö, and Ylöjӓrvi) gold projects, FireFox was required to issued six million common shares, make cash payments of $250,000 to Magnus, and incur $2.5 million in exploration expenditures on the RYJ properties.

FireFox met its expenditure requirements in December 2020, and in January 2021 elected to prepay the remaining $100,000 left in cash payments due February 28 and August 31, 2021. This has enabled FireFox to exercise the option for a 100% interest in the Jeesiö Gold Project in Lapland, Finland in January 2021.

FireFox is 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 from the properties. In addition, Magnus retains a 1.5% net smelter return royalty ("NSR"), which may be reduced to 1% by the payment to Magnus of the value of 1,000 troy ounces of gold within 90 days of publishing a positive feasibility study. FireFox maintains the Riikonkoski and Ylöjӓrvi Projects but they are not currently a focus for the Company.

On April 8, 2021, FireFox announced that it intended to raise up to $2,000,000 by way of a non-brokered private placement which would be led by a strategic investment of $600,000 or 3,333,333 units by Tin International AG, a subsidiary of the Deutsche Rohstoff Group. The private placement would consist of up to 11,111,111 units of the Company at a price of $0.18 per unit. Each unit would consist 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

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