Mactung Project Update

The November 24, 2025 news release provides a comprehensive update on the Mactung Tungsten Project. The company has successfully completed its multi-disciplinary 2025 field program, which was supported by the U.S. Defense Production Act (DPA) Title III. The program included 11,117 metres of diamond drilling across 66 holes, focusing on geotechnical, hydrogeological, and infill drilling.

Key drill results confirmed the high-grade nature of the deposit, with highlights including: - MT25-048: 14.84 m (12 m true width) of 6.21% WO3 - MT25-034: 29.27 m (29 m true width) of 2.56% WO3 - MT25-051: 15.67 m (16 m true width) of 4.53% WO3

The company states these results are consistent with previous modelling and demonstrate that Mactung is comprised of multiple wide zones with very high tungsten grades. In addition to drilling, the program involved establishing a new camp, upgrading infrastructure, safely re-entering a historical adit, and initiating a Mineral Resource Update and environmental baseline studies.

This news is materially positive. It represents the successful execution of a critical, government-funded work program aimed at de-risking the Mactung project and advancing it toward a Feasibility Study.

Reviewing the historical news provides essential context: - Funding & Strategy: In December 2024, Fireweed secured up to C$35.4 million in joint US-Canadian government funding. This included a non-dilutive C$22.5 million award from the U.S. Department of Defense (DPA Title III) specifically to advance Mactung. This news directly follows through on the stated use of those funds. - Execution on Plans: In June 2024, the company announced its "most ambitious field season to date," explicitly laying out plans for up to 11,000 metres of drilling at Mactung to support an updated feasibility study. This release confirms they met and slightly exceeded that goal (11,117 m) and are delivering high-quality results. - De-risking: The infill drilling results are crucial. The CEO's statement that results "are consistent with the previous modelling work" is exactly what an analyst wants to see. It reduces geological risk and increases confidence in the existing resource model, which is a prerequisite for a robust Feasibility Study. The wide, high-grade intercepts (e.g., 12 m true width of 6.21% WO3) are world-class and underpin the project's potential economic viability. - Progression: This news complements the outstanding zinc results from the Macpass project announced in September 2025 (30 m of 33.2% ZnEq). It demonstrates the company is successfully advancing its two core, district-scale assets in parallel.

From a financial standpoint, the latest statements from September 30, 2025, show a strong cash position of approximately $34 million. While the company is burning cash on exploration ($46.1M in E&E expenses for the first nine months of 2025), this was anticipated and covered by the C$60 million financing completed in June 2025. The non-dilutive nature of the U.S. government funding for this specific Mactung program is a significant benefit to shareholders.

In conclusion, this is not just another set of drill results. It is the successful culmination of a key strategic initiative, funded by a major government partner, that validates the quality of a world-class asset and moves it tangibly closer to a development decision. It confirms management's ability to execute on stated plans.

Fireweed Metals Corp. is a Canadian critical minerals exploration and development company focused on its assets in the Yukon and Northwest Territories. The company has two flagship projects: 1. Mactung Project: Located on the Yukon-NWT border, Mactung is one of the world's largest and highest-grade undeveloped tungsten deposits. Tungsten is a critical mineral with key industrial and defense applications. The project is being advanced toward a Feasibility Study with significant funding support from the U.S. Department of Defense. 2. Macpass Project: A district-scale property in the Yukon hosting several zinc-lead-silver deposits (Tom, Jason, Boundary Zone). It contains one of the largest undeveloped zinc resources globally and is also enriched with the critical metals gallium and germanium.

The company's strategy is to de-risk and advance these large-scale projects, supported by strategic investors and government partners, to meet growing demand for critical minerals in North America.