News Releases

District Confirms MobileMT Geophysical Anomalies by Intersecting Graphitic Black Shale in Every Drill Hole at the Alum Shale Properties in Sweden

September 9, 2026 – District Metals Corp. (TSX-V: DMX) (Nasdaq First North: DMXSE SDB) (OTCQX: DMXCF) (FRA: DFPP); (“District” or the “Company”) is pleased to announce the successful completion of its inaugural diamond drilling program at the Österkälen and Malgomaj mineral licenses, which forms part of the Company’s 100% owned Alum Shale Properties in central Sweden.  Drilling was completed at the Österkälen and Malgomaj mineral licenses, where all 15 completed drill holes successfully intersected graphitic black shale interpreted to represent Alum Shale. These areas have never been drilled for mineral exploration.

A total of 787 m in seven drill holes was completed at the Österkälen mineral license (Figure 1 and Table 1), followed by 1,156 m in eight drill holes completed at the Malgomaj mineral licenses (Figures 2 and 3, and Table 2), for a combined 1,943 m of drilling. Three drill holes at the Malgomaj nr 1002 mineral license were abandoned due to the unconsolidated and weathered nature of the black shale bedrock, which resulted in no recovery of drill core.

The drill program targeted prominent conductive anomalies identified by the Company’s 2025 helicopter-borne Mobile MagnetoTellurics (“MobileMT”) survey, which has demonstrated its effectiveness in mapping graphitic Alum Shale at the Company’s Viken Property. The MobileMT anomalies targeted by drilling also coincided with soil geochemical anomalies, providing additional support for the presence of mineralized Alum Shale horizons.

Highlights:

• 1,943 metres drilled in 15 holes across the Österkälen and Malgomaj mineral licenses.
• All 15 drill holes intersected graphitic black shale, which demonstrates the effectiveness of the MobileMT survey in identifying and targeting conductive horizons interpreted to represent graphitic Alum Shale.
• Approximate total composite down-hole thickness of interpreted Alum Shale Formation:
  • 50.5 to 65.0 m in holes OST-26-001 to -007 within Österkälen nr 101
  • 87.5 to 141.0 m in holes MAJ-26-001 to -004 within Malgomaj nr 1003
  • 79.0 to 86.5 m in holes MAJ-26-007, -009 to -011 within Malgomaj nr 1002
• The observed shales are visually differentiated into strongly graphitic black shales with abundant calcite veining and pyrite concretions and weakly to moderately graphitic grey to dark-grey, laminated shales, all likely belonging to the Alum Shale Formation. All shale intervals (Tables 1 and 2) will be sampled for assay.
• The shale intervals returned background to weak radioactivity from handheld radiometric measurements using an Exploranium GR-110 scintillometer.
• Geochemical results will be required to determine the presence, grade and continuity of mineralized Alum Shale horizons, as visual drill core logging and radioactivity alone is not sufficient to establish mineralization.
• Drill core logging, sampling and analytical work are underway, with geochemical results to be reported once received, compiled and interpreted by the Company.

Garrett Ainsworth, CEO of District, commented: “We are very encouraged that every drill hole completed at the Österkälen and Malgomaj mineral licenses intersected graphitic black shale, marking a successful first phase of drilling our MobileMT conductive targets.

While we await geochemical results to determine the metal content and geological characteristics of the intersected graphitic black shale, the consistent intersection of the conductive target horizon in every drill hole is an excellent outcome, especially for an area which has not seen any historic exploration work. The geological information obtained from this drill program will help to further constrain the interpretation and modelling of the MobileMT data, enabling us to refine the geological model and more effectively delineate and prioritize targets for future exploration.

With drilling now completed at the Malgomaj mineral licenses, we will pause our drilling activities during September to accommodate the moose hunting season and plan to resume drilling at the Viken Property in October.

Additional updates, including assay results and geological interpretations, will be provided as they become available”

Table 1 – Österkälen nr 101 Black Shale Intervals

Table 2 – Malgomaj nr 1002 and nr 1003 Black Shale Intervals

 Figure 1: Österkälen nr 101 Mineral License Drill Holes

Figure 2: Malgomaj nr 1003 Mineral License Drill Holes

Figure 3: Malgomaj nr 1002 Mineral License Drill Holes

Technical Information

All scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth,P.Geo, President and CEO of the Company. Mr. Ainsworth is a Qualified Person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Mr. Ainsworth has not verified any of the information regarding any of the properties or projects referred to herein other than the Österkälen and Malgomaj mineral licenses. Mineralization on any other properties referred to herein is not necessarily indicative of mineralization on the Österkälen and Malgomaj mineral licenses.

About District Metals Corp.

District Metals Corp. is led by industry professionals with a track record of success in the mining industry. The Company’s mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders. District is a 2025 TSX Venture 50 company, ranking among the top-performing issuers on the TSX Venture Exchange in the past year.

District is a uranium polymetallic exploration company focused on its flagship Viken Property in Sweden. The Viken Property covers 100% of the Viken Deposit, which contains the largest undeveloped Mineral Resource Estimate of uranium in the world[i] along with significant Mineral Resource Estimates of vanadium, potash, molybdenum, nickel, copper, zinc, and other important and critical raw materials.

On June 2, 2026 , the Company announced the results of a Preliminary Economic Assessment (the “PEA”) for the Viken Deposit that outlined an after-tax NPV8% of US$2.88 billion, IRR of 45.9%, and payback period of 2.1 years. The assessment included an initial capital cost of US$876 million to generate average after-tax free cash flow of US$531 million per year over the 13 years of life of mine production.

News Releases

District Reports on Viken Deposit Economic Impact Study that Delivers US$7.66 Billion (74.33 Billion SEK) Economic Contribution

July 22, 2026 – District Metals Corp. (TSX-V: DMX) (Nasdaq First North: DMXSE SDB) (OTCQX: DMXCF) (FRA: DFPP); (“District” or the “Company”) is pleased to announce the results of an independent Economic Impact Study (“EIS”) completed by BDO Canada LLP for the Viken Energy Metals Deposit (the “Viken Deposit”) within the Viken Property located in Jämtland County, Sweden. The EIS evaluates the broader economic and social benefits based upon the proposed Phase 1 mine operation at the Viken Deposit outlined in the Company’s Preliminary Economic Assessment (“PEA”).1

The EIS demonstrates that development of the Viken Deposit would generate substantial economic value for Sweden through project activity, government tax revenues, and long-term employment opportunities.

Viken Deposit EIS Highlights over Conceptual 13-year Phase 1 Mine Operation:

• Cumulative total economic contribution of US$7.66 billion (74.33 billion SEK²), of which US$7.63 billion (73.99 billion SEK²) accrues to Sweden. 

• Direct corporate income taxes totalling US$1.58 billion (15.33 billion SEK2).

• Direct and indirect employment income taxes of US$199.6 million (1,936.4 million SEK2) from approximately1,065 direct and indirect full-time jobs supported during operations**.**

• Capital investment and operating spend contributing US$1.48 billion (14.38 billion SEK2) in the local and Swedish economy.

• Additional State Mineral Fee that provides US$21.9 million (212.5 million SEK2) for landowners and US$7.3 million (70.8 million SEK2) for the Swedish State.

Garrett Ainsworth, CEO of District, commented: “Our recently completed Viken PEA clearly demonstrated the potential financial metrics of the Viken Deposit. The Viken EIS follows up on the Viken PEA results and now highlights an equally important potential outcome – that the benefits extend well beyond the project itself. The Viken Project has the potential to contribute meaningfully to Sweden’s economy, generate substantial Local and State tax revenues, and create high-quality jobs for more than a decade based on the proposed first phase of mining at the Viken Deposit.

As Sweden moves to strengthen domestic supplies of uranium and other important raw materials needed for energy security, agricultural security and industrial competitiveness, projects must be evaluated not only on their technical and financial merits, but also on the lasting value they can create for society. We believe the Viken Deposit represents an opportunity to deliver significant economic and social benefits while operating to the highest environmental, health and safety standards.”

Economic Impact Study

The Viken EIS was completed by BDO Canada LLP using an expenditure based economic modelling approach to estimate the direct and indirect economic impacts associated with construction and operation of the Phase 1 development scenario presented in the Viken Deposit PEA, which has an effective date of June 26, 2026 and is available under the Company’s SEDAR+ profile at www.sedarplus.ca . The analysis includes estimated economic contributions, government tax revenues, and employment impacts over the Phase 1 mine operation.

Over the projected 13 year first phase of mine operations, the Viken Deposit is expected to generate economic activity through direct mine construction and operations, procurement from Swedish suppliers, employee spending, and downstream economic multipliers.

The key findings from the Viken EIS are shown in Tables 1 and 2:

Table 1 – Total Economic Contribution1

Figures in brackets ( ) denote the portion of the amount shown that is expected to accrue to the EU excluding Sweden. These amounts are included in the totals presented. All other components of the economic contribution are allocated wholly within Sweden. Excluding the EU portion, the total economic contribution to Sweden is US$7,626.5 million (73,986.5 million SEK2).

Table 2 – Direct State and Municipal Taxes2,3,4

The employment generated by the Viken project would include highly skilled technical positions, mining operations, engineering, environmental management, maintenance, transportation, contracting, and other supporting industries throughout Sweden.

The EIS also concludes that the project would provide long-term economic benefits to local communities through increased business activity, supplier development, and sustained regional investment.

Importantly, the positive economic and social impacts presented in the EIS are based on Phase 1 mine operations contained in the recently released PEA and therefore represent only the initial development scenario for the Viken Deposit.

References and Notes

1 See NI 43-101 technical report titled: “Preliminary Economic Assessment on the Viken Energy Metals Project, Jämtland County, Sweden”, dated July 17, 2026 with an effective date of June 26, 2026 available under the Company’s SEDAR+ profile at www.sedarplus.ca .

2 Currency conversions from US dollars (US$) to Swedish kronor (SEK) are based on the Federal Reserve Statistical Release H.10 noon buying rate in New York of US$1.00 = 9.7013 SEK on June 30, 2026.

3 Corporate income tax accrues wholly to the State: Swedish corporate income tax is levied at national level and municipalities do not levy corporate income tax. Employment income tax is apportioned 87.8% municipal / 12.2% State, derived role by role from the project staffing schedule using the 2026 skiktgrans of SEK 643,000, the 20% state rate above that threshold and the SCB average municipal rate of 32.38%. The State Mineral Fee is split three quarters to landowners and one quarter to the State under the Minerals Act.

4 The employment income tax figure of US$164.4 million shown in table 2 is presented on a nominal, life-of-mine basis for direct employees only, consistent with the corporate income tax and State Mineral Fee figures presented alongside it. This differs from the US$199.6 million direct and indirect employment income tax figure referenced above, which is presented on a discounted present-value basis (8%) and includes both direct and induced employment. The two figures are calculated on different bases and are not additive or directly comparable.

Technical Information

All scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth,P.Geo, President and CEO of the Company. Mr. Ainsworth is a Qualified Person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

About District Metals Corp.

District Metals Corp. is led by industry professionals with a track record of success in the mining industry. The Company’s mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders. District is a 2025 TSX Venture 50 company, ranking among the top-performing issuers on the TSX Venture Exchange in the past year.

District is a uranium polymetallic exploration company focused on its flagship Viken Property in Sweden. The Viken Property covers 100% of the Viken Deposit, which contains the largest undeveloped Mineral Resource Estimate of uranium in the world[i] along with significant Mineral Resource Estimates of vanadium, potash, molybdenum, nickel, copper, zinc, and other important and critical raw materials.

On July 17, 2026, the Company filed a technical report prepared in accordance with NI 43-101 disclosing the results of a Preliminary Economic Assessment (the “PEA”) for the Viken Deposit that outlined an after-tax NPV8% of US$2.88 billion, IRR of 45.9%, and payback period of 2.1 years. The assessment included an initial capital cost of US$876 million to generate average after-tax free cash flow of US$531 million per year over the 13 years of life of mine production.

News Releases

District Files NI 43-101 PEA Technical Report for the Viken Deposit  

July 17, 2026 – District Metals Corp. (TSX-V: DMX) (Nasdaq First North: DMXSE SDB) (OTCQX: DMXCF) (FRA: DFPP); (“District” or the “Company”) is pleased to announce that the Company has filed an independent technical report (the “Technical Report”) for the Viken Energy Metals Deposit (the “Viken Deposit”) within the Viken Property located in Jämtland County, central Sweden. The Company previously disclosed the results of a preliminary economic assessment (“PEA”) on the Viken Deposit in its June 2, 2026 news release , which included a summary of all assumptions and key results contained in the Technical Report, subject to the clarification noted below.

The Technical Report is titled “Preliminary Economic Assessment on the Viken Energy Metals Project, Jämtland County, Sweden” and is dated July 17, 2026, with an effective date of June 26, 2026. The Technical Report was prepared by P&E Mining Consultant Inc. and METS Engineering Group Pty Ltd. in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).  The Technical Report is available under the Company’s SEDAR+ profile at www.sedarplus.ca .

PEA Highlights

The Technical Report details a PEA with the following highlights1:

Clarification Regarding the Inclusion of Inferred Mineral Resources in PEA

The June 2, 2026 news release notes that the PEA outlined a total life of mine production of 127 million tonnes sourced exclusively from within the 456 million tonne Indicated Mineral Resource Estimate and did not include, nor was based upon, the Inferred Mineral Resource Estimate.  The Company would like to clarify that the mine plan (process plant feed) includes approximately 77% Indicated Mineral Resources and 23% Inferred Mineral Resources. The PEA is preliminary in nature, and it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied that would enable them to be classified as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

Technical Information

All scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth, P.Geo., President and CEO of the Company. Mr. Ainsworth is a Qualified Person for the purposes of NI 43-101.

Cautionary Note Regarding Non-GAAP Financial Measures

Alternative performance measures in this news release such as “free cash flow” are furnished to provide additional information. This non-GAAP performance measures is included in this news release because statistics such as these are used as key performance measures that management uses to monitor and assess performance of the Viken Deposit, and to plan and assess the overall effectiveness and efficiency of mining operations. These performance measures do not have a standard meaning within International Financial Reporting Standards (“IFRS”) and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measures should not be considered in isolation as a substitute for measures of performance in accordance with IFRS.

Free Cash Flow

Free cash flows are revenues net of operating costs, royalties, capital expenditures and cash taxes. The Company believes that this measure is useful to the external users in assessing the Company’s ability to generate cash flows from the Viken Deposit.

About District Metals Corp.

District Metals Corp. is led by industry professionals with a track record of success in the mining industry. The Company’s mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders. District is a 2025 TSX Venture 50 company, ranking among the top-performing issuers on the TSX Venture Exchange in the past year.

District is a uranium polymetallic exploration company focused on its flagship Viken Property in Sweden. The Viken Property covers 100% of the Viken Deposit, which contains the largest undeveloped Mineral Resource Estimate of uranium in the world[i] along with significant Mineral Resource Estimates of vanadium, potash, molybdenum, nickel, copper, zinc, and other important and critical raw materials.

On June 2, 2026 , the Company announced the results of a Preliminary Economic Assessment (the “PEA”) for the Viken Deposit that outlined an after-tax NPV8% of US$2.88 billion, IRR of 45.9%, and payback period of 2.1 years. The assessment included an initial capital cost of US$876 million to generate average after-tax free cash flow of US$531 million per year over the 13 years of life of mine production.

News Releases

District Commences Airborne MobileMT Survey at the Alum Shale Properties in Sweden  

July 6, 2026 – District Metals Corp. (TSX-V: DMX) (Nasdaq First North: DMXSE SDB) (OTCQX: DMXCF) (FRA: DFPP); (“District” or the “Company”) is pleased to announce that Expert Geophysics Surveys Inc. (“EGS”) has been retained to conduct a helicopter-borne Mobile MagnetoTellurics System (“MobileMT”) survey at the Alum Shale Properties (Figure 1) located in the Jämtland and Västerbottens Counties, north-central Sweden.

The MobileMT survey will comprise approximately 2,253 line kilometers at 400 meter line spacing over the Alum Shale Properties (Figure 1). In June 2025, the MobileMT survey successfully mapped out the mineralized Alum Shale host rock of the Viken Energy Metals Deposit, which has validated this geophysical survey for further use at the Company’s Alum Shale Properties. Approximately half of the 151,329 hectare Alum Shale Properties were flown with the MobileMT Survey in July 2025 where numerous large and conductive anomalies were identified as potential targets for Alum Shale mineralization.

Priority follow up targets are expected to comprise the shallowest and thickest accumulations of mineralized Alum Shale. The relatively flat lying Alum Shale unit contains abundant graphite, resulting in a highly conductive signature associated with the Viken Deposit that was successfully delineated in detail by the June 2025 MobileMT survey. The survey demonstrated the effectiveness of MobileMT in mapping prospective mineralized Alum Shale horizons and refining drill targets across District’s Alum Shale and Viken Properties.

Garrett Ainsworth, CEO of District, commented: “The decision to expand the MobileMT survey across our Alum Shale Properties is supported by the excellent results achieved at the Viken Deposit, where the survey successfully mapped the mineralized Alum Shale host rock and validated MobileMT as a highly effective exploration tool. With approximately half of our Alum Shales land package surveyed to date, we have already identified numerous large conductive anomalies that we have recently started to drill test at the Österkälen mineral license.

The extensive graphite content within the Alum Shale creates a strong conductive signature that can be effectively mapped using MobileMT. This next phase of surveying will significantly advance our understanding of the district-scale potential across our Alum Shale Properties and support our objective of discovering additional Viken-style Alum Shale deposits in Sweden.” 

EGS introduced its MobileMT system in 2018 for use in Airborne Natural Source Audio Frequency MagnetoTellurics (“AFMAG”), positioning it as the most advanced generation of airborne AFMAG technology. This system harnesses energy from global thunderstorm activity, which is converted into an underground electromagnetic plane wave, serving as the primary field in the airborne natural field. The electromagnetic fields and currents induced in the subsurface are then utilized by MobileMT to detect variations in subsurface electrical resistivity to map out geological units of interest.

Figure 1: Alum Shale Properties Proposed Airborne MobileMT Survey Flight Lines

Technical Information

All scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth,P.Geo, President and CEO of the Company. Mr. Ainsworth is a Qualified Person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Mr. Ainsworth has not verified any of the information regarding any of the properties or projects referred to herein other than the Alum Shale Properties. Mineralization on any other properties referred to herein is not necessarily indicative of mineralization on the Alum Shale Properties.

About District Metals Corp.

District Metals Corp. is led by industry professionals with a track record of success in the mining industry. The Company’s mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders. District is a 2025 TSX Venture 50 company, ranking among the top-performing issuers on the TSX Venture Exchange in the past year.

District is a uranium polymetallic exploration company focused on its flagship Viken Property in Sweden. The Viken Property covers 100% of the Viken Deposit, which contains the largest undeveloped Mineral Resource Estimate of uranium in the world[i] along with significant Mineral Resource Estimates of vanadium, potash, molybdenum, nickel, copper, zinc, and other important and critical raw materials.

On June 2, 2026 , the Company announced the results of a Preliminary Economic Assessment (the “PEA”) for the Viken Deposit that outlined an after-tax NPV8% of US$2.88 billion, IRR of 45.9%, and payback period of 2.1 years. The assessment included an initial capital cost of US$876 million to generate average after-tax free cash flow of US$531 million per year over the 13 years of life of mine production.

News Releases

District Commences Drilling at the Österkälen Mineral License within the Alum Shale Properties in Sweden

June 24, 2026 – District Metals Corp. (TSX-V: DMX) (Nasdaq First North: DMXSE SDB) (OTCQX: DMXCF) (FRA: DFPP); (“District” or the “Company”) is pleased to announce that it has commenced diamond drilling on the Österkälen Mineral License, which forms part of the Company’s 100% owned Alum Shale Properties in central Sweden.

The drill program at the Österkälen Property is designed to test prospective Alum Shale mineralization associated with coincident geophysical and geochemical anomalies identified across the Property. The number of drill holes and total meters completed will be guided by geological observations and uraniferous radiometric measurements generated during drilling and will form part of the Company’s approved 2026 exploration budget of approximately 5,000 to 7,000 meters across the Viken and Alum Shale Properties.

Drilling is focused on a large MobileMT conductive anomaly identified in 2025 (Figures 1 and 2), which coincides with geochemical soil anomalies interpreted to reflect favourable Alum Shale stratigraphy (News Release – October 29, 2025 ). The anomaly extends approximately 8 km in length and up to 3.5 km in width and remains entirely untested by drilling. Given its scale, geophysical signature and strong geochemical support, Österkälen represents one of the highest-priority and most compelling exploration targets identified within the Company’s extensive Alum Shale Properties.

Garrett Ainsworth, CEO of District, commented: “We are excited to have commenced our first drill program targeting Alum Shale mineralization in Sweden. The large conductive MobileMT anomaly at Österkälen is interpreted to represent Alum Shale and has dimensions consistent with a district-scale target. By integrating geophysical, geochemical and geological datasets, we have identified a high priority target that has never been previously drill tested. This program is designed to determine whether the Österkälen target hosts the characteristics of a Viken-style mineralized system while continuing to demonstrate the significant exploration upside across our Alum Shale Properties.”

Figure 1: Österkälen Property MobileMT Survey Results in Plan View

Figure 2: Cross Section through MobileMT Low Resistivity Anomaly at Österkälen Property

Technical Information

All scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth,P.Geo, President and CEO of the Company. Mr. Ainsworth is a Qualified Person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Mr. Ainsworth has not verified any of the information regarding any of the properties or projects referred to herein other than the Österkälen Property. Mineralization on any other properties referred to herein is not necessarily indicative of mineralization on the Österkälen Property.

About District Metals Corp.

District Metals Corp. is led by industry professionals with a track record of success in the mining industry. The Company’s mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders. District is a 2025 TSX Venture 50 company, ranking among the top-performing issuers on the TSX Venture Exchange in the past year.

District is a uranium polymetallic exploration company focused on its flagship Viken Property in Sweden. The Viken Property covers 100% of the Viken Deposit, which contains the largest undeveloped Mineral Resource Estimate of uranium in the world[i] along with significant Mineral Resource Estimates of vanadium, potash, molybdenum, nickel, copper, zinc, and other important and critical raw materials.

On June 2, 2026 , the Company announced the results of a Preliminary Economic Assessment (the “PEA”) for the Viken Deposit that outlined an after-tax NPV8% of US$2.88 billion, IRR of 45.9%, and payback period of 2.1 years. The assessment included an initial capital cost of US$876 million to generate average after-tax free cash flow of US$531 million per year over the 13 years of life of mine production.

News Releases

District Receives Drill Permit for the Österkälen Mineral License at the Alum Shale Properties in Sweden

June 17, 2026 – District Metals Corp. (TSX-V: DMX) (Nasdaq First North: DMXSE SDB) (OTCQX: DMXCF) (FRA: DFPP); (“District” or the “Company”) is pleased to announce that it has a valid work plan to conduct diamond drilling on the Österkälen Mineral License, which forms part of the Company’s 100%-owned Alum Shale Properties in central Sweden.

Arctic DS AB (“Arctic”), a Swedish subsidiary of Arctic Drilling AS, has been awarded the contract to conduct core drilling at the Company’s Viken and Alum Shale Properties in central Sweden. Drilling will test target areas for Alum Shale mineralization based on promising coincident geophysical and geochemical anomalies. The number of drill holes and total meters completed will be dependent on results obtained during the program and will form part of the Company’s broader approved annual drilling budget of approximately 5,000 to 7,000 m. Drilling at Österkälen is expected to commence in late June or early July, 2026.

The drill program at Österkälen will test a large MobileMT geophysical conductive anomaly identified in 2025 (Figures 1 and 2) and concurrent geochemical in soil anomalies that are interpreted to represent prospective Alum Shale stratigraphy (News Release – October 29, 2025 ). The conductive anomaly extends for approximately 8 km in length and up to 3.5 km in width, and has never been previously drill tested, making it one of the most compelling exploration targets identified across the Alum Shale Properties. 

Garrett Ainsworth, CEO of District, commented: “Our valid work plan for Österkälen represents the commencement of our Alum Shale exploration strategy in Sweden to discover the next potential Viken-style Alum Shale deposit. The large conductive MobileMT anomaly at Österkälen is interpreted to represent Alum Shale and has dimensions consistent with a district-scale target.

Our objective is to determine whether this target hosts the characteristics of a Viken-style mineralized system and to continue building on the significant exploration potential across our extensive Alum Shale land package. With drilling expected to begin shortly, we are excited to test one of the highest-priority targets generated from favourable and concurrent geophysical, geochemical and geological signatures.

We are very pleased to have retained Arctic to conduct our planned drilling campaigns for 2026 and look forward to a successful and long-term collaboration. Arctic is a well-established diamond drilling company with over 25 years of experience in the Nordics. They have assembled an experienced drill crew with a local base in the County of Jämtland. We anticipate a smooth and well-executed drilling season which will meet or exceed the highest standards in industry with regards to the environment, health and safety.”

Figure 1: Österkälen Property MobileMT Survey Results in Plan View

Figure 2: Cross Section through MobileMT Low Resistivity Anomaly at Österkälen Property

Technical Information

All scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth,P.Geo, President and CEO of the Company. Mr. Ainsworth is a Qualified Person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Mr. Ainsworth has not verified any of the information regarding any of the properties or projects referred to herein other than the Österkälen Property. Mineralization on any other properties referred to herein is not necessarily indicative of mineralization on the Österkälen Property.

About District Metals Corp.

District Metals Corp. is led by industry professionals with a track record of success in the mining industry. The Company’s mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders. District is a 2025 TSX Venture 50 company, ranking among the top-performing issuers on the TSX Venture Exchange in the past year.

District is a uranium polymetallic exploration company focused on its flagship Viken Property in Sweden. The Viken Property covers 100% of the Viken Deposit, which contains the largest undeveloped Mineral Resource Estimate of uranium in the world[i] along with significant Mineral Resource Estimates of vanadium, potash, molybdenum, nickel, copper, zinc, and other important and critical raw materials.

On June 2, 2026 , the Company announced the results of a Preliminary Economic Assessment (the “PEA”) for the Viken Deposit that outlined an after-tax NPV8% of US$2.88 billion, IRR of 45.9%, and payback period of 2.1 years. The assessment included an initial capital cost of US$876 million to generate average after-tax free cash flow of US$531 million per year over the 13 years of life of mine production.

News Releases

District Comments on the Swedish Parliament’s Approval of the Proposal on Appropriate Safety and Radiation Protection Requirements for the Extraction and Processing of Nuclear Materials

June 15, 2026 – District Metals Corp. (TSX-V: DMX) (Nasdaq First North: DMXSE SDB) (OTCQX: DMXCF) (FRA: DFPP); (“District” or the “Company”) welcomes today’s approval by the Swedish Parliament (Riksdag) of legislation that streamlines the permitting framework for the extraction and processing of nuclear materials, including uranium.

The approved amendments align the permitting process for nuclear materials more closely with the regulatory framework applicable to other mining projects in Sweden. The changes are intended to create a more transparent, efficient, and predictable permitting process while maintaining appropriate safety and radiation protection standards based on the risks associated with the activity.

A key aspect of the legislation is that the extraction and processing of uranium will now be treated in a manner consistent with other metals and minerals within Sweden’s overall permitting framework. The amendments remove the requirement for a separate admissibility assessment under the Environmental Code and eliminate the requirement for municipal council consent for uranium extraction and processing projects, commonly referred to as the municipal veto.

The Swedish Government have stated that these regulatory changes are designed to improve permitting efficiency and provide greater certainty for projects of strategic importance to Sweden’s energy security and critical minerals supply chain. The legislation is also expected to support Sweden’s contribution to increasing European Union self-sufficiency in critical raw materials while advancing the broader energy transition.

Parallel to this, on June 11, 2026, the Swedish Government presented the terms of reference for a new inquiry that will investigate ways to enhance local and municipal influence for Alum Shale deposits[i] . The inquiry also mentions that it will include concerned parties from the private sector in their stakeholder dialogue. It will also provide an analysis of commercial consequences of any proposal made and will also take into account Sweden’s commitments according to the Critical Raw Materials Act (CRMA).

Garrett Ainsworth, CEO of District Metals, commented: “Today’s decision by the Swedish Parliament represents another significant milestone in Sweden’s ongoing efforts to strengthen its domestic nuclear fuel and critical minerals supply chains. This change to the permitting framework for uranium fits with Sweden’s ongoing nuclear expansion.

District’s commitment to earning and maintaining a strong social and local license remains unchanged. We will continue to engage openly and transparently with municipalities, landowners, Sámi, and other stakeholders, ensuring that our projects are advanced responsibly and to appropriate standards of environmental stewardship, communication, and stakeholder collaboration.

By establishing a more predictable permitting framework for uranium extraction and processing, Sweden is aligning these activities with other mining projects while maintaining robust environmental and safety standards. We believe these changes further enhance the strategic importance of the Viken Deposit and our broader Alum Shale Properties as Sweden and the European Union seek secure, long-term sources of uranium and other important and critical raw materials required for energy security and low-carbon economic competitiveness.

We have also taken note of the separate alum shale inquiry that has now been initiated, and we will engage in the inquiry process with the ambition that Swedish regulators can find ways for enhanced local influence without any new veto mechanisms, such as the veto that has been abolished today.”

Technical Information

All scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth,P.Geo, President and CEO of the Company. Mr. Ainsworth is a Qualified Person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

About District Metals Corp.

District Metals Corp. is led by industry professionals with a track record of success in the mining industry. The Company’s mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders. District is a 2025 TSX Venture 50 company, ranking among the top-performing issuers on the TSX Venture Exchange in the past year.

District is a uranium polymetallic exploration and development company focused on its flagship Viken Property in Sweden. The Viken Property covers 100% of the Viken Deposit, which contains the largest undeveloped Mineral Resource Estimate of uranium in the world[ii] along with significant Mineral Resource Estimates of vanadium, potash, molybdenum, nickel, copper, zinc, and other important and critical raw materials.

News Releases

District Announces Equity Grant

June 5, 2026 – District Metals Corp. (TSX-V: DMX) (Nasdaq First North: DMXSE SDB) (OTCQX: DMXCF) (FRA: DFPP); (“District” or the “Company”) announces that it has granted a total of 2,820,000 incentive stock options to directors, officers, employees and consultants of the Company, 775,000 restricted share units to officers of the Company and 600,000 deferred share units to directors of the Company. Each stock option vests over three years from the grant date and is exercisable to purchase one common share of the Company for five years at a price of $0.75 per common share (the closing price of the Company’s common shares on June 4, 2026, the date prior to the grant date) pursuant to the terms of the Company’s Omnibus Incentive Plan. Each restricted share unit and deferred share unit represents a right to acquire one common share of the Company, cash equivalent or combination thereof in accordance with the Company’s Omnibus Incentive Plan. The restricted share units and deferred share units vest twelve months from the grant date.

About District Metals Corp.

District Metals Corp. is led by industry professionals with a track record of success in the mining industry. The Company’s mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders. District is a 2025 TSX Venture 50 company, ranking among the top-performing issuers on the TSX Venture Exchange in the past year.

District is a uranium polymetallic exploration and development company focused on its flagship Viken Property in Sweden. The Viken Property covers 100% of the Viken Deposit, which contains the largest undeveloped Mineral Resource Estimate of uranium in the world[i] along with significant Mineral Resource Estimates of vanadium, potash, molybdenum, nickel, copper, zinc, and other important and critical raw materials.

News Releases

District Reports PEA Results for the Viken Deposit that Strengthens Sweden’s Critical Raw Materials Future  

June 2, 2026 – District Metals Corp. (TSX-V: DMX) (Nasdaq First North: DMXSE SDB) (OTCQX: DMXCF) (FRA: DFPP); (“District” or the “Company”) is pleased to announce the results of the Preliminary Economic Assessment (“PEA”) for the Viken Energy Metals Deposit (the “Viken Deposit”) within the Viken Property located in Jämtland County, central Sweden.  Through its wholly-owned subsidiary, Bergslagen Metals AB, the Viken Property is 100% owned by the Company and is also completely free of any net smelter returns royalty. Unless otherwise indicated, all dollar amounts are stated in United States dollars (“$”).

Garrett Ainsworth, CEO of District, commented: “Today’s reported Viken Deposit PEA results mark a transformational milestone for District, and validates the immense scale, quality, and economic strength of this project. Delivering a robust after-tax NPV of $2.88 billion at an 8% discount rate and strong 45.9% IRR alongside initial CAPEX of $876 million. The low operating costs enable negative-cost uranium production of 3.3 million pounds of U3O8 per year, which meets the full uranium demand of Sweden’s current nuclear reactor fleet.

These PEA results are globally significant and position the Viken Deposit amongst the most compelling development opportunities for important and critical raw materials in the mining sector today. These results underscore not only the project’s potential for profitability and resilience, but also our team’s vision and disciplined execution in advancing an asset we believe will be capable of generating substantial long-term value for shareholders, stakeholders, and the communities in which we operate.”

Viken Deposit PEA Highlights

• Strong financial metrics: After-tax net present value (“NPV8%”) of $2.88 billion, internal rate of return (“IRR”) of 45.9%, and payback period of 2.1 years.

• Significant after-tax free cash1 flow: Initial capital cost of $876 million to generate average after-tax free cash flow of $531 million per year over the 13 years of life of mine (LOM) production.

• Negative cost to produce uranium: Average cash cost1 (net of by-product credits) per pound of uranium of negative $121/lb U₃O₈ and an all-in sustaining cost2 (“AISC”) per pound of uranium of negative $118/lb U₃O₈ (net of by-product credits) over the life of mine.

• Simplicity of mining: Conventional truck-and-surface miner open pit operation (no drill and blast) with an average strip ratio of 0.2 to 1.0 (waste to mill feed).

• Enhanced metallurgical recoveries: Modified pug roast processing conceptually shows metallurgical recoveries of 90% for uranium, 70% for vanadium, 70% for sulphate of potash (SOP), 30% for nickel, and 50% for molybdenum and zinc.

• Significant production profile: The Base Case scenario proposes mining at 10 million tonnes per annum (Mtpa) producing approximately:

  • 3 million pounds per year of U₃O₈ production capacity—enough to meet the uranium fuel requirements of all currently operating nuclear reactors in Sweden2.
  • 16 million pounds per year of vanadium pentoxide (V₂O₅) flake, further refined into downstream vanadium products including
    • 37 million litres per year of vanadium electrolyte and 6 million kilograms per year of ferrovanadium (FeV) at a ratio of 35:65, respectively. The world’s annual V2O5 flake supply is currently dominated by Russia and China3.
  • 250,000 tonnes per year sulphate of potash (SOP) by-product for sale as fertilizer capable of supplying 16% of Europe’s annual SOP demand that is currently import-dependent, and forecast to grow at a CAGR of 3.9% to 20344.
  • Mixed sulphide product for smelting to refined molybdenum (4.5 million pounds per year), nickel (1.6 million pounds per year), and zinc (2.1 million pounds per year) products.

• Extraordinary optionality: The PEA outlines total life of mine production of 127 million tonnes sourced exclusively from within the 456 million tonne Indicated Mineral Resource Estimate published in April 20255. The additional 4.3 billion tonne Inferred Mineral Resource Estimate highlights the immense scale and optionality with planned life of mine production representing only a small fraction of the broader Mineral Resource base. The PEA does not include, nor is it based upon, the Inferred Mineral Resource Estimate.

• Exceeding Environmental Regulations: New and proven technologies proposed for dust suppression, water management and protection, and dry stack tailings to reclaim the land back to its previous use.

The Viken Deposit PEA was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) standards. The base case was completed at a uranium price of $85/lb, a vanadium electrolyte price of $9/L, a ferrovanadium price of $38/kg, a sulphate of potash price of $650/tonne, a molybdenum price of $27.22/lb, a nickel price of $7.71/lb, and a zinc price of $1.45/lb.

Viken Deposit PEA Details

District engaged P&E Mining Consultant Inc. and METS Engineering Group Pty Ltd who are independent consultants with a deep understanding of economic studies on Alum Shale deposits in Sweden.

The study envisions a conventional open pit mining and processing operation with a low strip ratio that is amenable for a continuous mining system and truck transport.  The nominal initial nameplate processing capacity has been set to 27,400 tonnes per day (tpd) or 10 Mtpa, but the areal extent of the Viken Deposit provides significant scalability if desired. This PEA only considers a Phase 1 open pit mining operation, and it is expected that future phases of mining would benefit from reduced capital expenditures by using the existing mineral processing plant and infrastructure.

The recovery of uranium, vanadium, sulphate of potash, and a mixed metal precipitate (molybdenum, nickel, zinc) has been evaluated through a pug roast mineral processing plant that includes crushing, pug roasting, grinding, flotation, and acid leaching. The resulting solution is run through a potassium salt crystalliser for recovery of SOP, followed by sulphide precipitation to produce a Mixed Sulphide Precipitate. The uranium and vanadium are recovered by solvent extraction. The vanadium (V2O5) flake product will be further refined into vanadium electrolyte (used in batteries for renewable energy storage) and ferrovanadium (used as alloy for strengthening steel) that have higher saleable value than the V2O5flake product.

The waste slurry will be de-watered and thickened for dry stack tailings placement that will be progressively rehabilitated.

Table 1 – Viken Deposit Preliminary Economic Assessment Highlights

Table 2 – PEA Sensitivity to Commodity Prices

Capital Costs

The LOM capital costs (CAPEX) for the contemplated conventional open pit mining, processing operation, vanadium refinement facilities and supporting infrastructure at the Viken Deposit are estimated at $1.0 billion including initial capital costs of $876 million as shown in Table 3 below.  The initial capital cost includes a contingency of approximately 22% or $159 million. P&E Mining and METS Engineering estimated the capital costs based on input and consultation with leading expert service providers who have experience with mine construction projects and cost estimation both in Sweden and globally.

Table 3 – Summary Breakdown of Capital Cost Estimates

Operating Costs

The operating cost estimate (OPEX) is based on a conventional open pit mine using surface miners (cutting machinery that does not require drilling and blasting) and haul trucks to a conventional mineral processing plant, and a dry stack tailings facility. The Viken Deposit’s polymetallic endowment allows for the average cash cost (net of by-product credits) per pound of uranium of negative $121/lb U₃O₈ and an AISC per pound of uranium of negative $118/lb U₃O₈ (net of by-product credits) over the life of mine as further detailed below in Table 4.

Table 4 – Summary of Viken PEA Production Profile

Mine Plan

The PEA contemplates that the Viken Deposit mine will consist of a single open pit mining operation with surface miners capable of cutting 0.3 m deep into the Alum Shale, and conventional loading and hauling equipment. Open pit mining will be initiated in Year -1 (pre-stripping period) and mining will be completed by the end of Year 13. The mine plan consists of delivering 7.5 Mt of mill feed in Year 1, followed by 10 Mtpa thereafter, at a low LOM strip ratio of 0.2:1.

An inter-ramp angle of 45° was used to design the open pit. The pit is planned to be mined in two phases, allowing for in-pit waste rock disposal.

The Viken mining operation is envisioned to be owner operated. The Company will undertake all cutting, loading, hauling, and mine site maintenance activities. Drilling and blasting are not required. The anticipated truck size is 91 tonnes, similar to the CAT 777 truck, to be loaded by appropriately sized wheel loaders. The Company will provide mine management and technical services, and support equipment such as dozers, graders, and maintenance vehicles.

The Main Waste Rock Storage Facility will be located to the west of the open pit. 127.4 Mt of mill feed will be mined, along with 23.4 Mt of waste rock (primarily limestone).

Processing and Metallurgical

The process feed is crushed, grinded and floated before being mixed with concentrated sulphuric acid in a pug mill and thermally roasted to convert vanadium, uranium, potassium and associated metals into water soluble sulphate species. This configuration targets high leach recoveries and allows a liberal flotation regime, which can enhance recovery of by-products such as mixed metal precipitate (MMP) and sulphate of potash (SOP). Approximately 35% of the total V₂O₅ production will be directed to vanadium electrolyte production, with the remaining V₂O₅ allocated to FeV production. The processing steps are:

• Crushing
• Grinding
• Flotation
• Pug Roasting
• SOP Crystallisation
• Ion Exchange
• Solvent Extraction
• Uranium and Vanadium Precipitation
• Mixed Metals Precipitation
• Residue Handling

Next Steps

The results for the PEA, using the base case assumptions, indicate that the Viken Deposit has both technical and financial merit. The project’s next steps include:

• Drilling to convert Inferred Mineral Resources to the Indicated classification;
• An extensive program of confirmatory, variability, and optimization testwork to improve confidence in the proposed process flowsheets, validate recovery assumptions, reduce technical uncertainty, and support future pre-feasibility level process design, engineering development, and cost estimation;
• Geotechnical and hydrogeological drilling and studies; and
• An environmental baseline study to characterize the existing features of the air, water and soil both on the Viken Property and in the surrounding area.

A technical report prepared in accordance with NI 43-101 on the PEA will be filed within 45 days of this news release on District’s issuer profile on SEDAR+ at www.sedarplus.ca. Additional supporting details regarding the information in this news release, will be provided in the PEA technical report, including all qualifications, assumptions and exclusions that relate to the PEA. The PEA technical report is intended to be read as a whole, and sections should not be read or relied upon out of context.

Viken Mineral Resource1 Estimate and Geology5

The Viken Mineral Resource Estimate (“MRE”) has been prepared in accordance with NI 43-101, has effective date of April 25, 2025, and takes into account the results from a total of 122 drill holes (by previous operators between 2006 and 2012) on the Viken Property, which consists of the Viken nr 1, Norr Viken, Lill Viken, Norra Leden, and Storviken mineral licenses that are 100% owned by the Company. The spacing of the drill holes ranges from 30 to 380 metres and averages approximately 300 metres. The mineralized Alum Shale extends under the entire Viken Property and beyond its boundaries.

The principal assay laboratory, ALS Minerals in Piteå, Sweden, used three different certified reference materials to monitor the accuracy of copper, nickel, uranium and zinc analytical results. Two of the standards were certified for copper, nickel and zinc, whereas the third one was certified for copper, nickel, uranium and zinc. For QA/QC purposes, every 25th sample was sent to a second laboratory for re-analysis. Analyses were performed by ALS Chemex in Öjebyn and ALS Analytica in Luleå, Sweden. There were a total of 48 certified reference materials inserted by the lab for the drill programs.

Table 5: 2025 Pit-Constrained Mineral Resource Estimate for the Viken Deposit(1-8)

Notes:

1. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
2. The Inferred Mineral Resource in this MRE has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a mineral reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
3. The mineral resources in this MRE were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
4. The MRE was based on consensus economics forecast US$ metal prices of $72/lb U3O8, $5/lb V2O5, $17/lb Mo, $8.50/lb Ni, $4.25/lb Cu and $1.30/lb Zn with process respective recoveries of 80%, 80%, 70%, 70%, 50% and 75%, respectively.
5. Overburden, waste and mineralized US$ mining costs per tonne mined were respectively $2.00, $2.50 and $3.00.
6. Processing and G&A US$ costs per tonne processed were respectively $20 and $2.
7. Constraining pit shell slopes were 45 degrees.
8. Eugene Puritch, P.Eng, FEC, CET, President of P&E Mining Consultants Inc., is a qualified person as defined in NI 43-101, and is responsible for reporting mineral resources for the Viken Deposit.  Mr. Puritch is independent of the Company.  Additional P&E independent Qualified Persons contributing to the MRE are William Stone, PhD, P.Geo., Fred Brown, P.Geo., David Burga, P.Geo., Jarita Barry, P.Geo. and D. Grant Feasby, P.Eng.

The Viken Deposit is hosted within the Cambrian Viken Shale, which is regionally extensive in Sweden and referred to as the Alum Shale. The Alum Shale is enriched in metals such as vanadium, uranium, molybdenum, zinc, copper and nickel.

The stratigraphy across the Viken property consists of upper Middle and Upper Cambrian age Alum Shale occurring as both in situ and fault-detached blocks.  The latter having greater potential for economic mineralization, due to imbrication of mineralized blocks. The Alum Shale is mostly exposed at surface and is underlain by Proterozoic granites and gneisses thrust eastward over Archean granitoid basement rocks. The thickness of the Alum Shale host rock has been tectonically increased from 20 to 30 m to approximately 180 m by thrusting and folding during the Silurian.

Mineralization of potential economic significance is hosted in Middle and Upper Cambrian Alum Shale, with the Upper Cambrian age strata more enriched in vanadium and uranium than the Middle Cambrian. Vanadium is held in the lattice of a mica mineral named roscoelite. Uranium values are predominantly associated with sub-micrometric uraninite crystals. Nickel, molybdenum, copper and zinc are present as sulphides.

The previous technical report on the Viken Deposit recognized additional targets for further exploration with a potential range of 980 to 1,040 million tonnes at grade ranges of 140 to 180 ppm U3O8, 2,170 to 2,740 ppm V2O5 and 210 to 260 ppm Mo. These targets for further exploration are based on the estimated strike length, depth and width of the mineralization, as supported by intermittently spaced drill holes and observations of mineralized outcrops. The targets for further exploration are located adjacent to the margins of the current MRE.

The potential quantities and grades of the targets for further exploration are conceptual in nature. There has been insufficient work done by a qualified person to define these estimates as Mineral Resources. The Company is not treating these estimates as Mineral Resources, and readers should not place undue reliance on these estimates. Even with additional work, there is no certainty that these estimates will be classified as Mineral Resources. In addition, there is no certainty that these estimates will prove to be economically recoverable.

References

1 See “Cautionary Note Regarding Non-GAAP Financial Measures” below.

2 https://www.uniper.energy/sweden/power-supply-delivers/nuclear-power-sweden

3 https://min-met.com/blog/vanadium-production-and-supply-gaps/

4 https://www.industryresearch.biz/fr/market-reports/sulphate-of-potash-sop-market-105211

5 Technical Report titled “Updated Mineral Resource Estimate and Technical Report on the Viken Energy Metals Project, Jämtland County, Sweden,” prepared for District Metals Corp., dated June 13, 2025 with an effective date of April 25, 2025.

Technical Information

All scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth, P.Geo, President and CEO of the Company and Eugene Puritch, P.Eng, FEC, CET, President of P&E Mining Consultants Inc. Messrs. Ainsworth and Puritch are each a Qualified Person for the purposes of NI 43-101. Mr. Puritch is independent of the Company. Mr. Puritch is responsible for reporting Mineral Resources for the Viken Deposit. Additional P&E independent Qualified Persons contributing to the PEA are Andrew Bradfield, P.Eng., William Stone, PhD, P.Geo., Fred Brown, P.Geo., David Burga, P.Geo., Jarita Barry, P.Geo. and D. Grant Feasby, P.Eng. The METS independent Qualified Person contributing to the PEA is Damian Connelly, FAusIMM (CP) Met. MMSA. FIEAust.

Cautionary Note Regarding Non-GAAP Financial Measures

Alternative performance measures in this news release such as “cash cost”, “AISC” “free cash flow” are furnished to provide additional information. These non-GAAP performance measures are included in this news release because these statistics are used as key performance measures that management uses to monitor and assess performance of the Viken Deposit, and to plan and assess the overall effectiveness and efficiency of mining operations. These performance measures do not have a standard meaning within International Financial Reporting Standards (“IFRS”) and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measures should not be considered in isolation as a substitute for measures of performance in accordance with IFRS.

Cash Costs

Cash costs include site operating costs (mining, processing, site G&A), refinery costs and royalties, but excludes head office G&A and exploration expenses. While there is no standardized meaning of the measure across the industry, the Company believes that this measure is useful to external users in assessing operating performance.

All-In Sustaining Cost

Site level AISC includes cash costs and sustaining and expansion capital, but excludes head office G&A and exploration expenses. The Company believes that this measure is useful to external users in assessing operating performance and the Company’s ability to generate free cash flow from potential operations.

Free Cash Flow

Free cash flows are revenues net of operating costs, royalties, capital expenditures and cash taxes. The Company believes that this measure is useful to the external users in assessing the Company’s ability to generate cash flows from the Viken Deposit.

About District Metals Corp.

District Metals Corp. is led by industry professionals with a track record of success in the mining industry. The Company’s mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders. District is a 2025 TSX Venture 50 company, ranking among the top-performing issuers on the TSX Venture Exchange in the past year.

District is a uranium polymetallic exploration and development company focused on its flagship Viken Property in Sweden. The Viken Property covers 100% of the Viken Deposit, which contains the largest undeveloped Mineral Resource Estimate of uranium in the world[i] along with significant Mineral Resource Estimates of vanadium, potash, molybdenum, nickel, copper, zinc, and other important and critical raw materials.

News Releases

District Announces Q3 2026 Results

May 29, 2026 – District Metals Corp. (TSX-V: DMX) (Nasdaq First North: DMXSE SDB) (OTCQX: DMXCF) (FRA: DFPP); (“District” or the “Company”) is pleased to report its results for the three and nine months ended March 31, 2026. All amounts are in Canadian dollars, unless otherwise noted.

Highlights

• The Company had $8.141 million in cash and cash equivalents at March 31, 2026.
• The Company further strengthened its balance sheet with gross proceeds of $10 million from the non-brokered private placement it closed on May 12, 2026 under the Listed Issuer Financing Exemption.

The Company is well positioned to execute on its operational priorities through the balance of 2026. The Preliminary Economic Assessment for the Viken Property is progressing well, and the results are expected to be released in Q2 2026.

The Company’s unaudited condensed interim consolidated financial statements for the three and nine months ended March 31, 2026 (the “Financial Statements”) are available on SEDAR+ (www.sedarplus.ca ) and the Company’s website here .

Next Earnings Report Release

The Company plans to report its annual results for the year ended June 30, 2026 on September 25, 2026.

About District Metals Corp.

District Metals Corp. is led by industry professionals with a track record of success in the mining industry. The Company’s mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders. District is a 2025 TSX Venture 50 company, ranking among the top-performing issuers on the TSX Venture Exchange in the past year.

District is a uranium polymetallic exploration company focused on its flagship Viken Property in Sweden. The Viken Property covers 100% of the Viken Energy Metals Deposit, which contains the largest undeveloped Mineral Resource Estimate of uranium in the world[i] along with significant Mineral Resource Estimates of vanadium, molybdenum, nickel, copper, zinc, and other important and critical raw materials.

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News Releases

District Metals Announces Promising Water Treatment Results from Collaboration with Xoma AB

May 19, 2026 – District Metals Corp. (TSX-V: DMX) (Nasdaq First North: DMXSE SDB) (OTCQX: DMXCF) (FRA: DFPP); (“District” or the “Company”) is pleased to report highly encouraging results from collaboration with Swedish water treatment innovator Xoma AB. The joint initiative is focused on advancing effective solutions for the purification of water impacted by metal leaching from mineralized Alum Shale recovered from the Viken Property located in Jämtland County, central Sweden.

The collaboration underscores District’s commitment to working with Swedish-based partners and supporting domestic innovation as the Company advances its mineral projects in Sweden. By leveraging Swedish engineering expertise and environmental technology developed specifically for Nordic operating conditions, District aims to create robust solutions that meet or exceed environmental standards and regulations for all of its mineral projects in Sweden.

Preliminary testing evaluated a stepwise microalgae-based purification process using water mixed with mineralized Alum Shale (leachate) designed to replicate conditions associated with natural Alum Shale weathering. Under certain environmental conditions Alum Shale has potential to mobilize metals into water.

District notes that Boliden Mineral AB and Xoma AB started collaborating in May 2025 on the evaluation and pilot deployment of Xoma’s FLOW water-treatment technology at Boliden’s Rönnskär smelter operation in Sweden.

Strong Performance from Microalgae Treatment

The initial study compared leachate against water treated through one, two, and three sequential purification steps, using both single and double doses of microalgae biomass.

Results demonstrated a consistent and substantial reduction in key metal concentrations across all treatment stages. Notably, when a double algae dose was applied, drinking water quality thresholds for central parameters were achieved after just one treatment step for nickel and uranium as shown below in Table 1.

Table 1 – Swedish Drinking Water Standards vs. Double Algae Dose Water Results

Note: Drinking water standards are set by the Swedish Food Agency, LIVSFS 2022:3, that are aligned with the EU Drinking Water Directive

These findings indicate that the treatment process is both effective and responsive, with increased biomass yielding improved purification efficiency and a stronger safety margin.

Scalable and Controllable Solution

The results confirm that microalgae-based treatment offers a controllable and scalable method for reducing metal concentrations in water. While single-dose treatments delivered strong performance, the enhanced results from double dosing suggest the process is capacity-driven, providing valuable insights for optimization and future design.

Next Steps

Based on these positive outcomes, District and Xoma will look to advance additional testing as the Viken Deposit is developed. Future work may include:

• Increased sample replication
• Testing across varied water chemistries
• Monitoring operational parameters such as biomass and treatment duration
• Simulating continuous-flow systems to support scalability

These efforts are expected to further refine the process and support its transition toward a real-world application.

Commitment to Sustainable Innovation

Garrett Ainsworth, CEO of District, commented: “Water stewardship is a central pillar of how we advance our projects, and these results represent a meaningful step forward. We are truly grateful to the team at Xoma AB for their expertise, innovation, and strong collaboration throughout this work. Working together with a Swedish technology company such as Xoma AB is particularly meaningful for us as we advance a Swedish project. We strongly believe that local collaboration, innovation, and expertise will play an important role in shaping responsible resource development in Sweden.

The impressive performance of their microalgae-based treatment with achieving key drinking water thresholds at an early stage highlights the potential for a practical, scalable, and environmentally responsible solution. As we continue to advance the Viken Deposit, partnerships like this are essential and reinforce our commitment to integrating leading-edge technologies that support both responsible mineral resource development and environmental protection.”

Mourad Lahdo, CEO of Xoma AB, commented: “I would like to express my sincere thanks to District Metals for their driven initiative and constructive participation in the project. Their ambition to develop safe, sustainable and circular extraction of uranium and critical metals from Swedish alum shale deposits, with Swedish innovation at its core, is inspiring and well in line with Xoma’s vision of environmentally friendly solutions for water treatment.”

Technical Information

All scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth,P.Geo, President and CEO of the Company. Mr. Ainsworth is a Qualified Person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

All tests have been performed by Xoma AB and independently analyzed by a third-party laboratory (SGS Analytics Sweden) according to standard SS-EN ISO 17294-2:2023.  The test water was prepared by adding 40 g of crushed Alum Shale to a 20-litre water container. The container was shaken once per day for 7 days to allow the Alum Shale to leach metals into the water. The resulting water was used as leachate water in all purification tests. The prepared leachate water was treated with microalgae in sequential steps. Two dose levels were evaluated: a single algae dose and a double algae dose. Each dose level was tested over one, two, and three treatment steps, allowing the stepwise effect of both biomass quantity and repeated treatment to be assessed. Water samples were collected after each step and analyzed by SGS Analytics in Sweden according to SS-EN ISO 17294-2:2023.

The analysis by SGS Analytics was performed using ICP-MS (Inductively Coupled Plasma – Mass Spectrometry). This method involves introducing the water sample into a high-temperature plasma (~8,000°C), which ionizes the elements. The ions are then separated and quantified using a mass spectrometer. ICP-MS is highly sensitive and capable of detecting trace element concentrations at the µg/L (microgram per litre) level. The following elements were analyzed: Aluminum (Al), Antimony (Sb), Arsenic (As), Cadmium (Cd), Chromium (Cr), Lead (Pb), Nickel (Ni), Selenium (Se), Uranium (U), and Vanadium (V).

Mr. Ainsworth has not verified any of the information regarding any of the properties or projects referred to herein other than the Viken Property. Mineralization on any other property referred to herein is not necessarily indicative of mineralization on the Viken Property.

About Xoma

Xoma has developed FLOW, a groundbreaking solution for industrial water purification. FLOW harnesses the power of microalgae to remove contaminants and heavy metals from process water, giving industries a cost-effective and environmentally friendly alternative. FLOW uses microalgae-based filtration to effectively remove pollutants such as copper, zinc, lead, and other harmful substances from industrial wastewater.

Xoma has also developed CLAS (Closed Loop Aquaculture System), which provides a sustainable and efficient method for cultivating algae. This system significantly reduces water and energy consumption compared to traditional cultivation methods and can be scaled up to meet the growing demand for sustainable food.

About District Metals Corp.

District Metals Corp. is led by industry professionals with a track record of success in the mining industry. The Company’s mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders. District is a 2025 TSX Venture 50 company, ranking among the top-performing issuers on the TSX Venture Exchange in the past year.

District is a uranium polymetallic exploration and development company focused on its flagship Viken Property in Sweden. The Viken Property covers 100% of the Viken Energy Metals Deposit, which contains the largest undeveloped Mineral Resource Estimate of uranium in the world[i] along with significant Mineral Resource Estimates of vanadium, molybdenum, nickel, copper, zinc, and other important and critical raw materials.

TSX-V: DMX   |   OTCQX: DMXCF   |  NASDAQ: DMXSE SDB

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District Announces Closing of $10 Million Private Placement Financing

NOT FOR DISTRIBUTION TO THE UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

District Metals Corp. (TSX-V: DMX) (Nasdaq First North: DMXSE SDB) (OTCQB: DMXCF) (FRA: DFPP); (“District” or the “Company”) is pleased to announce that it has closed its non-brokered private placement financing under the Listed Issuer Financing Exemption (as defined below) as supplemented and amended by Blanket Order 45-935 (as defined below), whereby the Company raised C$9,999,999.76 through an offering of 14,705,882 common shares in the capital of the Company (the “Shares”) at C$0.68 per Share (the “Offering”). The Shares offered under the Offering are not subject to a hold period in accordance with applicable Canadian securities laws.

Garrett Ainsworth, CEO of District, commented: “Closing this significant $10 million financing with Pareto marks another important step for District as we continue to advance our high-quality portfolio of uranium properties in Sweden. We are very pleased with the strong demand and support from both existing and new institutional investors, which reflects growing confidence in our strategy, our assets and our team. With a strengthened treasury, we are well-positioned to accelerate exploration activities and unlock further value across our projects.”

The Company intends to use the net proceeds of the Offering to fund exploration activities on the Company’s projects in Sweden, and for general corporate purposes. The Company paid a finder’s fee to Pareto Securities AB (“Pareto”) of C$487,504.99 in connection with purchasers introduced by Pareto to the Offering. The Company also paid certain expenses of Pareto reasonably incurred in connection with the Offering.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the Offering was made pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the “Listed Issuer Financing Exemption”) and in reliance on the exemptions in Coordinated Blanket Order 45-935 Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (“Blanket Order 45-935”).

The securities offered have not, nor will they be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any applicable securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent such registration or an applicable exemption from such registration requirements. This release does not constitute an offer for sale or the solicitation of an offer to buy any of the securities in the United States or to, or for the account or benefit of, a U.S. person. “U.S. person” and “United States” are as defined in Regulation S under the U.S. Securities Act, or elsewhere.

Technical Information

All scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth, P.Geo, President and CEO of the Company. Mr. Ainsworth is a qualified person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About District Metals Corp.

District is led by industry professionals with a track record of success in the mining industry. The Company’s mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders. District is a 2025 TSX Venture 50 company, ranking among the top-performing issuers on the TSXV in the past year.

District is a uranium polymetallic exploration and development company focused on its flagship Viken Property in Sweden. The Viken Property covers 100% of the Viken Energy Metals Deposit, which contains the largest undeveloped Mineral Resource Estimate of uranium in the world[1] along with significant Mineral Resource Estimates of vanadium, molybdenum, nickel, copper, zinc, and other important and critical raw materials.

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District Metals Closes Books on a $10 Million Private Placement Financing

NOT FOR DISTRIBUTION TO THE UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Vancouver, British Columbia– April 29, 2026 – District Metals Corp. (TSXV: DMX) (Nasdaq First North: DMXSE SDB) (OTCQX: DMXCF) (FSE: DFPP); (“District” or the “Company“) has closed the books on its C$10,000,000 non-brokered private placement financing under the Listed Issuer Financing Exemption (as defined below) as supplemented and amended by Blanket Order 45-935 (as defined below), of 14,705,882 common shares in the capital of the Company (the “Shares“) priced at C$0.68 per Share (the “Offering“). The Shares offered under the Offering will not be subject to a hold period in accordance with applicable Canadian securities laws.

The Company intends to use the net proceeds of the Offering to fund exploration activities on the Company’s projects in Sweden, and for general corporate purposes. The Company anticipates paying a finder’s fee to Pareto Securities AB (“Pareto“) in connection with purchasers that are introduced by Pareto to the Offering. Any finder’s fees payable will be in accordance with the policies of the TSX Venture Exchange (the “TSXV“).

The Offering is scheduled to close by May 12, 2026, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSXV. Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106“), the Offering is being made pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the “Listed Issuer Financing Exemption“) as supplemented and amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (“Blanket Order 45-935“).

The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any applicable securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent such registration or an applicable exemption from such registration requirements. This release does not constitute an offer for sale or the solicitation of an offer to buy any of the securities in the United States or to, or for the account or benefit of, a U.S. person. “U.S. person” and “United States” are as defined in Regulation S under the U.S. Securities Act.

There is an offering document related to the Offering that can be accessed under the Company’s profile on SEDAR+ at www.sedarplus.ca  and on the Company’s website at https://districtmetals.com/ . Prospective investors should read this offering document before making an investment decision.

Technical Information

All scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth, P.Geo, President and CEO of the Company. Mr. Ainsworth is a qualified person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About District Metals Corp.

District is led by industry professionals with a track record of success in the mining industry. The Company’s mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders. District is a 2025 TSX Venture 50 company, ranking among the top-performing issuers on the TSXV in the past year.

District is a uranium polymetallic exploration and development company focused on its flagship Viken Property in Sweden. The Viken Property covers 100% of the Viken Energy Metals Deposit, which contains the largest undeveloped Mineral Resource Estimate of uranium in the world1 along with significant Mineral Resource Estimates of vanadium, molybdenum, nickel, copper, zinc, and other important and critical raw materials.

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District Announces $10 Million Private Placement Financing

NOT FOR DISTRIBUTION TO THE UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

District Metals Corp. (TSX-V: DMX) (Nasdaq First North: DMXSE SDB) (OTCQX: DMXCF) (FRA: DFPP); (“District” or the “Company”) is pleased to announce a non-brokered private placement financing under the Listed Issuer Financing Exemption (as defined below) as supplemented and amended by Blanket Order 45-935 (as defined below), whereby the Company intends to raise up to C$10,000,000 through an offering of up to 14,705,882 common shares in the capital of the Company (the “Shares”) to be priced at C$0.68 per Share (the “Offering”). The Shares offered under the Offering will not be subject to a hold period in accordance with applicable Canadian securities laws.

The Company intends to use the net proceeds of the Offering to fund exploration activities on the Company’s projects in Sweden, and for general corporate purposes. The Company anticipates paying a finder’s fee to Pareto Securities AB (“Pareto”) in connection with purchasers that may be introduced by Pareto to the Offering. Any finder’s fees payable will be in accordance with the policies of the TSX Venture Exchange (the “TSXV”). 

The Offering is scheduled to close by May 12, 2026, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSXV. Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the Offering is being made pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the “Listed Issuer Financing Exemption”) as supplemented and amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (“Blanket Order 45-935”).

The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any applicable securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent such registration or an applicable exemption from such registration requirements. This release does not constitute an offer for sale or the solicitation of an offer to buy any of the securities in the United States or to, or for the account or benefit of, a U.S. person. “U.S. person” and “United States” are as defined in Regulation S under the U.S. Securities Act.

There is an offering document related to the Offering that can be accessed under the Company’s profile on SEDAR+ at www.sedarplus.ca and on the Company’s website at https://districtmetals.com/ . Prospective investors should read this offering document before making an investment decision.

Technical Information

All scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth, P.Geo, President and CEO of the Company. Mr. Ainsworth is a qualified person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About District Metals Corp.

District is led by industry professionals with a track record of success in the mining industry. The Company’s mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders. District is a 2025 TSX Venture 50 company, ranking among the top-performing issuers on the TSXV in the past year.

District is a uranium polymetallic exploration and development company focused on its flagship Viken Property in Sweden. The Viken Property covers 100% of the Viken Energy Metals Deposit, which contains the largest undeveloped Mineral Resource Estimate of uranium in the world[1] along with significant Mineral Resource Estimates of vanadium, molybdenum, nickel, copper, zinc, and other important and critical raw materials.

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District Comments on SGU Proposal to Designate Aura Energy’s Häggån Deposit as a Deposit of National Interest

April 24, 2026 – District Metals Corp. (TSX-V: DMX) (Nasdaq First North: DMXSE SDB) (OTCQX: DMXCF) (FRA: DFPP); (“District” or the “Company”) welcomes the proposal by the Geological Survey of Sweden (SGU) to designate the Häggån Alum Shale Deposit, held by Aura Energy Ltd., as a deposit of national interest (Riksintresse) for valuable substances or raw materials. The Häggån Deposit is located within the Berg and Åre Municipalities and is adjacent west of District’s Viken Alum Shale Deposit (Figure 1), which is currently under review by the SGU as a deposit of potential national interest.

The SGU’s proposal is based on a comprehensive evaluation framework requiring that all three criteria for national interest designation be met:

1. the presence of substances of significant importance to society’s needs or long-term security of supply;
2. materials with particularly valuable properties; and
3. a deposit that is well investigated and documented. The evaluation also considers a long-term perspective exceeding 50 years.

According to the SGU’s assessment, the Häggån Deposit satisfies these criteria through its substantial and well-documented polymetallic resource base, which includes vanadium, uranium, nickel, molybdenum, zinc, and other critical raw materials. These metals are increasingly vital for Europe’s energy transition, electrification, and industrial resilience, and are expected to remain strategically important over the coming decades.

Garrett Ainsworth, CEO of District, commented: “We view the SGU’s proposal as a strong endorsement of the regional geological potential and the long-term strategic importance of Alum Shale polymetallic mineralized systems in the County of Jämtland. The recognition of the Häggån Deposit as a potential deposit of national interest highlights the importance of securing sustainable, domestic sources of critical metals within Sweden and the European Union.”

The proposed designation of national interest aims to ensure that land-use planning decisions appropriately consider the presence of strategically important mineral resources and also protects it for potential future extraction. District believes that such recognition provides a balanced framework to safeguard future mineral resource development opportunities while respecting environmental and other societal considerations.

District Metals continues to advance its portfolio of projects in Sweden with a focus on responsible exploration and development of uranium properties that includes the Viken Property and Alum Shale Properties. The Company emphasizes its commitment to adhering to Sweden’s high environmental standards and continuing constructive dialogue with landowners, municipalities, and relevant stakeholders.

The Company will follow the progression of the SGU’s proposal through the consultation process and remains committed to contributing constructively to discussions regarding sustainable mineral resource development in Sweden.

 More information on national interest status can be found here:

https://www.sgu.se/mineralnaring/sarskilda-markanvandningsintressen/riksintressen-for-vardefulla-amnen-eller-material/

Figure 1: Plan View of Viken Property with Häggån Deposit Adjacent West

Technical Information

All scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth,P.Geo, President and CEO of the Company. Mr. Ainsworth is a Qualified Person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Mr. Ainsworth has not verified any of the information regarding any of the properties or projects referred to herein other than the Viken Property. Mineralization on any other property referred to herein is not necessarily indicative of mineralization on the Viken Property.

About District Metals Corp.

District Metals Corp. is led by industry professionals with a track record of success in the mining industry. The Company’s mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders. District is a 2025 TSX Venture 50 company, ranking among the top-performing issuers on the TSX Venture Exchange in the past year.

District is a uranium polymetallic exploration and development company focused on its flagship Viken Property in Sweden. The Viken Property covers 100% of the Viken Energy Metals Deposit, which contains the largest undeveloped Mineral Resource Estimate of uranium in the world[i] along with significant Mineral Resource Estimates of vanadium, molybdenum, nickel, copper, zinc, and other important and critical raw materials.

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District Executes Contract for Airborne MobileMT Survey on Alum Shale Properties in Sweden  

February 27, 2026 – District Metals Corp. (TSX-V: DMX) (Nasdaq First North: DMXSE SDB) (OTCQX: DMXCF) (FRA: DFPP); (“District” or the “Company”) is pleased to announce that it has entered into a contract with Expert Geophysics Surveys Inc. (“EGS”) to complete a helicopter-borne Mobile MagnetoTellurics System (“MobileMT”) survey over additional mineral licenses within the Company’s Alum Shale Properties in north-central Sweden.

The MobileMT survey will comprise approximately 2,253 line kilometers at 400 meter line spacing and 4,000 m spaced tie lines over recent mineral license applications (see December 17, 2025 news release ) that have now all been approved by the Mining Inspectorate, and are part of the Alum Shale Properties (Figure 1). 

The MobileMT survey is planned to commence in late-June or early-July 2026, subject to permitting, contractor availability, and weather conditions. Data from the survey will be processed and interpreted following completion and will be integrated with existing geological, geochemical, and geophysical datasets. 

The optimal target for further follow up work will comprise the shallowest and thickest parts of mineralized Alum Shale. The relatively flat lying Alum Shale contains abundant graphite and sulphides that make it a super conductor, which has been previously mapped out in detail by the MobileMT survey. 

In 2025, the high resolution MobileMT survey conducted by EGS successfully identified large-scale conductive anomalies that correlate with the Viken Energy Metals Deposit, as confirmed by historic drill holes from 2006 to 2012. The MobileMT survey was confirmed to identify and map out additional mineralized Alum Shale targets within the Viken Property as strong conductors (see September 24, 2025 news release ).

The Viken Deposit contains the largest undeveloped Mineral Resource Estimate of uranium in the worldi along with significant Mineral Resource Estimates of vanadium, potash, molybdenum, nickel, copper, zinc, and other important and critical raw materials as reported in District’s news release from April 29, 2025 .

Figure 1: MobileMT Survey Results and Planned Flight Lines at Alum Shale Properties

Vice President Project Development Departure

The Company notes that Mr. Jeremy Veszi will conclude his role as Vice President, Project Development effective February 28, 2026, reflecting a role alignment related to external consulting commitments with another uranium company. The Company thanks Mr. Veszi for his contributions during the early-stage evaluation of the Viken Project.

As part of the Company’s broader project execution strategy, District will transition from an executive leadership model to a team-based advisory approach and will continue to engage Veszi Professional Consulting Inc. to provide multidisciplinary support across project development initiatives, as required. District remains focused on advancing the Viken Project through disciplined technical work programs supported by internal leadership and specialized external advisors.

Technical Information

All scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth,P.Geo, President and CEO of the Company. Mr. Ainsworth is a Qualified Person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

About District Metals Corp.

District Metals Corp. is led by industry professionals with a track record of success in the mining industry. The Company’s mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders. District is a 2025 TSX Venture 50 company, ranking among the top-performing issuers on the TSX Venture Exchange in the past year.

District is a uranium polymetallic exploration and development company focused on its flagship Viken Property in Sweden. The Viken Property covers 100% of the Viken Energy Metals Deposit, which contains the largest undeveloped Mineral Resource Estimate of uranium in the world[i] along with significant Mineral Resource Estimates of vanadium, potash, molybdenum, nickel, copper, zinc, and other important and critical raw materials.

TSX-V: DMX   |   OTCQX: DMXCF   |  NASDAQ: DMXSE SDB

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District Announces Q2 2026 Results

February 26, 2026 – District Metals Corp. (TSX-V: DMX) (Nasdaq First North: DMXSE SDB) (OTCQX: DMXCF) (FRA: DFPP); (“District” or the “Company”) is pleased to report its results for the three and six months ended December 31, 2025. All amounts are in Canadian dollars, unless otherwise noted.

Highlights

• The Company had $8.817 million in cash and cash equivalents at December 31, 2025.

The Company’s unaudited condensed interim consolidated financial statements for the three and six months ended December 31, 2025 (the “Financial Statements”) are available on SEDAR+ (www.sedarplus.ca ) and the Company’s website here .

Next Earnings Report Release

The Company plans to report its third quarter results for the three and nine months ended March 31, 2026 on May 29, 2026.

About District Metals Corp.

District Metals Corp. is led by industry professionals with a track record of success in the mining industry. The Company’s mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders. District is a 2025 TSX Venture 50 company, ranking among the top-performing issuers on the TSX Venture Exchange in the past year.

District is a uranium polymetallic exploration and development company focused on its flagship Viken Property in Sweden. The Viken Property covers 100% of the Viken Energy Metals Deposit, which contains the largest undeveloped Mineral Resource Estimate of uranium in the world[i] along with significant Mineral Resource Estimates of vanadium, molybdenum, nickel, copper, zinc, and other important and critical raw materials.