Fireweed Metals Corp.: Mactung Project Update

Press Release

November 24, 2025

Vancouver, British Columbia: 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% WO₃
  • MT25-034: 29 m true width of 2.56% WO₃
  • MT25-051: 16 m true width of 4.53% WO₃
  • MT25-038: 15 m true width of 2.15% WO₃
• 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 scale¹. 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 Resource² 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^th, 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 globally¹. 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% WO₃ 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% WO₃;
• Including 57 intersections with a grade of more than 1.0% WO₃;
• Including 15 intersections with a grade of more than 2.0% WO₃.

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 2B).

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 M) (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 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

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