District Metals identifies new targets at Viken

Executive Summary

• District Metals released results of a high‑resolution airborne mobile magnetotelluric (MobileMT) survey that confirmed the Viken energy metals deposit and identified nine additional high‑potential target areas (A‑I) on the 37,211‑ha property.
• Target areas A, B and C exhibit larger and stronger low‑resistivity anomalies than the known Viken deposit, suggesting multiple new deposits could exist.
• The company will evaluate these targets for a Preliminary Economic Assessment (PEA), contingent on the anticipated lifting of Sweden’s uranium moratorium in early 2026.

Key Details

• Survey covered ~2,350 km of flight lines at 200‑m spacing across the entire Viken property, executed in two phases.
• Phase 1 captured the low‑resistivity signature of the mineralized Alum shale that hosts the Viken deposit.
• Phase 2 mapped the remainder of the property and identified additional large‑scale low‑resistivity anomalies resembling those of the Viken deposit.
• Nine new target areas (A–I) were delineated; Areas A, B, and C show the strongest responses, larger than the existing Viken deposit signature.
• The Alum shale is flat‑lying, rich in graphite and sulfides, providing a high‑conductivity signal that is readily detectable by MobileMT.
• District’s prior release (April 29 2025) reported the Viken deposit as containing the world’s largest undeveloped uranium resource plus significant vanadium, molybdenum, nickel, copper, zinc, and other critical minerals.
• Management comment: “The MobileMT results have successfully mapped the mineralized Alum shale… three newly identified target areas appear larger and more robust than the Viken deposit.” – Garrett Ainsworth, CEO.
• The company plans to prioritize these new targets for follow‑up drilling and will commence a PEA once Sweden’s uranium moratorium is lifted (anticipated Jan 1 2026).
• No financial transactions or financing terms disclosed in this release.

Notable Quotes

“Now that the interpretation of the MobileMT data from the Viken property is complete, we are evaluating the optimum location to conduct a preliminary economic assessment, which is anticipated to commence upon, and if, the uranium moratorium in Sweden is lifted, as anticipated.” – Garrett Ainsworth, CEO

Materiality Assessment: Material – Positive (the discovery of multiple high‑potential targets could materially affect the company’s valuation and future development plans).