District Confirms the Viken Energy Metals Deposit and Identifies High Potential Targets elsewhere on the Viken Property in Sweden with Airborne MobileMT Survey Results
918-1030 West Georgia Street, Vancouver, BC, V6E 2Y3
Telephone: (604) 288-4430
District Confirms the Viken Energy Metals Deposit and Identifies
High Potential Targets elsewhere on the Viken Property in Sweden
with Airborne MobileMT Survey Results
Vancouver, B.C. September 24, 2025
September 24, 2025 – District Metals Corp. (TSX-V: DMX) (Nasdaq First North: DMXSE
SDB) (OTCQB: DMXCF) (FRA: DFPP); (“District” or the “Company”) is pleased to report
positive results from its airborne Mobile Magnetotelluric ( “MobileMT”) survey at the 100%
owned Viken Energy Metals Property located in Jämtland County, central Sweden.
The high resolution MobileMT survey conducted by Expert Geophysics Limited successfully
identified large-scale low resistivity (highly conductive) anomalies that correlate with the
Viken Energy Metals Deposit (the “Viken Deposit”), as confirmed by historic drill holes from
2006 to 2012 (Figures 1 and 2) . The MobileMT survey has also uncovered several additional
large-scale low resistivity anomalies located outside of the Viken Deposit (Target Areas A to
I in Figure 1), highlighting new high- priority targets for follow -up exploration. Target areas A,
B, and C in Figure 1 have a larger and stronger low resistivity response compared to the Viken
Deposit.
The Viken Deposit contains the largest undeveloped Mineral Resource Estimate of uranium in
the worldi along with significant Mineral Resource Estimates of vanadium, molybdenum, nickel,
copper, zinc, and other important and critical raw materials as reported in District’s news release
from April 29, 2025.
The MobileMT survey covered approximately 2,350 line kilometers at 200-meter spacing across
the entire Viken Property, completed in two phases. Phase 1 captured the low resistivity signature
of the mineralized Alum Shale that hosts the Viken Deposit. Phase 2 covered the rest of the
37,211-hectare Viken P roperty and identified additional low resistivity signatures resembling
those of the Viken Deposit . High-priority target areas were selected based on the shallow depth
and thickness of the mineralized Alum Shale. The relatively flat -lying Alum S hale is rich i n
graphite and sulphides, making it low resistivity ( highly conductive) and easily detectable using
the airborne MobileMT system.
Garrett Ainsworth, CEO of District, commented: “The Viken Deposit is already known to contain
the largest undeveloped uranium mineral resource in the worldi, so it’s incredible to see from the
MobileMT results that the Viken Property has the potential to host multiple Viken D eposits.
Furthermore, three of these newly identified target areas on the Viken Property appear to be larger
and more robust in signature compared to the Viken Deposit.
The MobileMT survey results have successfully mapped the mineralized Alum Shale at the Viken
Deposit, which marks a significant technological advancement in the exploration for Alum Shale
in Sweden. The MobileMT results at the Viken Deposit reveal the depth and thickness of the
Alum Shale, aligning with geological data from past drill holes. In a potential mining context, a
shallow and thick deposit is crucial for optimizing the strip ratio and achieving the best economic
outcomes.
Now that the interpretation of the MobileMT data from the Viken Property is complete, we are
evaluating the optimum location to conduct a Preliminary Economic Assessment, which is
anticipated to commence upon, and if, the uranium moratorium in Sweden is lifted, as anticipated.
We plan to leverage this newly identified MobileMT signature of Alum Shales to prioritize target
areas outside of the 2025 Viken Deposit mineral resource estimate, as well as across all of our
Alum Shale Properties.”
Uranium is commonly used as a geochemical pathfinder in mineral exploration due to its close
association with various valuable mineral deposits, including rare earth elements , base metals,
and iron-oxide-copper-gold (IOCG) systems. In Sweden, certain geological environments show
elevated uranium concentrations that may indicate the presence of other economically significant
metals and minerals. However, while uranium anomalies can guide exploration efforts, it is
important to note that there is currently a moratorium on uranium exploration and mining in
Sweden that the Government has stated they intend to abolish as of January 1, 2026 (see news
release dated September 2, 2025).
Figure 1: Viken Property MobileMT Survey Results in Plan View
918-1030 West Georgia Street, Vancouver, BC, V6E 2Y3
Telephone: (604) 288-4430
Figure 2: Cross Section through Viken Deposit with MobileMT Survey Results
918-1030 West Georgia Street, Vancouver, BC, V6E 2Y3
Telephone: (604) 288-4430
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.
Mr. Ainsworth has not verified any of the information regarding any of the properties or projects
referred to herein other than the Viken Mineral Licenses. Mineralization on any other properties
referred to herein is not necessarily indicative of mineralization on the Viken 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 s hareholder 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 polymetallic exploration and development company focused on the Viken and
Tomtebo Properties 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
worldi along with significant M ineral Resource Estimates of vanadium, molybdenum, nickel,
copper, zinc, and other important and critical raw materials.
The advanced exploration stage Tomtebo Property is located in the Bergslagen Mining District
of south- central Sweden and is situated between the historic Falun Mine and Boliden’s
Garpenberg Mine that are located 25 km to the northwest and southeast, respectively. Two historic
polymetallic mines and numerous polymetallic showings are located on the Tomtebo Property
along an approximate 17 km trend that exhibits similar geology, structure, alteration and
VMS/SedEx style mineralization as other significant mines within the district.
For further information on the Viken Property, please see the technical report entitled “NI 43-101
Updated Mineral Resource Estimate and Technical Report on the Viken Energy Metals Project,
Jämtland County, Sweden” dated effective April 25, 2025, which is available on SEDAR+ at
www.sedarplus.ca.
On Behalf of the Board of Directors
“Garrett Ainsworth”
President and Chief Executive Officer
(604) 288-4430
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Cautionary Statement Regarding “Forward-Looking Information”
This news release contains certain statements that may be considered “forward- looking information” with respect to the
Company within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward- looking
information can be identified by the use of forward- looking terminology such as “plans”, “targets”, “expects” or “does not
expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does n ot
anticipate” or “bel ieves”, or variations of such words and phrases or statements that certain actions, events or results “may”,
“could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved” and any similar expressions. In addition, any
statements that refer to expectations, predictions, indications, projections or other characterizations of future events or
circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts
but instead represent manage ment’s expectations, estimates and projections regarding future events. Forward- looking
information in this news release relating to the Company include, among other things, statements relating to potential lifting of
the current ban on uranium mining in Sweden.
These statements and other forward- looking information are based on opinions, assumptions and estimates made by the
Company in light of its experience and perception of historical trends, current conditions and expected future developments, as
well as other factors that the Company believes are appropriate and reasonable in the circumstances, as of the date of this news
release, including, without limitation the reliability of exploration and drill results; reliability of data and the accuracy of publicly
reported information regarding current, past and historic mines in the Bergslagen district and in respect of the Swedish
properties; that the Swedish government will eventually lift or amend its moratorium on uranium exploration and mining in
Sweden; the Company’s ability to raise sufficient capital to fund planned exploration activities, maintain corporate capacity;
stability in financial and capital markets ; the Company’s ability to complete its planned exploration programs; the absence of
adverse conditions at mineral properties; no unforeseen operational delays; no material delays in obtaining necessary permits;
the price of metals remaining at levels that render mineral properties economic.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered
reasonable by the Company as of the date such statements are made, are subject to known and unknown risks, uncertainties,
assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially
different from those expressed or implied by such forward-looking information, including but not limited to risks associated with
the following: the reliability of historic data on District’s properties; the Company’s ability to raise sufficient capital to finance
planned exploration; that the Swedish government maintains its moratorium on uranium exploration and mining in Sweden for
the foreseeable future; the Company’s limited operating history; the Company’s negative operating cash flow and dependence
on third-party financing; the uncertainty of additional funding; the uncertainties associated with early stage exploration activities
including general economic, market and business conditions, the regulatory process, failure to obtain necessary permits and
approvals, technical issues, potential delays, unexpected events and management’s capacity to execute and implement its future
plans; the Company’s ability to identify M ineral Resources and Mineral Reserves; the substantial expenditures required to
establish Mineral Reserves through drilling and the estimation of M ineral Reserves or M ineral Resources; the uncertainty of
estimates used to calculated mineralization figures; changes in governmental regulations; compliance with applicable laws and
regulations; competition for future resource acquisitions and skilled industry personnel; reliance on key personnel; title matters;
conflicts of intere st; environmental laws and regulations and associated risks, including climate change legislation; land
reclamation requirements; changes in government policies; volatility of the Company’s share price; the unlikelihood that
shareholders will receive divid ends from the Company; potential future acquisitions and joint ventures; infrastructure risks;
fluctuations in demand for, and prices of metals; fluctuations in foreign currency exchange rates; legal proceedings and the
enforceability of judgments; going c oncern risk; risks related to the Company’s information technology systems and cyber -
security risks; and risk related to the outbreak of epidemics or pandemics or other health crises. For additional information
regarding these risks, please see the Company’s MD&A for the fiscal year ended June 30, 2024, under the heading “Risk Factors”,
which is available at www.sedarplus.ca. These factors and assumptions are not intended to represent a complete list of the
factors and assumptions that could affect the Company. These factors and assumptions, however, should be considered carefully.
Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materiall y
from those disclosed in the forward-looking information or information, there may be other factors that cause actions, events or
results not to be as anticipated, estimated or intended. Also, many of such factors are beyond the control of the Company.
Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made
as of the date of this news release, and the Company assumes no obligation to publicly update or revise such forward- looking
information, except as required by applicable securities laws.
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