Vancouver, British Columbia: FIREWEED METALS CORP. (“Fireweed” or the “Company”) (TSXV: FWZ; OTCQB: FWEDF, formerly Fireweed Zinc Ltd.) is pleased to announce the 2023 diamond drill program has started at Macmillan Pass and provide 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 underway with plans to complete 16,000+ m 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 towards production.

CEO Statement

Brandon Macdonald, CEO stated “We are off to a great start and look forward to a game-changing season ahead. We are on track to complete the largest ever drill program Fireweed has carried out at Macmillan Pass. The first drill rig is turning and we are preparing to receive four more drill rigs once the road to site is opened. It’s busy times and exciting times; and with a healthy treasury of over $30 million, 2023 is shaping up to be a banner year for Fireweed.”

2023 Diamond Drill Program

The 2023 program will utilize five diamond drill-rigs, targeting over 16,000 m of drilling between Boundary, Tom, and Jason zones. The initial phase of drilling (Phase 1) with the first drill is currently underway. This phase is focused on stepping out from the high-grade intersections drilled at Boundary Zone in 2022 such as holes NB22-023 that intersected 298 m of 4.5% zinc, 1.4% lead, and 30.9 g/t silver including a new stratiform zone of 9.6 m grading 24.5% zinc, 15.1% lead, and 323.2 g/t silver (see Fireweed news release dated March 2, 2023).

The Phase 1 2023 step-outs will include testing the potential continuation of the high-grade stratiform mineralization and massive sulphide mineralization at Boundary West and Boundary Main. Fireweed has identified an area between Boundary West and Boundary Main that has geological potential to host a high-grade feeder zone and is flanked by two of Fireweed’s best ever drillholes at Boundary Zone, NB22-002 and NB22-023 (see Fireweed news releases dated November 22, 2022, and March 2, 2023). The Phase 1 program will provide a first pass drill test of this potential feeder area that may link Boundary Main and Boundary West (Long Section I-I’, Cross Section H-H’, and Map 2).

Camp Expansion Update

Camp is open for the season and ramp up is progressing on schedule with nearly 50 people on site. Construction is well underway at the new 48-person camp expansion. This all-weather expansion will allow us to support around 100 people on site to complete the 2023 season objectives.

This work is an important step to build out Macmillan Pass camp capacity to the approved capacity of 150 people which will allow for larger drill programs and simultaneous environmental baseline work while also enabling extension of the operating season by several months.

Year-Round Environmental Studies Underway

Year-round, field-based environmental baseline studies are underway to support project planning and impact assessment activities to inform future assessment processes to advance Macmillan Pass towards production.

About Fireweed Metals Corp. (TSXV: FWZ; OTCQB: FWEDF; FSE:20F): Fireweed Metals is a public mineral exploration company on the leading edge of Critical Minerals project development. Fireweed is well-funded, with a current cash position of over C$30,000,000 and is well-positioned to carry out the large 2023 exploration program. The Company has three projects located in Canada:

• Macmillan Pass Project (Zinc-Lead-Silver): Fireweed owns 100% of the district-scale 940 km² Macmillan Pass project in Yukon, Canada, which is host to one of the largest undeveloped zinc resources in the world* where the Tom and Jason zinc-lead-silver deposits have current Mineral Resources¹ (21 Mt Indicated Resource at 6.59% zinc, 2.48% lead, and 21.33 g/t silver; and 39.47 Mt Inferred Resource at 5.84% zinc, 3.14% lead, and 38.15 g/t silver) and a Preliminary Economic Assessment² (PEA). In addition, Boundary Main, Boundary West, Tom North and End Zone 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.
• Mactung Project (Tungsten): The Company recently acquired 100% interest in the 37.6 km² Mactung Project located adjacent to the Macmillan Pass Project. Mactung contains historic resources that make it one of the largest and highest-grade undeveloped resources in the world of the Critical Mineral tungsten*. Located in Canada, it is one of the rare large tungsten resources outside of China. An updated mineral resource estimate is being finalized and will be released shortly.
• Gayna River Project (Zinc-Lead-Gallium-Germanium): Fireweed has 100% of the 128.75 km² Gayna River project located 180 km north of the Macmillan Pass project. It is host to extensive mineralization including Critical Minerals zinc, gallium and germanium as well as lead and silver, outlined by 28,000 m of historic drilling and significant upside potential.

Qualified Person Statement

Technical information in this news release has been approved by CEO Brandon Macdonald, P.Geo. (BC), a ‘Qualified Person’ as defined under Canadian National Instrument 43-101.

In Canada, Fireweed (TSXV: FWZ) trades on the TSX Venture Exchange. In the USA, Fireweed (OTCQB: FWEDF) trades on the OTCQB Venture Market (www.otcmarkets.com) and is DTC eligible for enhanced electronic clearing and settlement. In Europe, Fireweed (FSE: 20F) trades on the Frankfurt Stock Exchange.

Additional information about Fireweed and its projects can be found on the Company’s website at FireweedMetals.com and at www.sedar.com.

ON BEHALF OF FIREWEED METALS CORP.

“Brandon Macdonald”

CEO & Director

Contact: Brandon Macdonald
Phone: (604) 646-8361

Email: info@fireweedmetals.com