Mr. John Robins reports

FIREWEED ANNOUNCES MANAGEMENT CHANGE AND ADDS STRENGTH TO ITS LEADERSHIP

Fireweed Metals Corp. has appointed Peter Hemstead, director of Fireweed, as interim president and chief executive officer, replacing Brandon Macdonald, effective immediately.

The company has also appointed Adam Lundin as strategic adviser, appointed Paul Harbidge as independent director and intends to nominate Jamie Beck for election to the board at the company's coming annual general meeting of shareholders.

Chair statement

John Robins, chair, stated: "On behalf of the board, I would like to thank Brandon for the role he has played in helping build Fireweed into one of Canada's leading base metal exploration companies. We are now at an important inflection point to further unlock the district-scale metallogenic potential of the Macpass district. With the backing of the Lundin family as our largest shareholder and the expertise and network of the Lundin Group, we are now positioned to advance this district through its next phase of growth. We appreciate Peter stepping up and leading the company in the interim."

Mr. Lundin statement

Mr. Lundin stated: "We believe Macpass is a district-scale opportunity that we have only scratched the surface of. We look forward to supporting Fireweed's exploration team as they continue to uncover the full potential of this district, define its true scale and take the company to the next stage of growth we envision. I also welcome Paul Harbidge, who has advanced a global portfolio of high-quality exploration assets as senior vice-president of exploration at Goldcorp and as president of GT Gold, and Jamie Beck, who has been a key part of the Vicuna District's growth and success."

Appointments/nominations

Mr. Hemstead, interim president and chief executive officer

Mr. Hemstead has over 25 years of management and finance experience in the mining industry. He was appointed as president, chief executive officer and chair of the board of Bluestone Resources Inc. after serving as the chief financial officer of Bluestone since 2016. Prior to that, Mr. Hemstead spent 10 years in a senior financial executive role at Capstone Mining Corp. (now Capstone Copper Corp.), leading the finance team through the successful expansion from an exploration-and-development-stage mining company to an intermediate copper producer with multiple operations, including within Yukon. Mr. Hemstead is a chartered professional accountant with an honours bachelor degree in economics from the University of Western Ontario.

Mr. Lundin, strategic adviser

Mr. Lundin has many years of experience in capital markets and public company management across the natural resources sector. His background includes oil and gas and mining technology, investment advisory, international finance, and executive management. He began his career working for several Lundin Group mining companies in various countries before moving into finance, where he specialized in institutional equity sales, ultimately becoming co-head of the London office for an international securities firm. He is currently chair of Lundin Mining. Previously, Mr. Lundin served as the former president, chief executive officer and a director of Josemaria Resources Inc. from 2019 until 2022. Mr. Lundin was also president and chief executive officer of Filo Mining Corp. from 2017 to 2019 and now serves as the chair of the board. He also currently serves on the board of Lucara Diamond Corp., NGEx Minerals Ltd. and the Lundin Foundation. Mr. Lundin studied mining technology and marketing management at the British Columbia Institute of Technology.

Mr. Harbidge, independent director

Mr. Harbidge is a geologist with more than 25 years of experience in mining exploration and development with a proven record of discovering world-class gold deposits. Mr. Harbidge is president, chief executive officer and director of Faraday Copper Corp. Mr. Harbidge was previously the president and chief executive officer of GT Gold and led the company to a $456-million acquisition by Newmont Mining Corp. in May, 2021. Prior to this, Mr. Harbidge was the senior vice-president of exploration at the multinational gold mining company Goldcorp Inc. from 2016 until its acquisition by Newmont Mining Corp. in April, 2019. Prior to that, Mr. Harbidge successfully led the exploration team at Randgold Resources Ltd., resulting in five major gold discoveries including the greater-than-five-million-ounce Gounkoto deposit in the Loulo area of Mali and the greater-than-four-million-ounce Massawa deposit in Senegal. Mr. Harbidge is also a director of gold exploration company Japan Gold Corp. and is a technical adviser to Kalo Gold in Fiji and Gemdale Gold in Finland. He has a first-class honours degree in geology from Kingston University, London (United Kingdom), and a master of science in mineral exploration and mining geology from Leicester University (United Kingdom).

Mr. Beck, independent director nominee

Mr. Beck has more than 15 years of international project management and corporate development experience in the mining industry. He was appointed as chief executive officer and director of Filo Mining after serving as the president of the company since 2019. Prior to that, Mr. Beck served as vice-president, corporate development and projects, of Filo and Josemaria Resources (formerly NGEx Resources Inc.). Before joining Filo, Mr. Beck worked in corporate development with Lundin Mining, with a focus on project development, corporate strategy, acquisitions, divestments and joint ventures. Mr. Beck joined the Lundin Group of Companies in 2009 and has worked with many of the mining companies in the group. He is a registered professional engineer in the province of Ontario and holds a bachelor of applied science from Queen's University and an MBA from the University of British Columbia.

About Fireweed Metals Corp.

Fireweed Metals is a public mineral exploration company on the leading edge of Critical Minerals project development. Fireweed is well-funded, 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 million tonnes 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 38 square km Mactung project located adjacent to the Macmillan Pass project. Recently announced mineral resources for Mactung (41.5 million tonnes indicated resource at 0.73 per cent WO3 (tungsten trioxide) and 12.2 million tonnes 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 129-square-kilometre 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, supported by recent ground gravity geophysics results, soil surveys and high-grade rock samples, indicates drill targets with potential for high-grade Kipushi-style massive sulphide mineralization.

In Canada, Fireweed trades on the TSX Venture Exchange. In the United States, Fireweed trades on the OTCQX Best Market and is DTC eligible for enhanced electronic clearing and settlement. In Europe, Fireweed trades on the Frankfurt Stock Exchange.

Qualified person statement

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

We seek Safe Harbor.