Fireweed Announces Management Change and Adds Strength to its Leadership

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NEWS RELEASE

May 3, 2024 TSXV: FWZ

OTCQX: FWEDF

FSE:M0G

Fireweed Announces Management Change and Adds Strength to its Leadership

Vancouver, British Columbia: FIREWEED METALS CORP. (“ Fireweed” or the “ Company”) (TSXV:

FWZ; OTCQX: FWEDF; FSE: M0G) announces the appointment of Peter Hemstead, Director of Fireweed,

as Interim President and Chief Executive Officer, replacing Brandon Macdonald, effective immediately.

The Company also announces the appointment of Adam Lundin as Strategic Advisor, the appointment of

Paul Harbidge as independent Director, and the intention to nominate Jamie Beck for election to the Board

at the Company’s upcoming annual general meeting of shareholders.

Chair Statement

John Robins, Chair, stated, “On behalf of the Board, I would like to thank Brandon for the role he has played

in helping build Fireweed into one of Canada’s leading base-metal exploration companies. We are now at

an important inflection point to further unlock the district-scale metallogenic potential of the Macpass district.

With the backing of the Lundin family as our largest shareholder and the expertise and network of the

Lundin Group, we are now positioned to advance this district through its next phase of growth. We

appreciate Peter stepping up and leading the Company in the interim.”

Adam Lundin Statement

Adam Lundin stated, “We believe Macpass is a district-scale opportunity that we have only scratched the

surface of. We look forward to supporting Fireweed’s exploration team as they continue to uncover the full

potential of this district, define its true scale and take the Company to the next stage of growth we envision.

I also welcome Paul Harbidge, who has advanced a global portfolio of high -quality exploration assets as

Senior Vice President of Exploration at Goldcorp and as president of GT Gold, and Jamie Beck , who has

been a key part of the Vicuña District’s growth and success.”

Appointments/ Nominations

Peter Hemstead, Interim President and CEO

Mr. Hemstead has over 25 years of management and finance experience in the mining industry. He was

appointed as President, CEO and Chair of the Board of Bluestone Resources Inc. after serving as the CFO

of Bluestone since 2016. Prior to that, Mr. Hemstead spent 10 years in a senior financial executive role at

Capstone Mining Corp. (now Capstone Copper Corp.), leading the finance team through the successful

expansion from an exploration and development stage mining company to an intermediate copper producer

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with multiple operations, including with in the Yukon Territory. Mr. Hemstead is a Chartered Professional

Accountant with an Honours Bachelor Degree in Economics from the University of Western Ontario.

Adam Lundin, Strategic Advisor

Mr. Lundin has many years of experience in capital markets and public company management across the

natural resources sector. His background includes oil & gas and mining technology, investment advisory,

international finance, and executive management. He began his career working for several Lundin Group

mining companies in various countries before moving into finance where he specialized in institutional

equity sales, ultimately becoming co- head of the London office for an international securities firm. He is

currently Chair of Lundin Mining. Previously, Mr. Lundin served as the former President, CEO and a Director

of Josemaria Resources Inc. from 2019 until 2022. Mr. Lundin was also President and CEO of Filo from

2017 to 2019, and now serves as the Chair of the Board. He also currently serves on the Board of Lucara

Diamond Corp., NGEx Minerals Ltd., and the Lundin Foundation. Mr. Lundin studied Mining Technology

and Marketing Management at the British Columbia Institute of Technology.

Paul Harbidge, Independent Director

Mr. Harbidge is a geologist with more than 25 years of experience in mining exploration and development

with a proven track record of discovering world class gold deposits. Mr. Harbidge is President, CEO and

director of Faraday Copper Corp. Mr. Harbidge was previously the President and CEO of GT Gold and led

the company to a C DN$456 million acquisition by Newmont Mining Corp. in May 2021. Prior to this Mr.

Harbidge was the Senior Vice President of Exploration at the multinational gold mining company Goldcorp

Inc. from 2016 until its acquisition by Newmont Mining Corp. in April 2019. Prior to that, Mr. Harbidge

successfully led the exploration team at Randgold Resources Ltd., resulting in five major gold discoveries

including the +5Moz Gounkoto deposit in the Loulo area of Mali and the +4Moz Massawa deposit in

Senegal. Mr. Harbidge is also a director of the gold exploration company Japan Gold Corp. is a technical

advisor to Kalo Gold in Fiji and Gemdale Gold in Finland. He has a First-class Honours Degree in Geology

from Kingston University, London (UK) and a Masters of Science in Mineral Exploration and Mining Geology

from Leicester University (UK).

Jamie Beck, Independent Director Nominee

Mr. Beck has more than 15 years of international project management and corporate development

experience in the mining industry. He was appointed as CEO and director of Filo Mining Corp. after serving

as the President of the Company since 2019. Prior to that, Mr. Beck served as Vice President, Corporate

Development and Projects of Filo and Josemaria Resources Inc. (formerly NGEx Resources Inc.). Before

joining Filo, Mr. Beck worked in corporate development with Lundin Mining, with a focus on project

development, corporate strategy, acquisitions, divestments, and joint ventures. Mr. Beck joined the Lundin

Group of Companies in 2009 and has worked with many of the mining companies in the group. He is a

registered Professional Engineer in the province of Ontario, holds a Bachelor of Applied Science from

Queen's University and an MBA from the University of British Columbia.

About Fireweed Metals Corp. (TSXV: FWZ; OTCQ X: FWEDF; FSE: M0G): Fireweed Metals is a public

mineral exploration company on the leading edge of Critical Minerals project development. Fireweed is

well-funded, with a healthy balance sheet, and has three projects located in Canada:

 Macpass Project (Zinc-Lead-Silver): Fireweed owns 100% of the district -scale 940 km 2

Macmillan Pass (“Macpass”) Project in Yukon, Canada, which is host to one of Earth’s largest

undeveloped resources of zinc*, a Critical Mineral. The Tom and Jason zinc-lead-silver deposits

have current Mineral Resources 1 (11.21 Mt Indicated Resource at 6.59% zinc, 2.48% lead, and

21.33 g/t silver; and 39.47 Mt Inferred Resource at 5.84% zinc, 3.14% lead, and 38.15 g/t silver)

and a Preliminary Economic Assessment 2 (PEA). In addition, Boundary Zone, Tom North, Tom

South, and End Zone have significant zinc-lead-silver mineralization drilled but not yet classified as

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mineral resources. The Project also includes large blocks of adjacent claims with known showings

and significant upside exploration potential.

 Mactung Project (Tungsten): The Company owns 100% interest in the 37.6 km2 Mactung Project

located adjacent to the Mac pass Project. Recently announced Mineral R esources for Mactung

(41.5 Mt Indicated Resource at 0.73% WO3 and 12.2 Mt Inferred Resource at 0.59% WO3)3 make

it the world’s largest high-grade resource of the Critical Mineral tungsten*. Located in Canada, it is

one of the rare large tungsten resources outside of China*.

 Gayna Project (Zinc -Lead-Gallium-Germanium): Fireweed owns 100% of the 128.75 km 2

Gayna Project located 180 km north of the Macp ass Project. It is host to extensive mineralization

including Critical Minerals zinc, gallium and germanium as well as lead and silver, outlined by

28,000 m of historical drilling. A recent reevaluation of the geolog y supported by recent ground

gravity geophysics results, soil surveys, and high grade rock samples , indicate drill targets with

potential for high-grade Kipushi-style massive sulphide mineralization.

In Canada, Fireweed (TSXV: FWZ) trades on the TSX Venture Exchange. In the USA, Fireweed (O TCQX:

FWEDF) trades on the OTCQX Best Market ( www.otcmarkets.com) and is DTC eligible for enhanced

electronic clearing and settlement. In Europe, Fireweed (FSE: M0G) trades on the Frankfurt Stock

Exchange.

Additional information about Fireweed and its projects can be found on the Company’s website at

FireweedMetals.com and at www.sedarplus.ca.

Qualified Person Statement

Technical information in this news release has been reviewed and approved by Fireweed’s VP Geology,

Jack Milton, P.Geo. (BC), a ‘Qualified Person’ as defined under Canadian National Instrument 43-101.

ON BEHALF OF FIREWEED METALS CORP.

“John Robins”

Chairman of the Board of Directors

Contact: Alex Campbell, VP Corporate Development & Communications

Phone: (604) 646-8360

Email: [email protected]

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”),

including statements with respect to building Fireweed into one of Canada’s leading base-metal exploration

companies, being at an important inflection point to further unlock the district-scale metallogenic potential

of the Macpass district, being positioned to advance this district through its next phase of growth, the belief

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that Macpass is a district-scale opportunity that the Company has only scratched the surface of, the Lundin

Group supporting Fireweed’s exploration team as they continue to uncover the full potential of this district,

define its true scale and take the Company to the next stage of growth, the election of Jamie Beck to the

Board at the Company’s upcoming annual general meeting of shareholders and the estimated mineral

resources. All statements, other than statements of historical facts, included herein, including, without

limitation, statements relating to interpretation of drill results, future work plans, the use of funds, 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

* References to relative size and grade of the Mactung resources and Macpass resources in comparison

to other tungsten and zinc deposits elsewhere in the world, respectively, are based on review of the

Standard & Poor’s Global Market Intelligence Capital IQ database.

1: For details, see https://www.sedarplus.ca/ Fireweed Technical Report titled “NI 43-101 Technical Report

on the Macmillan Pass Zinc-Lead-Silver Project, Watson Lake and Mayo Mining Districts Yukon Territory,

Canada” filed on https://www.sedarplus.ca/ on February 23, 2018, and Fireweed News Release dated

January 10, 2018. Leon McGarry, P.Geo., Senior Resource Geologist for CSA Global Canada Geosciences

Ltd. is independent of Fireweed Metals Corp. and a ‘Qualified Person’ as defined under Canadian National

Instrument 43-101. Mr. McGarry is responsible for the Macpass Mineral Resource Estimate.

2: For details, see https://www.sedarplus.ca/ Fireweed Technical Report titled “NI 43-101 Technical Report

Macmillan Pass Project Yukon Territory Canada” filed on https://www.sedarplus.ca/ on July 9, 2018, and

Fireweed News Release dated May 23, 2018. This Technical Report includes a Preliminary Economic

Analysis (PEA) disclosing an economic analysis of mineral resources that is preliminary in nature and does

not include any mineral reserves. It is equally emphasized that the mineral resources disclosed within this

Technical Report are not mineral reserves and do not have demonstrated economic viability. Michael

Makarenko, P.Eng., Project Manager for JDS Energy and Mining, Inc., is independent of Fireweed Metals

Corp. and a ‘Qualified Person’ as defined under Canadian National Instrument 43- 101. Mr. Makarenko is

responsible for the PEA results.

3: For details, see Fireweed news release dated June 13, 2023 “Fireweed Metals Announces Mineral

Resources for the Mactung Project: the Largest High- Grade Tungsten Deposit in the World” and the

technical report entitled “NI 43 -101 Technical Report, Mactung Project, Yukon Territory, Canada,” with

effective date July 28, 2023 filed on https://www.sedarplus.ca/. Garth Kirkham, P.Geo. is independent of

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Fireweed Metals Corp., and a ‘Qualified Person’ as defined under Canadian National Instrument 43- 101.

Garth Kirkham, of Kirkham Geosystems Limited., is responsible for the Mactung Mineral Resource

Estimate.