Mr. Peter Hemstead reports

FIREWEED LAUNCHES LARGEST REGIONAL EXPLORATION CAMPAIGN AT MACPASS

Fireweed Metals Corp. has launched the largest regional program at Macpass aiming to unlock the 977-square-kilometre district-level potential and develop new targets to drill-ready state.

A 14,000-plus-metre drill program using four diamond drill rigs will have 8,000 m allocated to stepout holes at Tom, Jason and Boundary, while 6,000 m will test new targets at Macpass as part of the regional program.

Objectives of the 2024 program are drilling new discoveries from target-rich regional exploration, and high-potential stepout drilling from known zones at Macpass.

Chief executive officer statement

Peter Hemstead, interim CEO, stated: "We are excited to commence the largest regional exploration program Macpass has ever seen. Comprising over 6,000 metres of drilling at greenfield targets, as well as comprehensive ground and airborne geophysical and geochemical surveys, this regional work will aim to unlock over 40 kilometres of an underexplored prospective trend at Macpass. As part of our growth strategy, we are also excited to be drilling stepout holes at Tom, Jason and Boundary that will primarily focus on targets that may form extensions of the major known zones."

Adam Lundin statement

Mr. Lundin, strategic adviser to Fireweed, stated: "Previous drilling at Tom, Jason and Boundary zone demonstrated the very large mineral endowment and future growth potential at Macpass. However, we have only just scratched the surface in testing the true scale of this district in the making. This summer's exploration program is focused on growing the district's mineralized footprint through drilling many of the compelling greenfield targets for new discoveries, as well as stepout targets at Tom, Jason and Boundary."

Drill program

The 2024 drill campaign at Macpass is planned to follow up on the success of the 2023 campaign and will utilize four diamond drill rigs to test targets at Tom, Jason, Boundary and new regional generative targets. The first drill rig is anticipated to start turning by June 7, 2024, ramping up to four operating rigs by late June.

• Exploration: Exploration drilling is reserved to test new greenfield targets. Two currently defined prospects, Start zone and Popcorn, are drill ready, with the remaining metreage designed to be allocated later in the season as new targets are defined through the company's regional exploration efforts.
• Tom South: Drilling will target stepouts that lie outside of the current mineral resource following up on successful intercepts of feeder-style mineralization from the 2023 program.
• Jason: Drilling designed to follow up on the intersection in JS23-001D1 in Jason South.
• Boundary zone: Drilling designed to step out from known mineralization at Boundary zone and to follow up on high-grade zones identified in 2023.

Regional exploration

An expansive regional exploration program is planned for the 2024 field campaign at Macpass. This program will utilize a combination of airborne and ground-based exploration techniques, including a helicopter versatile time-domain electromagnetic (VTEM) and magnetic survey, light detection and ranging (lidar) survey, ground-based gravity on both local and regional-scale grids, soil sampling, prospecting, and mapping. The program is designed to delineate and advance current prospects, showings and anomalies, as well as explore new targets in a commodity-agnostic manner. The primary focus of the regional exploration program is on new sediment-hosted zinc, lead and silver targets; however, the program includes a number of targets with the geological potential for reduced intrusion-related gold systems (RIRGS).

Operational update

Work has been completed on a new core logging facility to streamline core logging process to help facilitate the efficient flow of core and data. As part of the new build, historical core has been relocated from Tom amp to the adjacent facility at Sekie, Fireweed's new 50-person, sub-alpine camp designed to be operable during winter conditions. Upgrades were also completed at the original Tom camp to support continued summer habitation over the coming years.

Qualified person statement

Technical information in this news release has been approved by Fireweed Metals senior geologist, Ian Carr, PGeo (British Columbia), a qualified person as defined under Canadian National Instrument 43-101.

About Fireweed Metals Corp.

Fireweed Metals is an exploration company unlocking significant value in a new critical metals district located in Yukon, Canada. Fireweed is 100-per-cent owner of the Macpass district, a large and highly prospective 977 square km land package. The Macpass district includes the Macpass zinc-lead-silver project and the Mactung tungsten project, both characterized by meaningful size, grade and opportunity. At the Macpass project, Fireweed owns one of the largest undeveloped zinc resources worldwide, in a region with enormous exploration potential. The Mactung project is a strategic critical metals asset that hosts the world's largest high-grade tungsten resource -- a potential long-term supply of tungsten for North America. A Lundin Group company, Fireweed is strongly positioned to create meaningful value.

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