District Confirms MobileMT Geophysical Anomalies by Intersecting Graphitic Black Shale in Every Drill Hole at the Alum Shale Properties in Sweden
918-1030 West Georgia Street, Vancouver, BC, V6E 2Y3
Telephone: (604) 288-4430
District Confirms MobileMT Geophysical Anomalies by
Intersecting Graphitic Black Shale in Every Drill Hole at the Alum
Shale Properties in Sweden
Vancouver, B.C. September 9, 2026
September 9, 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 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 demonstrat es 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:
o 50.5 to 65.0 m in holes OST-26-001 to -007 within Österkälen nr 101
o 87.5 to 141.0 m in holes MAJ-26-001 to -004 within Malgomaj nr 1003
o 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
Drill Hole Shale interval Handheld
Radioactivity Lithology
Hole ID Azimuth Dip Total Depth
(m)
From
(m) To (m) Interval
(m)
Counts per Second
(CPS) Visual logging interpretation
OST-26-001 - -90 128.70 48.00 56.60 8.60 110 - 300 Graphitic Black shale (Alum
Shale Fm)
56.60 102.20 45.60 105 - 200 Grey-dark grey shale (Alum
Shale Fm)
102.20 105.00 2.80 150 - 230 Graphitic Black shale (Alum
Shale Fm)
OST-26-002 - -90 123.00 36.35 39.90 3.55 130 - 210 Graphitic Black shale (Alum
Shale Fm)
46.95 54.10 7.15 200 - 350 Graphitic Black shale (Alum
Shale Fm)
54.10 106.90 52.80 110 - 210 Grey-dark grey shale (Alum
Shale Fm)
OST-26-003 - -90 100.75 16.55 27.35 10.80 120 - 180 Graphitic Black shale (Alum
Shale Fm)
45.00 49.00 4.00 120 - 330 Graphitic Black shale (Alum
Shale Fm)
49.00 91.55 42.55 110 - 260 Grey-dark grey shale (Alum
Shale Fm)
OST-26-004 - -90 98.70 33.35 43.90 10.55 150 - 315 Graphitic Black shale (Alum
Shale Fm)
43.90 84.70 40.80 120 - 220 Grey-dark grey shale (Alum
Shale Fm)
OST-26-005 - -90 107.70 47.10 52.25 5.15 150 - 310 Graphitic Black shale (Alum
Shale Fm)
52.25 97.55 45.30 110 - 210 Grey-dark grey shale (Alum
Shale Fm)
OST-26-006 - -90 114.00 43.10 52.90 9.80 150 - 225 Graphitic Black shale (Alum
Shale Fm)
52.90 102.10 49.20 115 - 220 Grey-dark grey shale (Alum
Shale Fm)
OST-26-007 - -90 113.90 37.70 52.10 14.40 200 - 410 Graphitic Black shale (Alum
Shale Fm)
52.10 102.45 50.35 170 - 215 Grey-dark grey shale (Alum
Shale Fm)
Table 2 – Malgomaj nr 1002 and nr 1003 Black Shale Intervals
Drill Hole Shale interval Handheld
Radioactivity Lithology
Hole ID Azimuth Dip Total Depth
(m)
From
(m) To (m) Interval
(m)
Counts per Second
(CPS)
Visual logging
interpretation
MAJ-26-001 - -90 155.70 38.70 44.80 6.10 180 - 490 Graphitic black shale (Alum
Shale Fm)
47.30 51.00 3.70 180 - 410 Graphitic black shale (Alum
Shale Fm)
51.00 119.00 68.00 100 - 270 Grey-dark grey shale (Alum
Shale Fm)
119.00 128.70 9.70 200 - 330 Graphitic black shale (Alum
Shale Fm)
MAJ-26-002 - -90 158.70 14.60 32.00 17.40 120 - 200 Graphitic black shale (Alum
Shale Fm)
49.65 125.40 75.75 100 - 280 Grey-dark grey shale (Alum
Shale Fm)
125.40 135.90 10.50 180 - 360 Graphitic black shale (Alum
Shale Fm)
135.90 141.80 5.90 160 - 290 Grey-dark grey shale (Alum
Shale Fm)
MAJ-26-003 - -90 182.70 4.50 24.35 19.85 110 - 155 Graphitic black shale (Alum
Shale Fm)
24.35 40.65 16.30 110 - 160 Grey-dark grey shale (Alum
Shale Fm)
55.80 154.20 98.40 120 - 250 Grey-dark grey shale (Alum
Shale Fm)
154.20 160.85 6.65 170 - 435 Graphitic black shale (Alum
Shale Fm)
MAJ-26-004 - -90 161.70 31.40 33.65 2.25 180 - 350 Graphitic black shale (Alum
Shale Fm)
33.65 134.90 101.25 120 - 230 Grey-dark grey shale (Alum
Shale Fm)
134.90 142.20 7.30 170 - 310 Graphitic black shale (Alum
Shale Fm)
MAJ-26-005 Drill hole abandoned due to ground conditions and 100% drill core loss Drill return indicates black
shales
MAJ-26-006 Drill hole abandoned due to ground conditions and 100% drill core loss Drill return indicates black
shales
MAJ-26-007 - -90 107.60 11.80 68.55 56.75 120 - 320 Graphitic black shale (Alum
Shale Fm)
68.55 91.80 23.25 200 - 400 Graphitic black shale (Alum
Shale Fm)
91.80 97.70 5.90 120 - 150 Grey-dark grey shale (Alum
Shale Fm)
MAJ-26-008 Drill hole abandoned due to ground conditions and 100% drill core loss Drill return indicates black
shales
MAJ-26-009 - -90 131.80 15.40 94.80 79.40 140 - 320 Graphitic black shale (Alum
Shale Fm)
MAJ-26-010 - -90 143.90 15.50 53.50 38.00 160 - 350 Graphitic black shale (Alum
Shale Fm)
57.90 79.00 21.10 150 - 350 Graphitic black shale (Alum
Shale Fm)
79.00 113.00 34.00 150 - 250 Grey-dark grey shale (Alum
Shale Fm)
MAJ-26-011 - -90 113.80 10.00 62.80 52.80 140 - 280 Graphitic black shale (Alum
Shale Fm)
62.80 96.60 33.80 115 - 180 Grey-dark grey shale (Alum
Shale Fm)
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 m ineral 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 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 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 worldi 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.
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 and the Company’s news release dated June 2, 2026 for further details on the
PEA.
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