Mr. Brandon Macdonald reports

FIREWEED CONNECTS BOUNDARY MAIN AND BOUNDARY WEST WITH A HIGH-GRADE FEEDER ZONE, INTERSECTING 71.9 M OF 6.5% ZINC 3.1% LEAD AND 97.8 G/T SILVER

Fireweed Metals Corp. has released the first assay results from its 2023 exploration at the Macmillan Pass project in Yukon and provide an update from its largest-ever drill program.

Highlights:

• These results reveal a continuous mineralized zone of stratiform laminated to massive sulphide in addition to extensive near-surface vein and breccia mineralization.
• The Boundary Zone stratiform mineralization has a strike length of over 400 m and has been followed down-dip for at least 350 metres.
• This zone is trending to higher grades and greater thicknesses at depth, where it remains open.
• NB23-003 intersected 71.89 m of 6.48 per cent zinc, 3.09 per cent lead, 97.8 g/t silver, including 21.96 m of 10.70 per cent zinc, 6.96 per cent lead, and 178.6 g/t silver.
• NB23-001 intersected 38.00 m of 9.12 per cent zinc, 1.50 per cent lead, 52.6 g/t silver, including 20.00 m of 15.32 per cent zinc, 2.53 per cent lead, 86.2 g/t silver.
• NB23-002 intersected 4.20 m of 18.71 per cent zinc 0.30 per cent lead 47.1 g/t silver.

CEO Statement

Brandon Macdonald, CEO, stated "The first results of the season have already been a game-changer for Fireweed, demonstrating the presence of a high-grade layer of massive sulphides and stratiform mineralization feeder system which connects Boundary West and Boundary Main in one single zone which we are now just calling Boundary. We are delighted with the 2023 drill program so far, and we are excited to continue drilling step-outs in and around this potential feeder, as well as the other step-out targets at Boundary, Tom, Jason, and beyond."

Initial Results from the Boundary Feeder Zone Target

The initial phases of the 2023 drilling program have targeted a gap in the drilling between two of Fireweed's best-ever drillholes at Boundary Zone, NB22-002 and NB22-023, where Fireweed has been testing a high-grade feeder zone target that was interpreted to link Boundary West and Boundary Main within a sediment hosted massive sulphide system. These 2022 holes intersected very wide, high-grade zones and flank either side of the target being tested in Phase 1 of the 2023 drill program: NB22-023 intersected 298 m of 4.5 per cent zinc, 1.4 per cent lead, and 30.9 g/t silver including a 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, 45.9 g/t silver (see Fireweed news releases dated November 22, 2022, and March 2, 2023).

The 2023 step-outs completed so far have successfully intersected pyrite-sphalerite-galena as stratiform massive sulphides, laminated mineralization, replacement mineralization, veins, and breccias. Assays have been received for the first three holes and are reported in this news release (Tables 1 and 2) along with visual summaries for an additional 17 holes that have tested targets at Tom and Boundary Zone (Table 3).

Hole NB23-003 intersected 72 m of massive sulphide grading 6.48 per cent zinc, 3.09 per cent lead, and 97.8 g/t silver that is interpreted to be a successful test of the conceptual feeder zone target.

Hole NB23-001 intersected sphalerite and galena mineralization, with a 38 m intercept of semi-massive sulphide correlated with the stratiform layer of mineralization grading 9.12 per cent zinc, 1.5 per cent lead, and 52.6 g/t silver.

Hole NB23-002 intersected a 4.2 m, high-grade, interval of semi-massive sulphide containing 18.71 per cent zinc.

Additional step-out drilling in the area between the Boundary Main and Boundary West zones has continued to intersect wide intervals of zinc-lead mineralization with assays pending. Hole NB23-012 intersected 48 m of feeder-style massive sulphide representing a 40 m step-out immediately along strike to the southeast from hole NB23-003. Hole NB23-016 intersected 67 m of massive sulphides 95 m down-dip from NB23-003. In the footwall of the Boundary Ramp fault, hole NB23-007 intersected 119 m of massive sulphide, hole NB23-011 intersected 47.6 m of massive sulphide and breccia, and hole NB23-013 intersected 24.5 m of massive sulphide. These intersections correlate with hole NB22-002-one of Fireweed's best intercepts-which is now thought to correlate to the broad zone of mineralization seen in hole NB23-003.

The geometry and stratigraphic sequence intersected in the first 18 holes that have tested the target between Boundary Main and Boundary West strongly suggest that intersections of laminated stratiform mineralization and massive sulphide zones are part of the same geological layer and support the interpretation of spatial and grade continuity between the drillholes, connecting the two zones in three dimensions. High lead-silver grades and the presence of galena suggest that a feeder zone may exist at Boundary Zone and that the lead-rich intersections reported here may be located in or near the feeder zone. This is a preliminary interpretation of the available geological data and will be further tested by additional drilling in 2023, with additional step-outs to provide a deeper test of the stratiform layer.

2023 Drill Program Drilling Update

The 2023 program is utilizing five diamond drill-rigs, targeting over 16,000 m of drilling mostly focused on Boundary, Tom, and Jason zones (Map 1) with >8,000 m completed thus far. The drill program will focus on step-out targets at Boundary Zone, Jason, and Tom, as well as test several exploration targets away from the known zones.

Drill penetration rates in the first 20 holes was between 30-50 per cent faster than historical performance. The region experienced an early snowmelt this year, allowing a second rig to be mobilized weeks earlier than planned. Three additional rigs have been mobilized and now a total of five rigs are coring on the project.

Camp Expansion Update

The new 48-person camp expansion is commissioned and occupied. Both camps are operating smoothly with a total of roughly 96 people on site. Together with the existing camp, the new all-weather camp allows Fireweed 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-funded, with a healthy working capital position, 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 km2 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 Resources1 (11.21 Mt Indicated Resource at 6.59 per cent zinc, 2.48 per cent lead, and 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 Assessment2 (PEA). In addition, Boundary Zone, 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 km2 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 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 km2 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 historical drilling and significant upside potential.

Qualified Person Statement

Technical information in this news release has been approved by Fireweed's VP Geology, Dr. Jack Milton, P.Geo. (BC), a 'Qualified Person' as defined under Canadian National Instrument 43-101.

In Canada, Fireweed (TSXV: FWZ) trades on the TSX Venture Exchange. In the USA, Fireweed (OTCQB: FWEDF) trades on the OTCQB Venture Market (www.otcmarkets.com) and is DTC eligible for enhanced electronic clearing and settlement. In Europe, Fireweed (FSE: 20F) trades on the Frankfurt Stock Exchange.

Data verification

The diamond drill core logging and sampling program was carried out under a rigorous quality assurance / quality control program using industry best practices. Drill intersections in this release are NQ2 size core (50.5 mm/ 1.99-inch diameter) with recoveries typically above 85 per cent unless otherwise noted in the results tables. After drilling, core was cleaned, logged for geology, structure, and geotechnical characteristics, then marked for sampling and photographed on site. Certain cores were selected for core scanning. The cores for analyses were marked for sampling based on geological intervals with individual samples 2 m or less in length, with 1 m samples within mineralized zones. Drill core was cut lengthwise in half with a core saw; half-core was sent for assays reported in this news release, and the other half is stored on site for reference. Bulk density was determined on site for the entire length of each sample assayed by measurement of mass in air and mass in water. Sample duplicate bulk density determinations and in-house bulk density standard determinations were each made at a rate of 5 per cent. Since 2017, four in-house bulk density standards (mineralized drill core from the Tom deposit that span a range of densities) have been used and show an acceptable long-term precision. Certified standard masses are used to calibrate the scale balance used for bulk density determinations.

A total of 5 per cent assay standards or blanks and 5 per cent core duplicates are included in the sample stream as a quality control measure and are reviewed after analyses are received. Standards and blanks in 2023 drill results to date have been approved as acceptable. Duplicate data add to the long-term estimates of precision for assay data on the project and precision for drill results reported is deemed to be within acceptable levels. Samples were sent to the Bureau Veritas preparation laboratory in Whitehorse, Yukon, where the samples were crushed and a 500 g split was sent to the Bureau Veritas laboratory in Vancouver, B.C to be pulverized to 85 per cent passing 200 mesh size pulps. Clean crush material was passed through the crusher and clean silica was pulverized between each sample. The pulps were analyzed by 1:1:1 Aqua Regia digestion followed by Inductively Coupled Plasma Mass Spectrometry (ICP-ES/ICP-MS) multi-element analyses (BV Code AQ270). All samples were also analyzed for multiple elements by lithium borate fusion and X-ray fluorescence analysis (XRF) finish (BV Code LF725). Over-limit lead (>25.0 per cent) and zinc (>24.0 per cent) were analyzed by lithium borate fusion with XRF finish (BV Code LF726). Silver is reported in this news release by method AQ270, and zinc and lead are reported by LF725 or LF726. Bureau Veritas (Vancouver) is an independent, international ISO/IEC 17025:2005 accredited laboratory.

Results in this news release are length and bulk-density weighted averages as would be used in a Mineral Resource estimate. Length and bulk-density weighted averages have been reported as these most accurately represent the average metal-content of the intersections.

True widths are estimated by measuring perpendicular to strike within the short axis of a stratiform wireframe that has been constructed in 3D around the mineralized intercepts at Boundary Zone based on assay results, geological logging, stratigraphic correlation, and bedding measurements from oriented core. The massive sulphide mineralization and laminated mineralization at Boundary Zone are mostly stratiform (oriented parallel to bedding), therefore the true width, or thickness, of the zone is estimated perpendicular to both the strike and dip direction of bedding. Vein and breccia mineralization at Boundary Zone are interpreted to be stockworks and true widths are estimated to be approximately equal to intersected widths and marked as N/A in the assay tables.

Sphalerite and galena have been identified visually by experienced core logging geologists, and licenced professional geoscientists, confirmed by portable XRF (X-Ray fluorescence). No absolute visual estimates of mineral abundances or inferences of potential zinc or lead grades have been stated for holes without assay values in this news release.

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