District Provides Update on the Uranium Moratorium in Sweden
918-1030 West Georgia Street, Vancouver, BC, V6E 2Y3
Telephone: (604) 288-4430
District Provides Update on the Uranium Moratorium in Sweden
Vancouver, B.C. November 15, 2024
November 15, 2024 – District Metals Corp . (TSX -V: DMX) (OTCQB: DMXCF) (FRA:
DFPP); (“District” or the “Company”) is pleased to highlight Swedish Parliament meeting
records from the Committee on European Union (EU) Affairs on October 11, 2024.
These Swedish Parliament meeting records are o f particular importance to District and its
shareholders given the Company’s 100% ownership of the Viken Energy Metals Deposit in
Sweden, which is amongst the largest deposits of uranium and vanadium, based on total historic
mineral resources, in the world (see January 15, 2024 news release).
We continue to monitor Swedish political developments closely and continue to believe that the
Government intends to lift the uranium moratorium. The Company awaits additional guidance
from the Swedish Government as to the timing and content of legislation that could reinstate
uranium mining and exploration in Sweden.
Recent Comments from the Swedish Government on the Uranium Moratorium are as follows:
Swedish Parliament records from meetings of the Committee on EU Affairs on October 11, 2024
were recently posted on the Sveriges Riksdag website here:
https://www.riksdagen.se/sv/dokument-och-lagar/dokument/eu-namndens-
uppteckningar/fredagen-den-11-oktober_hc0a3/
Nuclear energy and uranium mining were discussed where Honourable Romina Pourmokhtari,
Minister of the Environment, re-iterated Sweden’s stance on nuclear energy by stating:
“The Government will continue to work to ensure that nuclear power is highlighted as one of the
low-emission technologies that needs to be accelerated in order to achieve emission reductions
in line with the 1.5-degree target for global warming.”
Minister Pourmokhtari further added:
“Uranium is found, but according to the previous government's amendments to the legislation,
uranium must be treated as waste and large sums of money must be spent on disposing of this
mineral, which we have an enormous need for, in order to buy it from elsewhere instead. This is
something that this government intends to change, and I am very proud of that.”
“It is simply not a very wise use of our resources – to have uranium in your soil, to lift it out of
the ground, to have an ongoing mining operation but be forced to treat it as waste because there
is legislation from the previous government, which decided that you have to treat the uranium as
waste. I believe that this is a waste of resources and harmful to both the environment and the
climate.”
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 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 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 “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 Swedish
Government’s lifting of its moratorium on uranium exploration and mining in Sweden; the benefits and timing of the Nasdaq
First North Growth Market listing; 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; in respect of the intention of the Swedish government
to eventually lift or amend its moratorium on uranium exploration and mining in Sweden; the ability to complete steps to the
Nasdaq First North Growth Market listing; 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 ; that the Nasdaq First North Growth Market listing benefits will not be realized and may increase the
regulatory burden on the Company; 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 as sociated 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 c apacity 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 receive dividends from the Company; potential future acquisitions and joint ventures; risks
related to existing earn-in and joint venture with Boliden; 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; r isks
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, 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.