Mr. Ian Gibbs reports

FIREWEED METALS COMMENCES 2025 FIELD PROGRAM

Fireweed Metals Corp. has launched its 2025 field program, with planned project advancement and exploration activities across its Mactung, Macpass, Gayna and North Canol infrastructure improvement (NCIIP) projects.

The 2025 program includes up to 26,000 metres of combined diamond drilling across the three critical metals projects, including up to 12,000 metres at Macpass, up to 11,000 metres at Mactung and approximately 3,000 metres at Gayna. At Macpass, additional regional work will also be conducted to refine target areas and build upon historical exploration efforts across the broader district. Fieldwork is now under way at Macpass, with work at Mactung and Gayna expected to follow.

Ian Gibbs, president and chief executive officer, stated: "We are very excited to have commenced field operations across multiple critical metals projects. The Mactung field program and engineering studies will inform an updated feasibility study, scheduled to commence this year, on our 100-per-cent-owned strategic tungsten project. A potentially high-impact inaugural exploration drilling campaign will be undertaken at Gayna, guided by an updated exploration model for mineralization. Exploration efforts will continue across the Macpass district aimed at expanding discovered deposits, drilling priority regional prospects, including our first intrusion-related gold prospects, and continuing regional exploration efforts. The team has kicked off our important NCIIP work and are actively expanding our collaboration with the federal and territorial governments as well as local indigenous groups. Collectively, this marks Fireweed's most ambitious field season to date and a major step forward in advancing our district-scale projects."

2025 Mactung program

As part of the U.S. Defense Production Act (DPA) Title III-supported program announced in December, 2024, Fireweed is progressing a major 11,000-metre drill program at Mactung as well as continuing environmental baseline fieldwork. These activities will support an updated feasibility study, which is expected to commence this year and establish the foundation for future licensing and permitting efforts. Activities will include the following:

1. Resource update -- targeting the conversion of portions of the unclassified and inferred underground mineral resource to the indicated category;
2. Geometallurgical sampling -- provide large-diameter (HQ) core for a geometallurgical sampling program that will characterize the mineralogy, grain size, comminution and metallurgical characteristics of defined geometallurgical domains throughout the mineral resource;
3. Hydrogeological studies -- installing instrumentation to enhance the hydrogeological model for both the deposit and planned infrastructure areas;
4. Geomechanical logging -- providing critical data to optimize underground excavation design;
5. Geotechnical site investigation -- providing geotechnical and permafrost information in areas of planned infrastructure and mine areas;
6. Expanded gold assay coverage -- increase the coverage of gold assays across the deposit, focusing on areas where historical drilling did not test samples for gold and trace values were assumed in the 2023 mineral resource.

Additionally, Fireweed plans to scan available historical drill core using advanced core scanning technology. This will generate superhigh-resolution imagery, X-ray fluorescence, short-wave ultraviolet and hyperspectral data, which will be integrated into the geological model to refine the mineral resource estimate and support the development of a comprehensive geometallurgical model.

2025 Macpass field program

At Macpass, Fireweed has initiated a large-scale exploration drilling program targeting both high-priority regional prospects and stepouts around known zinc-lead-silver-gallium-germanium deposits. The company also plans to drill test intrusion-related gold targets identified through previous fieldwork. The program is guided by a comprehensive foundation of geological, geochemical and geophysical data collected through and including the 2024 season, supporting drill testing of newly developed targets across the district.

2025 Macpass drill program:

1. Tom South -- stepout drilling at Tom South to follow up on high-grade intercepts from 2023 and 2024, both up dip and downdip and along strike of the defined resource; notable intercepts from 2024 include 15.12 metres (10 metres true width) of 10.39 per cent zinc, 18.10 per cent lead and 296.9 grams per tonne silver in hole TS24-002 and 18.15 metres (11 metres true width) of 9.02 per cent zinc, 7.46 per cent lead and 148.3 grams per tonne silver in hole TS24-001;
2. Boundary zone -- drill testing of density anomalies generated through the combined muon and gravity surveys; this drilling will test targets along strike of the high-grade massive sulphide lens of Boundary zone Prime zone as well as density anomalies adjacent to the Boundary zone trend; for more information, please visit the 2025 news release on muon targets;
3. Regional exploration -- several high-potential targets for sediment hosted zinc-lead-silver have been identified and are ready for drill testing in 2025;
4. Intrusion-related gold -- following up on targets identified through the 2023 and 2024 seasons, Fireweed intends to drill test one or more of these coincident geophysical and geochemical anomalies that are highly prospective for intrusion-related gold systems;
5. Focused muon survey -- following the successful imaging of Boundary zone during the 2024 muon survey, Fireweed intends to leverage this technology in a greenfield exploration program targeting the David, Goliath, Sling and Harvest areas; drill holes will be dual purpose: first, to test geophysical and geochemical targets through core logging and analysis; and, second, to host muon detectors postdrilling to generate a comprehensive density image of the subsurface.

2025 Macpass regional program

Fireweed intends to continue regional exploration efforts on its vast underexplored (approximately 948-square-kilometre) land package, including high-definition ground gravity surveying over previously identified targets to enhance resolution, regional gravity surveying to identify new anomalies, soil sampling to provide geochemistry around both zinc-lead-silver as well as intrusion-related gold targets and prospecting to identify near-target mineralization.

Gayna field program

Fireweed is planning to drill approximately 3,000 metres to test several targets along reef margins identified by ground gravity, soil geochemistry and airborne geophysics efforts. High-grade rock and soil samples have confirmed the presence at surface of massive sulphide mineralization, containing elevated levels of critical metals zinc, germanium and gallium. The program is designed to test a new mineralization model related to carbonate reef margin deposition. Camp and materials were mobilized to site in February.

North Canol infrastructure improvement project (NCIIP)

Fireweed has initiated key project activities associated with NCIIP, for which it was conditionally awarded $12.9-million in funding under the Canadian Critical Minerals Infrastructure Fund in December, 2024 (subject to due diligence). The conditional award enables Fireweed to lead planning efforts for infrastructure improvements that would serve the critical minerals district at Macmillan Pass.

Key engineering and environmental vendors supporting the NCIIP have been retained and the company is facilitating their mobilization for important field-based efforts in 2025, including roadway surveying and biophysical data collection. The company continues to actively engage with federal and territorial regulatory bodies as well as indigenous groups to ensure alignment of objectives and progress the project in advance of an anticipated definitive contribution agreement with Canada.

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 National Instrument 43-101. Mr. Carr is not independent of Fireweed for purposes of 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 100-per-cent owner of the Macpass district, a large and highly prospective 985-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 symbol FWEDF and on the Frankfurt Stock Exchange under the trading symbol M0G.

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