Fireweed Metals Corp., [FWZ-TSXV, FWEDF-OTCQB, 20F-FSE] has closed the second and final tranche of its previously announced non-brokered private placement offering for additional gross proceeds of $5.62 million.
The funds were raised from the issuance of 3.12 million common shares priced at $1.80 per share to Nemesia Sarl, a company controlled by trusts settled by the late Adolf H. Lundin (the Lundin family trust) following the receipt of the requisite shareholder approval received at a special meeting of shareholders held on January 24, 2025.
This closing marks the completion of Fireweed’s overall financing, which raised total gross proceeds of $60 million through a combination of brokered and non-brokered offerings.
On May 28, 2025, the company closed an upsized brokered private placement financing of $46 million, consisting of 12.54 critical mineral charity flow-through common shares priced at $2.79 each for aggregate gross proceeds of $35 million; and 4.28 million non-critical mineral charity flow-through common shares priced at $2.57 each, for gross proceeds of $11 million.
In addition to the brokered offering, Fireweed raised total gross proceeds of $14 million under the non-brokered offering via two tranches of common share issuances. On May 28, the company closed the first tranche of gross proceeds of $8.37 million from the issuance of 4.65 million shares priced $1.80 per share. The second $5.2 million tranche closed on June 25, 2025.
Fireweed shares edged up 0.46% or $0.01 to $2.18. The shares trade in a 52-week range of $2.37 and $1.12.
Fireweed’s flagship asset is the Macmillan Pass zinc-lead-silver project, which is located in the eastern edge of the Yukon, 350 kilometres northeast of Whitehorse. Macmillan Pass is thought to be one of the world’s leading undeveloped zinc projects.
According to a NI 43-101 technical report, the Macmillan Pass project hosts an indicated resource of 55.98 million tonnes of 7.27% zinc equivalent or 5.49% zinc, 24.2 g/t silver, and 1.58% lead.
On top of that is an inferred resource of 48.46 million tonnes of 7.48% of zinc equivalent, including 5.15% zinc, 2.08% lead, 23.5 g/t silver.
In December, 2024, the company said it has been awarded US$15.8 million from the U.S. Department of Defense and up to $12.9 million from the Government of Canada to support its critical minerals projects at Macmillan Pass.
With this funding, Fireweed has said its team will advance its Mactung tungsten project to a final investment decision while concurrently leading the planning for improvements to regional infrastructure (road and power) that serve the entire mineral district of Macmillan Pass.
“The emerging critical minerals district at Macmillan Pass is a profound opportunity to address key supply chain vulnerabilities of the North American industrial base,’’ Fireweed Chairman Adam Lundin said. “These investments are significant milestones on the path to advancing both [MacMillan Pass] and Matung projects towards development.’’
