Fireweed Metals Commences Mactung Tungsten Project Feasibility Study

TSXV: FWZ
OTCQX: FWEDF
FSE: M0G

 Fireweed Metals Corp. ("Fireweed" or the "Company") (TSXV: FWZ,OTC:FWEDF) (OTCQX: FWEDF) is pleased to report that it has engaged a team of internationally recognized engineering and technical consultants with extensive project delivery and licensing experience in the Yukon and northern Canada to complete an updated Feasibility Study ("FS") for its 100%-owned Mactung Tungsten Project (Yukon, Canada).  

CEO Statement

Ian Gibbs, Fireweed President and CEO, stated: "Following our successful 2025 field season, we are engaging best in class consultants to complete an updated Feasibility Study. We are excited to continue advancing Mactung, the world's premier tungsten deposit, unmatched in grade and scale¹. We are confident that with the consultants we've engaged, a technically robust FS will be completed early in 2027, to be utilized in further engineering and mine licensing efforts."

The FS will build upon extensive historical technical and field work, including the most recent 2025 field program, and will incorporate updated geological, metallurgical, mining, processing, infrastructure, and environmental designs.

Consultant Appointments

The Company has engaged the following consultants to lead and support the FS:

• Wood Canada Limited has been appointed as the Lead Study consultant and will be responsible for overall study integration, infrastructure engineering, capital and operating cost estimation, and execution planning. Wood has extensive experience delivering mining and infrastructure projects in remote northern climates, with strong expertise in cold-weather construction, engineering, and logistics.
• SLR Consulting (Canada) Ltd. will lead the Mineral Resource Estimate update and refinements to the geological domains, incorporating over 11,000 metres of 2025 drilling and approximately 40,000 metres of historical data into the new model. Working alongside Fireweed's geology team, SLR brings significant mineral resource modelling and production expertise to deliver the updated estimate.
• Ausenco Engineering Canada ULC will lead the process plant design, metallurgical testwork program, and flowsheet development and optimization. The team brings extensive global expertise in tungsten processing, a key focus for Fireweed, ensuring the development of a technically robust and reliable flowsheet.
• Worley Canada Services Ltd. will lead mine design, optimization, planning, and cost estimation. Having been involved in previous studies at Mactung, the team brings deep project familiarity, full study lifecycle experience, and proven mining expertise in northern Canada.
• Knight Piésold Ltd. will lead geotechnical design of waste and water management structures and provide geomechanical design support for the underground mine. Knight Piésold will apply extensive northern experience to advance designs in alignment with Yukon regulatory requirements through operations and closure.
• Lorax Environmental Services Ltd. will lead development of the site‑wide water balance, feasibility‑level groundwater model, and water quality model, supported by their broader hydrogeology, geochemistry, and mine water management mandate. With strong expertise in groundwater characterization, geochemical source terms, and integrated water modelling, Lorax will provide key inputs across the project lifecycle.

Work Programs Initiated

In parallel with consultant mobilization, the Company has already commenced the following key work programs:

• Block model update, including incorporation of recent drilling results and updated geological interpretations
• Mine planning and design, prioritizing early extraction of high margin mill feed for processing
• Metallurgical testwork and geometallurgical program, designed to support process selection, recovery, and variability modelling
• Execution planning

The FS is supported by a Department of War award made via Title III of the U.S. Defense Production Act of 1950 ("DPA Title III") and announced December 2024.

Mactung completed its environmental assessment in 2014, and the FS will support mine license applications expected to be submitted in 2027.

Qualified Person Statement

Technical information in this news release has been reviewed and approved by Fireweed Metals VP Exploration, Dr. Jack Milton, P.Geo. (BC), a 'Qualified Person' as defined under Canadian National Instrument 43-101 ("NI 43-101"). Dr. Milton is not independent of the Company in accordance with NI 43-101.

About Fireweed

Fireweed is an exploration company focused on unlocking value in a new critical metals district located in Northern Canada. Fireweed is 100% owner of the Macpass District, a large and highly prospective 985 km² land package. The Macpass District includes the Macpass zinc-lead-silver project and the Mactung tungsten project. A Lundin Group company, Fireweed is strongly positioned to create meaningful value.

Fireweed trades on the TSX Venture Exchange under the trading symbol "FWZ", on the OTCQX Best Market under the trading symbol "FWEDF", and on the Frankfurt Stock Exchange under the trading symbol "M0G".

Additional information about Fireweed and its projects can be found on the Company's website at FireweedMetals.com and at www.sedarplus.com

ON BEHALF OF Fireweed Metals CORP.

"Ian Gibbs"
CEO & Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements

Forward Looking Statements

This news release contains "forward-looking" statements and information ("forward-looking statements"). All statements, other than statements of historical facts, included herein, including, without limitation, statements relating to interpretation of drill results, targets for exploration, potential extensions of mineralized zones, timing of completion of work programs and activities, and the potential of the Company's projects, are forward looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management and reflect the beliefs, opinions, and projections on the date the statements are made. Forward-looking statements involve various risks and uncertainties and accordingly, readers are advised not to place undue reliance on forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include but are not limited to, exploration and development risks, unanticipated reclamation expenses, expenditure and financing requirements, general economic conditions, changes in financial markets, the ability to properly and efficiently staff the Company's operations, the sufficiency of working capital and funding for continued operations, title matters, First Nations relations, operating hazards, political and economic factors, competitive factors, metal prices, relationships with vendors and strategic partners, governmental regulations and oversight, permitting, seasonality and weather, technological change, industry practices, uncertainties involved in the interpretation of drilling results and laboratory tests, and one-time events. The Company assumes no obligation to update forward‐looking statements or beliefs, opinions, projections or other factors, except as required by law.

Footnotes and References

SOURCE Fireweed Metals Corp.

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