Announcement • Jun 04
Fireweed Metals Corp. Commences 2026 Field Program with Drilling At Macpass and Mactung Projects Fireweed Metals Corp. has announced the launch of its 2026 Field Program, with planned activities across its Mactung, Macpass, and regional infrastructure improvement planning projects. The 2026 program includes approximately 9,500 m of combined diamond and sonic drilling across the two critical metals projects, including up to 7,500 m at Macpass and up to 2,000 m at Mactung. Drilling is now underway at Macpass, with work at Mactung expected to follow. The 2026 Mactung Field program and ongoing engineering studies will continue to inform the updated Mactung Feasibility Study, which is ongoing and scheduled for completion early in 2027. Exploration drilling at Macpass will continue where it left off at the end of the 2025 field season, with the continuation of hole TS25-003, a ~300 m step-out down dip of the inferred resource at Tom South that was suspended in laminated sulphide mineralization at the end of the 2025 field season. The 2026 program at Mactung, as part of the US Defense Production Act (DPA) Title III-supported program announced in December 2024, includes geotechnical and hydrogeological drilling, which builds on the 2025 program. These activities will support an updated Feasibility Study, which commenced earlier in 2026 and establishes the foundation for future licensing and permitting efforts. Activities include the following: Geological Model Update – Refining the geological and block models to provide a robust basis for mine planning. Hydrogeological Studies – Installing additional groundwater monitoring wells to refine the hydrogeological model for the deposit and proposed infrastructure areas. Geotechnical Site Investigation – Additional drilling geotechnical boreholes and test pits to collect soil, rock, and permafrost data in support of the planned mine and infrastructure development as well as borrow source geotechnical investigations. Historical Core Scanning – Building on the 2025 scanning program to provide comprehensive short wave infrared and multi-element data within the resource area. Fireweed plans to continue baseline environmental work across the Mactung project throughout the summer. The Feasibility Study remains on schedule for completion in early 2027 with metallurgical and geometallurgical programs advancing in addition to designs for the mine, processing facilities, and infrastructure. At Macpass, Fireweed has initiated an exploration and resource expansion drilling program targeting step-outs around known zinc-lead-silver-gallium-germanium mineralization at Tom South and Tom East. The Company also plans to conduct near-deposit and regional gravity and soil sampling at the Tom and Amax areas in the southeast of the property. The 2026 Macpass Drill Program includes Tom South ~6,000 m--Step out drilling at Tom South will follow up down dip and along strike of high-grade intercepts from 2023 and 2024, and 2025. Initial drilling will finish TS25-003, a 450 m step out down dip of the inferred Tom South resource margin which was paused at the end of 2025 in laminated sulphide mineralization due to seasonal constraints. TS25-003 is 300 m down dip of the notable intercept from 2025 TS25-001D1, 54.28 m (30 m true width) of 33.23% ZnEq* (18.20% zinc, 13.93% lead, and 161.0 g/t silver). Tom East ~1,500 m--Following the successful imaging of Boundary Zone during the 2024–2025 muon survey, and successful follow up exploration drilling, Fireweed intends to leverage this technology in a near-deposit expansion program targeting the high-grade Tom East area and to deploy muon detectors to generate a comprehensive density image of the subsurface. Fireweed intends to continue regional exploration efforts on our vast underexplored (~948 km2) land package. Ground gravity surveys, soil sampling and prospecting will target zinc-lead-silver and intrusion related gold targets. New Risk • Jun 03
New major risk - Revenue and earnings growth Earnings have declined by 35% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 35% per year over the past 5 years. Revenue is less than US$1m. New Risk • Apr 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 14% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 14% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (CA$17m net loss in 3 years). Shareholders have been diluted in the past year (24% increase in shares outstanding). 
