District Announces Q3 2026 Results

• Financial Reporting: District Metals Corp. released financial results for the three and nine months ended March 31, 2026 (Q2 FY2026).
• Cash Position: Reported $8.141 million in cash and cash equivalents at March 31, 2026.
• Financing Update: Confirmed the closing of a non-brokered private placement on May 12, 2026, raising approximately C$10 million gross proceeds.
• Project Progress: Preliminary Economic Assessment (PEA) for the Viken Property is progressing well; results expected in Q2 2026.
• Next Earnings: Annual results for year ended June 30, 2026 scheduled for September 25, 2026.

• Financing Confirmation: The $10 million private placement was announced on April 28, 2026, and closed May 12, 2026. This release confirms the completion of that financing, strengthening the balance sheet ahead of the PEA. While positive, this information was largely priced in following the initial announcement in late April.
• Cash Runway: The cash position of $8.14 million prior to financing, combined with the new proceeds, provides sufficient runway for exploration and the completion of the PEA without immediate distress. This mitigates near-term dilution risk beyond what was already announced.
• PEA Timeline: The statement that PEA results are "expected to be released in Q2 2026" is consistent with previous guidance (January 13, 2026 release targeted Q2 completion). There is no indication of a significant delay, maintaining investor confidence in the project timeline.
• Water Treatment: The May 19 water treatment results (Xoma AB collaboration) are supportive but incremental to the core valuation driver (the PEA and resource definition). They do not alter the fundamental investment thesis materially at this stage.

• Company Focus: District Metals Corp. is a TSX Venture 50 company focused on polymetallic uranium and critical metals exploration in Sweden.
• Flagship Project: Viken Energy Metals Deposit (Jämtland County, Sweden).
  • Status: World's largest undeveloped uranium resource estimate (as of April 2025 report).
  • Metals: Uranium, Vanadium, Molybdenum, Nickel, Copper, Zinc.
  • Technology: Utilizing MobileMT geophysics to identify shallow, thick Alum Shale zones for potential open-pit mining.
• Other Assets: Tomtebo (Base metals), Ardnasvarre, Sagtjarn, Nianfors (Uranium polymetallic).