Mr. Brandon Macdonald reports

FIREWEED INTERSECTS 118.0 M OF 15.1% ZINC, 2.8% LEAD, AND 85.8 G/T SILVER AND ALSO 82.5 M OF 11.9% ZINC, 2.2% LEAD AND 81.2 G/T SILVER: MULTIPLE ZONES OF HIGH-GRADE MINERALIZATION IN SINGLE DRILLHOLE

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

Chief executive officer statement

Brandon Macdonald, chief executive officer, stated: "In our largest field season ever, we continue to hit spectacular grade and widths of mineralization at Boundary zone. The results from NB23-007 include two intersections which continue to demonstrate the world-class potential of mineralization at Boundary zone. These results show continuity with, and even eclipse NB22-002, formerly Fireweed's best-ever drill hole, in terms of grade and length of mineralization."

Results from the Boundary feeder zone target

Following up on drilling from 2022 and the initial results of the 2023 program, which targeted a gap in the drilling between two of Fireweed's best-ever drill holes at Boundary zone, NB22-002 and NB22-023 (see Fireweed news releases dated June 22, 2023, Nov. 22, 2022, and March 2, 2023), Fireweed has continued to test the high-grade feeder zone target that is interpreted to occur as at least one stratiform layer within a sediment-hosted massive sulphide system. Both the initial results from 2023, as well as those from 2022, intersected very wide, high-grade zones and demonstrate continuity of the mineralized system.

Fireweed has successfully intersected pyrite-sphalerite-galena as stratiform massive sulphides, laminated mineralization, replacement mineralization, veins and breccias in the 2023 stepouts. Zinc mineralization has been intersected in every stepout hole that has been completed to depth at both Boundary zone and the Tom deposit. Assays have been received for the first eight holes, with holes NB23-004, NB23-005, NB23-006, NB23-007 and NB23-008 reported in this news release (see the tables entitled "Assay result highlights for holes of the 2023 drilling program, Boundary zone," and "NB23-004, NB23-005, NB23-006, NB23-007 and NB23-008 drill results," with two minor intervals with assays pending at the end of holes NB23-006 and NB23-008):

• Hole NB23-007 intersected a lower interval of 118 metres grading 15.1 per cent zinc (Zn), 2.8 per cent lead (Pb) and 85.8 grams per tonne (g/t) silver (Ag) that demonstrates continuity of grade with the exceptional results from NB22-002, as well as an upper interval comprising 82.5 m of massive sulphide grading 11.9 per cent zinc, 2.2 per cent lead and 81.2 g/t silver. The upper and lower stratiform massive sulphide zones were intersected at a low angle to bedding and have estimated true widths of approximately 15 m and 40 m, respectively.
• Hole NB23-004 intersected two intervals of sphalerite and galena mineralization, with a 33.43 m intersection (22 m true width) correlated with the stratiform layer of mineralization grading 8 per cent zinc, 2 per cent lead and 59.2 g/t silver, and a 20.49 m intercept of vein- and replacement-style sulphides grading 4.9 per cent zinc.
• Hole NB23-006 intersected two zones, a 32.65 m (16 m true width) intercept of laminated sulphides grading 4.4 per cent zinc and 12.4 g/t silver, and a 38.7 m interval of vein and replacement mineralization grading 5.6 per cent zinc and 6.7 g/t silver.
• Hole NB23-005 intersected a 25.25 m (22 m true width) interval of semi-massive, laminated and stratiform sulphide containing 6.4 per cent zinc, 0.7 per cent lead and 31.9 g/t silver, including 9.5 m (8.3 m true width) of 12.2 per cent zinc, 1.3 per cent lead and 66.9 g/t silver.
• Hole NB23-008 intersected a 44.7 m interval of volcanic-hosted semi-massive sulphide containing 6.5 per cent zinc and 9.6 g/t silver, including 16.3 m of 10.3 per cent zinc and 11.3 g/t silver. This hole contained another interval of 35.4 m of vein-mineralization grading 5.2 per cent zinc and 8.8 g/t silver, including 11.5 m of 10.7 per cent zinc and 13.5 g/t silver.

Stepout drilling at Boundary zone targeting the massive-stratiform zone has resulted in many wide intersections of zinc-lead mineralization with assays pending. The most significant intersections are listed here:

• NB23-011 intersected 45 m of massive, semi-massive and brecciated sulphide;
• NB23-012 intersected 48 m of massive to laminated sulphide;
• NB23-013 intersected 25 m of massive sulphide;
• NB23-016 intersected 70 m of feeder-proximal massive sulphide;
• NB23-019 intersected 60 m of massive sulphide;
• NB23-022 intersected 55 m of massive sulphide;
• NB23-028 intersected 140 m of feeder-proximal laminated to massive sulphides.

Thirty-one holes have been drilled at Boundary zone so far in 2023, and have tested the laminated stratiform mineralization and massive sulphide zones. The geometry and stratigraphic sequence intersected in these holes continue to support the idea that the laminated and massive sulphide mineralization are part of the same geological layer at Boundary zone, forming an approximately tabular stratiform zone. Stepout drilling down-dip intersected abundant galena, supporting the presence of the conceptual feeder zone. While this remains a preliminary interpretation of the available geological data, deep testing provided by NB23-007 supports this model, extending the depth of mineralization in the massive stratiform layer from surface to at least 400 m, with the zone becoming higher grade and wider, where it remains open at depth.

Extensive vein, breccia and replacement mineralization at Boundary Main occurs both above and below the main stratiform laminated massive sulphide zone. Many wide intervals of vein-, breccia- and replacement-style sphalerite mineralization have been encountered in 2023 stepout holes and several infill holes.

Two thousand twenty-three drill program drilling update

The 2023 program remains in full swing with five diamond drill rigs targeting approximately 22,000 m of drilling, mostly focused on Boundary, Tom and Jason zones, with more than 14,500 m completed thus far. The drill program will focus on stepout targets at the Boundary, Jason and Tom zones, as well as test several exploration targets away from the known zones.

Drill penetration rates in the first 29 holes was between 17 per cent and 50 per cent faster than historical performance. The higher-than-forecast performance of the drilling has allowed the bulk of the original planned drilling to be completed earlier than planned, providing an opportunity to test additional targets.

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 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-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.

Qualified person statement

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

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