Mr. Ian Gibbs reports

FIREWEED INTERSECTS ZINC MINERALIZATION AT GAYNA

Fireweed Metals Corp. has released the results of the 2025 Gayna exploration program, Northwest Territories, Canada.

Highlights:

• Hole GR25-013 from 31.31 metres (m) downhole: 51.22 m of 4.4 per cent zinc (Zn), including 24.00 m of 7.3 per cent Zn and 5.17 m of 10.0 per cent Zn;
• Hole GR25-012 from 35.74 m downhole: 17.84 m of 3.4 per cent Zn, including 3.00 m of 6.3 per cent Zn;
• Hole GR25-009 from 224.03 m downhole: 2.00 m of 9.29 per cent Zn and 5.29 m of 2.02 per cent Zn.

Chief executive officer statement

Ian Gibbs, president and CEO, stated: "Our first season of drilling at Gayna successfully intersected significant zinc and lead mineralization at the Intrepid target, validating the prospectivity of the project. This program has advanced our understanding of these systems and provides important insights to guide potential future exploration. We will continue to interpret the encouraging results from our ambitious and multifaceted field season at Gayna, Mactung and Macpass, and plan to responsibly advance our projects at a rapid and practical pace."

Summary

Fireweed has completed its inaugural drill program at the Gayna property in the Northwest Territories, marking the first drilling at the project since the late 1970s. The 2025 program totalled approximately 3,800 m and tested a new exploration model targeting steeply dipping Zn-Pb-Ag (zinc-lead-silver) sulphide mineralization hosted within Neoproterozoic reef margins. Drilling has advanced Fireweed's understanding of the geological system and confirmed significant mineralization at the Intrepid target, an area interpreted to be directly underneath the mapped contact of the reef margin at surface. The drill holes in this news release comprise intervals of vein-hosted and replacement-style zinc-lead mineralization (in the form of sphalerite and galena) from various targets at the Gayna property. Potential for reef margin massive sulphide mineralization remains at several targets on the property.

A ground gravity survey, comprising four grids, was also completed during the 2025 field season with the goal of expanding upon previous surveys and exploring new targets at the Propitious reef.

Intrepid

A total of nine holes were drilled at the Intrepid reef target. These holes targeted prospective reef margin geology at depth inferred from a mapped reef contact at surface. This mapped contact coincides with gravity anomalies and/or soil geochemistry anomalies, as well as targets associated with historical drilling. While the reef contact was not intersected at depth, all holes drilled to target depth encountered sphalerite and/or galena mineralization. True width for most intersections at Intrepid cannot be accurately determined as the geometry of the mineralization is unknown.

GR25-009 intersected 5.29 m of reef margin-hosted sphalerite mineralization grading 2.02 per cent Zn, confirming that zinc mineralization is present locally at this stratigraphic position. The hole targeted a gravity anomaly that extends to the northwest for 300 m. With no major mineralization encountered, this gravity anomaly remains largely untested.

GR25-012 intersected 17.84 m of vein and vein breccia sphalerite mineralization grading 3.39 per cent Zn in reef cover rocks. Following up on this mineralization, GR25-013 was drilled from the same pad at a shallower dip. GR25-013 intersected a higher grade and more continuous zone of mineralization than previously seen in historical drilling at the Intrepid target. Sphalerite mineralization is present in veins and vein breccias with up-to-15-per-cent partial replacement of the matrix of a sedimentary breccia. This mineralized zone grades 4.44 per cent Zn over 51.22 m in hole GR25-013, including 5.17 m of 10.04 per cent Zn, confirming wide intervals of zinc mineralization with local high-grade zones at Intrepid. Farther downhole, other mineralized intervals were intersected: 7.99 m of 2.37 per cent Zn and 5.09 m of 4.80 per cent Zn. While GR25-013 did not intersect the reef, the stronger mineralization toward the reef margin provides evidence that mineralization is concentrated along reef margins:

• GR25-012 intersected 17.84 m of vein and vein breccia-hosted sphalerite mineralization grading 3.39 per cent Zn, including 3.00 m of 6.32 per cent Zn;
• GR25-013 intersected 51.22 m of vein-hosted and replacement sphalerite mineralization grading 4.44 per cent Zn, including 24.00 m of 7.34 per cent Zn and 5.17 m of 10.04 per cent Zn;
• GR25-009 intersected 2.00 m of reef margin-hosted sulphide mineralization grading 9.29 per cent Zn and 5.29 m of 2.02 per cent Zn.

An estimate of true width is 70 to 90 per cent of intersected thicknesses for the interval 35.74 m to 53.58 m in GR25-012 and 31.31 m to 82.53 m in GR25-013 based on a 2-D cross sectional interpretation of the geometry of the zone that assumes a broadly stratiform, tabular geometry. True thickness estimates are preliminary as the 3-D geometry of the zone has not been established by drilling off-section.

Jaws

A total of five holes were drilled at the Jaws target. Drill holes GR25-001, GR25-002 and GR25-003 targeted the highest-grade area of a strong zinc- and lead-in-soil geochemical anomaly. Drill holes GR25-004 and GR25-006 targeted gravity and soil anomalies. All drill holes intersected trace to minor vein-hosted galena and/or sphalerite mineralization. None of the drill holes at the Jaws target intersected reef rocks or significant mineralization.

Zuviel

At the Zuviel prospect, the reef margin is not exposed at surface and drill hole GR25-005 intersected the top of a buried reef. Trace vein-hosted sphalerite is present, but no significant mineralization was observed. The strong soil and gravity anomalies in the area remain unresolved and the reef margin is still untested.

Propitious

Preliminary results from a 2025 gravity grid at the Propitious reef showed a large gravity anomaly on the northwestern margin of the reef. This gravity anomaly coincides with elevated levels of zinc and lead in historical soil samples in the area, as well as prospective geology and fault structures. GR25-016 intersected minor sphalerite mineralization, consisting of partial replacement of the fine-grained matrix of a sedimentary breccia. No significant mineralization was noted at the contact between off-reef and reef facies and the hole was terminated in limestone reef.

See table 1, table 2 and table 3 for full results.

Next steps

Fireweed intends to continue interpreting the geological data recovered from the 2025 drill program and geophysics to refine potential targets at Gayna. The new density data from drill core will allow reinterpretation of gravity survey data and production of constrained inversions to vector toward near-reef density anomalies to determine next steps for potential future exploration.

Government grant

Fireweed Metals was awarded a mining incentive program (MIP) grant from the government of the Northwest Territories. The grant was valued at $216,830, reducing the cost of the 2025 program.

Qualified person statement

Technical information in this news release has been reviewed and approved by Fireweed Metals senior geologist Ian Carr, PGeo (British Columbia and the Northwest Territories), 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 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.

Data verification

The diamond drill core logging and sampling program was carried out under a rigorous quality assurance/quality control program using industry best practices. Drill intersections in this 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. The cores for analysis were marked for sampling based on geological intervals with individual samples two metres or less in length, or up to one metre within mineralized zones. Drill core was cut lengthwise in half with a core saw; one-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. Certified standard masses are used to calibrate the scale balance used for bulk density determinations. True width estimates for most mineralized intervals are not available due to the early-stage nature of the exploration work and a lack of control on the geometry of these systems.

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 2025 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 Australian Laboratory Services (ALS) preparation laboratory in Yellowknife, NWT, where the samples were crushed and a 250-gram split was sent to the ALS laboratory in North Vancouver, B.C., to be pulverized to a target of 85 per cent passing 75 microns. The pulps were analyzed by aqua regia digestion followed by inductively coupled plasma mass spectrometry (ICP-ES/ICP-MS) multielement analyses (ALS Code ME-MS41). Gallium and germanium were analyzed by lithium borate fusion followed by inductively coupled plasma mass spectrometry (ICP-MS) (ALS Code ME-MS85). Overlimit lead (more than 1.0 per cent) and zinc (more than 1.0 per cent) were analyzed with an aqua regia digest followed by inductively coupled plasma atomic emission spectroscopy (ICP-AES) (ALS Code ME-OG46). Silver is reported in this news release by method ME-MS41, zinc and lead are reported by ME-OG46, and gallium and germanium are reported by ME-MS85. ALS (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 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.

We seek Safe Harbor.