Mr. Ian Gibbs reports

FIREWEED METALS CLOSES PREVIOUSLY ANNOUNCED $61.5 MILLION PRIVATE PLACEMENT

Fireweed Metals Corp. has closed its previously announced non-brokered private placement for aggregate gross proceeds of $61,463,305.

The offering consisted of the issuance of 14,704,140 common shares of the company at a price of $4.18 per share, including a strategic investment by JX Advanced Metals Corp., alongside participation from trusts settled by the late Adolf H. Lundin. JX is a global leader in advanced materials and a key participant in the semiconductor supply chain, bringing deep expertise in high-purity materials, including tungsten, and a growing U.S. presence.

Highlights:

• 14,704,140 shares issued for aggregate gross proceeds of $61,463,305:
  • JX subscribed for 11,343,294 shares, representing approximately 5.0 per cent of the company's issued and outstanding shares on a non-diluted basis upon closing;
  • Lundin family trusts subscribed for 3,360,846 shares and 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 upon closing, maintaining their pro rata ownership interest;
• Issue price of $4.18 per share, representing a 9-per-cent premium to the March 27, 2026, closing price 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.

In connection with the closing of the offering, Fireweed and JX entered into an investor rights agreement. Pursuant to the investor rights agreement, for so long as JX maintains a certain percentage of the ownership of the issued and outstanding shares, it is entitled to certain customary investor rights, including anti-dilution, secondment, offtake and participation rights.

Proceeds from the offering 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.

Related party transaction

As the Lundin Family Trust is a related party of the company as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, its participation in the offering is considered a related party transaction (as defined in MI 61-101). Such participation was exempt from the formal valuation and minority shareholder approval requirements under sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of the securities acquired by the Lundin Family Trust, nor the consideration for the securities paid by the Lundin Family Trust, exceeded 25 per cent of the company's market capitalization (as calculated in accordance with MI 61-101).

Closing

The offering closed on April 2, 2026, including receipt of all necessary regulatory approvals, including final acceptance of the TSX Venture Exchange. All securities issued pursuant to the offering are subject to a hold period of four months and one day in accordance with 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 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 symbol FWEDF and on the Frankfurt Stock Exchange under the trading symbol M0G.

We seek Safe Harbor.