Mr. Ian Gibbs reports

FIREWEED METALS ANNOUNCES $61.5 MILLION PRIVATE PLACEMENT WITH STRATEGIC INVESTMENT FROM JX ADVANCED METALS CORPORATION

Fireweed Metals Corp. has arranged a non-brokered private placement to raise gross proceeds of approximately $61.5-million, with participation from strategic investors, including JX Advanced Metals Corp. and the Lundin Family Trusts (as defined below). Proceeds from the offering (as defined below) will support the advancement of exploration and development activities at the company's Macpass, Mactung and Gayna projects located in Northern Canada, as well as continuing planning for regional infrastructure improvements and general working capital and corporate purposes.

Ian Gibbs, president and chief executive officer of Fireweed Metals, stated:

"JX Advanced Metals has a long track record of partnering with Lundin Group companies, and we are very pleased to further strengthen this relationship through their strategic investment in Fireweed. As a global leader in advanced materials and a key participant in the semiconductor supply chain, JX brings deep expertise in markets where high-purity materials, including tungsten, play an important role in enabling next-generation technologies. Their growing presence in the United States, including a new facility in Mesa, Ariz., further highlights the strategic importance of these materials to the North American industrial base. We believe their investment underscores Fireweed's positioning within a critical supply chain supporting the continued growth of advanced semiconductors and other strategic technologies and industries."

Private placement

The company will undertake a non-brokered private placement to raise aggregate gross proceeds of up to $61.5 million, consisting of up to 14,704,140 common shares of the company at a price of $4.18 per share. The issue price represents a 9-per-cent premium to the closing price of the shares on the TSX Venture Exchange on March 27, 2026, and a 14-per-cent premium to the 10-day volume-weighted average trading price of the shares on the TSX Venture Exchange for the period ended on such date.

Strategic investor participation

JX and trusts settled by the late Adolf H. Lundin are expected to participate in the offering.

JX is expected to subscribe for approximately 11,343,294 shares. Upon completion of the offering, JX is expected to hold approximately 11,343,294 shares, representing approximately 5.0 per cent of the company's issued and outstanding shares on a non-diluted basis, assuming completion of the offering.

The Lundin Family Trusts are expected to subscribe for approximately 3,360,846 shares of the company. Upon completion of the offering, the Lundin Family Trusts are expected to hold approximately 51,853,509 shares, representing approximately 22.9 per cent of the company's issued and outstanding shares on a non-diluted basis, maintaining their pro-rata ownership interest in the company.

Related party transaction

Participation by the Lundin Family Trusts in the offering will constitute a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions, as a private entity controlled by the Lundin Family Trusts currently holds more than 10 per cent of the company's outstanding shares. The company expects such participation to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) thereof, as neither the fair market value of the securities to be issued to the related party nor the consideration to be paid by the related party will exceed 25 per cent of the company's market capitalization.

Closing

The offering is expected to close on or about April 7, 2026, and is subject to execution of definitive agreements and other customary conditions, including receipt of all necessary regulatory approvals, including approval of the TSX Venture Exchange.

All securities issued pursuant to the offering will be subject to a four-month-plus-one-day hold period under applicable Canadian securities laws.

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.

We seek Safe Harbor.