Mr. Peter Hemstead reports

FIREWEED METALS INCREASES PRIVATE PLACEMENT TO C$43M AND APPOINTS NEW BOARD CHAIR

Due to strong demand, Fireweed Metals Corp. has elected to increase the previously announced non-brokered private placement offering of offered shares.

The increased offering consists of three parts for gross proceeds of approximately $43-million, as follows:

• 12,985,586 common shares of the company at a price of $1.10 per share;
• 909,090 common shares of the company that will qualify as flow-through (FT) shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada) at a price of $1.55 per share;
• 15,828,359 common shares of the company that will qualify as flow-through shares CFT) within the meaning of Subsection 66(15) of the Income Tax Act (Canada) to be sold to charitable purchasers at a price of $1.73 per share.

The FT shares and CFT shares are being issued by the company at a premium to the trading price of the shares, as is customary for such issuances, because subscribers of those shares receive a flow-through of the company's eligible exploration expenses which are then used by such subscribers as a personal tax attribute. CFT shares are generally issued at a higher premium relative to FT shares given subscribers benefit from an additional tax incentive.

The proceeds from the offering will be used for exploration and development of the company's projects in northern Canada, and, to the extent permissible, for general working capital purposes.

The gross proceeds from the issuance of FT shares and CFT shares will be used on the company's projects to incur Canadian exploration expenses (CEE), 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 FT shares and CFT 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 FT shares and CFT shares.

The issuance of offered shares to insiders, including The Lundin Family Trusts, will constitute a related-party transaction, as defined under Multilateral Instrument 61-101. Such participation by insiders will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 under Section 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, 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 approval of the TSX Venture Exchange. The company anticipates closing the offering on or about June 19, 2024, or as soon as practicable thereafter, subject to the receipt of all necessary regulatory approvals. 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.

New board chair

Subsequent to the annual general and special meeting of shareholders held by the company on June 11, 2024, Paul Harbidge was appointed by the Fireweed board of directors to take over as chair in the place of John Robins.

Peter Hemstead, director and interim president and chief executive officer, commented: "John has been an outstanding board chair, providing insightful feedback and strong leadership that has driven the company's growth to date. On behalf of Fireweed's board, we extend our deepest gratitude for his invaluable contributions and look forward to his continued involvement as a dedicated board member."

Mr. Hemstead also commented: "We are excited to welcome Paul as our new board chair. His extensive experience as a seasoned mining executive, combined with his exploration expertise, will be invaluable as we advance our initiatives and unlock the potential of the Macpass district."

Mr. Harbidge

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. 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 over-five-million-ounce Gounkoto deposit in the Loulo area of Mali and the over-four-million-ounce Massawa deposit in Senegal. Mr. Harbidge is also a director of the gold exploration company Japan Gold Corp. 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 (U.K.), and a masters of science in mineral exploration and mining geology from Leicester University (U.K.).

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-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.

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