Fireweed signs agreement with gov't for North Canol

Executive Summary

• Fireweed Metals Corp. signed a $12.9 million contribution agreement with Natural Resources Canada to fund planning for road and transmission‑line upgrades along the North Canol corridor serving its Macmillan Pass projects.
• The funding supports preliminary engineering, environmental assessments and multi‑party negotiations for ~250 km of road upgrades, a 25 kV → 138 kV line upgrade, and construction of a new 138 kV transmission line.
• The agreement follows successful NRCan due‑diligence under the Critical Minerals Infrastructure Fund (CMIF) and complements prior U.S. DPA Title III award for the Mactung tungsten project.

Key Details

• Funding Amount: CAD 12.9 million from Natural Resources Canada (NRCan).
• Purpose: Advance planning for the Planning for North Canol Infrastructure Improvement (PNCII) project, including:
• Engineering design of road and transmission line improvements within existing right‑of‑way.
• Preparation and submission of required environmental and socioeconomic assessments.
• Negotiation of multiparty agreements with federal, territorial and Indigenous governments.
• Scope of Infrastructure Improvements:
• ~250 km of existing road upgrades from Ross River to the Mactung project.
• Upgrade of an existing transmission line from 25 kV to 138 kV between Faro and Ross River.
• Construction of a new 138 kV transmission line from Ross River to Macmillan Pass.
• Funding Structure: No immediate construction financing disclosed; future “stacking” of additional sources (e.g., Yukon Resource Gateway funding) anticipated for PNCII construction phase.
• Related Prior Funding: On Dec. 13, 2024 Fireweed announced a U.S. DPA Title III award of US$15.8 million (≈CAD 22.5 million) from the Department of Defense to advance the Mactung tungsten project toward a final investment decision.
• Qualified Person Statement: Technical information reviewed and approved by Dr. Jack Milton, P.Geo., VP‑Geology, qualified under NI 43‑101 (not independent).

Notable Quotes

“Concluding this agreement reflects the government of Canada's recognition that the critical minerals district at Macmillan Pass is of national importance… We look forward to working collaboratively with federal, territorial and Indigenous governments to shape North Canol corridor upgrades in ways that respect the land and create opportunities for communities.” – Ian Gibbs, President & CEO

Materiality Assessment: Material – Positive (significant government funding supporting critical infrastructure essential to advancing Fireweed’s high‑grade tungsten and zinc projects).