Mr. Brandon Macdonald reports

FIREWEED DRILLS WIDE STEP-OUT INTERSECTION OF MASSIVE SULPHIDES AT BOUNDARY ZONE AND STARTS UP SECOND DRILL RIG

Fireweed Metals Corp. has provided an update on its 2023 exploration program. The first three drill holes have tested an area between the Boundary Main and Boundary West zones and have intersected significant zinc-lead mineralization. The company is currently completing a 1,900-metre phase 1 drill program and plans to continue with an additional 14,000 m or more of drilling across multiple stepouts and targets in 2023.

Chief executive officer statement

Brandon Macdonald, CEO, stated: "The season is off to a thrilling start, with a broad intersection of massive sulphides in a stepout hole at Boundary zone as part of the first test of our feeder zone target. We are very excited that we have hit zinc-lead mineralization in all our first three holes at Boundary zone, stepping out from our discoveries in 2022. Progress has gone well on the 2023 exploration campaign with the first rig making very good production and we have capitalized on the relatively early snow melt to mobilize a second rig ahead of schedule. The imminent completion of our new 48-person, all-weather camp will facilitate exploration in 2023 and beyond."

2023 diamond drill program update

The 2023 program will utilize five diamond drill rigs, targeting over 16,000 m of drilling between the Boundary, Tom and Jason zones. Phase 1 of drilling is currently under way with greater than 1,400 m completed of a planned 1,900 m. Phase 2 will comprise an additional approximately 14,000 m and both phases focus on stepout holes around known zones of zinc-lead-silver mineralization.

Drilling update

The initial phase of the 2023 drilling program targets a gap in the drilling between two of Fireweed's best-ever drill holes at Boundary zone, NB22-002 and NB22-023, where Fireweed sees the potential for a high-grade feeder zone target that could link Boundary West and Boundary Main. These 2022 holes intersected very wide, high-grade zones and flank either side of the target being tested in phase 1: NB22-023 intersected 298 m of 4.5 per cent zinc, 1.4 per cent lead and 30.9 grams per tonne 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; and hole NB22-002 intersected 124 m at 12.3 per cent zinc, 1.3 per cent lead and 45.9 g/t silver (see Fireweed news releases dated Nov. 22, 2022, and March 2, 2023).

The 2023 stepouts completed so far have successfully intersected sphalerite and galena mineralization as stratiform massive sulphides, replacement mineralization, veins and breccias. Hole NB23-003 intersected 73 m of massive sulphide that is interpreted to be the first intersection of the conceptual feeder zone target. The remaining holes of the phase 1 program will continue drill testing of the mineralized layers as well as the potential feeder area that may link Boundary Main and Boundary West.

Sphalerite and galena have been identified visually by experienced core logging geologists and licensed professional geoscientists. No absolute visual estimates of mineral abundances or inferences of potential zinc or lead grades have been stated in this news release.

NB23-001

NB23-001 was drilled as a stepout from NB22-023 following up high-grade zinc intercepts in stratiform, breccia and vein-hosted mineralization (such as NB22-023 hit 9.6 m at 24.5 per cent zinc, 15.1 per cent lead and 323.2 g/t silver; see Fireweed news release dated March 2, 2023). Hole NB23-001 successfully intersected sphalerite-galena mineralization over comparable widths, approximately 30 m down dip, and in the same stratigraphic layer as the new stratiform zone intersected in NB22-023 and NB22-022, providing a stepout and increasing confidence in the continuity of the new stratiform zone at Boundary Main. The hole was extended 70 m past target depth due to additional intersections of sphalerite veins and pyrite-sphalerite massive sulphide mineralization down hole, and the hole was terminated at 460 m.

NB23-002

NB23-002 is the first hole drilled into the gap between Boundary Main and Boundary West, exploring the conceptual feeder zone target that may link the two zones. The hole intersected mineralized conglomerate between 50 m and 65 m. Stratiform pyrite-sphalerite mineralization from 226 to 230 m abuts a fault and is interpreted as a fault-bounded sliver between the Boundary Main fault and the Ramp fault. This stratiform mineralization is an approximately 90 m stepout along strike from high-grade intersections in NB22-022 and NB22-023. This intersection provides an additional vector toward the potential feeder zone.

NB23-003

Drilled down dip from NB23-002 following the successful intersection of faulted stratiform mineralization, NB23-003 intercepted mineralized conglomerate comparable with NB23-002 from 61 to 68 m. A 73 m wide interval of massive stratiform sulphides containing pyrite, galena and sphalerite was intersected from 211 to 284 m. Intervals within this intercept contain a higher visually estimated abundance of galena than sphalerite, a characteristic that is thought to be generally indicative of mineralization around or within a feeder zone. This broad intersection of lead-rich massive sulphide provides an initial indication that the proposed feeder zone may link the stratiform mineralization at Boundary West and Boundary Main. The true thickness of this wide intersection is not currently known due to the early-stage of the drilling. This massive sulphide intersection is open along strike and at depth, toward the interpreted direction of a potential feeder zone.

Drill operations update

Drill penetration rates in the initial three holes were more than 50 per cent faster than historical performance. The region experienced an early snow melt this year, allowing a second rig to be mobilized weeks earlier than planned, and coring commenced June 18. Three additional drills are being mobilized by truck this week, bringing the total to five rigs as planned. Drilling will target significant stepouts at Tom, Jason, Boundary zone and beyond.

Camp expansion update

Camp is operating smoothly with nearly 50 people on site. Construction is progressing well at the new 48-person camp expansion, with commissioning and first occupants planned for month-end.

Together with the existing camp, the new all-weather camp 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, allowing for both larger drill programs and simultaneous environmental baseline studies and occupancy during colder months.

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 (Mt) indicated resource at 6.59 per cent zinc, 2.48 per cent lead 21.33 g/t 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 zones 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 km Mactung project located adjacent to the Macmillan Pass project. Recently announced mineral resources for Mactung (41.5 Mt indicated resource at 0.73 per cent WO3 (tungsten trioxide) 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 km 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 m of historic drilling and significant upside potential.

Qualified person statement

Technical information in this news release has been approved by vice-president, geology, Dr. Jack Milton, PGeo (B.C.), a qualified person as defined under Canadian National Instrument 43-101.

We seek Safe Harbor.