District Identifies Large and Robust Targets from Airborne MobileMT Survey at Malgomaj Alum Shale Property in Sweden
918-1030 West Georgia Street, Vancouver, BC, V6E 2Y3
Telephone: (604) 288-4430
District Identifies Large and Robust Targets from Airborne
MobileMT Survey at Malgomaj Alum Shale Property in Sweden
Vancouver, B.C. December 2, 2025
December 2, 2025 – District Metals Corp. (T SX-V: DMX) (Nasdaq First North: DMXSE
SDB) (OTCQX: DMXCF) (FRA: DFPP) ; (“ District” or the “ Company”) is pleased to
announce positive results from the airborne M obile Magnetotelluric (“MobileMT”) survey
conducted over its 100%-owned Malgomaj minera l licenses, located in Västerbotten County,
north-central Sweden (Figures 1 to 3).
On the basis of these encouraging results, the Company has filed an application for a new mineral
license adjacent to the Compa ny’s existing Malgomaj mineral license nr 1003, that covers
potential extensions of the MobileMT anomaly.
Together with the Österkälen and Tåsjö licenses, Malgomaj forms part of the Company’s Alum
Shale Properties, collectively covering approxim ately 79,250 hectares. A ll three license areas
were surveyed using MobileMT during the summer of 2025. Th e survey generated extensive
datasets and identified numerous geophysical anomalies. The results have been detailed in a series
of three news releases - this being the final installment.
The Company’s Malgomaj mineral licenses are approximately 177 km to 217 km northeast from
the Company’s 100% owned Viken Property, which hosts the Viken Energy Metals Deposit.
The high resolution MobileMT su rvey results, covering approximately 37,132 hectares at the
Malgomaj mineral licenses nr 1001 to 1003 have successfully outlined six low resistivity (highly
conductive) anomalies (Target Areas A to F in Figure 1) consistent with the MobileMT
signature observed at the Company’s Viken Deposit as reported in District’s news release of
September 24, 2025 . These two target areas show size and scale that surpasses the MobileMT
conductive anomalies observed at the Viken Property:
Target A : 20.4 km long by up to 5.4 km wide low resistivity (highly conductive)
anomaly that is interpreted to be Alum Shale.
Target B : 17.7 km long by up to 4.1 km wide low resistivity (highly conductive)
anomaly that is interpreted to be Alum Shale.
These results represent a major step forward in District’s strategy to delineate drill-ready targets
within a largely underexplored region characterized by Alum Sh ales enriched in vanadium,
potash, uranium, molybdenum, nickel, zinc, copper, and rare earth elements (REEs).
The Viken Deposit contains the largest undevelope d Mineral Resource Es timate 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 1,255 line kilometers at 400-meter line spacing
across the Malgomaj Property. The high-priority target areas were selected based on the shallow
depth and thickness of the interpreted Alum Shale. The Alum Shale is typically flat-lying, and is
rich in graphite and sulphides, making it low resistivity (highly conductive) and easy to detect
using the airborne MobileMT system.
Garrett Ainsworth, CEO of Distri ct, commented: “Our technical team, in collaboration with
Convolutions Geoscience, have now completed a thorough review on all of the MobileMT data
from our extensive Spring-Summe r 2025 campaign flown by Expert Geophysics, and I can say
that the MobileMT survey at our Malgomaj mineral licenses has delivered an exceptional
outcome.
The newly defined MobileMT conductive anomal ies at Malgomaj are both large and strong -
attributes that likely indicate the presence of thick, mineralized Alum Shales with the potential to
host significant uranium and associ ated important and critical ra w materials. The clarity with
which these anomalies present combined with their favorable structural context, provides a high
level of technical confidence, and marks a majo r step forward in our understanding of this
underexplored district.
These findings reinforce our previous view th at Malgomaj represents a highly prospective
opportunity for a scalable Alum Shale discovery. We are adding to our current mineral license
holdings adjacent to Malgomaj mineral license 1003 to ensure that we capture the full continuity
of these priority targets.”
Uranium is commonly used as a ge ochemical 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) sy stems. In Sweden, certain geological environments show
elevated uranium concentrations that may indicate the presence of other economically significant
metals and minerals. On November 5, 2025 the Swedish Government approved the Proposal to
lift the ban on uranium exploration and mining (see news release dated November 5, 2025), and
the associated Legislation is expected to be revised accordingly on January 1, 2026.
Figure 1: Malgomaj 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 Target A on Malgomaj Property
Figure 3: Cross Section through Target B on Malgomaj Property
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 (“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 Malgomaj Pr operty. Mineralization on any other properties
referred to herein is not necessarily indicative of mineralization on the Malgomaj 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 ou t, explore, and develo p prospective mineral
properties through a discip lined science-based approach to cr eate shareholder value and benefit
other stakeholders. District is a 2025 TS X 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 worldi along
with significant Mineral Resource Estimates of vanadium, molybdenum, nickel, copper, zinc, and
other important and critical raw materials.
For further information on the Viken Property, please see the technical report entitled “NI 43-101
Updated Mineral Resource Estimate and Technica l Report on the Viken Energy Metals Project,
Jämtland County, Sweden” dated effective Apri l 25, 2025, which is ava ilable 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 res ponsibility for the adequacy or accuracy of this
release.
Cautionary Statement Regarding “Forward-Looking Information”
This MD&A contains certain statements that may be consider ed “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 not anticipate” or “believes”,
or variations of such words and phrases or statements that certai n actions, events or results “may”, “could”, “would”, “might”,
“will” or “will be taken”, “occur” or “be achieved” and any sim ilar 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
management’s expectations, estimates and projections regarding future events. Forward-looking information in this MD&A
relating to the Company include, among other things, statements relating to 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 percep tion of historical trends, current conditions and expected future developments, as
well as other factors that the Company believes are appropriate and reasonable in the circumstanc es, as of the date of this
MD&A, including, without limitation, the reliability of exploration and drill results; reliability of data and the accuracy of publicly
reported information regarding current, pas t and historic mines in the Bergslagen di strict and in respect of the Swedish
properties; uranium exploration and mining regulation in Swed en; the Company’s ability to raise sufficient capital to fund
planned exploration activities, maintain co rporate 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 dat a on District’s properties; the Company’s ability to raise sufficient capital to finance
planned exploration; 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 activit ies
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 Mineral Resources and Mineral Reserves; the subst antial expenditures required to
establish Mineral Reserves through drilling and the estimation of Mineral Reserves or Mineral 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 interest; environmental laws and regulations and associated risks, in cluding climate change legislation; land
reclamation requirements; change s in government policies; volatility of the Company’s share price; the unlikelihood that
shareholders will receive divi dends from the Company; potential future acquisi tions 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 concer n 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. 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 materially 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 MD&A, 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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