District Files NI 43-101 Technical Report for the Viken Deposit Mineral Resource Estimate in Sweden
918-1030 West Georgia Street, Vancouver, BC, V6E 2Y3
Telephone: (604) 288-4430
District Files NI 43-101 Technical Report for the Viken Deposit
Mineral Resource Estimate in Sweden
Vancouver, B.C. June 13, 2025
June 13, 2025 – District Metals Corp. (TSX-V: DMX) (Nasdaq First North: DMXSE SDB)
(OTCQB: DMXCF) (FRA: DFPP); (“District” or the “Company”) reports that it has filed the
independent NI 43-101 Technical Report for its 100%-owned Viken Energy Metals Property in
Jämtland County, Sweden, related to the updated Mineral Resource Estimate (“MRE”) for the
Property announced on April 29, 2025.
The Technical Report titled “ Updated Mineral Resource Estimate and Technical Report on the
Viken Energy Metals Project, J ämtland County, Sweden ” (the “Technical Report”) was
prepared by P&E Mining Consultants Inc. (“P&E”) in accordance with National Instrument 43-
101 - Standards of Disclosure for Mineral Projects (“NI 43 -101”) and has an effective date of
April 25, 2025.
The Technical Report details the MRE comprising:
Table 1: 2025 Pit-Constrained Mineral Resource Estimate for the Viken Deposit(1-7)
Indicated
Tonnes
M
U3O8
ppm
V2O5
ppm
Mo
ppm
Ni
ppm
Cu
ppm
Zn
ppm
P2O5
ppm
Ce2O3
ppm
Y2O3
ppm
La2O3
ppm
K2O
%
456 175 2,836 257 330 113 411 2,461 88 492 7 3.84
Mlb Mt
Contained
Metal 176 2,851 258 332 114 413 1.12 0.04 0.22 0.00 17.53
Inferred
Tonnes
M
U3O8
ppm
V2O5
ppm
Mo
ppm
Ni
ppm
Cu
ppm
Zn
ppm
P2O5
ppm
Ce2O3
ppm
Y2O3
ppm
La2O3
ppm
K2O
%
4,333 161 2,543 240 321 118 417 2,541 88 528 7 3.70
Mlb Mt
Contained
Metal 1,538 24,295 2,293 3,067 1,127 3,984 11.01 0.38 2.29 0.03 160.27
Notes:
(1) Mineral Resources which are not M ineral Reserves do not have demonstrated economic viability. The estimate of
Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio -political,
marketing, or other relevant issues.
(2) The Inferred Mineral Resource in this MRE has a lower level of confidence than that applied to an Indicated
Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the
Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
(3) The Mineral Resource in this MRE was estimated using the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices
Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM
Council.
(4) The MRE was based on consensus economics forecast US$ metal prices of $72/lb U3O8, $5/lb V2O5, $17/lb Mo,
$8.50/lb Ni, $4.25/lb Cu and $1.30/lb Zn with respective process recoveries of 80%, 80%, 70%, 70%, 50% and
75%,
(5) Overburden, waste and mineralized US$ mining costs per tonne mined were respectively $2.00, $2.50 and $3.00.
(6) Processing and G&A US$ costs per tonne processed were respectively $20 and $2.
(7) Constraining pit shell slopes were 45 degrees.
The Authors of the Technical Report have recognized that the Viken Energy Metals Property
contains Targets for f urther exploration with a potential range of 980 Mt to 1,040 Mt at
grade ranges of 140 to 180 ppm U 3O8, 2,170 to 2,740 ppm V 2O5 and 210 to 260 ppm Mo.
These Targets for further exploration are based on the estimated strike length, depth and width
of the mineralization, as supported by intermittently -spaced drill holes and observations of
mineralized outcrops. The Targets for further exploration are located adjacent to the margins of
the current MRE.
The potential quantities and grades of the t argets for f urther exploration are conceptual in
nature. There has been insufficient work done by a Qualified Person to define these estimates as
Mineral Resources. The Company is not treating these estimates as Mineral Resources, and
readers should not place undue reliance on these estimates. Even with additional work, there is
no certainty that these estimates will be classified as Mineral Resources. In addition, there is no
certainty that these estimates will prove to be economically recoverable.
The Technical Report is available on SEDAR+ ( www.sedarplus.ca) under District’s issuer
profile.
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 and Eugene Puritch, P.Eng,
FEC, CET, President of P&E Mining Consultants Inc. Messrs. Ainsworth and Puritch are each a
Qualified Person for the purposes of National Instrument 43- 101 – Standards of Disclosure for
Mineral Projects (“NI 43 -101”). Mr. Puritch is independent of the Company. Mr. Puritch is
responsible for reporting M ineral Resources for the Viken Energy Metals Property. Additional
P&E independent Qualified Persons contributing to the MRE are William Stone, PhD, P.Geo.,
Fred Brown, P.Geo., David Burga, P.Geo., Jarita Barry, P.Geo. and D. Grant Feasby, P.Eng.
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 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
world 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 al 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 t echnical report titled “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.
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 “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 management’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 Viken
Deposit; results of the Viken Deposit MRE and size thereof; realization of MRE; future price of metals; potential increases to the
Viken Deposit MRE; future economic studies and timing thereof; potential lifting of the current ban on uranium mining in
Sweden; the results of exploration and drilling and interpretations thereof, and future exploration; the benefits of mining
Sweden; 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 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 satisfy the terms of the Company’s agreement with Boliden; the Company’s ability to raise
sufficient capital to fund planned exploration activities, maintain corporate capacity; stability in financial and capital ma rkets;
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; and the ability to realize on the Mineral Resource Estimates
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 M ineral Reserves; the
substantial expenditures required to establish M ineral Reserves through drilling and the estimation of M ineral 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 indust ry
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 fore ign
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. 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 news release, and the Company assumes no obligation to publicly update or revise such forward- looking
information, except as required by applicable securities laws.