Fireweed Metals Corp. · TSXV:FWZ
Fireweed Metals — Investor Presentation (September 2025)
46 slides from Fireweed Metals's investor presentation, September 2025
Slide 1: Advancing a Strategic Critical Minerals District
TSX-V: FWZ | OTCQX: FWEDF | FSE: M0G ADVANCING A STRATEGIC CRITICAL MINERALS DISTRICT Proud member of the Corporate Presentation – September 2025
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS Forward-Looking Statements This presentation contains “forward-looking” statements and information relating to the Company, Macpass and Mactung Projects that are based on the beliefs of Company management, as well assumptions made by and information currently available to Compa
Slide 3: Project Locations & Existing Infrastructure
PROJECT LOCATIONS & EXISTING INFRASTRUCTURE N Macpass District Gayna (Zn-Pb-Ag) Project Macpass (Zn-Pb-Ag-Ga-Ge) & Mactung (W) Projects Early-stage project with a geologic setting and (~985 km2 land package) mineralization in-line with high-grade reef-style Macpass: multiple large-scale sediment dep
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS Advancing a Critical Metals District: Owner of a 985 km2 land package, comprising two of the world’s largest undeveloped resources in their class:1 Mactung (Tungsten) The world’s largest high-grade tungsten deposit1 Macpass (Zinc-Lead-Silver-Gallium-Germanium) One of the world’
Slide 5: Fireweed Corporate Overview
FIREWEED CORPORATE OVERVIEW Capital Structure Fireweed Share Price Performance (LTM)1 Share Price1 (C$ / sh) $2.50 Issued & O/S Shares1,2 (M shares) 209.1 Market Cap. (C$ M) $522.7 52-week High / Low (C$ / sh) $2.70 / $1.26 Cash Balance3 (C$ M) $63.6 Analyst Coverage Stefan Ioannou, PhD Peter Bell,
Slide 6: Leadership, Management and Board of Directors
LEADERSHIP Adam Lundin Ian Gibbs Chairman Director, President & CEO ▪ Lundin Mining Corporation - Chairman ▪ Filo Corp. – CFO* ▪ Filo Corp. – Chairman* ▪ Josemaría Resources – CFO* ▪ Josemaría Resources – Director, President & CEO* ▪ Africa Oil Corp.– CFO* ▪ NGEx Minerals, Lucara Diamond – Director
Slide 7: Regional Geology
REGIONAL GEOLOGY Macpass is Located at the Heart of a Rapidly Developing Natural Resource Hub Dublin Alaska Northwest Gulch Tom Territories bst Keno one Valley Be Hill lt Mactung Sel wy n King Tut Macpass B Faro as Howard’s Pass i n Yukon Ross River N Cantung Major Zn-Pb-Ag Deposit Whitehorse Major
Slide 8: Mactung Project
Mactung Project A Strategic North American Tungsten Resource We respectfully acknowledge that the Mactung Project is located on the Traditional Territories of the Kaska Dena Nation and the First Nation of Na-Cho Nyäk Dun, and the Sahtu Settlement Area. TSX-V: FWZ | FireweedMetals.com 8
Slide 9: The World's Largest High-Grade Tungsten Deposit
THE WORLD’S LARGEST HIGH-GRADE TUNGSTEN DEPOSIT Leading the Way in Unlocking our Critical Metals District Mactung Highlights ✓ Host to a large, high-grade, tungsten deposit, 100% owned by Fireweed 948km2 ✓ Adjacent to Macpass, and accessible via the North Canol Road and the Macmillan Pass aerodrome
Slide 10: Mactung Stands Out
MACTUNG STANDS OUT Mactung 2023 Resource Estimate WO3 Grade Contained Category Tonnage (Mt) (%) WO3 (mtu)* Indicated (underground) 12.17 1.05% 12,789,000 Indicated (open pit) 29.32 0.59% 17,367,000 Total Indicated (UG+OP) 41.49 0.73% 30,156,000 Inferred (underground) 2.82 0.73% 2,066,000 Mactung Gra
Slide 11: Mactung DPA Program Timeline
MACTUNG DPA PROGRAM TIMELINE 2025 2026 2027 2028 Metallurgical Test Program Technical Geotech. Investigations Development Project Optimization Drilling Final Investment Enhanced Resource Definition Decision New Feasibility Study Basic Eng. Detailed Engineering Baseline Data Collection & Environmenta
Slide 12: Macpass Project
Macpass Project Rapidly-Growing District We respectfully acknowledge that the Macpass Project is located on the Traditional Territories of the Kaska Dena Nation and the First Nation of Na-Cho Nyäk Dun. 12 TSX-V: FWZ | FireweedMetals.com 12
Slide 13: Macpass District
MACPASS DISTRICT Multiple Large-scale Sediment Hosted Zinc-primary Deposits Forming One of the World’s Largest Undeveloped Zinc Districts1 Macpass 2024 MRE The Macpass District 55.98 Mt at 7.27% ZnEq 2,3 (5.50% Zn, 1.58% Pb, and 24.2 g/t Ag) Indicated + 48.46 Mt at 7.48% ZnEq 2,3 (5.15% Zn, 2.08% Pb
Slide 14: Macpass Relative Positioning
MACPASS RELATIVE POSITIONING Select Zinc-primary Development Assets - Ranked by Contained Metal (Mt ZnEq ; % ZnEq)* Macpass Ranks as a Top Undeveloped Zinc Asset Not Held by a Major Global Resource - Contained Metal (Mt ZnEq)1 Macpass 2024 Indicated Macpass 2024 Inferred Note: Ranking excludes asset
Slide 15: Field Program Overviews
FIELD PROGRAM OVERVIEWS 2024 Program Overview - Macpass +16,000 m Drilling Regional Exploration Activities Combination of step-out holes at Boundary Zone, Tom South Gravity, VTEM, LiDAR, soil Sampling, and Muon Survey and Jason South + exploration drilling at new targets Successful high-grade step-o
Slide 16: Tom South Step-Outs
TOM SOUTH STEP-OUTS • Tom South is interpreted as a fold hinge — the thickened axis and feeder zone around which the entire Tom deposit is folded Tom East Tom Underground − 2024 drilling: successful high-grade intercepts Southeast up-dip and along strike expanded massive Underground sulphide lense −
Slide 17: Boundary Step-Outs
BOUNDARY STEP-OUTS Broad Step-out Intercepts at Known Massive Sulphide Lenses1 Step-out at Fuller Lake intercepting Notable 2024 Step-outs mineralization ~80 m from previous Hole ID Width True Width Zn Pb Ag intercepts Interpreted (m) (m) (%) (%) (g/t) Massive Sulphide A NB24-001 92.15 37 8.61% 2.60
Slide 18: District Potential
DISTRICT POTENTIAL Genetic Model and Geophysical Anomalies in the Macpass District Suggest the Potential for Further Discoveries Structural and Stratigraphic Control Tom, Jason, End Zone, and Boundary deposits are located adjacent to 5-10 km spaced feeder-fault splays of the Macmillan-Hess Fault Sys
Slide 19: High-Priority Regional Targets
HIGH-PRIORITY REGIONAL TARGETS DAVID ORO STEELE SLING HARVEST GOLIATH CENTROID NEPTUNE BOUNDARY POPCORN High-Priority Targets END ZONE JASON TOM Zinc – Lead - Silver BOUNDARY STEP-OUTS (x3) Gold (Reduced Intrusion-Related) Successful Muon Target Step Outs (News Release July 30, 2025) 19
Slide 20: Boundary Step-Outs
BOUNDARY STEP-OUTS Combined Muon and Gravity Multiphysics Successfully Imaged Zones of High Density, Confirmed by Drilling 3 BOUNDARY NORTH Vein and breccia mineralization 3 2 BOUNDARY SOUTH Density Anomaly BOUNDARY EAST 1 determined to be formational in nature Vein, replacement, and semi-massive su
Slide 21: Harvest (Zn-Pb-Ag)
HARVEST (Zn-Pb-Ag) Largest Gravity High Seen to Date on the Project BOUNDARY TOM HARVEST (Peak: 2.5 mGal) JASON Smithsonite Creek (Peak: 2.0 mGal) (Peak: 3.6 mGal) Showings: Corvus, Toaster 2 km (Peak: 0.5 mGal) (All images at the same scale) Note: High density contrasts in the Macpass District can
Slide 22: Harvest - Sling Area Prospecting
HARVEST - SLING AREA PROSPECTING Smithsonite Creek Hydrothermal Textures Hydrothermal Breccias Bladed barite, comb veining Stibnite mineralization Smithsonite Creek Smithsonite Creek Showings: Corvus, Toaster 22
Slide 23: Steele (Zn-Ag-Pb)
STEELE (Zn-Ag-Pb) Data Layers Gravity EM Structure Geology Soils Prospecting Ground Gravity Lead In Soils - Heat Map • Strong lead-in-soil anomaly downslope of a gravity high • Anomalies occur within the same unit that hosts the Boundary Zone deposit • Anomalies centered around an intersection of a
Slide 24: Oro (Au)
ORO (Au) EM Data Layers Structure Geology Soils Prospecting Total Magnetic Intensity (TMI) Gold in Soils - Heat Map Trench samples 2.30 g/t Au 1.37 g/t Au Trench samples 2.30 g/t Au 1.37 g/t Au • Magnetic high with strong gold in soil anomalies in the periphery, potentially relating to the pyrrhotit
Slide 25: Centroid (Au)
CENTROID (Au) Data Layers EM Structure Geology Soils Prospecting Total Magnetic Intensity (TMI) Bismuth in Soils - Heat Map • Large elongated magnetic high with long axis parallel to regional trend • Strong bismuth in soil anomalies indicating close-proximity to the contact roof zone above a potenti
Slide 26: Goliath (Au)
GOLIATH (Au) Data Layers EM Structure Geology Soils Prospecting Total Magnetic Intensity (TMI) Bismuth in Soils - Heat Map • Large elongated magnetic high at the centre of a bismuth and arsenic anomaly • Within the more favourable calcareous parts of the Road River group • Potentially proximal to th
Slide 27: Neptune (Au)
NEPTUNE (Au) Data Layers EM Structure Geology Soils Prospecting Total Magnetic Intensity (TMI) Bismuth in Soils - Heat Map • Hornfelsed rock and strong magnetic response indicates close proximity to buried intrusion • Abundant arsenopyrite veins in outcrop and anomalous bismuth in soil suggest an as
Slide 28: Potential Muon Tomography Deployment
POTENTIAL MUON TOMOGRAPHY DEPLOYMENT Potential for Multiple Shallow Holes to Test Strong Lead-in-Soil Anomalies Conceptual representation Goliath (hole also provides a direct David test of a gold target) Sling Harvest Claims 5 km strike length ✓ Highly prospective area, with the same geological host
Slide 29: Gayna Project
Gayna Project High Impact Frontier Exploration We respectfully acknowledge that the Gayna Project is located within Settlement Areas of Sahtu and Gwich’in, and the Traditional Territory of First Nation of Na-Cho Nyäk Dun. TSX-V: FWZ | FireweedMetals.com 29
Slide 30: Exploration Potential for Zinc, Germanium, Gallium, Lead, and Silver
EXPLORATION POTENTIAL FOR ZINC, GERMANIUM, GALLIUM, LEAD, AND SILVER Gayna Provides Optionality and Further Exposure to Critical Metals • Located 180 km north of Macpass, in the Mackenzie Mountains, NWT • Geological setting and mineralization: similar to that of a reef-style Gayna deposit, like Ivan
Slide 31: 2025 Exploration Approach
2025 EXPLORATION APPROACH Illustrative Reef-margin Drill Target Historical Drilling Illustrative Geology Plan View Illustrative Geological Cross Section Historical Drilling Exploring for Stratiform Mineralization Did Not Adequately Test for Mineralization Along Reef Margins Slice Through Inversion o
Slide 32: Preliminary Exploration Targets
PRELIMINARY EXPLORATION TARGETS Reef Margin + Gravity Anomaly = Massive Sulphide Potential Jaws South (Zn-Pb-Ag-Ga-Ge) Soil Anomaly (Zn+Pb) Gravity Anomaly Jaws East 3,500 m Program Underway Soil Anomaly (Zn+Pb) Gravity Anomaly Zeppelin Soil Anomaly (Zn+Pb) Sierra – Tango – Mike – Alpha >27% Pb and
Slide 33: Thank you!
Thank you! Please visit us online at fireweedmetals.com and follow for updates. Fireweed Metals Corp. Head Office Suite 2800, Four Bentall Centre TSX-V: FWZ +1 (604) 689-7842 1055 Dunsmuir Street OTCQX: FWEDF info@fireweedmetals.com PO Box 49225 Vancouver, BC V7X 1L2 FSE: M0G 33
Slide 34: Appendix
Appendix 34 TSX-V: FWZ | FireweedMetals.com 34
Slide 35: About Fireweed Metals
ABOUT FIREWEED METALS Fireweed is a Canadian company with the mission to explore and develop critical metals assets through progressive leadership, high standards, innovation, and collaborative partnerships for the benefit of present and future generations. OUR VISION Fireweed Metals will sustainabl
Slide 36: Our Values
3 6 OUR VALUES INTEGRITY Honesty, transparency, accountability, environmental and social stewardship Respect PARTNERSHIPS Creating opportunities, realizing benefits, advancing together for the Land and People PEOPLE Inclusivity, collaboration, health & safety TSX-V: FWZ | FireweedMetals.com 36
Slide 37: Sustainability Approach
SUSTAINABILITY APPROACH • Implement robust practices informed by the aspirations and interests of Indigenous peoples • Be environmentally and socially responsible • Seek the consent of local Indigenous groups TSX-V: FWZ | FireweedMetals.com 37
Slide 38: Commodity Fundamentals
COMMODITY FUNDAMENTALS MP Zinc's unique properties make it an essential metal for everyday life. Zinc plays a crucial role in: ▪ Renewable Energy ▪ Healthcare ▪ Transportation ▪ Infrastructure ▪ Food Security ▪ Industrial Applications GP ▪ Energy Storage ▪ Electronics Tungsten is an extremely versat
Slide 39: U.S. DPA & Canada CMIF Awards
U.S. DPA & CANADA CMIF AWARDS U.S. Defense Production Act (DPA) Title III Canadian Critical Mineral Infrastructure Fund US$15.8 M C$12.9 M Objective Objective Advance Mactung to a Final Investment Decision (“FID”), a key precursor to Advance planning efforts to enable infrastructure improvements tha
Slide 40: Why Tungsten?
WHY TUNGSTEN? TSX-V: FWZ | FireweedMetals.com 40
Slide 41: Why Mactung?
WHY MACTUNG? Defence 8% Energy 6% Medical / Pharmaceutical 1% Consumer CRITICAL METAL Durables 9% Transport 26% The U.S., Canada and the EU have designated tungsten a critical metal. It has extreme physical characteristics necessary for many industries. Chemical / CHINA MARKET DOMINATION Petrochemic
Slide 42: Why Zinc?
WHY ZINC? TSX-V: FWZ | FireweedMetals.com 42
Slide 43: Macpass Deposit Geology
MACPASS DEPOSIT GEOLOGY Early-stage Mineralization - Two Step Genetic Model ▪ Stratiform, Sediment-Hosted Zn-Pb-Ag Deposits: The Tom, Jason, End Zone, and Boundary Zone deposits are examples of 1 clastic-dominated (CD) sediment-hosted massive sulphide deposits 1 ▪ Mineralization Model Reinterpreted
Slide 44: Macpass 2024 MRE
MACPASS 2024 MRE Macpass 2024 MRE Gallium & Germanium By-Products Category Deposit Tonnage Grade Contained Metal Category Deposit Tonnage Grade Contained Metal ZnEq 1 Zn Pb Ag Zn Pb Ag Ga Ge Ga Ge (Mt) (%) (%) (%) (g/t) (M lbs) (M lbs) (M oz) (Mt) (g/t) (g/t) (kg) (kg) Tom 17.52 9.90% 6.30% 3.34% 32
Slide 45: Resource Footnotes
RESOURCE FOOTNOTES • All mineral resources have been estimated in accordance with CIM definitions, as required under NI 43-101. • Data for this mineral resource estimate has been independently reviewed and validated by a third-party consultancy, SLR Consulting (Canada) Ltd. • Pierre Landry P.Geo. of
Slide 46: QA/QC and Data Verification
QA/QC AND DATA VERIFICATION • Soil, rock and stream sediment datasets presented for exploration targets at Macpass have been compiled from programs spanning 1968-2024 • Fireweed 2017-2024 sampling programs were carried out under rigorous QA/QC programs • Standards, blanks and duplicates are included
Fireweed Metals — Investor Presentation (September 2025) on 6ix