Mr. Peter Hemstead reports

FIREWEED ANNOUNCES $30 MILLION FINANCING

Fireweed Metals Corp. has arranged a non-brokered private placement for gross proceeds of up to $30-million.

Highlights:

• The offering will provide Fireweed with capital to advance its comprehensive 2024 drilling and regional exploration programs at Macpass, as well as support critical path items and financial commitments at Mactung.
• The Lundin family trusts have indicated their intention of subscribing for up to $30.0-million of the private placement alongside lead orders from other key shareholders.

Chief executive officer statement

Peter Hemstead, interim CEO, stated: "We are pleased to enjoy the continued backing of our key shareholders. Their significant involvement in this financing underscores the excitement in the Macpass district as we continue to integrate with the Lundin group of companies. The offering proceeds will primarily fund our exploration initiatives for 2024, specifically through an extensive 14,000-metre drilling and regional exploration program at Macpass. This funding enables Fireweed to execute this year's planned program without the need for additional capital."

The offering

The offering consists of two parts for gross proceeds of approximately $30-million as follows:

• 9,090,909 common shares of the company at a price of $1.10 per share;
• 11,646,482 flow-through common shares of the company issued through a charitable donation arrangement.

The proceeds from the offering will be used for exploration and development of the company's projects in Northern Canada and for general working capital purposes. The gross proceeds from the issuance of premium flow-through shares will be used on the company's projects to incur Canadian exploration expenses, with the largest portion qualifying 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, 2024, in an aggregate amount no less than the proceeds raised from the issue of premium flow-through shares. The issuance of any common shares to insiders will constitute a related-party transaction, as defined under Multilateral Instrument 61-101. Such participation will be 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 will exceed 25 per cent of the company's market capitalization.

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.

Qualified person statement

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

About Fireweed Metals Corp.

Fireweed 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-kilometre 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.

In Canada, Fireweed trades on the TSX Venture Exchange. In the United States, Fireweed trades on the OTCQX Best Market for early-stage and developing U.S. and international companies, and is Depository Trust Company eligible for enhanced electronic clearing and settlement. In Europe, Fireweed trades on the Frankfurt Stock Exchange.

We seek Safe Harbor.