District Executes Contract for Airborne MobileMT Survey on Alum Shale Properties in Sweden
918-1030 West Georgia Street, Vancouver, BC, V6E 2Y3
Telephone: (604) 288-4430
District Executes Contract for Airborne MobileMT Survey on
Alum Shale Properties in Sweden
Vancouver, B.C. February 27, 2026
February 27, 2026 – District Metals Corp. (TSX -V: DMX) (Nasdaq First North: DMXSE
SDB) (OTCQ X: 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 worldi along
with significant Mineral Resource Estimates of vanadium, potash, 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 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 b y 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 “believes”, 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 uranium and Alum
Shale mining regulation 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; uranium and Alum Shale exploration and mining regulation 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 results of the inquiry into the mining of Alum Shale in Sweden and the possibility that it will be the subject of
a municipal veto; the reliability of historic data 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 activi ties
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 substantial 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, including climate change legislation; land
reclamation requirements; changes in government policies; volatility of the Company’s share price; the unlikelihood that
shareholders will re ceive dividends 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 concern 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 assumpti ons
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 suc h
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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