District Metals outlines six targets at Malgomaj

Executive Summary

• District Metals Corp. has identified large, robust geophysical targets at its 100%-owned Malgomaj Alum Shale property in Sweden based on airborne MobileMT survey results.
• The survey outlined six low-resistivity anomalies (Targets A-F) consistent with the signature seen at the company's Viken deposit, with Targets A and B being particularly significant in size and scale.
• The company has filed an application for a new mineral licence adjacent to existing Malgomaj licences to capture the full continuity of these priority targets, marking a major step toward delineating drill-ready targets in an underexplored region.

Key Details

• Survey Scope: Airborne MobileMT survey covered approximately 37,132 hectares across Malgomaj mineral licences No. 1001 to No. 1003, comprising 1,255 line kilometres at 400-metre line spacing.
• Target Identification: Six low-resistivity (highly conductive) anomalies were identified, interpreted as Alum shale.
• Target A Dimensions: 20.4-kilometre-long by up to 5.4-kilometre-wide low-resistivity anomaly, interpreted as Alum shale.
• Target B Dimensions: 17.7-kilometre-long by up to 4.1-kilometre-wide low-resistivity anomaly, interpreted as Alum shale.
• Comparison to Viken: The size and scale of Targets A and B surpass the MobileMT conductive anomalies previously observed at the company's Viken property.
• Licensing Action: District filed an application for a new mineral licence adjacent to Malgomaj mineral licence No. 1003 to cover potential extensions of the MobileMT anomaly.
• Property Context: Malgomaj, Osterkalen, and Tasjo licences form the Alum shale properties, covering approximately 79,250 hectares total. Malgomaj is located 177–217 km northeast of the Viken property.
• Geological Significance: The Alum shale is flat-lying, rich in graphite and sulphides, and enriched in vanadium, potash, uranium, molybdenum, nickel, zinc, copper, and rare earth elements (REEs).
• Regulatory Environment: The Swedish government approved the lifting of the ban on uranium exploration and mining on Nov. 5, 2025, with associated legislation expected to be revised by Jan. 1, 2026.
• Technical Qualification: Information prepared by Garrett Ainsworth, PGeo, President and CEO, who is a qualified person under National Instrument 43-101.

Notable Quotes

• "Our technical team... have now completed a thorough review on all of the MobileMT data... and I can say that the MobileMT survey at our Malgomaj mineral licences has delivered an exceptional outcome." — Garrett Ainsworth, CEO
• "The newly defined MobileMT conductive anomalies at Malgomaj are both large and strong -- attributes that likely indicate the presence of thick, mineralized Alum shales with the potential to host significant uranium and associated important and critical raw materials." — Garrett Ainsworth, CEO
• "These findings reinforce our previous view that Malgomaj represents a highly prospective opportunity for a scalable Alum shale discovery." — Garrett Ainsworth, CEO