Mr. Peter Hemstead reports

FIREWEED FILES MACPASS TECHNICAL REPORT AND ANNOUNCES GERMANIUM AND GALLIUM BY-PRODUCT ELEMENTS

Fireweed Metals Corp. has filed the technical report related to the mineral resource estimate (MRE) for the Macmillan Pass project (Macpass). The MRE provides an updated resource estimate for the Tom and Jason deposits, as well as the inaugural resource estimate for the Boundary zone and End zone deposits. The MREs were prepared by SLR Consulting (Canada) Ltd. in accordance with Canadian Institute of Mining and Metallurgy and Petroleum (CIM) definitions, as required under National Instrument 43-101. Fireweed is also pleased to announce the inclusion of germanium and gallium as byproduct elements reported alongside the zinc-lead-silver MRE.

Peter Hemstead, president and chief executive officer, commented: "The filing of the technical report completes the reporting of our inaugural resource for Boundary zone and resource update at Tom and Jason and provides the documentation behind the process that has led to the establishment of one of the world's largest undeveloped zinc resources. We are also excited to be able to demonstrate the presence of significant quantities of byproduct elements germanium and gallium, propelling Macpass to a premier spot on the world stage of critical mineral districts. The mix of such large accumulations of the critical minerals zinc, tungsten, germanium and gallium on one property represents a strategic asset for North America and represents a tremendous economic opportunity for northern Canada."

Highlights:

• The technical report has been filed for a global mineral resource estimate comprising:
  • An indicated mineral resource of 55.98 million tonnes (Mt) at 7.27 per cent zinc equivalent (ZnEq) (5.50 per cent zinc, 1.58 per cent lead, and 24.2 grams per tonne (g/t) silver);
  • An inferred mineral resource of 48.46 Mt at 7.48 per cent ZnEq (5.15 per cent zinc, 2.08 per cent lead and 25.3 g/t silver);
• Byproduct elements germanium and gallium contained within the MRE:
  • An indicated mineral resource containing 55.98 Mt at 10.98 g/t germanium and 7.38 g/t gallium, for a total of 614,800 kilograms (kg) germanium and 412,900 kg gallium;
  • An inferred mineral resource containing 48.46 Mt at 8.14 g/t germanium and 5.82 g/t gallium, for a total of 394,400 kg germanium and 282,100 kg gallium;
• Macpass is now one of the world's largest known accumulations of the critical metals germanium and gallium;
• Fireweed's 2024 exploration program has been completed, comprising over 16,000 m of diamond drilling and a large regional exploration program targeting new discoveries using ground gravity surveys, soil sampling, airborne EM-mag surveys and prospecting.

Germanium and gallium geology, estimation methodology, and metallurgy

The elements germanium and gallium are both critical minerals and occur in association with zinc deposits. Germanium is known to occur within the mineral sphalerite (zinc sulphide) and gallium is known to occur within sphalerite and also within aluminosilicate minerals. Positive correlation of zinc assays with germanium assays and positive correlation of zinc assays with gallium assays support the interpretation of these minerals hosting these elements at Macpass.

Fireweed has carried out a comprehensive reassay program for 2017 to 2023 drilling and selected historical intervals using a specialized assay method that can quantify gallium and germanium -- a closed vessel assay (Bureau Veritas method GC204). Gallium and germanium have lower data density than zinc, lead and silver even after the reassay program. As a result, regressions with zinc or zinc and aluminum were used to estimate germanium and gallium grades for samples where gallium or germanium assay data were unavailable. A full description of the QA/QC (quality assurance/quality control) of data supporting the MRE is available in the technical report.

The Macpass zinc concentrate from the Boundary zone material shows potential for commercially meaningful levels of gallium and germanium. The indications on germanium levels in Boundary zone zinc concentrate range from 85 g/t to 285 g/t, with gallium levels ranging from 17 g/t to 56 g/t, which may be of economic interest to a smelter with the capability to recover these elements.

Gallium and germanium byproduct potential

There is no known precedent for germanium or gallium to be payable in zinc concentrates. Therefore, Fireweed has attributed zero value to gallium and germanium in the net smelter return (NSR) calculations used to define the mineral resource and germanium and gallium do not contribute to the reasonable prospects for eventual economic extraction (RPEEE) associated with resource category classification. Gallium and germanium do not contribute to the zinc equivalency calculations in the MRE. Although Fireweed does not attribute any direct potential economic value to the germanium and gallium, it is anticipated that favourable treatment charges may be negotiated with smelters that recover one or both of these elements.

Exploration update

The 2024 exploration program at Macpass is now complete. A total of 16,013 metres (m) were drilled in 49 holes and assays are pending for most holes. A large regional program was completed, including extensive ground gravity surveys, prospecting, soil sampling, and airborne geophysical surveys of lidar and VTEM-magnetics.

A VTEM-magnetic survey was flown at the Gayna project covering 80 per cent of the claims. The data will be analyzed for conductive anomalies that could be associated with massive sulphide mineralization.

The regional exploration data will be analyzed over the winter in order to define targets for further exploration with the objective of making new discoveries.

Qualified person statements and related disclosure

Technical information in this news release relating to the MRE has been reviewed and approved by SLR Managing principal resource geologist Pierre Landry, PGeo, a qualified person as defined under National Instrument 43-101. Mr. Landry is considered to be independent" of the company under Section 1.5 of NI 43-101.

All other technical information in this news release has been reviewed and approved by Fireweed Metals' vice-president, geology, Dr. Jack Milton, PGeo, a qualified person as defined under NI 43-101. Mr. Milton is not independent of the company within the meaning of NI 43-101, as he is VP, geology, of the company.

A NI 43-101 technical report supporting the MRE has been filed on SEDAR+.

About Fireweed Metals Corp.

Fireweed Metals is an exploration company focused on unlocking value in a new critical metals district located in northern Canada.

We seek Safe Harbor.