Mr. Brandon Macdonald reports

FIREWEED STARTS LARGEST EVER DRILL PROGRAM AT MACMILLAN PASS FOCUSED ON EXPANSION OF ALL MINERALIZED ZONES

Fireweed Metals Corp. (formerly Fireweed Zinc Ltd.) has started the 2023 diamond drill program at the Macmillan Pass project and has provided an operations update.

Highlights:

• 2023 will be Fireweed's largest-ever drill program, with goals to expand all known mineralized zones at Macmillan Pass;
• Drilling is under way, with plans to complete 16,000-plus metres using five diamond drill rigs, with opportunity to increase;
• The focus of the initial phase of drilling is growth at Boundary zone building on past successes;
• Macmillan Pass camp expansion is progressing on schedule to add 48 persons to its capacity;
• Commencement of year-round environmental studies to inform future assessment processes to advance Macmillan Pass toward production.

Chief executive officer statement

Brandon Macdonald, chief executive officer, stated: "We are off to a great start and look forward to a game-changing season ahead. We are on track to complete the largest-ever drill program Fireweed has carried out at Macmillan Pass. The first drill rig is turning and we are preparing to receive four more drill rigs once the road to site is opened. It's busy times and exciting times, and with a healthy treasury of over $30-million, 2023 is shaping up to be a banner year for Fireweed."

Diamond drill program 2023

The 2023 program will utilize five diamond drill rigs, targeting over 16,000 m of drilling between the Boundary, Tom and Jason zones. The initial phase of drilling (phase 1) with the first drill is currently under way. This phase is focused on stepping out from the high-grade intersections drilled at Boundary zone in 2022, such as holes NB22-023 which intersected 298 m of 4.5 per cent zinc, 1.4 per cent lead and 30.9 grams per tonne (g/t) silver, including a new stratiform zone of 9.6 m grading 24.5 per cent zinc, 15.1 per cent lead and 323.2 g/t silver (see Fireweed news release dated March 2, 2023).

The phase 1 2023 stepouts will include testing the potential continuation of the high-grade stratiform mineralization and massive sulphide mineralization at Boundary West and Boundary Main. Fireweed has identified an area between Boundary West and Boundary Main that has geological potential to host a high-grade feeder zone, and is flanked by two of Fireweed's best-ever drill holes at Boundary zone, NB22-002 and NB22-023 (see Fireweed news releases dated Nov. 22, 2022, and March 2, 2023). The phase 1 program will provide a first-pass drill test of this potential feeder area that may link Boundary Main and Boundary West.

Camp expansion update

Camp is open for the season and ramp-up is progressing on schedule with nearly 50 people on site. Construction is well under way at the new 48-person camp expansion. This all-weather expansion will allow the company to support around 100 people on site to complete the 2023 season objectives.

This work is an important step to build out Macmillan Pass camp capacity to the approved capacity of 150 people, which will allow for larger drill programs and simultaneous environmental baseline work, while also enabling extension of the operating season by several months.

Year-round environmental studies under way

Year-round, field-based environmental baseline studies are under way to support project planning and impact assessment activities, to inform future assessment processes to advance Macmillan Pass toward production.

About Fireweed Metals Corp.

Fireweed Metals is a public mineral exploration company on the leading edge of critical minerals project development. Fireweed is well financed, with a current cash position of over $30-million, and is well positioned to carry out the large 2023 exploration program. The company has three projects located in Canada:

• Macmillan Pass project (zinc-lead-silver): Fireweed owns 100 per cent of the district-scale, 940-square-kilometre Macmillan Pass project in Yukon, Canada, which is host to one of the largest undeveloped zinc resources in the world, where the Tom and Jason zinc-lead-silver deposits have current mineral resources (11.21 million tonnes indicated resource at 6.59 per cent zinc, 2.48 per cent lead and 21.33 grams per tonne silver; and 39.47 million tonnes inferred resource at 5.84 per cent zinc, 3.14 per cent lead and 38.15 grams per tonne silver) and a preliminary economic assessment (PEA). In addition, Boundary Main, Boundary West, Tom North and End zone have significant zinc-lead-silver mineralization drilled but not yet classified as mineral resources. The project also includes large blocks of adjacent claims with known showings and significant upside exploration potential.
• Mactung project (tungsten): The company recently acquired 100-per-cent interest in the 37.6-square-kilometre Mactung project located adjacent to the Macmillan Pass project. Mactung contains historic resources that make it one of the largest and highest-grade undeveloped resources in the world of the critical mineral tungsten. Located in Canada, it is one of the rare large tungsten resources outside of China. An updated mineral resource estimate is being finalized and will be released shortly.
• Gayna River project (zinc-lead-gallium-germanium): Fireweed has 100 per cent of the 128.75-square-kilometre Gayna River project located 180 kilometres north of the Macmillan Pass project. It is host to extensive mineralization, including critical minerals zinc, gallium and germanium, as well as lead and silver, outlined by 28,000 metres of historic drilling and significant upside potential.

Qualified person statement

Technical information in this news release has been approved by Mr. Macdonald, CEO, PGeo (B.C.), a qualified person as defined under Canadian National Instrument 43-101.

We seek Safe Harbor.