Fireweed Intersects 43 m True Width Sub-Interval of 10.53% ZnEq in Tom South Step Out

Fireweed Metals Corp. (FWZ) reported one completed step-out hole, TS26-003, at Tom South. The hole is positioned approximately 180 meters down-dip and to the east of the high-grade 2025 hole TS25-001D1.

The drilling intersected the following intervals:

• Primary interval: 64 m estimated true width of 8.35% ZnEq from 982.34 m to 1,093.97 m downhole, grading 5.42% Zn, 3.21% Pb, and 16.77 g/t Ag.
• Nested interval: 43 m true width of 10.53% ZnEq, including 27 m true width of 12.85% ZnEq.

Mineralization is described as laminated sphalerite, galena, and barite, with massive sulphide, occurring in black, grey, and pink facies rocks. Elevated gallium and germanium are reported but are not included in the zinc-equivalent grade. The company stated that the 64 m true width is the thickest drilled to date at Tom South and that the zone remains open to the east.

Fireweed Metals Corp. (FWZ) is a pre-revenue explorer with an established but not yet economic Macpass resource, with its equity valued largely on exploration news flow. The company has a market capitalization near C$733 million, where a major step-out remains the main value driver.

The immediate expectation anchor is not the 2025 bonanza hole TS25-001D1. The stock has round-tripped from that event and is trading at C$3.23, well below the C$4.18 private-placement price and about 35% below its 52-week high. The market had not priced this specific 180 m step-out before the release.

Compared with the most recent step-out result, TS26-001 in August 2026, TS26-003 is materially better:

• True width: 64 m versus 30 m.
• Primary grade: 8.35% ZnEq versus 8.09% ZnEq.
• High-grade core: 27 m at 12.85% ZnEq versus 20.8 m at 10.44% ZnEq.

This is a successful major step-out that grows the perceived scale of Tom South.

Fireweed Metals Corp. (FWZ) is a Lundin Group-backed critical-metals explorer with assets in northern Canada. The company’s portfolio includes the Macpass District in the Yukon, a large sediment-hosted zinc-lead-silver district, and the Mactung tungsten project. It also holds the early-stage Gayna project for zinc-lead-silver exploration.

Resource estimates for the Tom deposit indicate 17.52 million tonnes at 9.90% ZnEq, with an inferred resource of 18.94 million tonnes at 9.10% ZnEq. The broader Macpass district resource comprises 55.98 million tonnes indicated at 7.27% ZnEq and 48.46 million tonnes inferred at 7.48% ZnEq. The Mactung project holds an indicated resource of 41.49 million tonnes at 0.73% WO3 and an inferred resource of 12.25 million tonnes at 0.59% WO3.

As of June 30, 2026, Fireweed Metals reported cash holdings of C$74.7 million. The company has 227,083,299 shares outstanding. Major holders include the Lundin Family Trusts, which hold approximately 22.9%, and JX Advanced Metals, which holds approximately 5.0%.