District Reports on Viken Deposit Economic Impact Study that Delivers US$7.66 Billion (74.33 Billion SEK) Economic Contribution
918-1030 West Georgia Street, Vancouver, BC, V6E 2Y3
Telephone: (604) 288-4430
District Reports on Viken Deposit Economic Impact Study that
Delivers US$7.66 Billion (74.33 Billion SEK) Economic
Contribution
Vancouver, B.C. July 22, 2026
July 22, 2026 – District Metals Corp. (TSX-V: DMX) (Nasdaq First North: DMXSE SDB)
(OTCQX: DMXCF) (FRA: DFPP); (“District” or the “Company”) is pleased to announce the
results of an independent Economic Impact Study (“ EIS”) completed by BDO Canada LLP for
the Viken Energy Metals Deposit (the “ Viken Deposit”) within the Viken P roperty located in
Jämtland County, Sweden. The EIS evaluates the broader economic and social benefits based
upon the proposed Phase 1 mine operation at the Viken Deposit outlined in the Company's
Preliminary Economic Assessment (“PEA”).1
The EIS demonstrates that development of the Viken Deposit would generate substantial
economic value for Sweden through project activity, government tax revenues, and long- term
employment opportunities.
Viken Deposit EIS Highlights over Conceptual 13-year Phase 1 Mine Operation:
• Cumulative total economic contribution of US$7.66 billion (74.33 billion SEK²), of
which US$7.63 billion (73.99 billion SEK²) accrues to Sweden.
• Direct corporate income taxes totalling US$1.58 billion (15.33 billion SEK2).
• Direct and indirect employment income taxes of US$199.6 million (1,936.4 million
SEK2) from approximately 1,065 direct and indirect full -time jobs supported during
operations.
• Capital investment and operating spend contributing US$1.48 billion (14.38 billion
SEK2) in the local and Swedish economy.
• Additional State Mineral Fee that provides US$21.9 million (212.5 million SEK2) for
landowners and US$7.3 million (70.8 million SEK2) for the Swedish State.
Garrett Ainsworth, CEO of District, commented: “Our recently completed Viken PEA clearly
demonstrated the potential financial metrics of the Viken Deposit. The Viken EIS follows up on
the Viken PEA results and now highlights an equally important potential outcome - that the
benefits extend well beyond the project itself. The Viken P roject has the potential to contribute
meaningfully to Sweden's economy, generate substantial Local and State tax revenues, and create
high-quality jobs for more than a decade based on the proposed first phase of mining at the Viken
Deposit.
As Sweden moves to strengthen domestic supplies of uranium and other important raw materials
needed for energy security, agricultural security and industrial competitiveness, projects must be
evaluated not only on their technical and financial merits, but also on the lasting value they can
create for society. We believe the Viken Deposit represents an opportunity to deliver significant
economic and social benefits while operating to the highest environmental, health and safety
standards.”
Economic Impact Study
The Viken EIS was completed by BDO Canada LLP using an expenditure based economic
modelling approach to estimate the direct and indirect economic impacts associated with
construction and operation of the Phase 1 development scenario presented in the Viken Deposit
PEA, which has an effective date of June 26, 2026 and is available under the Company’s SEDAR+
profile at www.sedarplus.ca. The analysis includes estimated economic contributions,
government tax revenues, and employment impacts over the Phase 1 mine operation.
Over the projected 13 year first phase of mine operations, the Viken Deposit is expected to
generate economic activity through direct mine construction and operations, procurement from
Swedish suppliers, employee spending, and downstream economic multipliers.
The key findings from the Viken EIS are shown in Tables 1 and 2:
Table 1 - Total Economic Contribution1
Currency Mine value Household
consumption
Capital
investment
Government
revenue &
spending
OpEx -
Operating
spend
Total
Direct
USD 2,881.0M 212.2M 775.0M 1,016.6M 187.9M 5,072.8M
SEK 27,949.4M 2058.6M 7,518.9M 9,862.7M 1,822.8M 49,212.4M
Indirect &
induced
USD 725.7M 496.5M 519.3M 847.6M - 2,589.1M
SEK 7,040.5M 4,817.2M 5,037.7M 8,222.5M - 25,117.9M
Total
USD 3,606.7M 708.7M
(35.4M) 1,294.3M 1,864.2M 187.9M 7,661.9M
(35.4M)
SEK 34,990.0M 6,875.8M
(343.8M) 12,556.6M 18,085.2M 1,822.8M 74,330.3M
(343.8M)
Figures in brackets ( ) denote the portion of the amount shown that is expected to accrue to the EU excluding Sweden. These
amounts are included in the totals presented. All other components of the economic contribution are allocated wholly within Sweden.
Excluding the EU portion, the total economic contribution to Sweden is US$7,626.5 million (73,986.5 million SEK2).
Table 2 - Direct State and Municipal Taxes2,3,4
Currency State Municipal Landowner Total
Corporate
Income Tax
USD 1,580.0M - - 1,580.0M
SEK 15,328.1M - - 15,328.1M
Employment
Income Tax
USD 20.0M 144.4M - 164.4M
SEK 194.2M 1,400.5M - 1,594.8M
State Mineral Fee
USD 7.3M - 21.9M 29.2M
SEK 70.8M - 212.5M 283.3M
Total
USD 1,607.3M 144.4M 21.9M 1,773.6M
SEK 15,593.1M 1,400.5M 212.5M 17,206.1M
The employment generated by the Viken project would include highly skilled technical positions,
mining operations, engineering, environmental management, maintenance, transportation,
contracting, and other supporting industries throughout Sweden.
The EIS also concludes that the project would provide long- term economic benefits to local
communities through increased business activity, supplier development, and sustained regional
investment.
Importantly, the positive economic and social impacts presented in the EIS are based on Phase 1
mine operations contained in the recently released PEA and therefore represent only the initial
development scenario for the Viken Deposit.
References and Notes
1 See NI 43-101 technical report titled: “Preliminary Economic Assessment on the Viken Energy
Metals Project, Jämtland County, Sweden”, dated July 17, 2026 with an effective date of June 26,
2026 available under the Company’s SEDAR+ profile at www.sedarplus.ca.
2 Currency conversions from US dollars (US$) to Swedish kronor (SEK) are based on the Federal
Reserve Statistical Release H.10 noon buying rate in New York of US$1.00 = 9.7013 SEK on
June 30, 2026.
3 Corporate income tax accrues wholly to the State: Swedish corporate income tax is levied at
national level and municipalities do not levy corporate income tax. Employment income tax is
apportioned 87.8% municipal / 12.2% State, derived role by role from the project staffing
schedule using the 2026 skiktgrans of SEK 643,000, the 20% state rate above that threshold and
the SCB average municipal rate of 32.38%. The State Mineral Fee is split three quarters to
landowners and one quarter to the State under the Minerals Act.
4 The employment income tax figure of US$164.4 million shown in table 2 is presented on a
nominal, life-of-mine basis for direct employees only, consistent with the corporate income tax
and State Mineral Fee figures presented alongside it. This differs from the US$199.6 million
direct and indirect employment income tax figure referenced above, which is presented on a
discounted present-value basis (8%) and includes both direct and induced employment. The two
figures are calculated on different bases and are not additive or directly comparable.
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”).
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 July 17, 2026, the Company filed a technical report prepared in accordance with NI 43 -101
disclosing 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 Deposit, please see the technical report entitled “Preliminary
Economic Assessment on the Viken Energy Metals Project, Jämtland County, Sweden”, dated
July 17, 2026 with an effective date of June 26, 2026 available under the Company’s SEDAR+
profile 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 manage ment’s expectations, estimates and projections regarding future events. Forward- looking
information in this news release includes, among other things, statements relating to the EIS and results therefrom; uranium and
Alum Shale mining regulation in Sweden; exploration of the Company’s Alum Shale properties; the economic parameters of the
PEA and the Viken Deposit; potential of the Viken Deposit; Mineral Resource estimates; the cost and timing of any development
of the Viken Deposit; the proposed mine plan and mining methods; mining recoveries; processing method and rates; production
rates; projected metallurgical recovery rates; infrastructure requirements; capital and operating cost estimates; the project ed
LOM and other expected attributes of the Viken Deposit; the NPV, IRR and payback period of capital; the uranium industry and
uranium prices; government regulations and permitting; estimates of reclamation obligations and closure costs; requirements
for additional capital; expectations with respect to project development and permitting, construction and operational processes;
availability of services to be provided by third parties; future development methods and plans; and other activities, events or
developments that are expected, anticipated or may occur in the future.
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; uranium and Alum Shale exploration and mining regulation in Sweden; the Company’s ability to raise sufficient capital
to fund planned exploration activities, maintain corporate capacity; stability in financial and capital markets; 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.
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 results of the inquiry into the mining of Alum Shale in Sweden and the possibility that it will be the subject of
a municipal veto; uranium exploration and mining regulation in Sweden; the reliability of historic data on District’s propert ies;
the Company’s ability to raise sufficient capital to finance planned exploration; 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 Mineral Resources and
Mineral Reserves; the substantial expenditures required to establish Mineral Reserves through drilling and the estimation of
Mineral Reserve s or Mineral Resources; the uncertainty of estimates used to calculate 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 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. 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 dis closed 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, reade rs
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.
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