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## Fireweed Metals Corp. Announces Non-Brokered Private Placement

VANCOUVER, British Columbia, June 06, 2024 (GLOBE NEWSWIRE) — FIREWEED METALS CORP. (“Fireweed” or the “Company”) (TSXV: FWZ; OTCQX: FWEDF), is pleased to announce a non-brokered private placement (the “Offering”) for gross proceeds of up to CAD$30,000,000.

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## Highlights of the Offering

The Offering will provide Fireweed with capital to advance its comprehensive 2024 drilling and regional exploration programs at Macpass, as well as support critical path items and financial commitments at Mactung. The Lundin Family Trusts have indicated their intention of subscribing for up to $30.0 million of the Private Placement alongside lead orders from other key shareholders.

### Supporting CEO Statement

Peter Hemstead, Interim CEO, expressed, “We are pleased to enjoy the continued backing of our key shareholders; their significant involvement in this financing underscores the excitement in the Macpass District as we continue to integrate with the Lundin Group of companies. The Offering proceeds will primarily fund our exploration initiatives for 2024, specifically through an extensive 14,000-metre drilling and regional exploration program at Macpass. This funding enables Fireweed to execute this year’s planned program without the need for additional capital.”

## Details of the Offering

The Offering consists of two parts for gross proceeds of approximately CAD$30,000,000 as follows:
– 9,090,909 common shares (“Shares”) of the Company at a price of CAD$1.10 per share.
– 11,646,482 flow-through common shares of the Company issued through a charitable donation arrangement (“Premium Flow-Through Shares”).

### Use of Proceeds

The proceeds from the Offering will be used for exploration and development of the Company’s projects in northern Canada, and for general working capital purposes. The gross proceeds from the issuance of Premium Flow-Through Shares will be used on the Company’s projects to incur Canadian Exploration Expenses (“CEE”), with the largest portion qualifying as “flow-through critical mineral mining expenditures” under the Income Tax Act (Canada).

## Closing Conditions

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. All securities issued under the Offering will be subject to a statutory hold period of four months plus a day following the date of closing.

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