Mr. Peter Hemstead reports

FIREWEED INTERSECTS 15.12 M OF 10.39% ZINC, 18.10% LEAD, AND 296.9 G/T SILVER, INCLUDING 8.15 M OF 12.76% ZINC, 22.44% LEAD, AND 361.4 G/T SILVER, AT TOM SOUTH STEP-OUT DRILL HOLE

Fireweed Metals Corp. has released the results of six drill holes from Tom South and two drill holes from Jason Main as part of the 2024 drill campaign at its Macpass project, Yukon, Canada.

Highlights:

• Hole TS24-002 from 595.52 metres (m) downhole: 15.12 m (10 m true width) of 10.39 per cent zinc (Zn), 18.10 per cent lead (Pb) and 296.9 grams per tonne (g/t) silver (Ag), including 8.15 m (5.4 m true width) of 12.76 per cent Zn, 22.44 per cent Pb and 361.4 g/t Ag in nearest-to-surface intercept at Tom South to date, demonstrating an increase in grade and thickness upplunge of previous Tom South intercepts;
• Hole TS24-001 from 732.56 m downhole: 18.15 m (11 m true width) of 9.02 per cent Zn, 7.46 per cent Pb and 148.3 g/t Ag, including 8.32 m (5.0 m true width) of 16.18 per cent Zn, 13.52 per cent Pb and 278.8 g/t Ag;
• Hole JS24-002 from 326 m downhole: 28.02 m (8.3 m true width) of 7.10 per cent Zn, 1.41 per cent Pb and 5.6 g/t Ag, including 12.90 m (3.8 m true width) of 11.30 per cent Zn, 2.74 per cent Pb and 10.3 g/t Ag;
• Significant concentrations of germanium and gallium associated with sphalerite mineralization (included within the full results in table No. 1).

Chief executive officer statement

Peter Hemstead, president and CEO, stated: "The consistent high-grade intercepts at Tom South reinforce that the feeder zone in this area continues to define Tom as one of the most prolific known concentrations of zinc, lead and silver in the Macpass district, with spectacular grades representing intersections comprised almost entirely of sphalerite and galena. TS24-002 represents the nearest-to-surface and highest-grade intercept at Tom South to date, with a broad distance of 200 metres remaining open for testing the updip projection of this high-grade mineralized panel towards previous historical drilling. The feeder style mineralization intersected at Tom South is one of several localized zones at Tom that have very high silver grades, further enhancing the overall commodity mix of this deposit."

Summary

The drill holes in this news release comprise intervals of stratiform to massive zinc, lead and silver sulphide mineralization (in the form of sphalerite and galena) from Tom South and Jason Main. At Tom South, this zone of mineralization was first defined in 2023, following up on an isolated historical intercept from 1990, and is interpreted as a continuous panel of high-grade zinc, lead and silver mineralization representing a feeder zone. The intercepts in this news release comprise stepouts from both the 1990 and 2023 intersections, and continue to support the expansion of the mineralized domain both updip and downdip. Hole TS24-002 reveals a significant increase in grade updip, with grades twice as high compared with those modelled for this zone in the 2024 mineral resource estimate (MRE) (1). The implications of this intercept are threefold:

• Potential to upgrade inferred material to the indicated category;
• Substantially enhances resource grades within this zone;
• Extends the projection of mineralization farther updip, highlighting the opportunity for meaningful resource growth.

This nearest-to-surface intercept at Tom South, located approximately 145 m in elevation below the historical exploration workings at Tom West, demonstrates the practicality of accessing this mineralization within an underground mining environment. At Jason Main, the intercept represents a significant stepout downdip from previous drilling, establishing continuity beyond the currently reported resource.

Results

Drill holes from Tom in this news release are located in the southern portion of the Tom deposit near the hinge of a moderately plunging anticline. All five holes completed intersected laminated to massive sulphides consisting of sphalerite, galena and barite. The high ratios of lead to zinc (more than 1:1) in TS24-001D4 and TS24-002 likely represent higher-temperature hydrothermal fluids related to formation of mineralization and therefore an increase in proximity to the heart of a conceptual feeder structure, with TS24-002 representing the nearest-to-surface and highest-grade intercept at Tom South to date. A significant distance of approximately 200 m remains open for testing updip of TS24-002 toward previous drilling. The broad, high-grade intercept in TS24-001 illustrates that mineralization remains consistent along strike to the west from intercepts in 2023.

One hole was drilled to completion at Jason Main (JS24-002) and one hole abandoned due to ground conditions at Jason South (JS24-001). The intercept at Jason Main is a 143 m stepout downdip of previous drill hole JS17-005 and approximately 25 m downdip from the margin of the defined Inferred resource. This intercept shows good continuity in both width and grade with the intersections currently defining the resource at Jason Main.

Summaries of the intercepts from these holes discussed above are as follows:

• Hole TS24-002 intersected 15.12 m (estimated true width of 10 m) of stratiform to massive sulphide grading 10.39 per cent Zn, 18.10 per cent Pb and 296.9 g/t Ag, including 8.15 m (estimated true width of 5.4 m) of 12.76 per cent Zn, 22.44 per cent Pb and 361.4 g/t Ag. This intercept represents the farthest updip intercept tested at Tom South and defines a 235 m continuous panel of mineralization between TS23-001D3 and TS24-002 within contemporary (2017 to 2024) drilling and 275 m in length downdip to TS90-012. This panel remains open both updip and downdip.
• Hole TS24-001 is a stepout intersection of 18.15 m (estimated true width of 11 m) of stratiform to massive sulphide grading 9.02 per cent Zn, 7.46 per cent Pb and 148.3 g/t Ag, including 8.32 m (estimated true width of 5.0 m) grading 16.18 per cent Zn, 13.52 per cent Pb and 278.8 g/t Ag, and including 3.57 m (estimate true width of 2.2 m) grading 21.96 per cent Zn, 23.67 per cent Pb and 518.6 g/t Ag.
• Hole TS24-001D4 intersected 6.20 m (estimated true width of 4.3 m) of stratiform to massive sulphide grading 12.51 per cent Zn, 12.06 per cent Pb and 191.1 g/t Ag, including 4.65 m (estimated true width of 3.2 m) grading 14.83 per cent Zn, 14.29 per cent Pb and 224.4 g/t Ag.
• Hole TS24-001D1 intersected 4.93 m (estimated true width of 3.2 m) of stratiform to massive sulphide grading 12.11 per cent Zn, 6.72 per cent Pb and 144.5 g/t Ag, including 3.65 m (estimated true width of 2.4 m) grading 15.48 per cent Zn, 8.71 per cent Pb and 183.6 g/t Ag.
• Hole TS24-001D3 intersected 2.58 m (estimated as true width) of stratiform to massive sulphide grading 8.58 per cent Zn, 9.61 per cent Pb and 80.6 g/t Ag.
• Hole JS24-002 intersected 28.02 m (estimated true width of 8.3 m) of stratiform to semi-massive sulphide grading 7.10 per cent Zn, 1.41 per cent Pb and 5.6 g/t Ag, including 12.90 m (estimated true width of 3.8 m) grading 11.3 per cent Zn, 2.74 per cent Pb and 10.3 g/t Ag.

See tables No. 1 to No. 3 for further details.

The holes in this news release are stepout holes testing stratiform to massive sulphides at Tom South and Jason Main. No 2024 drill holes are included in the current MRE (1) and represent growth potential above and beyond Fireweed's current resource.

Next steps

To date, the company has released 25 of 49 holes drilled in 2024. The assay results and interpretations for the remaining holes will be released as they are received, analyzed and confirmed by the company.

Qualified person statement

Technical information in this news release has been reviewed and approved by Fireweed Metals senior geologist Ian Carr, PGeo (British Columbia), a qualified person as defined under Canadian National Instrument 43-101. Mr. Carr is not independent of the company in accordance with NI 43-101.

About Fireweed Metals Corp.

Fireweed is an exploration company focused on unlocking value in a new critical metals district located in Northern Canada. Fireweed is the 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. A Lundin Group company, Fireweed is strongly positioned to create meaningful value.

Fireweed trades on the TSX Venture Exchange under the trading symbol FWZ, on the OTCQX Best Market under the trading symbol FWEDF and on the Frankfurt Stock Exchange under the trading symbol M0G.

Data verification

The diamond drill core logging and sampling program was carried out under a rigorous quality assurance/quality control (QA/QC) program using industry best practices. Drill intersections in this news release are NQ2 size (50.5-millimetre/1.99-inch diameter), with recoveries typically above 85 per cent unless otherwise noted in the results tables. After drilling, core was cleaned, logged for geology, structure and geotechnical characteristics, then marked for sampling and photographed on site. Certain cores were selected for core scanning using light detection and ranging (LiDAR), short-wave infrared (SWIR), X-ray fluorescence (XRF) and high-resolution RGB image capture. The cores for analyses were marked for sampling based on geological intervals with individual samples two m or less in length, with one m samples within mineralized zones. Drill core was cut lengthwise in half with a core saw; half core was sent for assays reported in this news release and the other half is stored on site for reference. Bulk density was determined on site for the entire length of each assay sample by measurement of mass in air and mass in water. Sample duplicate bulk density determinations and in-house bulk density standard determinations were each made at a rate of 5 per cent. Since 2017, four in-house bulk density standards (mineralized drill core from the Tom deposit that span a range of densities) have been used and show an acceptable long-term precision. Certified standard masses are used to calibrate the scale balance used for bulk density determinations.

A total of 5 per cent assay standards or blanks and 5 per cent core duplicates are included in the sample stream as a quality control measure and are reviewed after analyses are received. Standards and blanks in 2024 drill results to date have been approved as acceptable. Duplicate data add to the long-term estimates of precision for assay data on the project and precision for drill results reported is deemed to be within acceptable levels. Samples were sent to the Bureau Veritas (BV) preparation laboratory in Whitehorse, Yukon, where the samples were crushed and a 500-gram split was sent to the BV laboratory in Vancouver, B.C., to be pulverized to 85 per cent passing 200-mesh-size pulps. Clean crush material was passed through the crusher and clean silica was pulverized between each sample. The pulps were analyzed by 1:1:1 aqua regia digestion followed by inductively coupled plasma mass spectrometry (ICP-ES/ICP-MS) multielement analyses (BV Code AQ270). All samples were also analyzed for multiple elements by lithium borate fusion and X-ray fluorescence analysis (XRF) finish (BV Code LF725). Overlimit lead (more than 25.0 per cent) and zinc (more than 24.0 per cent) were analyzed by lithium borate fusion with XRF finish (BV Code LF726). For BV samples, silver is reported in this news release by method AQ270, and zinc and lead are reported by LF725 or LF726. Bureau Veritas (Vancouver) is an independent, international ISO/IEC 17025:2017-accredited laboratory.

Assay values may appear rounded to one decimal place but are given in full in table No. 1, and cross-sections where zinc and lead grades are reported to two decimal places.

Results in this news release are length and bulk density weighted averages as would be used in a mineral resource estimate. Length and bulk density weighted averages have been reported as these most accurately represent the average metal content of the intersections.

True widths for primary intervals are estimated by measuring perpendicular to strike within the short axis of a stratiform wireframe that has been constructed in 3-D around the mineralized intercepts at Tom South based on assay results, geological logging, stratigraphic correlation and bedding measurements from oriented core. The massive sulphide mineralization and laminated mineralization at Tom are stratiform (oriented parallel to bedding); therefore the true width, or thickness, of the zone is estimated perpendicular to both the strike and dip direction of bedding. True widths are rounded to the nearest metre for widths over 10 m and to the nearest 0.1 m for widths less than 10 m, as this better reflects the precision of the estimates. True widths should be regarded as approximate as these are derived from an estimation that uses a preliminary interpretation of the geological model. True widths for nested intervals (marked as including in results tables) are estimated using a ratio of included to primary intersected widths to attribute appropriate portions of the true width of the primary interval to the nested intervals.

(1) For Tom, Jason, End Zone and Boundary Zone mineral resources, see the technical report, entitled, "Technical Report for NI 43-101, Macpass Project, Yukon, Canada," with effective date of Sept. 4, 2024, filed on SEDAR+. Pierre Landry, PGeo, is independent of Fireweed Metals and a qualified person as defined under Canadian National Instrument 43-101. Mr. Landry, of SLR, is responsible for the Tom, Jason, End Zone and Boundary Zone mineral resource estimates.

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