Mr. Brandon Macdonald reports

FIREWEED DRILLS BEST INTERSECTION TO DATE AT BOUNDARY ZONE COMPRISING 143.95 M AT 14.45% ZINC, 1.15% LEAD, AND 60.0 G/T SILVER FOR A TRUE WIDTH OF 50 M

Fireweed Metals Corp. has released its best drill intersection from Boundary zone to date, as well as other spectacular assay results from its 2023 exploration at the Macmillan Pass project, Yukon, Canada.

Highlights:

• Best intersection drilled to date at Boundary zone: Hole NB23-028 intersected 143.95 m (50 m true width) grading 14.45 per cent zinc, 1.15 per cent lead and 60 grams per tonne (g/t) silver, including 28.71 m (10 m true width) grading 25.52 per cent zinc, 1.27 per cent lead and 91.3 g/t silver.
• Successful stepout holes continue to increase the extents of known zinc mineralization and demonstrate the high-grade tenor of the Boundary zone mineralization.
• Hole NB23-022 intersected 66.11 m (18 m true width) grading 7.13 per cent zinc, 0.97 per cent lead and 54.8 g/t silver.
• Assays are pending for 19 remaining drill holes, including six more from Boundary zone, 11 holes from the Tom deposit and two holes from the Jason deposit.

Chief executive officer statement

Brandon Macdonald, CEO, stated: "I am excited to start the year able to say that we have intersected our best-ever Boundary zone drill intersection. We stepped out 140 m along strike from NB22-002 and NB23-007, and hit a spectacular intersection in NB23-028, further supporting our interpretation that there is a continuous high-grade feeder zone within the stratiform unit at Boundary zone. We now have multiple wide and high-grade intersections that highlight the potential for another large zinc system within this exceptional critical minerals project."

Summary

The mineralization from drill holes in this release primarily comprises stratiform (layer-parallel) and massive (more than 50 per cent sulphides) sulphides in the western and central areas of Boundary zone. This mineralization is subvertical with sharp margins, occurring from near-surface to at least a depth of 450 m and across a strike length of 550 m. Another stratiform body is present in holes NB23-029 and NB23-029D1 that requires additional drilling to accurately model. The company also report intersections of vein and breccia mineralization that occur on both sides of the tabular stratiform sulphide zones. The intersection in hole NB23-028 demonstrates high zinc, lead and silver grades that are interpreted as forming from higher-temperature fluids in association with a feeder system supplying metals to a mineralized system.

Results

The drill holes in this release are located in the central and western areas of Boundary zone, and targeted the stratiform to massive sulphide body with a focus on stepping out from known feeder-style mineralization. NB23-028 intersected a broad, high-grade interval of massive sulphides rich in zinc, lead and silver that are correlated with this interpreted feeder zone. Stratiform massive sulphides were also intersected in NB23-022 and NB23-029. Stratiform sulphides intersected in NB23-022D1 and NB23-029D1 are associated with a separate zone that requires additional drilling and interpretation. Breccia and vein mineralization was also intersected in NB23-028, NB23-029, NB23-029D1 and NB23-031.

Fireweed continues to successfully intersect pyrite-sphalerite-galena as stratiform massive sulphides, laminated mineralization, veins and breccias in the 2023 stepouts. Mineralization has been intersected in every stepout hole that has been completed to depth. Assays have been received for 34 Boundary zone holes (see the tables entitled "Assay highlights for holes included within this release for the 2023 drilling program, Boundary zone" and "NB23-017, NB23-018, NB23-019, NB23-020, NB23-021, NB23-024, NB23-025, NB23-026, NB23-027, NB23-030 drill results"). Brief summaries of mineralized zones within all other 2023 holes are listed in the table entitled "2023 drilling summary." Summaries for new drill results reported in this news release are as follows:

• Hole NB23-028 intersected a 143.95-metre interval of stratiform massive sulphide grading 14.45 per cent zinc, 1.15 per cent lead and 60 g/t silver, with an estimated true width of approximately 50 m, including 28.71 m (estimated true width 10 m) of 25.52 per cent zinc, 1.27 per cent lead and 91.3 g/t silver, further including 10.14 m (estimated true width 3.5 m) of 32.72 per cent zinc, 1.34 per cent lead and 109.8 g/t silver. Two intervals of vein and breccia style mineralization were also intersected -- 19.40 m grading 3.65 per cent zinc and 5.1 g/t silver, and 7.70 m grading 9.95 per cent zinc and 12.7 g/t silver.
• Hole NB23-022 intersected 66.11 m of stratiform massive sulphide with an estimated true width of 18 m grading 7.13 per cent zinc, 0.97 per cent lead and 54.8 g/t silver, including 50.08 m (14 m true width) of 7.99 per cent zinc, 1.12 per cent lead and 61.7 g/t silver.
• Hole NB23-29D1 is a directionally cut secondary splay hole from NB23-029 and intersected 20.75 m of stratiform massive sulphide grading 5.20 per cent zinc, 2.05 per cent lead and 52.6 g/t silver, including 6.50 m of 8.43 per cent zinc, 3.27 per cent lead and 82.3 g/t silver. This intercept of stratiform mineralization correlates to a separate, distinct body from the primary tabular massive sulphide.
• NB23-029 intersected a 5.76 m interval of stratiform massive sulphide grading 6.32 per cent zinc, 1.50 per cent lead and 34.6 g/t silver, as well as an 11.63 m interval of stratiform massive sulphide grading 7.49 per cent zinc, 1.66 per cent lead and 34.7 g/t silver. Four intervals of vein and breccia style mineralization were also intersected: 27.81 m grading 4.28 per cent zinc and 11.9 g/t silver; 29.18 m grading 2.93 per cent zinc and 4.6 g/t silver; 16.62 m grading 8.74 per cent zinc and 11.1 g/t silver; and 38.40 m grading 3.06 per cent zinc and 8.2 g/t silver.
• Hole NB23-032 intersected 18.37 m of stratiform massive sulphide with an estimated true width of eight m grading 4.25 per cent zinc, 0.14 per cent lead and 12.7 g/t silver, including 4.45 m of 7.55 per cent zinc, 0.19 per cent lead and 17.3 g/t silver with an estimated true width of two m.
• Hole NB23-031 intersected three zones of breccia and vein style mineralization: 6.50 m grading 7.33 per cent zinc and 14.5 g/t silver; 4.59 m grading 7.33 per cent zinc and 7.7 g/t silver; and 4.27 m grading 7.95 per cent zinc and 3.3 g/t silver.
• Hole NB23-022D1 is a directional-cut off of NB23-022 and intersected a 2.50 m interval of sulphide mineralization grading 5.13 per cent zinc, 0.43 per cent lead and 33.8 g/t silver.

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:

• NB23-034 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 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. The mineralization in the massive stratiform layer extends from surface to at least 450 m down dip, over 550 m in strike with a variable true thickness, thinning around the edges and reaching thicknesses of up to 50 m at its widest point.

Extensive vein and breccia mineralization at Boundary zone occurs both stratigraphically above and below the main stratiform laminated massive sulphide zone. This mineralization forms within a halo approximately 100 m to 150 m wide on both sides of the stratiform laminated zone, and is interpreted as a stockwork of randomly oriented veins and breccia zones. Many wide intervals of vein and breccia style sphalerite mineralization have been encountered in 2023 stepout holes and four infill holes (see the table entitled "2023 drilling summary").

Two thousand twenty-three drill program

The 2023 program achieved 22,500 m of drilling mostly focused on the Boundary, Tom and Jason zones, in addition to five metallurgical drill holes at Mactung. Use of directional drilling, in which multiple secondary drill holes are initiated at depth from one primary hole, saved an estimated 1,800 m of drilling compared with traditional drilling of multiple new holes from surface, for a total equivalent metreage of 24,300 m in 2023. This was Fireweed's largest-ever program and the biggest drill program in Yukon in 2023.

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 Earth's largest undeveloped resources of zinc, a critical mineral. 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 owns a 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 owns 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. With the exception of samples from NB23-031, 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). For BV samples, silver is reported in this news release by method AQ270, and zinc and lead are reported by LF725 or LF726. Samples from NB23-031 were sent to AGAT labs in Calgary. Samples were crushed, of which 500 g were split and then pulverized to 90 per cent passing 75 microns. Clean crush material was passed through the crusher and clean silica was pulverized between each sample. The pulps were analyzed by aqua regia digestion followed by inductively coupled plasma mass spectrometry multielement analyses (AGAT code 201-074). All samples were also analyzed for multiple elements by lithium borate fusion and X-ray fluorescence analysis finish (AGAT code 11-323). For AGAT samples, silver is reported in this news release by method 201-074, and zinc and lead are reported by 11-323. Bureau Veritas (Vancouver) and AGAT (Calgary) are independent, international ISO/IEC 17025:2017 accredited laboratories.

Assay values may appear rounded to one decimal place but are given in full in the tables entitled "Assay highlights for holes included within this release for the 2023 drilling program, Boundary zone" and "NB23-017, NB23-018, NB23-019, NB23-020, NB23-021, NB23-024, NB23-025, NB23-026, NB23-027, NB23-030 drill results."

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, and 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.

We seek Safe Harbor.