Mr. Brandon Macdonald reports

FIREWEED INTERSECTS 81.3 M OF 8.5% ZINC, 1.1% LEAD, AND 47.0 G/T SILVER, INCLUDING 12.4 M OF 17.2% ZINC, 2.0% LEAD, AND 79.1 G/T SILVER AT BOUNDARY ZONE

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

Chief executive officer statement

Brandon Macdonald, CEO, stated: "We are delighted by the continued demonstration of scale, strength and continuity of mineralization at the Boundary zone. The results today further illustrate the significance of Boundary zone within the Macpass project. Critically, the recent results give us a clearer picture of the geometries of the stratiform massive sulphide zones, and surrounding vein, breccia and replacement-style mineralization. We have now completed our largest-ever drill program, which has started to reveal the true scale of the mineralization at Boundary zone, and we eagerly await many more results from Boundary zone, and the Tom and Jason deposits."

Results from Boundary zone

Following up on drilling from 2022 and the compelling initial results of the 2023 program to date, Fireweed continues to test the extents of the high-grade feeder zone target. This zone is interpreted to occur as at least one tabular layer within a broader, sediment-hosted massive sulphide system. Drilling also continues to define the more distal expressions of this stratiform system near surface, as well as delineating the extensive replacement, vein and breccia styles of mineralization. The results from 2023 continue to return high-grade zinc values that support the stratiform mineralization model, as well as better defining the vein, breccia and replacement mineralization near surface.

Fireweed continues to successfully intersect 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. Assays have been received for the first 16 Boundary zone holes (see the tables entitled "Assay highlights for holes 011 to 016 of the 2023 drilling program, Boundary zone" and "NB23-006, NB23-008, NB23-009, NB23-010, and NB23-011, NB23-012, NB23-013, NB23-014, NB23-015, NB23-016 drill results"):

• Hole NB23-016 intersected an 81.34-metre interval of stratiform massive sulphide grading 8.46 per cent zinc, 1.06 per cent lead and 47 grams per tonne (g/t) silver, with an estimated true width of approximately 35 m. In addition, two other distinct intervals were intersected, comprising 12.84 m of 4.54 per cent zinc and 8.8 g/t silver, and 7.68 m of 6.87 per cent zinc and 9.5 g/t silver.
• Hole NB23-012 intersected a 67.78 m intersection (41 m estimated true width) correlated with the stratiform massive sulphides grading 6.26 per cent zinc, 1.22 per cent lead and 52 g/t silver, and a 26.17 m interval of vein mineralization grading 3.18 per cent zinc and 8.4 g/t silver.
• Hole NB23-011 intersected 44.83 m of stratiform massive sulphide (8.5 m estimated true width) grading 8.30 per cent zinc, 1.16 per cent lead and 42.9 g/t silver, and two other intercepts of vein-style mineralization: 7.99 m grading 4.47 per cent zinc and 8.9 g/t silver, and 9.03 m grading 3.69 per cent zinc, 0.31 per cent lead and 26.4 g/t silver.
• Hole NB23-013 intersected 29.77 m (20 m estimated true width) of stratiform massive sulphide grading 2.87 per cent zinc, 0.28 per cent lead and 27.7 g/t silver, as well as two intervals of vein-style mineralization: 5.35 m grading 8.31 per cent zinc, 0.25 per cent lead and 31 g/t silver, and 5.55 m grading 7.71 per cent zinc, 0.68 per cent lead and 32.9 g/t silver.
• Hole NB23-015 intersected two zones of vein-style mineralization: 95.87 m grading 3.21 per cent zinc, 1.06 per cent lead and 18.5 g/t silver, and 43.98 m grading 1.99 per cent zinc, 0.68 per cent lead and 13.1 g/t silver.
• Hole NB23-014 intersected 12.17 m of stratiform massive sulphide grading 4.27 per cent zinc, 1.51 per cent lead and 38.3 g/t silver.

Hole NB23-010 intersected a distal, near-surface expression of the stratiform mineralization that graded 1.79 per cent zinc, 0.40 per cent lead and 9.6 g/t silver over 3.09 m.

Hole NB23-009 was abandoned at 67 m due to ground conditions and redrilled as NB23-011.

See the tables entitled "Assay highlights for holes 011 to 016 of the 2023 drilling program, Boundary zone" and "NB23-006, NB23-008, NB23-009, NB23-010, and NB23-011, NB23-012, NB23-013, NB23-014, NB23-015, NB23-016 drill results" for further details.

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

• NB23-019 intersected 57 m of massive sulphide;
• NB23-022 intersected 55 m of massive sulphide;
• NB23-028 intersected 140 m of feeder-proximal laminated to massive sulphides;
• NB23-029D1 intersected 21 m of stratiform massive sulphide;
• NB23-032 intersected 18 m of stratiform massive sulphide;
• NB23-034 intersected 49 m of stratiform massive sulphide;
• NB23-035 intersected 15 m of stratiform massive sulphide;
• NB23-036 intersected 45 m of stratiform massive sulphide;
• NB23-037 intersected 110 m of feeder-proximal laminated to massive sulphide;
• NB23-038 intersected 13 m of stratiform massive sulphide.

Out of the 40 holes drilled at Boundary zone in 2023, 36 were stepout holes that tested the replacement and vein mineralization, 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, continued drilling 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 in the deeper intersections.

Extensive vein, breccia and replacement mineralization at Boundary zone 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 four infill holes.

Two thousand twenty-three drill program drilling update

The 2023 program is now complete, having achieved 22,500 m of drilling mostly focused on Boundary, Tom and Jason zones. Higher-than-forecast drill penetration rates over the initial portion of the season and additional financing allowed Fireweed to expand the program from 16,000 m to more than 22,000 m. The expanded program included additional stepout holes at Boundary zone, Tom South and Jason South, in addition to five metallurgical drill holes at Mactung.

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 balance sheet, and has three projects located in Canada:

• Macpass project (zinc-lead-silver): Fireweed owns 100 per cent of the district-scale 940-square-kilometre Macmillan Pass (Macpass) 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 project (zinc-lead-gallium-germanium): Fireweed has 100 per cent of the 128.75 square km Gayna 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. A recent re-evaluation of the geology indicates the potential for high-grade Kipushi-style massive sulphide mineralization.

Qualified person statement

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

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-millimetre (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 two m or less in length, with one 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-gram 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) multielement 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). Overlimit lead (greater than 25 per cent) and zinc (greater than 24 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. Assay values are rounded to one decimal place other than in the table entitled "NB23-006, NB23-008, NB23-009, NB23-010, and NB23-011, NB23-012, NB23-013, NB23-014, NB23-015, NB23-016 drill results" and cross-sections, where zinc and lead grades are reported to two decimal places.

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 for primary intervals are estimated by measuring perpendicular to strike within the short axis of a stratiform wireframe that has been constructed in 3-D 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. True widths are rounded to the nearest metre for widths over 10 m and to the nearest 0.1 m for widths less than 10 m, as this better reflects the precision of the estimates. True widths should be regarded as approximate as these are derived from an estimation that uses a preliminary interpretation of the geological model. True widths for nested intervals are estimated using a ratio of included to primary intersected widths to attribute appropriate portions of the true width of the primary interval to the nested intervals.

Sphalerite and galena have been identified visually by experienced core logging geologists and licensed professional geoscientists, confirmed by portable XRF. 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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