Mr. Ian Gibbs reports

FIREWEED METALS COMMENCES MACTUNG TUNGSTEN PROJECT FEASIBILITY STUDY

Fireweed Metals Corp. has engaged a team of internationally recognized engineering and technical consultants with extensive project delivery and licensing experience in the Yukon and Northern Canada to complete an updated feasibility study for its 100-per-cent-owned Mactung tungsten project (Yukon, Canada).

Chief executive officer statement

Ian Gibbs, Fireweed president and CEO, stated: "Following our successful 2025 field season, we are engaging best-in-class consultants to complete an updated feasibility study. We are excited to continue advancing Mactung, the world's premier tungsten deposit, unmatched in grade and scale. We are confident that, with the consultants we've engaged, a technically robust FS will be completed early in 2027, to be utilized in further engineering and mine licensing efforts."

The FS will build upon extensive historical technical and fieldwork, including the most recent 2025 field program, and will incorporate updated geological, metallurgical, mining, processing, infrastructure and environmental designs.

Consultant appointments

The company has engaged the following consultants to lead and support the FS:

• Wood Canada Ltd. has been appointed as the lead study consultant, and will be responsible for overall study integration, infrastructure engineering, capital and operating cost estimation, and execution planning. Wood has extensive experience delivering mining and infrastructure projects in remote Northern climates, with strong expertise in cold weather construction, engineering and logistics.
• SLR Consulting (Canada) Ltd. will lead the mineral resource estimate update and refinements to the geological domains, incorporating over 11,000 metres of 2025 drilling and approximately 40,000 metres of historical data into the new model. Working alongside Fireweed's geology team, SLR brings significant mineral resource modelling and production expertise to deliver the updated estimate.
• Ausenco Engineering Canada ULC will lead the process plant design, metallurgical testwork program, and flow sheet development and optimization. The team brings extensive global expertise in tungsten processing, a key focus for Fireweed, ensuring the development of a technically robust and reliable flow sheet.
• Worley Canada Services Ltd. will lead mine design, optimization, planning and cost estimation. Having been involved in previous studies at Mactung, the team brings deep project familiarity, full study life cycle experience and proven mining expertise in Northern Canada.
• Knight Piesold Ltd. will lead geotechnical design of waste and water management structures and provide geomechanical design support for the underground mine. Knight Piesold will apply extensive Northern experience to advance designs in alignment with Yukon regulatory requirements through operations and closure.
• Lorax Environmental Services Ltd. will lead development of the site-wide water balance, feasibility-level groundwater model and water quality model, supported by its broader hydrogeology, geochemistry and mine water management mandate. With strong expertise in groundwater characterization, geochemical source terms and integrated water modelling, Lorax will provide key inputs across the project life cycle.

Work programs initiated

In parallel with consultant mobilization, the company has already commenced the following key work programs:

• Block model update, including incorporation of recent drilling results and updated geological interpretations;
• Mine planning and design, prioritizing early extraction of high-margin mill feed for processing;
• Metallurgical testwork and geometallurgical program, designed to support process selection, recovery and variability modelling.
• Execution planning.

The FS is supported by a Department of War award made by Title III of the U.S. Defence Production Act of 1950 and announced December, 2024.

Mactung completed its environmental assessment in 2014, and the FS will support mine licence applications expected to be submitted in 2027.

Qualified person statement

Technical information in this news release has been reviewed and approved by Fireweed Metals' vice-president, exploration, 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 an exploration company focused on unlocking value in a new critical metal 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.