Fireweed Metals arranges $61.5M private placement

Executive Summary

• Fireweed Metals Corp. has arranged a non-brokered private placement to raise gross proceeds of approximately $61.5 million.
• The financing includes a significant strategic investment from JX Advanced Metals Corp., which will acquire approximately 5.0% of the company on a non-diluted basis.
• Proceeds will be used to advance exploration and development at the Macpass, Mactung, and Gayna projects in Northern Canada, fund regional infrastructure planning, and support general working capital.

Key Details

• Total Gross Proceeds: Approximately $61.5 million.
• Share Price: $4.18 per common share.
• Total Shares Issued: Up to 14,704,140 common shares.
• Premiums: The issue price represents a 9% premium to the closing price on the TSX Venture Exchange on March 27, 2026, and a 14% premium to the 10-day volume-weighted average trading price for the period ended on that date.
• Strategic Investor (JX Advanced Metals Corp.):
  • Subscribing for approximately 11,343,294 shares.
  • Expected to hold approximately 5.0% of issued and outstanding shares on a non-diluted basis upon completion.
  • Highlighted for expertise in high-purity materials (including tungsten) and presence in the semiconductor supply chain.
• Lundin Family Trusts:
  • Subscribing for approximately 3,360,846 shares.
  • Expected to hold approximately 51,853,509 shares total, representing approximately 22.9% of issued and outstanding shares on a non-diluted basis.
  • Maintains pro-rata ownership interest.
• Related Party Transaction: Participation by Lundin Family Trusts constitutes a related party transaction under Multilateral Instrument 61-101. It is exempt from formal valuation and minority shareholder approval requirements as the consideration does not exceed 25% of market capitalization.
• Use of Proceeds: Advancement of exploration/development at Macpass, Mactung, and Gayna projects; planning for regional infrastructure improvements; general working capital; and corporate purposes.
• Closing: Expected on or about April 7, 2026.
• Conditions: Subject to execution of definitive agreements, customary conditions, and regulatory approvals (including TSX Venture Exchange).
• Hold Period: All securities subject to a four-month-plus-one-day hold period under Canadian securities laws.

Notable Quotes

• "JX Advanced Metals has a long track record of partnering with Lundin Group companies, and we are very pleased to further strengthen this relationship through their strategic investment in Fireweed. As a global leader in advanced materials and a key participant in the semiconductor supply chain, JX brings deep expertise in markets where high-purity materials, including tungsten, play an important role in enabling next-generation technologies." — Ian Gibbs, President and CEO