Fireweed Intersects 17 m True Width of 17.92% ZnEq at Tom East

Fireweed Metals Corp. (FWZ) has released assay results from two infill and conversion drill holes at the Tom East deposit, part of the Macpass Zn-Pb-Ag district in the Yukon. The company also deployed muon tomography instrumentation in holes TS26-004, TS26-008, and TS26-010 to help define the geometry of massive to semi-massive sulphides at the site.

The 2026 Macpass exploration program is now complete, totaling 9,297 metres. This figure comprises 5,401 metres at Tom South, 1,796 metres at Tom East, and 2,100 metres at Mactung, which was conducted for geotechnical and hydrogeological work.

Fireweed reported the following drill intercepts from the Tom East holes:

• Hole TS26-007 returned 17 m true width of 17.92% ZnEq from 191.44 m downhole over 18.95 m core length, grading 5.73% Zn, 10.87% Pb and 143.5 g/t Ag.
• TS26-007 included 14 m true width of 20.44% ZnEq over 15.69 m core length, and within that 3.5 m true width of 38.50% ZnEq over 4.00 m core length, grading 10.71% Zn, 25.27% Pb and 313.0 g/t Ag.
• Hole TS26-005 returned 19 m true width of 8.45% ZnEq from 163.17 m downhole over 18.75 m core length, grading 3.36% Zn, 4.49% Pb and 61.4 g/t Ag.
• TS26-005 included 1.8 m true width of 21.52% ZnEq and 3.8 m true width of 24.57% ZnEq, separated by black mudstone.

The company stated that the reported intersections are infill and conversion work within the spatial extents of the current Macpass Mineral Resource.

Fireweed Metals Corp. (FWZ) released drill results that serve as infill and conversion data within the existing Macpass resource, rather than introducing new tonnage or zones. The company reported C$74.7 million in cash and a working capital of approximately C$71.9 million as of June 30, 2026, alongside a first-half 2026 net loss of C$16.6 million. The accompanying MD&A notes a going-concern material uncertainty, dependent on future financing and government grant disbursements.

The new data targets the high-grade Tom East zone, aiming to improve confidence in the deposit and potentially convert inferred material to indicated resources. At a market capitalization of roughly C$563 million, Fireweed is classified as an advanced explorer and developer with a feasibility study underway, rather than a micro-cap explorer. Consequently, the threshold for materiality is higher, and the release does not alter the scale of the resource.

Fireweed’s stock has declined from a 52-week high of C$4.97 in April 2026 to C$2.48, near the C$2.31 low. Both new holes exceeded the current Macpass resource grade, providing a positive confirmation relative to the existing resource anchor, though they do not constitute a material step-out that expands the system.

Fireweed Metals Corp. (FWZ) is a Canadian critical-minerals explorer and developer, part of the Lundin Group, with 100% ownership of the 985 km² Macpass district in Yukon. Macpass hosts the Tom, Jason, End Zone and Boundary Zn-Pb-Ag deposits, plus gallium and germanium by-products. The 2024 MRE shows 55.98 Mt indicated at 7.27% ZnEq and 48.46 Mt inferred at 7.48% ZnEq.

Mactung is a high-grade tungsten skarn project. The 2023 MRE shows 41.49 Mt indicated at 0.73% WO3 and 12.25 Mt inferred at 0.59% WO3. An updated feasibility study is targeted for early 2027. Gayna is an earlier-stage Zn-Pb-Ag project in the Northwest Territories, with first-pass drilling completed in 2025.

Capital structure: 227.1 million shares outstanding; at C$2.48 the market capitalization is about C$563 million. Prior-period cash was C$74.7 million at June 30, 2026. Strategic holders include the Lundin Family Trusts at about 22.9% and JX Advanced Metals at about 5.0%. The company has conditional TSX approval to graduate from the TSX-V, subject to customary conditions by January 19, 2027.