District Provides Corporate Update
918-1030 West Georgia Street, Vancouver, BC, V6E 2Y3
Telephone: (604) 288-4430
District Provides Corporate Update
Vancouver, B.C. July 10, 2024
July 10, 2024 – District Metals Corp . (TSX-V: DMX) (OTCQB: DMXCF) (FRA: DFPP);
(“District” or the “Company”) is pleased to provide a corporate update on fieldwork activities
on our Swed ish mineral properties , preparation for a potential secondary listing on the N asdaq
First North Growth Market in Sweden, and District’s comments on the status of the uranium
moratorium in Sweden.
Garrett Ainsworth, CEO of District, commented: “We are happy to provide a corporate update to
our investors. Our geologists have been busy in the field at our Alum Shale Properties , and also
on our Tomtebo and Stollberg Properties that are being explored in collaboration with Boliden.
We have been considering a secondary listing on the N asdaq First North Growth Market in
Sweden for quite some time and have recently begun preparing for the application process . The
Company expects that more news on the status of the potential lifting of the uranium moratorium
in Sweden will become available within H2 2024.”
Alum Shale Energy Metal Properties
In May and June 2024, f ieldwork was conducted on our Viken, Tåsjö , Malgomaj, Österkälen
Alum Shale mineral licenses.
District consolidated 100% of the Viken Energy Metals Deposit on January 15, 2024 ( news
release here), which is the largest undeveloped Alum Shale uranium -va nadium-potash-
molybdenum-nickel-copper-zinc deposit in Sweden, and amongst the largest deposits based on
total historic mineral resources of uranium and vanadium in the world.
Alum Shale deposits in Sweden typically contain a large inventory of critical energy metals that
will be required as part of the green energy transition. In addition, potentially viable Alum Shale
deposits are large and shallow, which simplifies and lowers the cost of the exploration, discovery,
and development stages.
The main objectives of this fieldwork were to:
• Locate areas where Alum S hale is outcropping or visible at surface and recover outcrop
rock samples of Alum Shale for geochemical analysis.
• Understand the overall structural setting of the properties and the structural architecture
of the Alum Shale layers to identify where the Alum Shale may be thickened.
• Validate or revise existing geological maps based on new field observations.
• Investigate airborne uraniferous radiometric anomalies along with the geological setting.
• Reconnaissance to determine the road and trail accessibility on the properties.
• Identify the location of historic drill holes.
The results from this geological mapping, prospecting, and geochemical sampling will be used
for future drill targeting of potentially viable Alum Shale energy metal deposit targets.
Tomtebo and Stollberg Base Metal Polymetallic Properties
Drill results from the Tomtebo Property are expected to become available by late-July 2024, and
a news release will be disseminated after final interpretations and review are completed.
Geological mapping, prospecting, re-logging of historical drill core, geochemical sampling, and
geophysical surveys continue on the Tomtebo and Stollberg Properties.
Interpretation of the geological, geochemical and geophysical data from Stollberg is being used
to refine targets for a planned drill program at Stollberg in October 2024.
Intention to Apply to List on Nasdaq First North Growth Market
A significant increase of Swedish s hareholders on District’s share registry may be related to the
excitement surrounding District’s 100% owned Viken Energy Metal Deposit combined with the
potential lifting of the uranium moratorium in Sweden . This encouraging dynamic has led the
Company to commence preparations for an application to obtain a secondary listing on the Nasdaq
First North Growth Market to allow for all Swedish i nvestors to more easily participate in the
District journey.
Benefits of a Nasdaq First North Growth Market Listing are represented to be:
• “Proven Growth Platform : More than 120 Nasdaq First North Growth Market listed
companies have grown and migrated to the Nasdaq Stockholm Main Market.
• Active Market : Strong investor demand for growth companies, both among retail
investors as well as domestic and international institutional investors.
• Global Brand: The Nasdaq brand brings visibility and credibility, and can potentially
help listed companies as they expand internationally and in talent acquisition” (see Nasdaq
First North Growth Market website).
Status of Uranium Moratorium in Sweden
There is currently a moratorium on uranium exploration and mining in Sweden, which has been
in place since 2018. On February 23, 2024 the Swedish Government initiated a rapid investigation
into abolishing the ban on uranium exploration and mining ( February 26, 2024 news release ).
The scope of this investigation involved identifying the steps required to lift the uranium
moratorium to allow for uranium exploration and mining in Sweden again. This investigation was
completed on May 15, 2024, and has not been made available to the public.
The Swedish Parliament is scheduled to reconvene in Fall 2024, and it is anticipated that the
process for lifting the current moratorium on uranium exploration and mining will continue. The
Swedish Government has made its intentions clear by stating that “the current ban on uranium
mining will be removed” (see Press Release from Ministry of Climate and Enterprise). District is
ready for this transformational decision with our portfolio of properties in Sweden.
Technical Information
All scientific and technical information in this news release has been prepared by, or approved by
Garrett Ainsworth, PGeo, 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.
The data disclosed in this news release is related to historical results. District has not undertaken
any independent investigation of the sampling nor has it independently analyzed the results of the
historical exploration work in order to verify the results. District considers these historical results
relevant as the Company is using this data as a guide to plan exploration programs. The
Company's current and future exploration work includes verification of the historical data through
drilling.
Mr. Ainsworth has not verified any of the information regarding any of the properties or projects
referred to herein other than District’s Properties. Mineralization on any other properties referred
to herein is not necessarily indicative of mineralization on District’s Properties.
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 large historic polymetallic resource estimates in 2010 and 2014. The Viken
Deposit is amongst the largest deposits by total historic mineral resources of uranium and
vanadium in the world.
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.
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 ca n 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 “bel ieves”, 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 Company’s
Swedish polymetallic and alum shale energy metal deposit p roperties; the Company’s planned exploration activities, including
its drill target strategy and next steps for the Swedish properties; the Company’s expectations with respect to the lifting of the
moratorium on uranium exploration and mining in Sweden; Nasdaq First North Growth Market listing and benefits therefrom;
and the Company’s interpretations and expectations about the results on the Swedish properties including, but not limited to,
expected disclosure of exploration and drill results.
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 rep orted
information regarding past and historic mines in the Bergslagen district; and in respect of the intention of the Swedish
government to 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 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 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 r eceive 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 epidem ics or pandemics or other health crises. For additional information
regarding these risks, please see the Company’s Annual Information Form dated July 11, 2022, under the heading “Risk Factors”,
which is available at www.sedar plus.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 identi fy 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.