Fireweed Zinc Upsizes Private Placement

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NEWS RELEASE

March 31, 2020 TSXV: FWZ

Fireweed Zinc Upsizes Private Placement

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR

DISSEMINATION IN THE UNITED STATES

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

FWZ) announces that due to high interest from existing shareholders, the size of the non-brokered private

placement (the “Offering ”) announced today has been increased to gross proceeds of up to

CAD$1 million.

The Offering will now consist of up to 3,333,333 common shares of the Company at a price of CAD$0.30

per share (“Common Shares”) with a full four -year warrant (“Warrants”) exercisable at $0.60 per share

but subject to accelerated expiry terms if the Company’s shares trade at or above $1.00 per share for 20

consecutive days.

The proceeds from the Offering will be used for work related to the Company’s Macmillan Pass Project

in Yukon, Canada, and for general working capital purposes.

Closing of the Offering is subject to certain customary conditions, including, but not limited to, the

receipt of all necessary regulatory approvals and acceptance of the TSX Venture Exchange. The Common

Shares and Warrants issued under the Offering will be subject to a statutory hold period of four months

plus a day following the date of closing.

About Fireweed Zinc Ltd. (TSXV : FWZ): Fireweed Zinc is a public mineral exploration company

focused on zinc and managed by a veteran team of mining industry professionals. The Company is

advancing its district-scale 544 km2 Macmillan Pass Project in Yukon, Canada, which is host to the 100%

owned Tom and Jason zinc -lead-silver deposits with current large Mineral Resources and a PEA

economic study (see Fireweed news releases dated January 10, 2018, and May 23, 2018, respectively, and

reports filed on www.sedar.com for details) as well as the Boundary Zone, Tom North Zone and End

Zone which have significant zinc-lead -silver mineralization drilled but not yet classified as mineral

resources. The project also includes option agreements on large blocks of adjacent claims ( MAC, MC,

MP, Jerry, BR and NS) which cover exploration targets in the district where previous and recent work

identified zinc, lead and silver prospects, and geophysical and geochemical anomalies in prospective host

geology.

Additional information about Fireweed Zinc and its Macmillan Pass Zinc Project including maps and drill

sections can be found on the Company’s website at www.FireweedZinc.com and at www.sedar.com.

ON BEHALF OF FIREWEED ZINC LTD.

“Brandon Macdonald”

CEO & Director

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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

This news release may contain “forward -looking” statements and information relating to the Company 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 the Company’s operations, the sufficiency of working capital and funding for

continued operations, title matters, First Nations relations, ope rating 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, 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 upda te forward‐looking statements or forward‐ looking

information, except as required by law.