Fireweed secures $12.9M from Canada for North Canol Road and power upgrades

Fireweed Metals (TSXV: FWZ; US-OTCQX: FWEDF) announced that it has signed a contribution agreement with Natural Resources Canada (NRCan) to support infrastructure planning along the North Canol corridor, the primary overland route to Fireweed’s key mineral projects at Macmillan Pass near the Yukon and Northwest Territories border.

This agreement signifies Fireweed has successfully completed NRCan’s due diligence for the Critical Minerals Infrastructure Fund (CMIF), which was announced on December 13, 2024. The $12.9 million in funding will allow Fireweed to move forward with planning regional road and transmission line upgrades under the “Planning for North Canol Infrastructure Improvement” (PNCII) project.

Ian Gibbs, President and CEO of Fireweed Metals, commented: "Concluding this agreement reflects the Government of Canada's recognition that the critical minerals district at Macmillan Pass is of national importance. Our management team is well equipped and highly motivated to lead planning efforts for the proposed infrastructure improvements. We look forward to working collaboratively with federal, territorial, and Indigenous governments to shape North Canol corridor upgrades in ways that respect the land and create opportunities for communities."

The North Canol corridor (Yukon Highway 6) acts as a significant infrastructure barrier to developing mineral assets at Macmillan Pass, including the Mactung project. Its current condition creates difficulties for future mine construction and concentrate transportation during operations, restricting access to regional transportation hubs. Additionally, the lack of power transmission infrastructure in the area prevents potential mining operations from utilizing renewable energy sources in the future.

Under the contribution agreement with NRCan, Fireweed will lead the preliminary engineering designs for road and transmission line upgrades along the existing right-of-way. The company will also prepare and submit necessary environmental and socio-economic assessments and work to establish multi-party agreements with federal, territorial, and Indigenous governments.

These agreements will facilitate future infrastructure improvements, including upgrading approximately 250 km of existing roads from Ross River to the Mactung project site, increasing an existing transmission line from 25 kV to 138 kV between Faro and Ross River, and constructing a new 138 kV transmission line from Ross River to Macmillan Pass.

Funding for the PNCII construction remains to be secured, but it is expected to come from a combination of new and existing sources, potentially including the previously announced Yukon Resource Gateway funding.

More information is posted on www.FireWeedMetals.com.