Fireweed Metals Corp

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

Fireweed Metals is a Canadian mineral development company focused on sustainably exploring and developing critical metals projects through progressive leadership, innovation, and collaboration.

Management’s vision is to create value for its shareholders, partners, and stakeholders by building Fireweed into a leading critical minerals development and production company through the advancement and development of the Macmillan Pass, Mactung and Gayna River projects, located in mining-friendly Canadian territories, the Yukon and Northwest Territories .

The Macmillan Pass and Mactung Projects are host to large zinc and tungsten deposits, respectively. Fireweed plans to advance these projects through exploration, resource definition, metallurgy, engineering, economic studies, and collaboration with indigenous peoples on the path to production.

Projects in Hand

Macmillan Pass Zinc-Lead-Silver Project

Fireweed owns 100% of the district-scale 940 sq. km flagship Macmillan Pass Project in Yukon, Canada, one of the largest undeveloped zinc projects in the world. The Project is host to the Tom and Jason zinc-lead-silver deposits with current Mineral Resources and a preliminary economic assessment (PEA) (see Fireweed news releases dated January 10, 2018, and May 23, 2018, respectively), as well as the Boundary Zone, Boundary West Zone, Tom North subzone and End Zone which have significant zinc-lead-silver mineralization drilled but not yet classified as mineral resources. The Project also includes large blocks of adjacent claims with known showings and significant upside exploration potential.

The January 2018 Mineral Resource Estimate puts Macmillan Pass among the world’s most significant zinc resources.

The Tom and Jason deposits contain a combined resource of:

• 11.21 Mt Indicated @ 9.61% ZnEq
• 6.59% Zn, 2.48% Pb, 21.33 g/t Ag
• 39.47 Mt Inferred @ 10.00% ZnEq
• 5.84% Zn, 3.14% Pb, 38.15 g/t Ag

Excellent Upside Potential

• Additional drilling at Tom & Jason Zones will both expand resource and improve grades in some zones
• Boundary Zone has no resource yet, and massive size potential
• Additional engineering to improve pits, metallurgy, and optimize mine plan
• $71M in government funding commitment to access roads, included as project CAPEX in 2018 PEA, now offset

Mactung Tungsten Project

Fireweed has a binding Letter of Intent to acquire 100% interest in the 37.6 sq. km Mactung Tungsten Project straddling the Yukon and Northwest Territories border, located adjacent to the Macmillan Pass Project and accessed by the same road. It contains historic resources that make it one of the largest and highest-grade undeveloped tungsten resources in the world. Located in Canada, it is one of the rare large tungsten resources outside of China. Due diligence and validation work on historic data is underway which will support a new mineral resource estimate.

Historic 2007 indicated resources totaled 33.0 million tonnes grading 0.88% WO3 (tungsten trioxide) plus historic inferred resources of 11.8 million tonnes grading 0.78% WO3.

Mactung is a strong project on its own. But Fireweed believes there are capital and operating synergies to be gained by developing the Macmillan Pass and Mactung projects together.

Gayna River Zinc-Gallium-Germanium Project

Fireweed has 100% of the 128.75 sq. km Gayna River Project in Northwest Territories, located 180 kilometres north of the Macmillan Pass project. It is host to extensive critical minerals mineralization including zinc, gallium and germanium as well as lead and silver, outlined by 28,000 metres of historic drilling and significant upside potential.

Investment Highlights

• Upcoming bull market
• Recent crisis has highlighted fragility in critical base metals market
• Robust projects
• Macmillan Pass and Mactung have grade, scale, economics and upside potential
• Critical metals essential
• Geopolitical conflict and resource nationalism are fueling national Critical Metals focus
• Massive global stimulus
• Fiscal stimulus will focus on infrastructure bullish for zinc
• Big names already paying attention
• Teck, Ibaera Capital have invested, others are watching
• Upcoming studies
• New resource estimates and economic studies are pending

Management

Management and Directors

John Robins, P.Geo., Chairman & Director

Mr. Robins is a professional geologist with over 35 years of experience. He was Founder, Executive Chairman & Director of Kaminak Gold Corporation which discovered the Coffee Gold Deposits in Yukon and sold the company to Goldcorp for $520 million.

Brandon Macdonald, P.Geo., B.Sc., MBA, CEO & Director

Mr. Macdonald is a professional geologist with a diverse experience base including exploration geology worldwide and investment banking. In recent years he has focused his efforts in exploration and development as a principal of and consultant to various junior mining companies. He worked in structuring financings and risk management at Macquarie Bank. Mr. Macdonald has a long history of mining exploration work in Yukon, including zinc projects.

George Gorzynski, Executive Vice President & Director

Mr. Gorzynski is co-founder of the Company and a geological engineer with 35 years of experience in exploration and mining company management. He has worked on a number of zinc projects in British Columbia and Yukon.

James Scott, P.Geo., Senior Vice President of Projects

Mr. Scott has over 18 years of experience in mineral exploration and development.

Pamela O'Hara, Vice President of Sustainability

Ms. O'Hara is a registered professional biologist with a unique blend of professional experience plus academic training.

Moira Cruickshanks, Vice President of Technical Services

Ms. Cruickshanks has over 14 years of experience in mineral exploration and mining in North America.

Kelly Bateman, Vice President of Studies

Ms. Bateman is a professional geologist with over 10 years of experience in the junior exploration and mining consulting industries, focused on northern Canada.

Jack Milton, Chief Geologist

Dr. Milton has spent the past 13 years working on projects across Yukon, NWT, and BC.

Cindy Chiang, CPA, CA, Chief Financial Officer

Ms. Chiang is a Chartered Professional Accountant with experience in both public practice and industry.

Adrian Rothwell, CPA, CA, Director & Audit Committee Chair

Mr. Rothwell has worked in the mining industry for over 25 years with extensive experience in oversight and corporate governance roles.

Peter Hemstead, CPA, CMA, Director

Mr. Hemstead has over 25 years of finance experience. He is the Chief Financial Officer of Bluestone Resources Inc.

Marcus Chalk, Director

Mr. Chalk has over 25 years experience as a leading strategic and capital markets advisor in the global metals and mining industry.

Peter Hairsine, Director

Mr. Hairsine is an asset development specialist with more than 20 years of experience in mining and resources and a representative of Fireweed’s large shareholder, Ibaera Capital.

Jill Donaldson, Director

Ms. Donaldson is a senior corporate and securities lawyer with extensive experience working with boards.

News Update

On October 05, 2023, Fireweed Metals Corp. has completed a geophysical survey on its Gayna project (zinc-lead-silver-gallium-germanium) in the Northwest Territories, Canada. Highlights:

• Exploration is targeting reef-margin high-grade massive sulphide mineralization using a ground gravity geophysical survey.
• The 2022 geophysical program identified two broad areas with gravity anomalies consistent with Kipushi-style targets.
• The 2023 gravity survey aims to expand the gravity coverage to identify new anomalies, and to refine existing anomalies for future drill testing.

Chief executive officer statement : Brandon Macdonald, CEO, stated: "We are very excited to continue work on Gayna; the new interpretations of historical data combined with our geophysical and geochemical surveys show that the project has significant potential to host a similar style of mineralization to the world-class Kipushi deposit. With recent surface samples showing high-grade zinc (Zn) and lead (Pb), the 2023 survey work will allow higher-resolution definition of targets in preparation for future drill testing."

On September 29, 2023,The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced on Aug. 10, 2023.

Number of shares: 8.75 million charity flow-through shares

Purchase price: $1.92 per charity flow-through share

Number of placees: 67 placees

Total existing insider involvement: 6,785,000 (five insiders)

Finder's fee: $61,355.48 cash and 44,785 warrants

Finder's warrant terms: Each warrant entitles the holder to purchase one common share at the price of $1.37 for a period of one year from the date of issuance.

On September 12, 2023, Fireweed Metals Corp. has appointed Patrick (Paddy) G. Downey to the board of directors.

Mr. Downey has over 40 years of international experience in the resource industry, including mine operations, development and construction. Mr. Downey is currently CEO of Orezone Gold where he has overseen the successful financing, construction, and operation of the Bombore mine in Burkina Faso. He has held the position of President, Chief Executive Officer and Director of Elgin Mining Inc., Aura Minerals Inc. and previously Viceroy Exploration Ltd. before its acquisition by Yamana Gold Inc. in 2006. He has held numerous senior engineering positions at several large-scale global gold mining operations and has also held operating positions at several mining projects in Northern Canada. Mr. Downey was a member of the boards of Claude Resources and Dalradian Resources before their recent successful acquisitions and a member of the Board of Victoria Gold during the development stage of Eagle Gold Mine in the Yukon Territory. He holds a Bachelor of Science (Hon.) degree in Engineering from Queen's University.

On September 01, 2023, Fireweed Metals Corp. (formerly Fireweed Zinc Ltd.) has closed the non-brokered private placement first announced Aug. 10, 2023. Highlights:

• $16.8-million total raised to expand the 2023 drill program and support other exploration;
• The Lundin family, through their trusts, subscribed for a total of 4,635,000 shares;
• Other key shareholders subscribed, including Larry Childress for 1.4 million shares and Teck Resources Ltd. for 700,000 shares.

The proceeds from the offering will be used for exploration and development of the company's projects in Northern Canada. The gross proceeds from the issuance of all premium flow-through shares will be used on the company's projects to incur Canadian exploration expenses (CEE). which will qualify as flow-through critical mineral mining expenditures under the Income Tax Act (Canada).

On August 17, 2023, Fireweed Metals Corp. (formerly Fireweed Zinc Ltd.) has provided an update on the non-brokered private placement first announced Aug. 10, 2023.

The offering was made available to existing shareholders with lead orders from the Lundin Family, Larry Childress and others. It is fully subscribed with all allocations finalized. The company will now work with counterparties to complete all necessary steps, with final closing of the offering expected to be Aug. 31, 2023. The offering consists of 8.75 million flow-through common shares of the company at a price of $1.92 per share through a charitable donation arrangement (premium flow-through shares). The proceeds from the offering will be used for exploration and development of the company's projects in Northern Canada.

On August 10, 2023, Fireweed Metals Corp. has arranged a non-brokered private placement for gross proceeds of up to $16.8-million. Highlights:

• The offering is being made available to key existing shareholders with lead orders from the Lundin family, Larry Childress and others.
• The price of the offering will be $1.92 per share, a significant premium to the current market price limiting dilution. There is no intention to upsize the offering.
• The Lundin family, through its trusts, has indicated its intention of subscribing to any amount of the offering that remains unallocated. This participation retains it collectively as Fireweed's largest shareholder.
• The offering will provide Fireweed with capital to significantly expand the large 2023 drill program on the company's projects and lay the groundwork for an even larger 2024.

On July 28, 2023, Fireweed Metals Corp. has filed on SEDAR the independent technical report for its Mactung project that is located in Yukon and the Northwest Territories (NWT), Canada.

Chief executive officer statement: "We are pleased to file our technical report on SEDAR to give the full details of the resource estimate that was completed to demonstrate that Mactung is the largest high-grade tungsten deposit in the world," commented Brandon Macdonald, chief executive officer. "We are continuing to advance the Mactung project towards development and this world-class resource will be the foundation for detailed engineering studies of this unique critical mineral project."

On July 26, 2023, Fireweed Metals Corp. has released the first assay results from its 2023 exploration at the Macmillan Pass project in Yukon and provide an update from its largest-ever drill program. Highlights:

• These results reveal a continuous mineralized zone of stratiform laminated to massive sulphide in addition to extensive near-surface vein and breccia mineralization.
• The Boundary Zone stratiform mineralization has a strike length of over 400 m and has been followed down-dip for at least 350 metres.
• This zone is trending to higher grades and greater thicknesses at depth, where it remains open.
• NB23-003 intersected 71.89 m of 6.48 per cent zinc, 3.09 per cent lead, 97.8 g/t silver, including 21.96 m of 10.70 per cent zinc, 6.96 per cent lead, and 178.6 g/t silver.
• NB23-001 intersected 38.00 m of 9.12 per cent zinc, 1.50 per cent lead, 52.6 g/t silver, including 20.00 m of 15.32 per cent zinc, 2.53 per cent lead, 86.2 g/t silver.
• NB23-002 intersected 4.20 m of 18.71 per cent zinc 0.30 per cent lead 47.1 g/t silver.

On July 05, 2023, In conjunction with Fireweed Metals Corp.'s largest-ever drill program at Macmillan Pass, Fireweed will be conducting reconnaissance prospecting, mapping and sampling across a series of gold anomalies on the property. The Tombstone-Tungsten Gold Belt (TTB) is a Yukon gold district with multi-million-ounce gold and silver deposits and several recent gold discoveries.

Fireweed's 980 km2 Macmillan Pass and Mactung projects are within the TTB and host not only some of the world's largest undeveloped resources for zinc and tungsten** but also a geological setting that is prospective for gold mineralization. Numerous gold targets have been identified using a large database of geochemical and geophysical data collected by Fireweed and by previous owners during exploration that primarily targeted Carlin style gold mineralization.

These targets are prospective for reduced intrusion related gold mineralization which is similar to the type of mineralization found 30 to 90 km away at Snowline Gold's recent Valley discovery at their Rogue project. A three-week field program will systematically explore several anomalous areas with potential for reduced intrusion related gold mineralization.

On June 22, 2023, Fireweed Metals Corp. has provided an update on its 2023 exploration program. The first three drill holes have tested an area between the Boundary Main and Boundary West zones and have intersected significant zinc-lead mineralization. The company is currently completing a 1,900-metre phase 1 drill program and plans to continue with an additional 14,000 m or more of drilling across multiple stepouts and targets in 2023.

Chief executive officer statement: Brandon Macdonald, CEO, stated: "The season is off to a thrilling start, with a broad intersection of massive sulphides in a stepout hole at Boundary zone as part of the first test of our feeder zone target. We are very excited that we have hit zinc-lead mineralization in all our first three holes at Boundary zone, stepping out from our discoveries in 2022. Progress has gone well on the 2023 exploration campaign with the first rig making very good production and we have capitalized on the relatively early snow melt to mobilize a second rig ahead of schedule. The imminent completion of our new 48-person, all-weather camp will facilitate exploration in 2023 and beyond."

On June 20, 2023, Fireweed Metals Corp. has provided an update on the near-term plans for the Mactung project, following release of the resource estimate that establishes Mactung as the world's largest, high-grade tungsten deposit.

CEO Statement: Brandon Macdonald, CEO, stated "Fireweed's recent Resource Statement on Mactung has reaffirmed the project's status as one of the world's preeminent tungsten development stories. Building on that resource our team now looks to advance the project to construction readiness through modern metallurgical studies, value engineering, and by working with Indigenous groups through the regulatory processes. This coming year will establish Mactung as not just a great resource but also a credible near-term supplier for the critical mineral tungsten."

On June 13, 2023, Fireweed Metals Corp. has released a new mineral resource estimate for its Mactung project located in Yukon and the Northwest Territories, Canada, within the traditional territories of the Kaska Dena Nation and First Nation of Na-Cho Nyak Dun, and the Sahtu settlement area.

Chief executive officer statement: Brandon Macdonald, CEO, stated: "In one year we have gone from signing an initial letter of intent to a definitive asset purchase agreement to the publication of new mineral resource for Mactung. We have taken the historic resource through a process involving relogging, resampling and a rigorous, modern estimation methodology, and confirmed an impressive and world-class tungsten resource at Mactung. This not only reaffirms Mactung's unmatched combination of grade and scale but establishes it as a truly strategic critical minerals project for the West with the underground resource alone able to supply much of North America's expected demand for decades. Fireweed is looking forward to collaborating with federal, territorial and indigenous governments to advance Mactung through the permitting and detailed engineering stages of this unique project."

On June 06, 2023, Fireweed Metals Corp. (formerly Fireweed Zinc Ltd.) has started the 2023 diamond drill program at the Macmillan Pass project and has provided an operations update. Highlights:

• 2023 will be Fireweed's largest-ever drill program, with goals to expand all known mineralized zones at Macmillan Pass;
• Drilling is under way, with plans to complete 16,000-plus metres using five diamond drill rigs, with opportunity to increase;
• The focus of the initial phase of drilling is growth at Boundary zone building on past successes;
• Macmillan Pass camp expansion is progressing on schedule to add 48 persons to its capacity;
• Commencement of year-round environmental studies to inform future assessment processes to advance Macmillan Pass toward production.

On May 31, 2023, Fireweed Metals Corp. has released the results of voting at its annual general meeting of shareholders, which was held on May 31, 2023, in Vancouver, B.C. Full details of all the voting results for the 2023 Meeting are available on SEDAR at www.sedar.com.

A total of 35,535,951 common shares, representing 26.26% of the votes attached to all outstanding shares as at the record date for the Meeting, were represented at the Meeting. All of the matters submitted to the shareholders for approval as set out in the Company's Notice of Meeting and Information Circular dated April 18, 2023, were approved by the requisite majority of votes cast at the Meeting.

On May 02, 2023, Fireweed Metals Corp. has provided its plans for the 2023 field program at Macmillan Pass and has appointed Andrew Crook, PEng, as the new vice-president of operations. Highlights:

• 2023 will be Fireweed's largest ever drill program with five drills secured and goals to expand all known mineralized zones
• Over 16,000 m of drilling planned, with the opportunity to increase
• Strengthened management team with the addition of Andrew Crook as Vice President of Operations
• Increased future operational capacity with improved site infrastructure including construction of a new, larger, camp better equipped for cold-weather operations
• Continued opportunities for local community members and businesses
• Commencement of year-round environmental studies to inform future assessment processes on the path to eventual production at Macmillan Pass and Mactung

On April 10, 2023, Fireweed Metals Corp. has retained PI Financial Corp. to provide market-making services in accordance with TSX Venture Exchange policies.

PI will trade the securities of Fireweed on the TSX-V for the purpose of maintaining an orderly market. In consideration of the services provided by PI, the company will pay PI a monthly fee of $4,000 for a minimum term of three months and renewable thereafter. Fireweed and PI are unrelated and unaffiliated entities. PI will not receive shares or options as compensation. The capital used for market-making will be provided by PI.

On March 06, 2023, Fireweed Metals Corp. has released the final set of results from the 2022 drill program at Tom, Macmillan Pass, Yukon, Canada, stated as estimated true widths. All assay results from the 2022 program have now been released. Highlights :

• Multiple wide and high-grade intersections at the Tom deposit. Hole TS22-009 intersected a true width of 40.6 metres at 15.2 per cent zinc, 14.6 per cent lead and 181.6 g/t silver, including 20.9 m of 20.7 per cent zinc, 22.4 per cent lead and 280 g/t silver.
• Hole TS22-001 intersected a true width of 26.9 m of 9.3 per cent zinc, 5.4 per cent lead and 61.5 g/t silver, including 12.8 m of 11.4 per cent zinc, 8.9 per cent lead and 114.9 g/t silver.
• Hole TS22-002 intersected a true width of 16.9 m of 10.7 per cent zinc, 5 per cent lead and 98.8 g/t silver, including 3.3 m of 18.9 per cent zinc, 14.2 per cent lead and 324 g/t silver.
• Many of the 2022 drill holes have demonstrated significantly better grades and/or wider intersections than the current mineral resource block model at the same location.

On March 02, 2023, Fireweed Metals Corp. has released the final set of results from the 2022 drill program at Boundary zone, Macmillan Pass, Yukon, Canada. Additional results from nine holes drilled at the Tom deposit in 2022 are pending. Highlights:

• Multiple wide and high-grade zinc-lead-silver intersections in five different holes, including many near-surface intersections;
• Hole NB22-023 intersected 298 metres of 4.5 per cent zinc, 1.4 per cent lead and 30.9 grams per tonne silver, including a new zone of stratiform mineralization grading 24.5 per cent zinc, 15.1 per cent lead and 323.2 g/t silver over 9.6 m;
• Hole NB22-022 intersected 226.8 m of 5.7 per cent zinc, 0.6 per cent lead and 21.6 g/t silver, including an intersection within the new stratiform zone of 9.3 m grading 16.6 per cent zinc, 4.4 per cent lead and 143.1 g/t silver;
• Hole NB22-017 intersected 60.5 m of 12 per cent zinc and 21.9 g/t silver, starting within 20 m from surface, including 6.2 m of 40.1 per cent zinc and 84.2 g/t silver;
• Hole NB22-012 intersected 174.7 m of 3 per cent zinc and 7.9 g/t silver, including 32.2 m of 6.4 per cent zinc and 11.2 g/t silver.

On February 28, 2023, Fireweed Metals Corp. has signed a definitive asset purchase agreement for the acquisition of 100-per-cent interest in the Mactung tungsten project located in Yukon and Northwest Territories, Canada. Fireweed also announces appointment of a new corporate secretary and a small stock option grant to staff (see details below). Highlights:

• Fireweed signed the definitive asset purchase agreement to acquire the Mactung tungsten project;
• Mactung is one of the largest and highest-grade tungsten deposits in the world, and one of the few potential sources of scale for this critical metal outside of China;
• Approximately 38,000 metres of historic drilling outlined a large, high-grade tungsten resource and produced a positive historic feasibility study;
• Fireweed is targeting a Q2 2023 resource update on the project and is doing work to include byproduct metals such as gold, copper and bismuth, in addition to tungsten;
• Mactung is located within the traditional territories of the Kaska Dena and first nation of Na-Cho Nyak Dun, and the Sahtu settlement area;
• Mactung is located 13 kilometres north of Fireweed's Tom zinc-lead-silver deposit and is also accessible by the North Canol Road, providing potential for future project synergies;
• After closing of the agreement on or about April 5, 2023, Fireweed will hold a 100-per-cent interest in Mactung.

On February 27, 2023, Fireweed Metals Corp. has released additional results from the 2022 drill program at Boundary zone Macmillan Pass zinc-lead-silver project in Yukon, Canada. Highlights:

• A high-grade and wide intersection of zinc mineralization in NB22-021 for 105 metres of 8.4 per cent zinc and 12.1 g/t (grams per tonne) silver starting from surface;
• A new stratiform zone in NB22-018 returned eight m of 11.5 per cent zinc, 1.7 per cent lead and 61 g/t silver;
• All holes completed hit zinc mineralization;
• Results from the last five holes from Boundary zone and nine holes from the Tom deposit are pending.

On February 17, 2023, Fireweed Metals Corp CEO Brandon Macdonald joined Steve Darling from Proactive to share more positive results from the company's 2022 drill program at Boundary West at its Macmillan Pass zinc-lead-silver project in Canada's Yukon Territory.

Macdonald telling Proactive an infill hole returned 56.5 metres of 6.34% zinc, 0.38% lead, and 36.4 g/t silver within the massive sulphide zone at Boundary West. The company also saw several step-out holes successfully intersect mineralization which has extended the mineralization at Boundary West.

Macdonald says they are still waiting for more 2022 assays from Boundary Main and Tom zones.

On February 15, 2023, Fireweed Metals Corp. has released additional results from the 2022 drill program at Boundary West, Macmillan Pass, Yukon, Canada. Highlights:

• An infill hole intersected 56.5 metres of 6.34 per cent zinc, 0.38 per cent lead and 36.4 grams per tonne silver within the massive sulphide zone at Boundary West.
• Several stepout holes successfully intersected stratiform mineralization, massive sulphides and
• Howard Pass-style mineralization, extending the mineralization at Boundary West.
• Assay results from 21 holes from Boundary Main and Tom are pending from the 2022 drill program.
• Fireweed is preparing for its largest ever drill program with a cash position of $38.6-million.

On January 31, 2023, The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced on Nov. 29, 2022, and increased on Nov. 30, 2022.

Number of shares: 4,672,818 flow-through (FT) shares; 6.3 million charity flow-through (CFT) shares; 32,063,027 non-flow-through (NFT) shares

Purchase price: 88 cents per FT share; $1.20 per CFT share; 74 cents per NFT share

Number of placees: 108 placees

Total existing insider involvement: 5,119,500 (six placees)

Total pro group involvement: 1,382,985 (12 placees)

On January 31, 2023, Fireweed Metals Corp. has released additional results from the 2022 drill program at Macmillan Pass, Yukon, Canada. Highlights:

• At Boundary Main, stepout drill hole NB22-006 intersected 12.5 metres of 11.17 per cent zinc, including 6.2 m of 15.84 per cent zinc.
• A new laminated zone in hole NB22-008 returned 14.55 per cent zinc, 1.5 per cent lead and 28.8 g/t silver over 2.65 m.
• Copper-zinc mineralization was intersected in NB22-006 over 10.5 m grading 0.45 per cent copper and 2.32 per cent zinc.
• Assay results from 24 additional drill holes at Boundary and Tom zones are pending.

Chief executive officer statement :Brandon Macdonald, chief executive officer, stated: "Drilling continues to extend the Boundary zones with high-grade stepout drill results, including the discovery of a new stratiform zone. The zones remain open along trend and to depth for further extension. Many additional 2022 drill results are pending and we have started planning the biggest drill program in the history of the project for 2023."

On December 30, 2022, Fireweed Metals Corp. has provided a review of its exceptional 2022 accomplishments in building the company and advancing its critical minerals projects in northern Canada.

Corporate: $49 million raised - $13 million raised in May and $35 million raised in December (see Fireweed news releases dated 27 May 2022 and 21 December 2022, and Updated Private Placement Information note below for details)

Macmillan Pass Project: Largest drill program in the history of the Company completed with four drills mainly at Boundary Zones and some drilling at the Tom Deposit. All drill holes intersected mineralization, with several new zones discovered.

New Projects: Mactung Project: Fireweed signed a binding letter of intent to acquire 100% interest in the 37.6 km2 Mactung Tungsten Project, located immediately adjacent to the Macmillan Pass property. Gayna River Project: Fireweed acquired 100% of the 128.75 km2 Gayna River project located 180 kilometres north of the Macmillan Pass property.

December 21, 2022, Fireweed Metals Corp. (formerly known as Fireweed Zinc Ltd.) has closed the non-brokered private placement first announced Nov. 29, 2022. Highlights:

• $35.1-million total raised, a substantial increase over the initial $27-million offering;
• The Lundin family and associates subscribed for a total of 27 million shares;
• Other key shareholders subscribed, including Larry Childress for 3.3 million shares and Teck Resources Ltd. for 3.4 million shares.

The proceeds from the offering will be used for exploration and development of the company's projects in northern Canada, and for general working capital purposes.

On November 30, 2022, Fireweed Metals Corp.'s (formerly known as Fireweed Zinc Ltd.) previously announced financing has been substantially oversubscribed due to strong investor interest, and the private placement has been increased to aggregate gross proceeds of up to $35-million.

於2022 年 11 月 30 日，Fireweed Metals Corp.（前身為 Fireweed Zinc Ltd.）之前宣布的融資，因投資者興趣濃厚而獲得大幅超額認購，私募增發至總募集資金總額高達 3千5百萬加元。

On November 29, 2022, Fireweed Metals Corp. (formerly known as Fireweed Zinc Ltd.) has arranged a non-brokered private placement for gross proceeds of up to $27,523,500. The private placement includes lead orders by members of the Lundin family and other key shareholders. Highlights:

• The Lundins' participation in the offering makes them collectively Fireweed's largest shareholder;
• Additional orders from other key shareholders in excess of $5-million;
• The offering will provide Fireweed with capital to make 2023 the most significant program ever completed on the company's projects.

On September 22, 2022, Fireweed Metals Corp. announced that it has appointed Jill Donaldson to the board of directors.

On September 13, 2022, Fireweed Metals Corp. announced that it has started its 2022 drill program, and has provided an update on the exploration programs at its Macmillan Pass, Mactung and Gayna River projects.

Highlights

Macmillan Pass:

• Discovery of massive sulphide mineralization on the south side of a fault at Boundary West;
• Discovery of laminated sphalerite-galena-barite mineralization at Boundary Main;
• Significant widths of massive pyrite-sphalerite-galena mineralization have been intersected in the first two holes at Boundary West;
• Four diamond drilling rigs are currently turning on the property: two at Boundary zone and two at Tom West;
• 19 drill holes completed to date, totalling 5,234 metres;
• Over 8,315 metres of core scanned.

Mactung:

• LiDAR was flown over the extent of the property;
• Field crews are mobilizing to conduct a bulk density and resampling program on historic core;
• The bulk density and resampling program will validate historic data to support a mineral resource estimate.

Gayna River:

• LiDAR was flown over the extent of the property;
• Field crews have completed detailed mapping and prospecting;
• Rock and soil samples were submitted for geochemical analysis;
• Geophysical crews conducted a ground gravity survey over areas of high prospectivity along the reef margins.

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