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Fireweed Drills Best Intersection to Date at Boundary Zone Comprising 143.95 m at 14.45% Zinc, 1.15% Lead, and 60.0 g/t Silver for a True Width of 50 m

Fireweed Metals CORP. (‘Fireweed’ or the ‘Company’) (TSXV: FWZ; OTCQB: FWEDF; FSE: M0G) is pleased to report its best drill intersection from Boundary Zone to date, as well as other spectacular assay results from its 2023 exploration at the Macmillan Pass (‘Macpass’) Project, Yukon, Canada.

Highlights

Best intersection drilled to date at Boundary Zone: hole NB23-028 intersected 143.95 m (50 m true width) grading 14.45% zinc, 1.15% lead, and 60.0 g/t silver, including 28.71 m (10 m true width) grading 25.52% zinc, 1.27% lead, and 91.3 g/t silver. Successful step-out holes continue to increase the extents of known zinc mineralization and demonstrate the high-grade tenor of the Boundary Zone mineralization. Hole NB23-022 intersected 66.11 m (18 m true width) grading 7.13% zinc, 0.97% lead, and 54.8 g/t silver. Assays are pending for 19 remaining drillholes including six more from Boundary Zone, and 11 holes from the Tom deposit, and two holes from the Jason deposit.

CEO Statement

Brandon Macdonald, CEO, stated, ‘I am excited to start the year able to say that we have intersected our best-ever Boundary Zone drill intersection. We stepped out 140 m along strike from NB22-002 and NB23-007 and hit a spectacular intersection in NB23-028, further supporting our interpretation that there is a continuous high-grade feeder zone within the stratiform unit at Boundary Zone. We now have multiple wide and high-grade intersections that highlight the potential for another large zinc system within this exceptional critical minerals project.’

Summary

The mineralization from drill holes in this release primarily comprises stratiform (layer-parallel) and massive (>50% sulphides) sulphides in the western and central areas of Boundary Zone. This mineralization is sub-vertical with sharp margins, occurring from near-surface to at least a depth of 450 m and across a strike length of 550 m. Another stratiform body is present in holes NB23-029 and NB23-029D1 that requires additional drilling to accurately model. We also report intersections of vein and breccia mineralization that occur on both sides of the tabular stratiform sulphide zones. The intersection in hole NB23-028 demonstrates high zinc, lead, and silver grades that are interpreted as forming from higher temperature fluids in association with a feeder system supplying metals to a mineralized system.

Results

The drill holes in this release are located in the central and western areas of Boundary Zone and targeted the stratiform to massive sulphide body with a focus on stepping out from known feeder-style mineralization. NB23-028 intersected a broad, high-grade interval of massive sulphides rich in zinc, lead, and silver that are correlated with this interpreted feeder zone. Stratiform massive sulphides were also intersected in NB23-022 and NB23-029. Stratiform sulphides intersected in NB23-022D1, NB23-029D1 are associated with a separate zone that requires additional drilling and interpretation. Breccia and vein mineralization was also intersected in NB23-028, NB23-029, NB23-029D1 and NB23-031.

Table 1: Assay highlights for holes included within this release for the 2023 drilling program, Boundary Zone

Drillhole Interval From (m) To (m) Interval Width (m) Est. True Width
(m) Zinc (%) Lead (%) Silver
(g/t) Bulk Density (t/m 3 ) NB23-022 Primary 282.65 348.76 66.11 18 7.13 0.97 54.8 4.47 NB23-028 Primary 91.9 111.3 19.4 N/A 3.65 0.04 5.1 3.09 NB23-028 Including 94.72 98.1 3.38 N/A 8.55 0.07 8.1 3.39 NB23-028 Primary 196.1 203.8 7.7 N/A 9.95 0.04 12.7 2.86 NB23-028 Including 197.6 202.3 4.7 N/A 14.23 0.06 17.9 2.91 NB23-028 Primary 305.6 449.55 143.95 50 14.45 1.15 60.0 3.75 NB23-028 Including 310.35 314.5 4.15 1.4 14.55 4.69 163.0 3.89 NB23-028 Including 321.79 350.5 28.71 10 25.52 1.27 91.3 3.90 NB23-028 >Including 327.6 337.74 10.14 3.5 32.72 1.34 109.8 4.06 NB23-028 Including 420.31 439.61 19.3 6.7 19.06 1.12 62.7 4.00 NB23-029 Primary* 24.14 51.95 27.81 N/A 4.28 0.06 11.9 3.08 NB23-029 Including* 24.14 31.57 7.43 N/A 9.21 0.05 13.8 3.07 NB23-029 Primary* 79.27 108.45 29.18 N/A 2.93 0.02 4.6 2.77 NB23-029 Primary 238.82 255.44 16.62 N/A 8.74 0.03 11.1 3.09 NB23-029 Including 239.82 245.44 5.62 N/A 18.39 0.06 23.6 3.49 NB23-029 Primary 400.87 412.5 11.63 Unknown 7.49 1.66 34.7 3.14 NB23-029 Including 402.82 408.38 5.56 Unknown 13.21 0.96 34.1 3.42 NB23-029 Primary 514 519.76 5.76 Unknown 6.32 1.50 34.6 3.06 NB23-029 Primary 580.43 618.83 38.4 Unknown 3.06 0.08 8.2 3.47 NB23-029 Including 580.43 582.86 2.43 Unknown 11.91 0.36 26.6 4.39 NB23-029 Including 601.94 604.88 2.94 Unknown 13.21 0.09 21.5 4.30 NB23-029D1 Primary 416.75 437.5 20.75 Unknown 5.20 2.05 52.6 3.80 NB23-029D1 Including 423.5 430 6.5 Unknown 8.43 3.27 82.3 4.17 NB23-031 Primary 142.4 148.9 6.5 N/A 7.33 0.05 14.5 2.92 NB23-031 Primary 235.57 240.16 4.59 N/A 7.33 0.02 7.7 3.23 NB23-031 Primary 373.33 377.6 4.27 N/A 7.95 0.01 3.3 2.81 NB23-032 Primary 412.55 430.92 18.37 8 4.25 0.14 12.7 3.27 NB23-032 Including* 412.55 417 4.45 2 7.55 0.19 17.3 2.96

*denotes intervals with recovery of less than 85%. N/A: Not Applicable due to the variable shapes of breccia and vein mineralization.

See ‘Data Verification’ for a description of true width calculations

Fireweed continues to successfully intersect pyrite-sphalerite-galena as stratiform massive sulphides, laminated mineralization, veins, and breccias in the 2023 step-outs (Photos 1 to 3). Mineralization has been intersected in every step-out hole that has been completed to depth. Assays have been received for 34 Boundary Zone holes (Tables 1 and 2). Brief summaries of mineralized zones within all other 2023 holes are listed in Table 3. Summaries for new drill results reported in this news release are as follows:

Hole NB23-028 intersected a 143.95 m interval of stratiform massive sulphide grading 14.45% zinc, 1.15% lead, and 60.0 g/t silver with an estimated true width of approximately 50 m, including 28.71 m (estimated true width 10 m) of 25.52% zinc, 1.27% lead, and 91.3 g/t silver, further including 10.14 m (estimated true width 3.5 m) of 32.72% zinc, 1.34% lead, and 109.8 g/t silver. Two intervals of vein and breccia style mineralization were also intersected, 19.40 m grading 3.65% zinc and 5.1 g/t silver, and 7.70 m grading 9.95% zinc and 12.7 g/t silver. Hole NB23-022 intersected 66.11 m of stratiform massive sulphide with an estimated true width of 18 m grading 7.13% zinc, 0.97% lead, and 54.8 g/t silver, including 50.08 m (14 m true width) of 7.99% zinc, 1.12% lead, and 61.7 g/t silver. Hole NB23-29D1 is a directionally-cut secondary splay hole from NB23-029 and intersected 20.75 m of stratiform massive sulphide grading 5.20% zinc, 2.05% lead, and 52.6 g/t silver, including 6.50 m of 8.43% zinc, 3.27% lead, and 82.3 g/t silver. This intercept of stratiform mineralization correlates to a separate, distinct body from the primary tabular massive sulphide. NB23-029 intersected a 5.76 m interval of stratiform massive sulphide grading 6.32% zinc, 1.50% lead, and 34.6 g/t silver, as well as an 11.63 m interval of stratiform massive sulphide grading 7.49% zinc, 1.66% lead, and 34.7 g/t silver. Four intervals of vein and breccia style mineralization were also intersected: 27.81 m grading 4.28% zinc and 11.9 g/t silver; 29.18 m grading 2.93% zinc and 4.6 g/t silver; 16.62 m grading 8.74% zinc and 11.1 g/t silver; and 38.40 m grading 3.06% zinc and 8.2 g/t silver. Hole NB23-032 intersected 18.37 m of stratiform massive sulphide with an estimated true width of 8 m grading 4.25% zinc, 0.14% lead, and 12.7 g/t silver, including 4.45 m of 7.55% zinc, 0.19% lead, and 17.3 g/t silver with an estimated true width of 2 m. Hole NB23-031 intersected three zones of breccia and vein style mineralization: 6.50 m grading 7.33% zinc and 14.5 g/t silver; 4.59 m grading 7.33% zinc and 7.7 g/t silver; and 4.27 m grading 7.95% zinc and 3.3 g/t silver. Hole NB23-022D1 is a directional cut off NB23-022 and intersected a 2.50 m interval of sulphide mineralization grading 5.13% zinc, 0.43% lead, and 33.8 g/t silver.

See Tables 1 to 4, Long Section M–M’, Cross Sections C–C’, J–J’, K–K’, L–L’, Q-Q’, and Maps 2 and 3 below for further details.

Step-out drilling at Boundary Zone targeting the massive–stratiform zone has resulted in the visual identification of many wide intersections of zinc-lead mineralization with assays pending. The most significant intersections can be seen on Long Section M–M’ and are listed here:

NB23-034 intersected 49 m of stratiform massive sulphide. NB23-035 intersected 15 m of stratiform massive sulphide. NB23-036 intersected 45 m of stratiform massive sulphide. NB23-037 intersected 110 m of feeder-proximal laminated to massive sulphide. NB23-038 intersected 13 m of stratiform massive sulphide.

Out of the 40 holes drilled at Boundary Zone in 2023, 36 were step-out holes that tested the vein mineralization, laminated stratiform mineralization, and massive sulphide zones. The geometry and stratigraphic sequence intersected in these holes continue to support the idea that the laminated and massive sulphide mineralization are part of the same geological layer at Boundary Zone, forming an approximately tabular stratiform zone. Step out drilling down-dip intersected abundant galena, supporting the presence of the conceptual feeder zone. The mineralization in the massive stratiform layer extends from surface to at least 450 m down-dip, over 550 m in strike with a variable true thickness that is shown on Long Section M–M’, thinning around the edges and reaching thicknesses of up to 50 m at its widest point.

Extensive vein and breccia mineralization at Boundary Zone occurs both stratigraphically above and below the main stratiform laminated massive sulphide zone. This mineralization forms within a halo approximately 100 m to 150 m wide on both sides of the stratiform laminated zone and is interpreted as a stockwork of randomly oriented veins and breccia zones. Many wide intervals of vein and breccia style sphalerite mineralization have been encountered in 2023 step-out holes and four infill holes (Table 3).

2023 Drill Program

The 2023 program achieved 22,500 m of drilling mostly focused on Boundary, Tom, and Jason zones in addition to five metallurgical drill holes at Mactung (Map 1). Use of directional drilling, in which multiple secondary drill holes are initiated at depth from one primary hole, saved an estimated 1,800 m of drilling compared to traditional drilling of multiple new holes from surface for a total equivalent metreage of 24,300 m in 2023.This was Fireweed’s largest ever program and the biggest drill program in Yukon in 2023.

About Fireweed Metals Corp. (TSXV: FWZ; OTCQB: FWEDF; FSE:M0G): Fireweed Metals is a public mineral exploration company on the leading edge of Critical Minerals project development. Fireweed is well-funded, with a healthy balance sheet, and has three projects located in Canada:

Mactung Project (Tungsten) : The Company owns 100% interest in the 37.6 km 2 Mactung Project located adjacent to the Macpass Project. Recently announced mineral resources for Mactung (41.5 Mt Indicated Resource at 0.73% WO 3 and 12.2 Mt Inferred Resource at 0.59% WO 3 ) 3 make it the world’s largest high-grade resource of the critical mineral tungsten*. Located in Canada, it is one of the rare large tungsten resources outside of China*. Gayna Project (Zinc-Lead-Gallium-Germanium) : Fireweed owns 100% of the 128.75 km 2 Gayna Project located 180 km north of the Macpass Project. It is host to extensive mineralization including Critical Minerals zinc, gallium and germanium as well as lead and silver, outlined by 28,000 m of historical drilling. A recent reevaluation of the geology indicates the potential for high-grade Kipushi-style massive sulphide mineralization.

Qualified Person Statement

Technical information in this news release has been approved by Fireweed’s VP Geology, Dr. Jack Milton, P.Geo. (BC), a ‘Qualified Person’ as defined under Canadian National Instrument 43-101.

In Canada, Fireweed (TSXV: FWZ) trades on the TSX Venture Exchange. In the USA, Fireweed (OTCQB: FWEDF) trades on the OTCQB Venture Market (www.otcmarkets.com) and is DTC eligible for enhanced electronic clearing and settlement. In Europe, Fireweed (FSE: M0G) trades on the Frankfurt Stock Exchange.

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.

Brandon Macdonald

CEO & Director

Contact: Brandon Macdonald
Phone: (604) 646-8361
Email: info@fireweedmetals.com

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 core (50.5 mm/ 1.99-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. The cores for analyses were marked for sampling based on geological intervals with individual samples 2 m or less in length, with 1 m samples within mineralized zones. 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. 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, four in-house bulk density standards (mineralized drill core from the Tom 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 2023 drill results to date 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. With the exception of samples from NB23-031, 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 1:1:1 Aqua Regia digestion followed by Inductively Coupled Plasma Mass Spectrometry (ICP-ES/ICP-MS) multi-element analyses (BV Code AQ270). All samples were also analyzed for multiple elements by lithium borate fusion and X-ray fluorescence analysis (XRF) finish (BV Code LF725). Over-limit lead (>25.0%) and zinc (>24.0%) were analyzed by lithium borate fusion with XRF finish (BV Code LF726). For BV samples, silver is reported in this news release by method AQ270, and zinc and lead are reported by LF725 or LF726. Samples from NB23-031 were sent to AGAT labs in Calgary. Samples were crushed, of which 500 g was split and then pulverized to 90% passing 75 microns. Clean crush material was passed through the crusher and clean silica was pulverized between each sample. The pulps were analyzed by Aqua Regia digestion followed by Inductively Coupled Plasma Mass Spectrometry (ICP-OES/ICP-MS) multi-element analyses (AGAT Code 201-074). All samples were also analyzed for multiple elements by lithium borate fusion and X-ray fluorescence analysis (XRF) finish (AGAT code 11-323). For AGAT samples, silver is reported in this news release by method 201-074, and zinc and lead are reported by 11-323. Bureau Veritas (Vancouver) and AGAT (Calgary) are independent, international ISO/IEC 17025:2017 accredited laboratories.

Assay values may appear rounded to one decimal place but are given in full in Table 1, Table 2, and Cross Sections where zinc and lead 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 Boundary Zone based on assay results, geological logging, stratigraphic correlation, and bedding measurements from oriented core. The massive sulphide mineralization and laminated mineralization at Boundary Zone are mostly 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. Vein and breccia mineralization at Boundary Zone are interpreted to be stockworks with variable shapes and true widths cannot be accurately estimated, therefore only intersected widths are reported, and true widths are marked as N/A in the assay tables. True widths are rounded to the nearest metre for widths over 10 m 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 as these are derived from an estimation that uses a preliminary interpretation of the geological model. 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.

Sphalerite and galena have been identified visually by experienced core logging geologists, and licenced professional geoscientists, and confirmed by portable XRF (X-Ray fluorescence). No absolute visual estimates of mineral abundances or inferences of potential zinc or lead grades have been stated for holes without assay values in this news release.

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 and projections of mineralization, future work plans, the use of funds, 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 operati ons, 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 and grade of the Mactung resources and Macpass resources in comparison to other tungsten and zinc deposits elsewhere in the world, respectively, are based on review of the Standard & Poor’s Global Market Intelligence Capital IQ database.

1 : For details, see https://www.sedarplus.ca/ Fireweed Technical Report titled ‘NI 43-101 Technical Report on the Macmillan Pass Zinc-Lead-Silver Project, Watson Lake and Mayo Mining Districts Yukon Territory, Canada’ filed on https://www.sedarplus.ca/ on February 23, 2018, and Fireweed News Release dated January 10, 2018. .

2 : For details, see https://www.sedarplus.ca/ Fireweed Technical Report titled ‘NI 43-101 Technical Report Macmillan Pass Project Yukon Territory Canada’ filed on https://www.sedarplus.ca/ on July 9, 2018, and Fireweed News Release dated May 23, 2018. This Technical Report includes a Preliminary Economic Analysis disclosing an economic analysis of mineral resources that is preliminary in nature and does not include any mineral reserves. It is equally emphasized that the mineral resources disclosed within this Technical Report are not mineral reserves and do not have demonstrated economic viability.

3 : For details, 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/

Map 1: Macpass Project and Mactung Project locations

Map 2 : Location of 2023 Boundary Zone drillholes, cross sections and long section M–M’. See below for sections.

Map 3 : Mineralized intervals in 2023 drilling and pre-2023 drilling defining a stratiform laminated to massive sulphide zone that is connected at depth (purple polygon) and a broader envelope of vein, breccia, and other stratiform zinc mineralization, showing significant areal extent (within green dashed line).

Long Section M–M’ – Estimated true thickness interpretation and selected intersections with zinc grades shown within the laminated to massive sulphide stratiform zone of pyrite-sphalerite-galena mineralization at Boundary Zone including midpoints of holes with assays pending. Halo vein and breccia mineralization is not included in this long section.

Cross Section C–C’ — Including analytical results for hole NB23-032 and visually confirmed mineralization for hole NB23-033

Cross Section J–J’ — Including analytical results for hole NB23-031

Cross Section K–K’ — Including analytical results for hole NB23-028 and visually confirmed mineralization for holes NB23-033, NB23-035, and NB23-037

Cross Section L–L’ — Including analytical results from Holes NB23-029 and NB23-029D1

Cross Section Q–Q’ — Including analytical results from Hole NB23-022 and NB23-022D1 as well as visually confirmed mineralization for hole NB23-038

Photo 1: High resolution core scanning image of stratiform and massive to semi-massive sulphide mineralization in NB23-028 (330.2 m to 340.1 m)


Photo 2: High resolution core scanning image of sphalerite-pyrite-siderite vein mineralization in NB23-029 (237.5 m to 247 m)

Photo 3: High resolution core scanning image of sphalerite-pyrite-galena-siderite breccia and massive sulphide mineralization in NB23-029 (598.4 m to 607.9 m)

Table 2: NB23-017, NB23-018, NB23-019, NB23-020, NB23-021, NB23-024, NB23-025, NB23-026, NB23-027, NB23-030 drill results

Drillhole Interval From (m) To (m) Interval Width (m) Est. True Width (m) Zinc (%) Lead (%) Silver (g/t) Bulk Density (t/m 3 ) NB23-022 Entire Hole † 0.00 386.00 386.00 N/A 1.84 0.26 15.5 3.04 NB23-022 Primary 282.65 348.76 66.11 18 7.13 0.97 54.8 4.47 NB23-022 Including 282.65 332.73 50.08 14 7.99 1.12 61.7 4.78 NB23-022D1 Entire Hole † 0.00 448.00 448.00 N/A 0.07 0.02 1.5 2.76 NB23-022D1 Primary 378.50 381.00 2.50 N/A 5.13 0.43 33.8 3.12 NB23-028 Entire Hole † 0.00 477.00 477.00 N/A 5.65 0.43 23.3 3.15 NB23-028 Primary 91.90 111.30 19.40 N/A 3.65 0.04 5.1 3.09 NB23-028 Including 94.72 98.10 3.38 N/A 8.55 0.07 8.1 3.39 NB23-028 Primary 196.10 203.80 7.70 N/A 9.95 0.04 12.7 2.86 NB23-028 Including 197.60 202.30 4.70 N/A 14.23 0.06 17.9 2.91 NB23-028 Primary 305.60 449.55 143.95 50 14.45 1.15 60.0 3.75 NB23-028 Including 306.44 443.23 136.79 48 14.90 1.18 61.7 3.77 NB23-028 >Including 310.35 314.50 4.15 1.4 14.55 4.69 163.0 3.89 NB23-028 >Including 321.79 350.50 28.71 10 25.52 1.27 91.3 3.90 NB23-028 >>Including 327.60 337.74 10.14 3.5 32.72 1.34 109.8 4.06 NB23-028 >Including 420.31 439.61 19.30 6.7 19.06 1.12 62.7 4.00 NB23-029 Entire Hole † 0.00 629.50 629.50 N/A 1.17 0.08 4.4 2.93 NB23-029 Primary* 24.14 51.95 27.81 N/A 4.28 0.06 11.9 3.08 NB23-029 Including* 24.14 31.57 7.43 N/A 9.21 0.05 13.8 3.07 NB23-029 Primary* 79.27 108.45 29.18 N/A 2.93 0.02 4.6 2.77 NB23-029 Primary 238.82 255.44 16.62 N/A 8.74 0.03 11.1 3.09 NB23-029 Including 239.82 246.22 6.40 N/A 17.05 0.06 21.6 3.40 NB23-029 Including 239.82 245.44 5.62 N/A 18.39 0.06 23.6 3.49 NB23-029 Primary 400.87 412.50 11.63 unknown 7.49 1.66 34.7 3.14 NB23-029 Including 400.87 412.00 11.13 unknown 7.79 1.66 35.3 3.15 NB23-029 Including 402.82 408.38 5.56 unknown 13.21 0.96 34.1 3.42 NB23-029 Primary 514.00 519.76 5.76 unknown 6.32 1.50 34.6 3.06 NB23-029 Including 515.50 519.76 4.26 unknown 7.73 1.91 39.7 3.16 NB23-029 Primary 580.43 618.83 38.40 unknown 3.06 0.08 8.2 3.47 NB23-029 Including 580.43 582.86 2.43 unknown 11.91 0.36 26.6 4.39 NB23-029 Including 601.94 604.88 2.94 unknown 13.21 0.09 21.5 4.30 NB23-029D1 Entire Hole † 0.00 689.50 689.50 N/A 0.31 0.11 3.4 2.84 NB23-029D1 Primary 416.75 437.50 20.75 unknown 5.20 2.05 52.6 3.80 NB23-029D1 Including 423.50 430.00 6.50 unknown 8.43 3.27 82.3 4.17 NB23-031 Entire Hole † 0.00 574.00 574.00 N/A 0.46 0.01 1.9 2.83 NB23-031 Primary 142.40 148.90 6.50 N/A 7.33 0.05 14.5 2.92 NB23-031 Including 142.40 147.40 5.00 N/A 8.76 0.06 16.5 2.96 NB23-031 Primary 235.57 240.16 4.59 N/A 7.33 0.02 7.7 3.23 NB23-031 Primary 373.33 377.60 4.27 N/A 7.95 0.01 3.3 2.81 NB23-032 Entire Hole † 0.00 493.34 493.34 N/A 0.36 0.04 3.0 2.94 NB23-032 Primary 412.55 430.92 18.37 8 4.25 0.14 12.7 3.27 NB23-032 Including* 412.55 417.00 4.45 2 7.55 0.19 17.3 2.96

* Denotes intervals with recovery of less than 85%; N/A: Not Applicable due to the variable shapes of breccia and vein mineralization.

† Entire hole intervals contain large continuous sections of very low grade or not mineralized material (below 2% zinc)—intersections of continuous higher-grade material (>2% zinc) are listed as Primary and Included intervals and represent mineralized material.

‡ See ‘Data Verification’ for a description of true width calculations

Table 3: 2023 Drilling Summary

Drillhole Length (m) Zone Significant Intersection Type NB23-001 460 Boundary Results disclosed Jul 26 Step Out NB23-002 351 Boundary Results disclosed Jul 26 Step Out NB23-003 418 Boundary Results disclosed Jul 26 Step Out NB23-004 432 Boundary Results disclosed Aug 22 Step Out NB23-005 234 Boundary Results disclosed Aug 22 Step Out NB23-006 373 Boundary Results disclosed Aug 22 Step Out NB23-007 461 Boundary Results disclosed Aug 22 Step Out NB23-008 385 Boundary Results disclosed Aug 22 Step Out NB23-009 67 Boundary Hole abandoned and redrilled as NB23-011 Step Out NB23-010 96 Boundary Results disclosed Oct 24 Step Out NB23-011 289 Boundary Results disclosed Oct 24 Step Out NB23-012 452 Boundary Results disclosed Oct 24 Step Out NB23-013 551 Boundary Results disclosed Oct 24 Step Out NB23-014 223 Boundary Results disclosed Oct 24 Step Out NB23-015 339 Boundary Results disclosed Oct 24 Step Out NB23-016 460 Boundary Results disclosed Oct 24 Step Out NB23-017 96 Boundary Results disclosed Nov 30 Step Out NB23-018 195 Boundary Results disclosed Nov 30 Step Out NB23-019 560 Boundary Results disclosed Nov 30 Step Out NB23-020 414 Boundary Results disclosed Nov 30 Infill NB23-021 442 Boundary Results disclosed Nov 30 Infill NB23-022 386 Boundary Results disclosed this release Step Out NB23-022D1 448 Boundary Results disclosed this release Step Out NB23-023 181 Boundary Results disclosed Nov 30 Step Out NB23-024 402 Boundary Results disclosed Nov 30 Infill NB23-025 580 Boundary Results disclosed Nov 30 Step Out NB23-026 111 Boundary Results disclosed Nov 30 Step Out NB23-027 396 Boundary Results disclosed Nov 30 Infill NB23-028 477 Boundary Results disclosed this release Step Out NB23-029 640 Boundary Results disclosed this release Step Out NB23-029D1 689 Boundary Results disclosed this release Step Out NB23-030 526 Boundary Results disclosed Nov 30 Step Out NB23-031 574 Boundary Results disclosed this release Step Out NB23-032 495 Boundary Results disclosed this release Step Out NB23-033 681 Boundary Narrow Zone Encountered Step Out NB23-034 580 Boundary Wide Zone Encountered Step Out NB23-035 552 Boundary Moderate Zone Encountered Step Out NB23-036 397 Boundary Wide Zone Encountered Step Out NB23-037 544 Boundary Wide Zone Encountered Step Out NB23-038 427 Boundary Moderate Zone Encountered Step Out TS23-001 143 Tom North Minor Mineralization Encountered Step Out TS23-002 182 Tom North Minor Mineralization Encountered Step Out TS23-003 299 Tom West Wide Zone Encountered Step Out TS23-004 369 Tom West Moderate Zone Encountered Step Out TS23-005 407 Tom West Moderate Zone Encountered Step Out TS23-006 137 Tom West Moderate Zone Encountered Step Out TS23-007 215 Tom West Moderate Zone Encountered Step Out TS23-008 428 Tom West Moderate Zone Encountered Step Out TS23-009 749 Tom South Wide Zone Encountered Step Out TS23-009D1 747 Tom South Wide Zone Encountered Redrill TS23-009D2 821 Tom South Wide Zone Encountered Step Out JS23-001 631 Jason South Narrow Zone Encountered Step Out JS23-001D1 665 Jason South Wide Zone Encountered Step Out BX23-001 219 Boundary South No significant mineralization Exploration BX23-002 144 Boundary South No significant mineralization Exploration KB23-001 368 Kobuk No significant mineralization Exploration KB23-002 284 Kobuk No significant mineralization Exploration

Table 4: Drill Hole Collar Information

Drillhole Zone Length (m) Easting Northing Elevation (m.s.l) Azimuth (°) Dip (°) NB23-001 Boundary 460 422297 7010471 1185.86 211.99 -76.42 NB23-002 Boundary 351 422235 7010525 1194.57 214.06 -70.22 NB23-003 Boundary 418 422235 7010525 1194.57 213.40 -78.00 NB23-004 Boundary 432 422171 7010556 1203.00 213.91 -78.08 NB23-005 Boundary 234 422058 7010589 1207.95 199.63 -49.74 NB23-006 Boundary 373 422171 7010556 1203.00 215.44 -70.02 NB23-007 Boundary 461 422058 7010589 1207.95 206.37 -86.43 NB23-008 Boundary 385 422171 7010556 1203.00 215.83 -60.07 NB23-009 Boundary 67 422058 7010589 1208.67 198.54 -75.41 NB23-010 Boundary 96 422241 7010385 1150.41 212.28 -45.00 NB23-011 Boundary 289 422058 7010589 1208.67 201.59 -75.40 NB23-012 Boundary 452 422289 7010534 1200.90 211.75 -69.90 NB23-013 Boundary 551 422072 7010666 1233.59 214.94 -77.68 NB23-014 Boundary 223 422241 7010384 1150.86 213.68 -70.83 NB23-015 Boundary 339 422241 7010385 1150.41 213.36 -84.00 NB23-016 Boundary 461 422274 7010600 1216. 70 209.88 -72.96 NB23-017 Boundary 96 422279 7010359 1142.67 191.27 -46.90 NB23-018 Boundary 195 422279 7010359 1142.67 190.21 -65.21 NB23-019 Boundary 561 422289 7010534 1200.90 209.95 -81.31 NB23-020 Boundary 414 422465 7010510 1191.44 204.85 -63.35 NB23-021 Boundary 442 422391 7010500 1190.07 201.97 -77.01 NB23-022 Boundary 386 421948 7010672 1232.44 178.85 -74.18 NB23-022D1 Boundary 448 421948 7010672 1232.44 177.78 -74.00 NB23-023 Boundary 181 422449 7010351 1145.42 211.82 -49.18 NB23-024 Boundary 405 422348 7010550 1203.82 199.65 -50.18 NB23-025 Boundary 582 422343 7010620 1219.03 196.94 -74.05 NB23-026 Boundary 111 422449 7010351 1145.42 210.02 -65.44 NB23-027 Boundary 451 422348 7010550 1203.82 197.18 -72.46 NB23-028 Boundary 467 422222 7010587 1209.75 211.38 -65.44 NB23-029 Boundary 630 422124 7010731 1250.31 196.21 -75.67 NB23-029D1 Boundary 690 422124 7010731 1250.31 196.21 -75.67 NB23-030 Boundary 526 422535 7010614 1214.65 211.44 -62.01 NB23-031 Boundary 574 422329 7010671 1235.88 207.69 -69.87 NB23-032 Boundary 493 422165 7010640 1224.09 210.08 -62.01 NB23-033 Boundary 681 422228 7010663 1233.01 211.31 -73.88 NB23-034 Boundary 580 422138 7010674 1237.24 199.07 -72.40 NB23-035 Boundary 552 422228 7010663 1232.97 199.00 -72.02 NB23-036 Boundary 398 422289 7010534 1200.89 212.26 -59.46 NB23-037 Boundary 544 422228 7010663 1232.94 204.73 -66.10 NB23-038 Boundary 427 422001 7010675 1233.60 179.75 -68.10 TS23-001 Tom North 143 441761 7004226 1492.16 075.08 -49.66 TS23-002 Tom North 182 441761 7004226 1492.16 074.97 -80.38 TS23-003 Tom West 299 441676 7004024 1445.00 074.17 -68.51 TS23-004 Tom West 369 441694 7003884 1463.34 067.38 -71.48 TS23-005 Tom West 407 441761 7003770 1510.00 063.25 -75.35 TS23-006 Tom West 137 441779 7004076 1485.36 065.15 -50.08 TS23-007 Tom West 215 441779 7004076 1485.36 065.23 -78.04 TS23-008 Tom West 428 441816 7003717 1538.00 089.53 -88.95 TS23-009 Tom South 749 442363 7003106 1747.29 351.97 -82.00 TS23-009D1 Tom South 748 442363 7003106 1747.29 351.97 -82.00 TS23-009D2 Tom South 821 442363 7003106 1747.29 351.97 -82.00 JS23-001 Jason South 631 436722 7002304 1185.00 228.15 -83.90 JS23-001D1 Jason South 665 436722 7002304 1185.00 228.15 -83.90 BX23-001 Boundary Expl. 219 421752 7010127 1114.70 035.16 -50.19 BX23-002 Boundary Expl. 144 421637 7010243 1137.50 014.78 -49.83 KB23-001 Kobuk 368 418651 7012138 1311.00 006.19 -51.12 KB23-002 Kobuk 284 418754 7011620 1225.00 006.00 -65.24

Coordinates listed in NAD83 UTM Zone 9N.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/f1158338-4312-4aba-800a-8193b0d27f03

https://www.globenewswire.com/NewsRoom/AttachmentNg/3ebb84e7-b244-41ab-bf25-aae15fcf8371

https://www.globenewswire.com/NewsRoom/AttachmentNg/e927b4cc-b537-47d4-aee5-e56cf9cac079

https://www.globenewswire.com/NewsRoom/AttachmentNg/0afca3a9-8acb-42eb-969b-7e8b8534ed13

https://www.globenewswire.com/NewsRoom/AttachmentNg/d1d84bd9-2d71-4193-b6e4-5097665e582e

https://www.globenewswire.com/NewsRoom/AttachmentNg/a44d5267-1c77-41e9-9ef9-e539bdbbffda

https://www.globenewswire.com/NewsRoom/AttachmentNg/471c940b-8055-4ca9-9379-a1373787acc4

https://www.globenewswire.com/NewsRoom/AttachmentNg/a17f7190-af4f-4deb-bc3a-1ad32b6f85f9

https://www.globenewswire.com/NewsRoom/AttachmentNg/fd3d066d-ccdb-4887-a210-1c67b50919ad

https://www.globenewswire.com/NewsRoom/AttachmentNg/bdf8cc63-4d84-4b73-939b-de2dd92dd1e2

https://www.globenewswire.com/NewsRoom/AttachmentNg/0c52aecc-c6c2-4e2a-8f22-e3eb226c718c

https://www.globenewswire.com/NewsRoom/AttachmentNg/f3156728-417b-4cfe-a5ca-1f9f8dcfd671

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