Mr. Ian Gibbs reports

FIREWEED METALS COMMENCES 2026 FIELD PROGRAM

Fireweed Metals Corp. has launched its 2026 field program, with planned activities across its Mactung, Macpass and regional infrastructure improvement planning projects.

The 2026 program includes approximately 9,500 metres of combined diamond and sonic drilling across the two critical metals projects, including up to 7,500 m at Macpass and up to 2,000 m at Mactung. Drilling is now under way at Macpass, with work at Mactung expected to follow.

Ian Gibbs, president and chief executive officer, stated: "We are very excited to have commenced field operations across multiple critical metals projects. The 2026 Mactung field program and ongoing engineering studies will continue to inform the updated Mactung feasibility study, which is ongoing and scheduled for completion early in 2027. Exploration drilling at Macpass will continue where it left off at the end of the 2025 field season, with the continuation of hole TS25-003, [an approximately] 300-metre stepout downdip of the inferred resource at Tom South that was suspended in laminated sulphide mineralization at the end of the 2025 field season. We are confident in the prospectivity of the areas surrounding Tom South and Tom East for the discovery of additional high-grade mineralization."

2026 Mactung program

As part of the U.S. Defense Production Act (DPA) Title III-supported program announced in December, 2024, Fireweed is conducting geotechnical and hydrogeological drilling, which builds on the 2025 program. These activities will support an updated feasibility study, which commenced earlier in 2026 and establishes the foundation for future licensing and permitting efforts. Activities include the following:

1. Geological model update -- refining the geological and block models to provide a robust basis for mine planning;
2. Hydrogeological studies -- installing additional groundwater monitoring wells to refine the hydrogeological model for the deposit and proposed infrastructure areas;
3. Geotechnical site investigation -- additional drilling geotechnical boreholes and test pits to collect soil, rock and permafrost data in support of the planned mine and infrastructure development as well as borrow source geotechnical investigations;
4. Historical core scanning -- building on the 2025 scanning program to provide comprehensive short-wave infrared and multielement data within the resource area.

Additionally, Fireweed plans to continue baseline environmental work across the Mactung project throughout the summer. The feasibility study remains on schedule for completion in early 2027, with metallurgical and geometallurgical programs advancing in addition to designs for the mine, processing facilities and infrastructure.

2026 Macpass field program

At Macpass, Fireweed has initiated an exploration and resource expansion drilling program targeting stepouts around known zinc-lead-silver-gallium-germanium mineralization at Tom South and Tom East. The company also plans to conduct near-deposit and regional gravity and soil sampling at the Tom and Amax areas in the southeast of the property.

2026 Macpass drill program

1. Tom South -- approximately 6,000 metres: Stepout drilling at Tom South will follow up downdip and along strike of high-grade intercepts from 2023, 2024 and 2025. Initial drilling will finish TS25-003, a 450-metre stepout downdip of the inferred Tom South resource margin, which was paused at the end of 2025 in laminated sulphide mineralization due to seasonal constraints. TS25-003 is 300 m downdip of the notable intercept from 2025 TS25-001D1, 54.28 m (30 m true width) of 33.23 per cent zinc equivalent (18.20 per cent zinc, 13.93 per cent lead and 161.0 grams per tonne silver).
2. Tom East -- approximately 1,500 metres: Following the successful imaging of the Boundary zone during the 2024-2025 muon survey and successful follow-up exploration drilling, Fireweed intends to leverage this technology in a near-deposit expansion program targeting the high-grade Tom East area and to deploy muon detectors to generate a comprehensive density image of the subsurface.

2026 Macpass regional program

Fireweed intends to continue regional exploration efforts on its vast, underexplored (approximately 948-square-kilometre) land package. Ground gravity surveys, soil sampling and prospecting will target zinc-lead-silver and intrusion related gold targets.

Planning for North Canol Infrastructure Improvements

Fireweed continues to advance key planning activities associated with the Planning for North Canol Infrastructure Improvements project (PNCII), supported by funding through Natural Resources Canada's First and Last Mile Fund, formerly the Critical Minerals Infrastructure Fund, announced in August, 2025. The company is leading development of preliminary engineering designs for road and transmission infrastructure within the existing North Canol road corridor, alongside required environmental and socio-economic baseline studies. In 2025, Fireweed completed surveying, lidar acquisition, and substantially advanced preliminary engineering design for road upgrades, water crossings and transmission line infrastructure within the North Canol corridor to Mactung. The company also initiated a comprehensive program of surface water, aquatic and wildlife baseline studies, with fisheries, heritage, and borrow source geotechnical investigations continuing into 2026. Engagement with federal, territorial and indigenous governments is continuing, with a focus on advancing technical design, refining cost estimates and preparing for regulatory documents in support of submissions targeted for later in 2026.

Qualified person statement

Technical information in this news release has been approved by Fireweed Metals' vice-president, exploration, Dr. Jack Milton, PGeo (British Columbia), a qualified person as defined under National Instrument 43-101. Dr. Milton is not independent of Fireweed for purposes of 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 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, the OTCQX Best Market under the symbol FWEDF and the Frankfurt Stock Exchange under the trading symbol M0G.

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