Fireweed Metals Corp. provided an update on the near-term plans for the Mactung Project, following release of the Resource Estimate that establishes Mactung as the world's largest, high-grade tungsten deposit. The upcoming Preliminary Economic Assessment (PEA) will establish preliminary project economics using current pricing and cost data, modern estimation, metallurgical, and engineering methodologies, and will consider other opportunities for project optimization.

The PEA will build on work commissioned by North American Tungsten Corporation (NATC) in their 2009 Feasibility Study. The new study is planned to kick-off this quarter and conclude prior to the end of the year. Metallurgical Test Program.

In 2022 and early 2023, Fireweed conducted a comprehensive resampling and re-assaying program on historic drill core, which has provided a larger geochemical dataset to assist with lithogeochemical domaining and achieving representative sample variability throughout the deposit. Fireweed recently initiated a metallurgical test program with Base Metallurgical Laboratories Ltd. to confirm results from earlier work by previous owners (NATC), optimize the flowsheet and evaluate the potential recoverability and payability of gold and copper. Preliminary tailings test work will also be included in this work.

Results from this program are expected in Fourth Quarter 2023. Assessment and Regulatory Processes. The Yukon Environmental and Socio-economic Assessment Board issued a positive screening report for the Mactung Project in mid-2014 and recommended it proceed without review, subject to terms and conditions.

The federal and Yukon governments subsequently varied certain terms and conditions, as documented in each respective Decision Document, which provided direction to advance license applications. Fireweed intends to complete field programs this summer at Mactung to strengthen the environmental database and confirm distribution of discontinuous permafrost to validate.