UAV Radiometric and Magnetic Survey Results Highlight Significant Exploration Potential at District Metals' Ardnasvarre Property in Sweden

Executive Summary

• MWH Geo‑Surveys completed a detailed unmanned aerial vehicle (UAV) radiometric and magnetic survey on District Metals’ 100 % owned Ardnasvarre Property in northern Sweden, identifying strong uraniferous anomalies linked to the historic Labbas and Viepsajokk uranium occurrences.
• Historic drill data from Labbas show intercepts of 7.0 m @ 0.17 % U₃O₈ (including 0.8 m @ 0.94 % U₃O₈); the Viepsajokk target has never been drilled despite being highlighted as a promising unconformity‑style uranium system.
• The company plans to advance exploration, including verification drilling of historical data and testing of newly identified magnetic lows that may host undiscovered mineralization.

Key Details

• Survey Scope: UAV radiometric and magnetic survey covering the entire Ardnasvarre licence (9,708 ha).
• Anomalies Identified:
• Large uraniferous radiometric anomalies interpreted as boulder trains sourced from Labbas and Viepsajokk occurrences.
• Magnetic low troughs adjacent to magnetic highs at both targets, suggesting untested strike length.
• Historic Drill Results (Labbas):
• 7.0 m @ 0.17 % U₃O₈ from 50.0‑57.0 m.
• Higher‑grade interval: 0.8 m @ 0.94 % U₃O₈ from 53.5‑54.3 m.
• Viepsajokk Target: 79 uranium‑bearing conglomerate/breccia boulders identified; no drilling to date (16 holes proposed historically but never executed).
• Resource Context: Historical resource estimate for Labbas – 86,478 t @ 0.12 % U₃O₈ (228,780 lb U₃O₈) – classified as a “historical estimate” under NI 43‑101; not treated as current mineral resource by District.
• Exploration Outlook: Company intends to conduct systematic modern exploration, including drilling to twin historic holes and test magnetic anomalies for potential expansion of uranium (and associated Cu, Zn, REE) mineralization.
• Regulatory Note: Sweden currently has a moratorium on uranium mining; the government announced intent to lift it effective 1 Jan 2026.

Notable Quotes

“The UAV radiometric survey results from our Ardnasvarre Property have revealed two significant uraniferous boulder trains… We are excited by these UAV results and look forward to advancing our exploration efforts in this highly prospective region of northern Sweden.” – Garrett Ainsworth, President & CEO

Materiality Assessment: Non‑Material – Positive (early‑stage exploration data that may enhance future project potential but does not yet constitute a material resource or financial impact).