Mr. Brandon Macdonald reports

FIREWEED PROVIDES UPDATE ON PREVIOUSLY ANNOUNCED OFFERING OF $16.8M

Fireweed Metals Corp. (formerly Fireweed Zinc Ltd.) has provided an update on the non-brokered private placement first announced Aug. 10, 2023.

The offering was made available to existing shareholders with lead orders from the Lundin Family, Larry Childress and others. It is fully subscribed with all allocations finalized. The company will now work with counterparties to complete all necessary steps, with final closing of the offering expected to be Aug. 31, 2023.

The offering

The offering consists of 8.75 million flow-through common shares of the company at a price of $1.92 per share through a charitable donation arrangement (premium flow-through shares). The proceeds from the offering will be used for exploration and development of the company's projects in Northern Canada. The gross proceeds from the issuance of all premium flow-through shares will be used on the company's projects to incur Canadian Exploration expenses (CEE), which will qualify as flow-through critical mineral mining expenditures under the Income Tax Act (Canada). These expenses will be renounced by the company to the purchasers of premium flow-through shares with an effective date no later than Dec. 31, 2023, in an aggregate amount no less than the proceeds raised under the offering. The issuance of any common shares to insiders will constitute a related-party transaction, as defined under Multilateral Instrument 61-101. Such participation will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities acquired by the insiders, nor the consideration for the securities paid by such insiders, will exceed 25 per cent of the company's market capitalization. Closing of the offering is subject to certain customary conditions, including, but not limited to, the receipt of all necessary regulatory approvals and acceptance of the TSX Venture Exchange. All securities issued under the offering will be subject to a statutory hold period of four months plus a day following the date of closing.

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 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-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 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 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 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 metres of historical drilling and significant upside potential.

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

We seek Safe Harbor.