Fireweed Metals has been awarded $15.8m from the US Department of Defense and up to C$12.9m ($9.12m) from the Canadian Government to support its critical minerals projects at Macmillan Pass in Yukon Territory.
The funding will advance the Mactung tungsten project and essential infrastructure at the Macpass District, a significant critical minerals area.
Go deeper with GlobalData
Fireweed received funding from the US Department of Defense through the Title III of the Defense Production Act of 1950 (DPA Title III) to progress Mactung to a final investment decision, a precursor to project construction and subsequent tungsten production.
The funding will support a comprehensive programme including mine design optimisation, geotechnical investigations and metallurgical test programmes, leading to a new feasibility study. Environmental studies will also be conducted to support licensing and permits for Mactung construction.
This programme builds on extensive past drilling and an updated 2023 mineral resource estimate.
The DPA Title III award is non-dilutive to Fireweed shareholders, with no commercial covenants affecting Fireweed’s business or future tungsten sales.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataFireweed’s management will lead the work and report progress to award administrators.
Additionally, the C$12.9m will be received from the Canadian Government through the Critical Minerals Infrastructure Fund.
This will support the first phase of the North Canol Infrastructure Improvement Project, including preliminary designs for road improvements and transmission line upgrades.
Fireweed Metals president and CEO Peter Hemstead said: “The coordinated investments by the US and Canadian governments underscore the critical importance and strategic value of Fireweed’s mineral assets at Macmillan Pass.
“This joint announcement is a testament to the determination of both governments to unlock this new critical mineral district in Canada.
“In the coming months and years, our team will work to ensure our projects and the enabling infrastructure move forward in a way that respects rights-holders, provides benefits to communities in the region and demonstrates how critical minerals can be developed responsibly.”
The project will involve seeking consent from local indigenous groups, completing environmental assessments and facilitating multi-party agreements.
Fireweed anticipates advancing the second phase through collaboration with government, indigenous groups and industry, with funding sources yet to be determined.
Macmillan Pass, located within the Kaska Nation Traditional Territory and the Traditional Territory of the First Nation of Na-Cho Nyäk Dun, is home to two key projects.
The Macpass project is a district-scale collection of high-grade zinc deposits, forming one of the largest undeveloped zinc resources globally. It is also said to contain the world’s largest known accumulation of germanium and gallium.
The Mactung project is reputed to be the world’s largest high-grade tungsten deposit, with resources potentially sufficient to meet North America’s tungsten demand for decades.
