Mr. Ian Gibbs reports

FIREWEED SIGNS FUNDING AGREEMENT WITH THE GOVERNMENT OF CANADA VALUED AT $12.9M TO ADVANCE PLANNING FOR NORTH CANOL ROAD AND POWER IMPROVEMENTS

Fireweed Metals Corp. has signed a contribution agreement with Natural Resources Canada (NRCan) to support planning for infrastructure improvements in the existing North Canol corridor, the key overland access route to Fireweed's critical mineral projects at Macmillan Pass near the Yukon and Northwest Territories border.

Signing this agreement marks Fireweed's successful completion of NRCan's due diligence process for the Critical Minerals Infrastructure Fund (CMIF) contribution announced Dec. 13, 2024. The agreement provides $12.9-million of funding for Fireweed to advance planning for regional road and transmission line infrastructure improvements proposed as the Planning for North Canol Infrastructure Improvement (PNCII) project.

Ian Gibbs, president and chief executive officer, commented: "Concluding this agreement reflects the government of Canada's recognition that the critical minerals district at Macmillan Pass is of national importance. Our management team is well equipped and highly motivated to lead planning efforts for the proposed infrastructure improvements. We look forward to working collaboratively with federal, territorial and indigenous governments to shape North Canol corridor upgrades in ways that respect the land and create opportunities for communities."

A critical minerals district at Macmillan Pass

Macmillan Pass is a critical minerals district (the Macpass district), with two immediately-adjacent, best-in-class critical mineral projects being advanced by Fireweed. The Mactung project is the world's largest, high-grade tungsten deposit, with contained tungsten metal within mineral resources equivalent to decades' worth of North America's anticipated tungsten demand. The Macpass project is a district-scale collection of high-grade zinc deposits, forming one of the largest undeveloped zinc resources globally, while also containing the world's largest known accumulation of germanium and gallium as byproduct metals.

Fireweed's Mactung tungsten project specifically is a mature, near-term critical minerals development opportunity, strongly aligned with the Canadian critical mineral strategy and the United States-Canada Joint Action Plan on Critical Minerals. Tungsten's unique properties make it indispensable for numerous industrial applications in aerospace, construction and defence, yet there has been no primary tungsten production in North America since 2015. Today, China accounts for over 80 per cent of global primary production and has recently introduced multiple measures to restrict tungsten exports. Foreign dependence for tungsten causes acute supply chain vulnerabilities to North America's industrial base and threatens its economic well-being.

On Dec. 13, 2024, the company announced that it was awarded $15.8-million (U.S.) (about $22.5-million) from the U.S. Department of Defense under Title III of the Defense Production Act of 1950 (DPA Title III). Supported by the DPA Title III award, Fireweed is currently advancing the Mactung project to a final investment decision by way of preparing a new feasibility study and seeking mine production licences. Fireweed's vision for Mactung is to become the preferred and primary supplier of tungsten concentrate to the North American tungsten mid-stream.

Addressing regional infrastructure limitations

The North Canol corridor (Yukon Highway 6) is an infrastructure constraint for developing mineral assets at Macmillan Pass, including Mactung. The road's current condition poses challenges to future mine construction feasibility and concentrate haulage during operations, limiting access to regional transportation hubs. Additionally, the absence of power transmission infrastructure in the area prevents potential mining operations from accessing future clean energy sources.

As part of the contribution agreement signed with NRCan, Fireweed will lead preliminary road and transmission line engineering designs within the existing road right of way, prepare and submit required environmental/socioeconomic assessments and work toward multiparty agreements with federal, territorial and indigenous governments that enable the following future improvements:

• Upgrades to approximately 250 kilometres of existing roads from Ross River to Fireweed's Mactung project;
• Upgrades to an existing transmission line from 25 kilovolts to 138 kV between Faro and Ross River;
• Construction of a new 138 kV transmission line from Ross River to Macmillan Pass.

Funding sources for PNCII construction have yet to be determined but will likely involve "stacking" a range of new and existing funding sources, potentially including previously announced Yukon Resource Gateway funding.

Qualified person statement

Technical information in this news release has been reviewed and approved by Fireweed Metals vice-president, geology, Dr. Jack Milton, PGeo (British Columbia), a qualified person as defined under Canadian National Instrument 43-101. Dr. Milton is not independent of the company in accordance with NI 43-101.

About Fireweed Metals Corp.

Fireweed is 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 trading symbol FWEDF and on the Frankfurt Stock Exchange under the trading symbol M0G.

We seek Safe Harbor.