FWZ.V · 2025-11-24 12:00:00

Mactung Project Update

Corporate Updates

TSXV: FWZ

OTCQX: FWEDF

FSE: M0G

VANCOUVER, BC

Nov. 24, 2025

/CNW/ - Fireweed Metals Corp. ("

Fireweed

" or the "

Company

(TSXV: FWZ) (OTCQX: FWEDF) is pleased to provide an update on the significant activities

undertaken to advance its strategic Mactung tungsten project (

Yukon, Canada

Highlights

Successful completion of a

11,117 m

multi-purpose drill program comprising geotechnical,

hydrogeological, and infill drilling combined with sampling for the geometallurgical testwork

program, providing critical information in advance of the upcoming Feasibility Study which is

expected to commence before the end of 2025.

Very-high tungsten grades across significant true widths, confirming the high-grade nature and

significant scale of the deposit.

MT25-048:

12 m

true width of 6.21% WO

MT25-034:

29 m

true width of 2.56% WO

MT25-051

16 m

true width of 4.53% WO

MT25-038

15 m

true width of 2.15% WO

Mactung is advancing as planned, 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

Establishment of a new camp, upgrades to site infrastructure, and the safe re-entry to the

historical adit to provide access to high-grade underground workings, assessment of ground

conditions and to support future project development activities.

Initiation of a Mineral Resource Update that is targeting resource conversion from Inferred to

Indicated, a key component of the upcoming Feasibility Study.

Environmental baseline studies undertaken in support of future mine licensing.

Comprehensive core scanning and relogging program capturing high resolution imagery,

geochemical data, and bulk density measurements on

18,128 m

of historical core and new core

data that will be used to support resource estimation and geometallurgical domaining.

CEO Statement

Ian Gibbs

, President and CEO, stated, "The results of the 2025 season at Mactung represent the

culmination of an intense, multi-disciplinary and DPA Title III-supported field program that has

successfully shown that extensive high-grade intervals of tungsten mineralization are consistent with

the previous modelling work, and the deposit is comprised of multiple wide zones with very-high

tungsten grades. The multi-purpose program was completed to 100% scope and will facilitate a

Feasibility Study that we are commencing. This program cements Mactung as the world's premier

tungsten deposit, unmatched in grade and scale

. The owner's team that has been assembled looks

forward to continuing engineering and environmental studies in support of the upcoming Feasibility

Study and mine licensing activities."

Mactung Field Program Update

Multi-purpose drilling (see Photos 1 and 2) and core scanning, including:

Safe completion of

11,117 m

of multi-purpose diamond drilling to add to extensive historical

data, comprising:

10,094 m

of resource drilling targeting conversion of the current Mineral Resource

for

inclusion in Feasibility Study work, as well as to provide core samples for the

geometallurgical variability test work program.

401 m

of geotechnical drilling and 47 test pits to support infrastructure design and

permafrost characterization.

622 m

of hydrogeological drilling and pump testing to support water modelling and future

licensing.

Scanning of

27,753 m

of Mactung core with two scanning units, including new (

9,575 m

) and

historical (

18,178 m

) core, implementing a state-of-the-art short-wave ultraviolet scanning

system (SWUV) to provide x-ray fluorescence (XRF) analytical data and short wave infra-red

spectrometry (SWIR) to support a comprehensive geometallurgical program.

Measurement of bulk density on 2,472 historical samples to enable accurate bulk-density

weighting of composites for the Mineral Resource update.

Leveraging and improving Mactung's existing infrastructure, including:

The reestablishment of access and safe entry into the existing adit infrastructure and

underground workings at Mactung that have not been worked since a bulk-sampling program by

a previous operator in 2005 (see Photos 3 and 4), allowing:

Deployment of high-resolution remotely operated drone technology with LiDAR scanners to

capture detailed 3D imagery of the historical adit and drifts.

Visual inspections, geotechnical assessments and mapping of rock conditions.

Underground water assessment and inspection of mineralization on drift walls.

New seasonal 49-person camp (see Photo 5) to complement the existing facilities at Macpass

and increase the camp capacity to 150 people within the district.

Bridge construction over

Dale Creek

(see Photo 6) on the Mactung Spur Road to replace

existing ford-style crossing.

Site road maintenance program to support drilling, ensure continued access, and improve safe

road conditions for extended operation periods.

Environmental reclamation activities at the historical exploration camp, including removal of

dilapidated trailers and waste materials from site, left by prior operators.

Advanced technical work programs in support of the upcoming Feasibility Study and building upon

Mactung's extensive data base of historical technical and environmental work programs:

Comprehensive metallurgical and geometallurgical testwork program: representative samples

from the field program were collected for laboratory testing to assess the mineralogy, optimize

the process flowsheet, and enhance the predictability of metallurgical performance across all

domains.

Geotechnical mapping, laboratory testing, rock mass characterization and sampling to inform

and support design parameters for the mine and infrastructure designs and verify borrow pit

sources for construction.

Advancing studies to establish an optimized project configuration to inform the upcoming

Feasibility Study including mining, process plant, and infrastructure which is underpinned by a

safe and capital efficient design.

Regular engagement with DPA Title III administrators and reimbursement of eligible project

expenses. As of

September 30

, 2025, Mactung's gross project expenditures totalled

C$20.4M

, which are eligible for reimbursement at the 50% level up to the

C$22.5 M

award total

according to Fireweed's agreement with the U.S. government (see Fireweed news release

December 13, 2024

Engaged tungsten industry experts to build a world-class owner's advisory team to guide key

areas of the project including metallurgy, plant and infrastructure design and commercial

strategy and marketing.

Drilling Results Summary

Dr.

Jack Milton

, VP Exploration, commented "There are very few tungsten deposits that can

consistently return such wide and high-grade drill intersections. Mactung is a stand-out asset that is

peerless globally

. The drill results are being integrated into an updated and improved geological

model for the deposit that is feeding into the mineral resource update. We are using cutting-edge

core scanning technology to de-risk the project through the development of a thorough

geometallurgical model that will support the Feasibility Study. This provides a rare insight into a best-

in-class tungsten exoskarn and enables us to characterize the geological domains based on

geochemistry and mineralogy. Combined with our geometallurgical sampling and testwork program,

we can now move to a predictive approach to estimating recovery and metallurgical performance so

that we can maximize value through efficiencies and provide data-driven de-risking of the

development of Mactung."

The 2025 drill program at Mactung comprised

11,117 m

between a total of 66 holes. All assays

have been received, and results for intervals that returned composite grades higher than 0.2% WO

are reported here (

See Tables

1 and 2, Cross Sections MB to MB' and MC to MC', Maps 1 and 2).

Within all 66 of the 2025 drillholes at Mactung there were 135 primary intersections with true widths

between

0.36 m

and

43.7 m

(Table 1), out of which:

115 intersections returned a grade of more than 0.5% WO

;

Including 57 intersections with a grade of more than 1.0% WO

;

Including 15 intersections with a grade of more than 2.0% WO

Full results and true widths, including the results of any significantly higher intervals within the primary

intersections, are listed in Table 1. Low-grade copper and gold mineralization accompanies high-

grade tungsten mineralization locally. Metallurgical testwork is ongoing to determine if copper and

gold can be recovered as by-product elements.

Interpretation Summary

The results of the 2025 drill program have:

More accurately placed unit contacts throughout the deposit, improving the accuracy and

confidence in the geological model;

Provided many additional assay samples that will refine the grade and bulk density estimates;

Validated historical grades, thicknesses, and bulk density values in areas of historical drilling;

Defined a high-grade zone within the upper deposit layers – the Rabbitkettle Formation (Unit

3F);

Improved definition of high-grade zones and extents in the lower deposit layer - the Sekwi

Formation (Unit

A comprehensive bulk density program was carried out by measuring historical core samples. The

historical core, combined with Fireweed's 2023 and 2025 drilling programs have resulted in 11,855

measurements that provide a robust dataset for tonnage estimates in the Mineral Resource update.

Environmental and Indigenous Engagement

Fireweed is implementing a full suite of environmental and socioeconomic baseline studies to support

future mine licensing applications. Field programs include wildlife surveys (with movement cameras),

surface and groundwater, aquatic resources monitoring, and air quality monitoring. Studies are

underway, such as water use alternatives assessments, water balance and quality modeling, waste

rock geochemical characterization, terrain hazard mapping, reclamation and closure planning, and

socioeconomic impact assessments.

In parallel, Fireweed's engagement team continues to deliver a comprehensive program of

community engagement, including on-site tours with Elders and in-community open houses and

information sessions with Indigenous groups in both

Yukon

and the

Northwest Territories

Next Steps

Fireweed continues to work on a previously announced program with the objective of progressing

Mactung towards a final investment decision, funded by DPA Title III award of

US$15.8 M

(

~C$22.5

) (see Fireweed news release

December 13, 2024

). As part of the DPA-funded program,

Fireweed is commencing a Feasibility Study, marked by the kick-off of a Mineral Resource update.

Fireweed anticipates that the Feasibility Study will run throughout 2026 and is targeting a 2027

release.

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 km

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.

Data Verification

The diamond drill core logging and sampling program was carried out under a rigorous quality

assurance / quality control program using industry best practices. Drill intersections in this release

are NQ2 size (50.5 mm/ 1.99-inch diameter) and HQ size (63.5 mm/ 2.50-inch diameter) with

recoveries typically above 85% unless otherwise noted in the results tables. After drilling, core was

cleaned, logged for geology, structure, and geotechnical characteristics, then marked for sampling

and photographed on site. Certain cores were selected for core scanning using light detection and

ranging (LiDAR), short-wave infrared (SWIR), X-ray fluorescence (XRF), and high resolution RGB

image capture. The cores for analyses were marked for sampling based on geological intervals with

individual samples two metres or less in length, with one metre samples within mineralized zones.

Under normal sampling protocol, drill core was cut lengthwise in half with a core saw; half-core was

sent for assays reported in this news release, and the other half is stored on site for reference.

Under geometallurgical sampling protocol, drill core was cut lengthwise in half with a core saw, and

this half was again cut into quarters, with one quarter sent for regular analysis one half sent for

compositing and geometallurgy, and one quarter remaining for reference. Where duplicate samples

were taken for QA/QC assay within a geometallurgical interval, the remaining quarter core was also

taken and the interval was exhausted. Bulk density was determined on site for the entire length of

each assay sample by measurement of mass in air and mass in water. Sample duplicate bulk

density determinations and in-house bulk density standard determinations were each made at a rate

of 5%. Since 2017, six in-house bulk density standards (mineralized drill core from the Tom deposit,

and more recently Mactung deposit, that span a range of densities) have been used and show an

acceptable long-term precision. Certified standard masses are used to calibrate the scale balance

used for bulk density determinations.

A total of 5% assay standards or blanks and 5% core duplicates are included in the sample stream

as a quality control measure and are reviewed after analyses are received. Standards and blanks in

2025 drill results have been approved as acceptable. Duplicate data add to the long-term estimates

of precision for assay data on the project and precision for drill results reported is deemed to be

within acceptable levels. Samples were sent to the Bureau Veritas (BV) preparation laboratory in

Whitehorse

Yukon

, where the samples were crushed and a 500 g split was sent to the BV

laboratory in

Vancouver, B.C

to be pulverized to 85% passing 200 mesh size pulps. Clean crush

material was passed through the crusher and clean silica was pulverized between each sample. The

pulps were analyzed by multi-acid digestion followed by Inductively Coupled Plasma Mass

Spectrometry (ICP-ES/MS) multi-element analyses (BV Code MA270), by fusion followed by X-ray

fluorescence analysis (XRF) finish (BV Code X750-W), and by fire assay with ICP-ES finish (BV

Code FA330-Au). WO

is reported in this news release by method X750-W, gold by FA330-Au, and

copper and bismuth by MA270. Bureau Veritas (

Vancouver

) is an independent, international ISO/IEC

17025:2017 accredited laboratory.

Assay values may appear rounded to one decimal place but are given in full in Table 1, and Cross

Sections MB to MB' and MC to MC' where tungsten (WO

), copper and gold grades are reported to

two decimal places.

Results in this news release are length and bulk-density weighted averages as would be used in a

Mineral Resource estimate. Length and bulk-density weighted averages have been reported as

these most accurately represent the average metal-content of the intersections.

True widths for primary intervals are estimated by measuring perpendicular to strike within the short

axis of a stratiform wireframe that has been constructed in 3D around the mineralized intercepts at

Mactung based on assay results, geological logging, stratigraphic correlation, and bedding

measurements from oriented core. The skarn mineralization is stratiform (oriented parallel to

bedding), therefore the true width, or thickness, of the zone is estimated perpendicular to both the

strike and dip direction of bedding. True widths are rounded to the nearest metre for widths over

and to the nearest

0.1 m

for widths less than

10 m

, as this better reflects the precision of the

estimates. True widths should be regarded as approximate. True widths for nested intervals

(marked as "Including" in results tables) are estimated using a ratio of included to primary

intersected widths to attribute appropriate portions of the true width of the primary interval to the

nested intervals.

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, 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, grade, and metal content of the Mactung resources and Macpass resources in comparison to other tungsten, zinc, gallium, and germanium deposits

elsewhere in the world, respectively, are based on review of the Standard & Poor's Global Market Intelligence Capital IQ database.

For Mactung Mineral Resources, 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 considered independent of the Company, and a 'Qualified Person' as defined under NI 43-101. Garth Kirkham, of Kirkham

Geosystems Limited., is responsible for the Mactung Mineral Resource Estimate.

Map 1: Macpass Project and Mactung Project locations (CNW Group/Fireweed Metals Corp.)

Map 2: Mactung 2025 Drill Program Summary. (CNW Group/Fireweed Metals Corp.)

Cross section MB to MB': MT25-048, MT25-049, and MT25-054. Intersected widths shown. For

true widths see table of results. (CNW Group/Fireweed Metals Corp.)

Cross section MC to MC': MT25-034 and MT25-062. Intersected widths shown. For true widths see

table of results. (CNW Group/Fireweed Metals Corp.)

Photo 1: 82.47 m to 91.80 m in MT25-051 displaying high-grade scheelite (CaWO4) mineralization

fluorescing under short wave UV. (CNW Group/Fireweed Metals Corp.)

Photo 2: Three diamond drills in operation at Mactung. (CNW Group/Fireweed Metals Corp.)

Photo 3: Scheelite (CaWO4) mineralization fluorescing under short wave UV in the Mactung Adit.

(CNW Group/Fireweed Metals Corp.)

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