Fireweed Zinc to Begin Trading on the TSX Venture Exchange and Provides Corporate Update Following Successful IPO

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NEWS RELEASE

June 1, 2017 TSXV: FWZ

Fireweed Zinc to Begin Trading on the TSX Venture Exchange

and Provides Corporate Update Following Successful IPO

Vancouver, British Columbia : FIREWEED ZINC LTD. (“Fireweed” or th e “Company”) (TSXV:

FWZ) is pleased to announce that it will begin trading on the TSX Venture Exchange (“TSXV”) today at

the open under the ticker “FWZ” following the successful closing of its initial public offering (“IPO”) on

May 29, 2017. The Company is a new public mineral explorati on company with an option to acquire a

major advanced zinc-lead project in Yukon Territory, Canada from Hudbay Minerals Inc (“Hudbay”).

Project Highlights

• Fireweed’s Macmillan Pass Project (the “Project”) includes the large zinc-lead-silver deposits

known as Tom and Jason.

• The Tom and Jason deposits contain combined historical resources* of:

o Indicated Resources – 6,428,000 tonnes at 6.33% zinc, 5.05% lead, 56.55 g/t silver

o Inferred Resources – 24,549,000 tonnes at 6.71% zinc, 3.48% lead, 33.86 g/t silver

(*see cautionary statement below)

• Significant exploration upside remains, including the potential to expand upon historic work and

to utilize modern exploration methods in search of new discoveries.

• Existing camp, road infrastructure and an airstrip are already in place, allowing the Company to

immediately begin drilling and other exploration work this season.

Project Overview

The Macmillan Pass Project is host to the Tom and Jason sediment-hosted exhalative sulphide (“Sedex”)

zinc-lead-silver deposits lo cated approximately 200km northeast of the settlement of the town of Ross

River in Yukon Territory , Canada. The Tom property comprises 144 mineral claims totaling 2,295 ha

contained within a mining lease and the contiguous Jason property comprises 283 mine ral claims totaling

2,864 ha. Both are accessible via the North Canol Road from Ross River and via a local airstrip. The

project has a fully operational camp including seven trailers with accommodations, plus other camp

facilities located near the Tom deposit.

The deposits are located in the Selwyn Basin and hosted in Devonian -age Lower Earn Group sedimentary

rocks. Sulphide-barite mineralization occurs in thick stratiform lenses and extends for as much as 1,200m

along strike, 450m down dip and remains open for expansion.

The Tom deposit has historically seen a total of 3,423 meters of underground development, 5,953 meters

of underground core drilling in 84 holes, and 27,541 meters of surface core drilling in 128 holes; while at

Jason a total of 37,924 meters has been drilled in 128 core holes from surface.

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The Tom site has a Class 3 Land Use Permit and a Type B Water Licence. Environmental baseline

monitoring of the site, ongoing since 2000, and community relations functions have both been handle d

professionally and proactively by Hudbay to date.

Terms of the Option Agreement

The terms of the Option Agreement (the “Option”) with Hudbay allow Fireweed to acquire a 100%

interest in the Project as follows:

• Two year term, with the ability for Fireweed to exercise the Option at its discretion to acquire

100% of the Project any time after December 14, 2017.

• Fireweed must make payments totaling $1,000,000 to Hudbay as follows: (i) $100,000 upon

signing of the Option (paid); (ii) $150,000 upon complet ion of Fireweed’s IPO (paid); and

(iii) $750,000 on exercise of the Option.

• Fireweed must incur aggregate exploration expenditures of at least $1,000,000, of which at least

$250,000 must be incurred during the first 12 months following the date of the Option.

• Upon exercise of the Option, Fireweed must i ssue to Hudbay shares of the Company equal to

15% of Fireweed’s then issued and outstanding shares on a fully diluted basis , but excluding

shares issued for acquisitions outside of the Tom and Jason deposits.

The Jason claims have an underlying 3% net smelter royalty which can be bought out for $5.25 million.

There are no underlying royalties on the Tom claims.

Historic Resources

In 2007, a report titled “Technical Report on the Tom and Jason Deposit s, Yukon Territory, Canada” was

prepared for Hudbay by Scott Wilson Roscoe Postle Associates Inc. and author David W. Rennie, P.Eng.

(see Hudbay’s profile at www.sedar.com for a copy of this historic report). This repor t outlined mineral

resources for both the Tom and Jason deposits as follows:

Tom and Jason Historic Mineral Resources*

Tonnes Zinc (%) Lead (%) Silver (g/t)

Indicated

Tom 4,977,000 6.65 4.36 47.77

Jason 1,451,000 5.25 7.42 86.68

Total/Average 6,428,000 6.33 5.05 56.55

Inferred

Tom 13,548,000 6.68 3.10 31.8

Jason 11,000,000 6.75 3.96 36.42

Total/Average 24,549,000 6.71 3.48 33.86

*Cautionary Statement: The reader is cautioned that a qualified person has not done sufficient work to classi fy these historical

estimates as current resources. The Company has not verified these historical resources and is not treating these historical

estimates as current mineral resources. While these estimates were prepared, in accordance with National Instrument 43-101

and the “Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Mineral Reserves

Definition Guidelines” in effect at the time (2007), there is no assurance that they are in accordance with current standards and

these resource estimates should not be regarded as consistent with current standards or unduly relied upon as such. Fireweed

includes these historical estimates in this news release for information purposes as they represent material historical data whic h

have previously been publicly disclosed as noted above. To Fireweed’s knowledge, the 2007 technical report is the most recent

mineral resource estimate available for the Tom and Jason deposits. Fireweed plans to prepare an updated NI 43-101 compliant

mineral resource estimate and report for the Tom and Jason deposits later this year.

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Upcoming Work Plan

Fireweed plans to complete a minimum $1.2 million exploration program on the Project in 2017 with the

aim of bringing the historical resources on both the Tom and Jason deposits to current standards as well

as explore for new discoveries within the Macmillan Pass Project. This include s re-sampling of some

historical core, surveying of drill hole locations and additional drilling to both verify and upgrade the

historic resources, as well as drill other high-priority exploration targets on the Project . Following

completion of an updated NI 43-101 resource estimate, Fireweed plans to undertake a Preliminary

Economic Assessment in order to further evaluate project economics.

Additional surface exploration work is planned to delineate possible extensions to the known historic

deposits as well as explore other areas of the property for new, undiscovered, areas of mineralization

using modern exploration techniques.

The technical information in this news release has been reviewed and approved by Brandon Macdonald,

P.Geo, and George Gorzynski, P.Eng., both ‘Qualified Persons’ as defined under Canadian National

Instrument 43-101.

Management Team

Fireweed is managed by a veteran group of mining professionals.

• John Robins (Executive Chairman & Director) is a professional geologist with over 25 years of

experience as an independent geologist and entrepreneur. Mr. Robins has been involved in many

successful explorat ion ventures and sat on the Boards of several successful exploration companies.

Most recently he was Founder, Executive Chairman & Director of Kaminak Gold Corporation which

discovered the Coffee Gold Deposits in Yukon and sold the company to Goldcorp for $520 million in

2016. In 2008 Mr. Robins was recognized for his achievements in mining exploration by the

Association for Mineral Exploration British Columbia with the H.H. “Spud” Huestis Award. This is

recognized as the highest award given for mineral exploration and is awarded to those who have made

“a significant contribution to enhance the mineral resources of British Columbia and/or the Yukon

Territory, through the original application of prospecting techniques or other geoscience technology.”

• Brandon Macdonald (CEO & Director) is a professional geologist with over 20 years in the mining

industry and a diverse experience base including exploration geology worldwide and investment

banking in the City of London where he worked in structuring project financings and investments at

Macquarie Bank after graduating with an MBA (with Distinction) from Oxford University in 2007.

Mr. Macdonald has a long history of mining exploration work in Yukon including zinc projects, and

originally hails from the town of Ross River, near the Tom Jason project site.

• George Gorzynski (Director and Co-Founder) is a geological engineer with 35 years’ experience in

exploration and mining company management. He has strong technical, management and leadership

skills, and was a key p erson in the building and managing of several international junior mining and

exploration companies. His technical experience ranges from management of large exploration

projects in challenging settings to geology field work in isolated locations to oversi ght of mining

operations. Mr. Gorzynski has geological engineering degrees from the University of Toronto

(Honours) and University of British Columbia and has worked on a number of zinc project s in British

Columbia and Yukon.

• Richard Hajdukiewicz (Director and Co -Founder) has over 35 years’ experience in commodity

markets including extensive experience in financing, trading and risk management. He was

responsible for the zinc concentrate feeds to Noranda's zinc smelter located at Valleyfield, Quebec as

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well as marketing of zinc and lead concentrates in North America. He later headed up and grew

Noranda's global precious metals secondary business which was involved in precious metals

concentrates, dore and scrap. During his 25 -year tenor on Wall Street, Mr. Hajdukiewicz assisted in

expanding Goldman Sachs' metals activities into base metals including zinc and lead. He headed up

sales and trading activities at several other Wall Street investment banks including HSBC and others.

Mr. Hajdukiewicz has advised senior managements at many mining and metals companies with the

strategic direction of their marketing and risk management strategies for precious and base metals. He

graduated from the University of Toronto in Metallurgical Engineering and is currently a c onsultant to

the metals and mining industry.

• Adrian Rothwell (Director & Audit Committee Chair) has worked in the mining industry for over 25

years with extensive experience in oversight and corporate governance roles. Adrian is currently

President and Chi ef Executive Officer of Kore Mining Ltd ., a private mining venture with gold

projects in the western United States. Most recently, he was the Director, Strategy at Goldcorp Inc.,

and previously acted as Chief Financial Officer for many companies listed on the TSX Venture

Exchange. Mr. Rothwell is a Chartered Professional Accountant (CPA, CA) in British Columbia and a

designated Chartered Accountant in Australia & New Zealand. He articled at PricewaterhouseCoopers

LLP in Australia and Canada and holds a BA in Economics from Macquarie University.

• Dan Rogness (Director) has worked in the mining industry for over 25 years and is experienced in

treasury, finance, financial reporting, corporate development, forecasting, cash management, hedging

and foreign exchange. Dan is currently consulting for various mining companies and was the

Assistant Treasurer and officer at Teck Resources (formerly Teck Corporation and Teck Cominco

Ltd.) from 1985-2012. Mr. Rogness is a Chartered Professional Accountant (CPA, CA) in Bri tish

Columbia and holds a B. Com (honours) in Accounting and Management Information Systems.

• Han-Ying (Jessie) Lin (Chief Financial Officer) has over ten years of professional experience in the

areas of accounting, financial and regulatory reporting mainly in the mining industry . She earned her

CGA designation in 2011 and has a Bachelor of Applied Science degree with a Minor in Commerce

from the University of British Columbia.

• Jeffrey Dare (Corporate Secretary) has over nine years of professional experience with respect to

managing external reporting and corporate compliance for TSXV listed issuers. He currently serves as

the Corporate Secretary and advisor for a number of junior companies. Mr. Dare works closely with

external partners and service providers in the areas of legal, compliance, transfer agency, audit,

banking and insurance. Mr. Dare earned a BA from Simon Fraser.

Additional information about Fireweed and its Macmillan Pass Project, can be found on SEDAR at

www.sedar.com, and on the Company’s website at www.FireweedZinc.com .

ON BEHALF OF FIREWEED ZINC LTD.

“Brandon Macdonald”

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.

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Forward-Looking Statements

This news release contains “forward-looking” statements and information relating to the Co mpany and the

Macmillan Pass Project that are based on the beliefs of Company management, as well as assumptions made by and

information currently available to Company management. Such statements reflect the current risks, uncertainties and

assumptions related to certain factors including but not limited to, without limitations, exploration and development

risks, expenditure and financing requirements, general economic conditions, changes in financial markets, the ability

to properly and efficiently staff t he 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 s trategic partners, governmental regulations and

supervision, permitting, seasonality and weather, technological change, industry practices, and one -time events.

Additional risks are set out in the Company’s prospectus dated May 9, 2017 and filed under the Company’s profile

on SEDAR at www.sedar.com. Should any one or more risks or uncertainties materialize or change, or should any

underlying assumptions prove incorrect, actual results and forward -looking statements may vary materially from

those described herein. The Company does not undertake to update forward‐ looking statements or forward‐ looking

information, except as required by law.