District Announces Q2 2025 Results
918-1030 West Georgia Street, Vancouver, BC, V6E 2Y3
Telephone: (604) 288-4430
District Announces Q2 2025 Results
Vancouver, B.C. February 28, 2025
February 28, 2025 – District Metals Corp . (TSX -V: DMX) (Nasdaq First North:
DMXSE SDB) ( OTCQB: DMXCF) (FRA: DFPP); (“District” or the “Company”) is
pleased to report its results for the three and six months ended December 31, 2024. All
amounts are in Canadian dollars, unless otherwise noted.
Financial and Operational Update
The Company commenced an updated mineral resource estimate and related report
pursuant to National Instrument 43-101 ("NI 43-101") on the Viken Energy Metals Deposit
that was announced on February 5, 2025.
Mineral exploration work including core drilling continues to advance the Tomtebo and
Stollberg base metal polymetallic properties (the ”Properties”), with District as operator.
On February 10, 2025, the Company announced $3 million in approved exploration budget
for these Properties.
Preparations are currently underway to conduct mineral exploration activities on District’s
Swedish polymetallic uranium properties over the next six months , and more details will
be released as they become available.
Highlights
• In January 2025, the Company acquired the 2% NSR Royalty over the remaining
four mineral covering the Viken deposit licences (Norra Leden, Norr Viken, Lill
Viken and Storviken) rsulting in the Viken deposit being free of any NSR Royalty.
• The Company’s depositary receipts (the “SDRs”) began trading on Nasdaq First
North Growth Market at market open (Sweden local time) under the symbol
“DMXSE SDB” on January 23, 2025. Swedish depositary receipts are financial
instruments issued by a Swedish bank representing shares in a non- Swedish
company. The exchange ratio on the SDRs to common shares of the Company is 1
for 1. The Company’s common shares continue to be traded on t he TSX Venture
Exchange under the symbol “DMX”.
• The Company had $4.017 million in cash and cash equivalents at
December 31, 2024.
918-1030 West Georgia Street, Vancouver, BC, V6E 2Y3
Telephone: (604) 288-4430
The Company’s una udited condensed interim consolidated financial statements for the
three and six months ended December 31, 2024 (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 results for the three and nine months ended March 31,
2025 on May 29, 2025.
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 polymetallic exploration and development company focused on the Viken and
Tomtebo Properties in Sweden. The Viken Property covers 100% of the uranium-vanadium
Viken Deposit, which is an asset with substantial exploration and development
expenditures that resulted in the definition of historic polymetallic resource estimates in
2010 and 2014.
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 Tomtebo Property, please see the technical report entitled
“NI 43 -101 Update Technical Report on the Tomtebo Project, Bergslagen Region of
Sweden” dated effective October 15, 2020 and amended and restated on February 26, 2021,
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.
918-1030 West Georgia Street, Vancouver, BC, V6E 2Y3
Telephone: (604) 288-4430
Important Information
This is information that District Metals is obliged to make public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication through the agency of the contact persons set out above on
February 28, 2025, at 12: 10 a.m. ET. The Company’s certified advisor on Nasdaq First North Growth Market is Bergs
Securities AB, +46 739 49 62 50, [email protected].
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 not 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 the Purchase Agreement and closing thereof; the Company’s Swedish
polymetallic properties; the Company’s planned exploration activities, including its drill target strategy and next steps
for the Swedish properties; and the Company’s interpretations and expectations about the results on the Swedish
properties.
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, assumptions about the reliability of historical data and
the accuracy of publicly reported information regarding 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; and stability in financial and capital markets.
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 econ omic,
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 abilit y to identify any 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 receive 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. For additional information regarding these risks, please see the Company’s Annual Information Form
dated July 11, 2022 for the fiscal year ended June 30, 2021, 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.
918-1030 West Georgia Street, Vancouver, BC, V6E 2Y3
Telephone: (604) 288-4430
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 for ward-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.