Fireweed Metals Closes Previously Announced $61.5 Million Private Placement

2 April 2026

Vancouver, British Columbia: FIREWEED METALS CORP. (“Fireweed” or the “Company”) (TSXV: FWZ; OTCQX: FWEDF), is pleased to announce the closing of its previously announced non-brokered private placement (the “Offering”) for aggregate gross proceeds of $61,463,305.

The Offering consisted of the issuance of 14,704,140 common shares of the Company (the “Shares”) at a price of $4.18 per Share, including a strategic investment by JX Advanced Metals Corporation (“JX”) alongside participation from trusts settled by the late Adolf H. Lundin (the “Lundin Family Trusts”). JX is a global leader in advanced materials and a key participant in the semiconductor supply chain, bringing deep expertise in high-purity materials, including tungsten, and a growing U.S. presence.

Highlights

  • 14,704,140 Shares issued for aggregate gross proceeds of $61,463,305.
    • JX subscribed for 11,343,294 Shares, representing approximately 5.0% of the Company’s issued and outstanding Shares on a non-diluted basis upon closing.
    • Lundin Family Trusts subscribed for 3,360,846 Shares and hold approximately 51,853,509 Shares, representing approximately 22.9% of the Company’s issued and outstanding Shares on a non-diluted basis upon closing, maintaining their pro-rata ownership interest.
  • Issue price of $4.18 per share, representing a 9% premium to the March 27, 2026, closing price and a 14% premium to the 10-day volume-weighted average trading price of the Shares on the TSX Venture Exchange for the period ended on such date.

 

In connection with the closing of the Offering, Fireweed and JX entered into an investor rights agreement (the “Investor Rights Agreement”). Pursuant to the Investor Rights Agreement, for so long as JX maintains a certain percentage of the ownership of the issued and outstanding Shares, it is entitled to certain customary investor rights, including anti-dilution, secondment, offtake and participation rights.

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