Mr. Brandon Macdonald reports

FIREWEED METALS ANNOUNCES MINERAL RESOURCES FOR THE MACTUNG PROJECT: THE LARGEST HIGH-GRADE TUNGSTEN DEPOSIT IN THE WORLD*

Fireweed Metals Corp. has released a new mineral resource estimate for its Mactung project located in Yukon and the Northwest Territories, Canada, within the traditional territories of the Kaska Dena Nation and First Nation of Na-Cho Nyak Dun, and the Sahtu settlement area.

Chief executive officer statement

Brandon Macdonald, CEO, stated: "In one year we have gone from signing an initial letter of intent to a definitive asset purchase agreement to the publication of new mineral resource for Mactung. We have taken the historic resource through a process involving relogging, resampling and a rigorous, modern estimation methodology, and confirmed an impressive and world-class tungsten resource at Mactung. This not only reaffirms Mactung's unmatched combination of grade and scale but establishes it as a truly strategic critical minerals project for the West with the underground resource alone able to supply much of North America's expected demand for decades. Fireweed is looking forward to collaborating with federal, territorial and indigenous governments to advance Mactung through the permitting and detailed engineering stages of this unique project."

Mineral resource estimate

The current mineral resource at Mactung ranks it the largest high-grade tungsten resource in the world and it is a clear statistical outlier in terms of grade and contained metal. It is a tungsten skarn deposit associated with Tombstone-Tungsten suite granitic intrusions that are more broadly linked to a variety of gold and tungsten deposits across Yukon-Northwest Territories. The Mactung deposit is subdivided into an upper and lower zone that both occur at surface and extend to depths of approximately 400 metres below surface.

A very high-grade portion of the resource was constrained by underground mining volumes at a 0.5 per cent WO3 (tungsten trioxide) cut-off grade, within the gently to moderately dipping, roughly tabular lower zone that is approximately 20 to 30 m thick, extending for a kilometre in strike and up to 380 m down dip.

In the upper zone, a high-grade open-pit resource was constrained by a conceptual pit shell at a 0.25 per cent WO3 cut-off grade.

The mineral resource estimate considers and employs reasonable prospects for eventual economic extraction, is applied within classification domains that are continuous, and uses a classification scheme involving a drill spacing that was based on drill-spacing studies. Additional bulk density and assay data were collected during an extensive Fireweed campaign of resampling historic drill core in late 2022 and early 2023, and a new geological interpretation of the deposit has been made. These factors have resulted in a robust estimate of the mineral inventory at Mactung, providing a solid foundation for future mine development studies.

Copper and gold byproduct reporting

Copper and gold were estimated as byproduct metals for underground constrained resources only. No metallurgical test work has been conducted to assess the recovery of copper or gold at Mactung. Based on historical production of small quantities of gold and of copper concentrate from the geologically similar Cantung mine, it has been reasonably assumed that gravity separation and a copper circuit could be incorporated into the flowsheet to recover a portion of the gold and copper in the current mineral resource to satisfy the reasonable prospects of eventual economic extraction. Fireweed and its consultants are currently completing metallurgical test programs to validate the recovery of tungsten and assess the recovery of gold and copper at Mactung. Grades of copper and gold were considered too low to include within the mineral resource statement for open-pit constrained resources.

Sensitivity to cut-off grade

A range of cut-off grades were applied to the estimate within the mining volumes established for open-pit and underground resources.

Cut-off grade and prospects for eventual economic extraction

The cut-off grades of 0.5 per cent WO3 for underground mining and 0.25 per cent WO3 for open-pit mining were selected based on a tungsten concentrate price assumption of approximately $240 (U.S.)/mtu (metric tungsten unit), supported by updated estimates from trading companies that specialize in tungsten, and preliminary estimates of operating costs.

Reasonable prospects for eventual economic extraction of the mineral resources, as required by National Instrument 43-101, were demonstrated by developing underground constraining volumes, conceptual pit shells using a Lerchs-Grossman algorithm and input parameters derived from preliminary cost estimates. Only mineral resources above these cut-offs and within the mineral resource-limiting underground constraining volumes and pits are reported; mineralization falling below this cut-off grade or outside the resource-limiting volumes or pits is not reported, irrespective of the grade. Potential underground resources are constrained initially to only the lower zone (2B unit) and a portion of the upper zone (3D unit) below the pit shell, leaving a crown pillar. The potential open-pit resource was optimized for only the upper zone (3C, 3D, 3E, 3F, 3G and 3H units). Gold and copper are considered byproducts and were not utilized in cut-off grades, pit optimizations, underground constraints or for establishing reasonable prospects of eventual economic extraction.

Assumptions used to derive the cut-off grades and define the resource-limiting pits are estimated in order to meet the NI 43-101 requirement for mineral resource estimates to demonstrate reasonable prospects for eventual economic extraction.

Updated technical report

The details of the updated mineral resource estimate for Mactung will be provided in a technical report compliant with NI 43-101 to be filed on SEDAR in the next 45 days.

2023 mineral resource estimate methodology

The mineral resource estimate for Mactung was completed by Garth Kirkham, PGeo, of Kirkham Geosystems Ltd. using commercial mine-modelling and geostatistical software and adhering to Canadian Institute of Mining, Metallurgy and Petroleum (CIM) estimation of mineral resources and mineral reserves best practice guidelines (adopted by CIM council Nov. 29, 2019). The deposit was segregated into multiple estimation domains based on a revised geological model. The lower zone is hosted by unit 2B, and this is subdivided into four spatial zones (20, 21, 22 and 23). The upper zone is hosted by units 3C, 3D, 3E, 3F, 3G and 3H. Grades of WO3, copper and gold were estimated using ordinary kriging interpolation of capped composites in multiple estimation passes. Search ellipse orientation and anisotropy were based on structural and geological controls and/or variogram models with first-pass major axis search distances generally 100 m, and subsequent pass distances generally 60 m.

Mineral resources are classified under the categories of measured, indicated and inferred according to CIM definition standards for mineral resources and mineral reserves (adopted by CIM council May 19, 2014). Mineral resource classification for WO3 was based primarily on an analysis of viability and risk, drill hole spacing, and on continuity of mineralization. Inferred and indicated resources were defined as using increasing thresholds of continuity, confidence and data density. No measured resources were defined. Final resource classification shells were manually constructed using interpreted solids. Gold and copper are not classified separately and are reported as byproducts based on WO3 classification. A full description of the modelling methodologies for each deposit will be included in a technical report scheduled for release within 45 days.

Mactung exploration potential

It is estimated that there is the potential for an exploration target at Mactung of between 2.5 million tonnes (Mt) and 3.5 Mt at a grade of between 0.4 and 0.6 per cent WO3 in addition to the current mineral resources disclosed in this news release. The exploration target is within the current geological model, supported by drilling and surface mapping. The exploration target includes material located beyond the boundaries of the inferred and indicated resource classification but is located within the boundaries of the open-pit shell and underground volumes used to constrain the current mineral resource.

The exploration target is conceptual in nature and requires additional drilling to test the geological model, grade continuity and extent of mineralization. It is uncertain if additional drilling will validate the geological potential or fulfill the mining and economic criteria necessary to establish reasonable prospects of eventual economic extraction to lead to the classification of the exploration target as mineral resources.

Data validation and quality assurance/quality control

Fireweed and its consultants conducted extensive statistical analyses to assess the quality of the pre-Fireweed legacy drill hole data in preparation for this mineral resource estimate. The recent reassaying program has generally shown the data to be of good quality, but use of historical data still presents certain risks in mineral resource estimation due to historical drilling, surveying, sampling and assaying methodologies. Data from a selection of assay intervals were checked from each year of historical drilling against the original assay certificate or logs, representing 6 per cent of all samples, and were found to be free of errors with minor exceptions.

Assay standards, blanks and duplicates were monitored in Fireweed's resampling program and were found to be within acceptable levels of precision and accuracy. Surface assay samples were taken by Mr. Kirkham in 2022 and confirm the presence of tungsten in the locations tested. The presence of ultraviolet-fluorescent scheelite was confirmed visually in outcrop and in core by the use of a blacklight. A subset of historical collar locations were surveyed by Fireweed personnel using differential GPS and historical drill pad locations were further validated against a digital elevation model derived from a 2022 airborne lidar survey with good accuracy.

Mactung location and history

Mactung straddles the Yukon and Northwest Territories border and is located 13 kilometres north of Fireweed's Macmillan Pass project camp and the government-maintained Macmillan Pass airstrip. It can also be accessed by the North Canol Road about 230 km from the town of Ross River, Yukon.

Mactung was discovered and staked in 1962 by an Amax company geologist. Extensive drilling, metallurgical testing and multiple historical resource estimates were completed over the next 20 years. The property changed ownership several times and was subsequently acquired by North American Tungsten Corp. (NATC) in 1997. In 2007 NATC published updated mineral resources and in 2009 published a positive feasibility study (available on SEDAR under the NATC profile). The Yukon Environmental and Socio-economic Assessment Board (YESAB) executive council issued its referral report and new recommendation for project No. 2008-0304 for the Mactung mine project in June, 2014. Following a recommendation to decision bodies that the project be allowed to proceed to licensing without review, subject to specific terms and conditions, decision documents were issued by the Yukon government and federal government on Sept. 3, 2014, and Aug. 1, 2014, respectively.

Subsequently, in June, 2015, NATC filed for and was granted creditor protection mainly related to operation of its Cantung mine located to the south. The government of Northwest Territories (GNWT) purchased the Mactung project for $4.5-million in 2015, and subsequently obtained a Class 4 mining land use approval in 2020 for mineral exploration activities in Yukon. Fireweed recently signed a definitive asset purchase agreement for the Mactung project with the GNWT (see Fireweed news release dated Feb. 28, 2023, for details).

Mactung geology and mineralization

Mactung is a tungsten skarn deposit located on the eastern margin of the Selwyn basin in the Canadian Cordillera's Tombstone-Tungsten belt (TTB). The mid-Cretaceous TTB spans Alaska, Yukon and the Northwest Territories, and hosts many other significant mineral deposits. The Mactung deposit is associated with Tungsten suite intrusions that intruded late Precambrian to Palaeozoic age, variably metamorphosed clastic and interbedded carbonate rocks of the Selwyn basin. The tungsten mineralization at Mactung comprises mostly scheelite (CaWO4) and is dominated by calcic mineral assemblages associated with abundant pyrrhotite that developed within permeable limestone units of the Cambrian-Ordovician host rocks near a granite intrusion contact.

About tungsten

Tungsten is the hardest metal with the highest melting point, which makes it an important and often essential metal for use in the automotive, technology, energy, military and manufacturing industries. World tungsten production is dominated by China and there is currently limited Western tungsten production, which has led tungsten to be listed as a critical mineral by many governments, including Canada. The Canadian government has developed several initiatives to support and advance the exploration and mining of critical minerals in Canada, including zinc and tungsten.

Sustainability context

Fireweed respectfully acknowledges that the Mactung project is located within the traditional territories of the Kaska Dena Nation and First Nation of Na-Cho Nyak Dun, and the Sahtu settlement area. For the benefit of present and future generations, Fireweed will conduct mineral development activities in a sustainable manner by working collaboratively with indigenous groups and local communities, establishing a respectful and safe working environment, achieving a high standard of environmental stewardship, and undertaking studies and implementing measures to address local interests and issues.

Qualified person statements

Jack Milton, PhD, PGeo (British Columbia), Fireweed's vice-president, geology, and a qualified person as defined under Canadian National Instrument 43-101, approved the technical information in this news release except for information related to the Mactung mineral resource estimates. The reassaying activities at Mactung carried out by Fireweed were undertaken under the supervision of Mr. Milton.

Mr. Kirkham, PGeo, of Kirkham Geosystems is the qualified person, as defined in National Instrument 43-101, and is responsible for the Mactung mineral resource estimate and directly related information as reported herein. He has read and approved the relevant technical portions of this news release related to the mineral resource estimates for which he is responsible.

About Fireweed Metals Corp.

Fireweed 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 a 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 km 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 Mt indicated resource at 6.59 per cent zinc, 2.48 per cent lead and 21.33 grams per tonne silver, and 39.47 Mt inferred resource at 5.84 per cent zinc, 3.14 per cent lead and 38.15 g/t 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 signed a definitive asset purchase agreement and acquired 100-per-cent interest in the 37.6 square km Mactung project located adjacent to the Macmillan Pass project. New mineral resources for Mactung described above (41.5 Mt indicated resource at 0.73 per cent WO3 and 12.2 Mt inferred resource at 0.59 per cent WO3) make it the world's largest high-grade resource of the critical mineral tungsten. Located in Canada, it is one of the rare large tungsten resources outside of China.
• Gayna River project (zinc-lead-gallium-germanium): Fireweed has 100 per cent of the 128.75 square km 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 historical drilling and significant upside potential.

We seek Safe Harbor.