Mr. Brandon Macdonald reports

FIREWEED CLOSES PREVIOUSLY ANNOUNCED OFFERING FOR TOTAL PROCEEDS OF $16.8 MILLION

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

Highlights:

• $16.8-million total raised to expand the 2023 drill program and support other exploration;
• The Lundin family, through their trusts, subscribed for a total of 4,635,000 shares;
• Other key shareholders subscribed, including Larry Childress for 1.4 million shares and Teck Resources Ltd. for 700,000 shares.

The offering

The offering consisted of 8.75 million flow-through (FT) common shares of the company at a price of $1.92 per share through a charitable donation arrangement or directly (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.

Insiders of the company acquired an aggregate of 6,085,000 common shares in the offering, which participation constituted a related-party transaction as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. Such participation is 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, exceed 25 per cent of the company's market capitalization. As required by MI 61-101, the company advises that it expects to file a material change report relating to the offering less than 21 days from completion of the offering, as the nature of the related-party transaction is relatively immaterial and was not necessary to complete the offering, and can generally be considered reasonable in the circumstances. The company will pay finders fees, in compliance within the policies of the TSX Venture Exchange and applicable securities legislation, to arm's-length finders in connection with subscriptions from subscribers introduced by them, totalling $61,355.48 and 46,945 warrants exercisable for 12 months from the date of issuance to acquire common shares of the company at an exercise price of $1.37 per share.

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 million tonnes inferred resource at 5.84 per cent zinc, 3.14 per cent lead and 38.15 grams per tonne 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 acquired 100-per-cent interest in the 37.6-square-kilometre 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 owns 100 per cent of the 128.75-square-kilometre 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.

Technical information in this news release has been approved by Jack Milton, PhD, PGeo (British Columbia), Fireweed Metals vice-president of geology, a qualified person as defined under Canadian National Instrument 43-101.

We seek Safe Harbor.