Fireweed Intersects Zinc Mineralization at Gayna

The most recent news, dated December 11, 2025, from Fireweed Metals Corp. (FWZ) announced drilling results from its Gayna Property in the Northwest Territories, Canada. The company completed 3,800 meters of diamond drilling across 16 holes, successfully intersecting significant zinc and lead mineralization at the Intrepid target. Key intersections included 51.22 meters of 4.44% zinc (Zn), 0.08% lead (Pb), and 0.42 parts per million (ppm) silver (Ag) in hole GR25-013, and 17.84 meters of 3.39% Zn, 0.01% Pb, and 0.21 ppm Ag in hole GR25-012. True width estimates for these intersections are between 70-90% of intersected thicknesses.

CEO Ian Gibbs stated that the program validated the project's prospectivity, enhanced understanding of the mineral systems, and provided insights for future exploration. He reiterated the company's commitment to advancing projects at Gayna, Mactung, and Macpass at a rapid and practical pace. The company also received a government grant of $216,830 to support the program. The internal metadata for this release categorized it as "Non-Material - Positive."

The recent drill results from the Gayna Property are positive, demonstrating successful early-stage exploration and validating the prospectivity of the Intrepid target. Intersections of 4.44% Zn over 51.22 meters and 3.39% Zn over 17.84 meters are encouraging for an exploration-stage project. The associated government grant, while small, further supports the operational funding.

However, when viewed in the context of Fireweed's overall project portfolio and recent corporate developments, this news is categorized as "Routine - Positive." The company has experienced several more impactful events over the past year:

1. Strategic Funding & Partnerships (2024-12-13 & 2025-08-27): Fireweed secured up to C$35.4 million in joint US-Canadian government funding. This included US$15.8 million (approx. C$22.5 million) from the U.S. Department of Defense's DPA Title III for the Mactung tungsten project and C$12.9 million from the Government of Canada's Critical Minerals Infrastructure Fund for planning improvements to the North Canol road and power infrastructure at Macmillan Pass. These non-dilutive funds are highly material, signalling significant government backing for critical mineral development and derisking the flagship Mactung project, as well as enabling district-scale infrastructure development.
2. High-Grade Macpass Results (2025-09-23 & 2024-12-12): The 2025-09-23 news reported a spectacular 30-meter true width intersection of 33.23% Zinc Equivalent at Tom South, a 115m step-out at the Macpass Project. This exceptionally high-grade result significantly enhances the potential for resource growth at Macpass. Earlier, on 2024-12-12, the company reported 63.54m of 6.08% Zn, including 5.13m of 30.63% Zn, at the Boundary Zone. These high-grade intercepts represent a more material positive impact on the company's core zinc projects than the recent Gayna results.
3. Mactung Project Advancement (2025-11-24 & 2025-06-04): The November 24, 2025, update on Mactung, rated "Material - Positive" by the company's metadata, detailed the completion of an 11,117-meter drill program that consistently returned extensive high-grade tungsten mineralization. This program, supported by DPA Title III funding, significantly advanced the project towards a feasibility study, with the CEO and VP Exploration touting it as a "stand-out asset that is peerless globally." This marks substantial progress on the company's most advanced project.
4. Significant Financing and Strategic Investor (2025-05-28, 2025-06-25 & 2025-03-03): Fireweed successfully completed a C$60 million financing, including a C$46 million brokered offering and a C$14 million non-brokered offering. A key aspect was Nemesia Sarl (Lundin family trust) increasing its stake to 24.94% by acquiring 11.67 million shares at $1.50/share and participating in the non-brokered financing at $1.80/share, signifying strong strategic investor confidence. This financing significantly bolstered the company's cash position to over $63 million by June 30, 2025.
5. Leadership & Management Strengthening (2025-01-20 & 2025-02-27): The appointment of Ian Gibbs (from Lundin Group companies) as CEO and Adam Lundin as Chair of the Board, along with Tyler Keeling (also from Lundin Group) as CFO, significantly strengthened the management team with individuals experienced in advancing large-scale projects and navigating major transactions.

In summary, while the Gayna results are positive for this early-stage asset, they are routine exploration successes within a broader context of highly material strategic funding, advanced project de-risking, and exceptional high-grade drilling results at its flagship projects. The company's focus remains on Mactung (towards feasibility) and Macpass (expanding high-grade zinc resources), with Gayna being a promising but less developed asset.

Fireweed Metals Corp. is a Canadian critical minerals exploration and development company focused on advancing its portfolio of assets in the Yukon and Northwest Territories. The company's primary focus is on two district-scale projects:

1. Mactung Project: This is described as the "world's largest, high-grade tungsten deposit" and a mature, near-term critical minerals development opportunity. Tungsten is a strategic metal vital for industrial and defense applications, and Mactung is positioned to address North American supply chain vulnerabilities to foreign dependence (particularly China). The project is in the feasibility stage, with significant government funding received from the U.S. Department of Defense (DPA Title III) to advance it towards a final investment decision, including mine design optimization, geotechnical investigations, metallurgical test programs, and environmental studies for licensing and permitting.
2. Macpass Project: This project comprises a district-scale collection of high-grade zinc deposits, noted as one of the largest undeveloped zinc resources globally. It is also recognized for hosting the world's largest known accumulation of germanium and gallium as byproduct metals, which are critical technology metals. The Macpass project includes key zones like Tom and Boundary, where the company has reported significant high-grade step-out drilling results.

Fireweed also holds the Gayna Property, an early-stage exploration project focused on zinc, lead, and silver mineralization.

The company's strategy involves responsible and rapid advancement of these projects, supported by a strong management team, significant non-dilutive government funding for Mactung and regional infrastructure planning, and a recent substantial equity financing.