District Metals Corp.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

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 shareholder value and benefit other stakeholders.

District is a polymetallic exploration and development company focused on the Viken and Tomtebo Properties in Sweden. Sweden is a Top Mining Jurisdiction with a deep-rooted history of metals mining, production, and manufacturing, with strong support from government and communities. Energy security has become an absolute priority for Sweden and other Countries in Europe.

The Viken Property covers 100 per cent of the uranium-vanadium Viken deposit, which is an asset with substantial exploration and development expenditures that resulted in the definition of large historic polymetallic resource estimates in 2010 and 2014. The Viken deposit is amongst the largest deposits by total historic mineral resources of uranium and vanadium in the world.

The advanced-exploration-stage Tomtebo Property is located in the Bergslagen mining district of southern-central Sweden and is situated between the historic Falun mine and Boliden's Garpenberg mine, which are located 25 kilometres to the northwest and southeast, respectively. Two historic polymetallic mines and numerous polymetallic showings are located on the Tomtebo Property along an approximately 17-kilometre trend that exhibits similar geology, structure, alteration and volcanogenic massive sulphide (VMS)/sedimentary exhalative (SedEx) style mineralization as other significant mines within the district.

Projects in Hand

Uranium Polymetallic Properties

Viken Property, Central Sweden

District has consolidated 100% ownership of the Viken Energy Metals Deposit

• Located in Jämtland County about 570 km NW of Stockholm with excellent infrastructure including daily air service, rail and truck freight, and grid power.
• Geological Survey of Sweden carried out work on the Viken Alum Shales from 1978 to1979 that included drilling 19 holes.
• Continental Precious Minerals drilled 133 holes from 2006 to 2008; completed a mineral resource estimate and PEA in 2010, which was further updated in 2014.
• Seeing a positive pro-nuclear stance evolving in Sweden, District consolidated 100% of the Viken Deposit through mineral license application and acquisition in 2023.
• Despite the current moratorium on uranium, mining of the Viken Deposit is still possible under the current Swedish Minerals Act, however recovery of uranium in a mining scenario will not be permitted until the moratorium is lifted.
• Aura Energy's Häggån Deposit located adjacent to the West of Viken.

Portfolio of four more uranium exploration properties:

Sågtjärn, Nianfors, Ardnasvarre, and Tåsjö

Polymetallic Properties (Zn-Pb-Ag-Cu-Au)

Boliden-District Collaboration on Tomtebo-Stollberg Properties

• Boliden and District executed a Definitive Agreement in October 2023 on the Tomtebo and Stollberg Properties.
• Boliden will fund $10.0M of exploration expenditures over four years on District's Tomtebo and Stollberg Properties with District as operator.
• After the earn in period a joint venture will form where Boliden will own 85%, and District will own 15% of both Tomtebo and Stollberg.
• Tomtebo and Stollberg Properties are located 35 km apart along a well-known metallogenic belt in the heart of the prolific Bergslagen Mining District.
• Combination of District's Tomtebo Property with Boliden's Stollberg Property, backed by a combined strong technical team is a very significant development for Sweden.

Tomtebo Property

The advanced exploration-stage Tomtebo property is located in the heart of the prolific Bergslagen mining district of south-central Sweden, and is situated between the historic Falun mine and Boliden's Garpenberg mine that are located 25 km to the northwest and southeast, respectively. Two historic polymetallic mines and numerous polymetallic showings are located on the Tomtebo property along an approximate 17 km trend that exhibits similar geology, structure, alteration and volcanogenic massive sulphide-style/sedimentary exhalative-style mineralization as other significant mines within the district.

• Tomtebo covers an area of 5,144 ha, and is an approximate 2.5 hour drive from Stockholm in Sweden.
• Tomtebo contains similar host rocks, structure, alteration, and mineralization styles as Garpenberg and Falun.
• Mineralization at the historic Tomtebo and Lövås Mines appears to be open in all directions, and Tomtebo has a historic resource.
• The Tomtebo Property has never seen systematic modern exploration.
• The Steffenburgs zone contains significant polymetallic mineralized horizons, which are open in all directions.
• TOM24-042 intersected 29.25 m at 7.4% ZnEq (299.0 to 328.25 m)
• including 19.75 m at 10.0% ZnEq (306.0 to 325.75 m)
• including 13.0 m at 11.8% ZnEq (309.0 to 322.0 m)
• including 2.0 m at 16.1% ZnEq (309.0 to 311.0 m)
• (See news release dated July 29, 2024)

Stollberg Property

• The Stollberg Property covers an area of 5,180 ha and is located 180 km northwest of the capital city of Stockholm in Sweden.
• Boliden's Garpenberg Mine is located 50 km to the east, and the historic Falun Mine is located 50 km to the north. Lundin Mining's Zinkgruvan Mine is located 150 km to the south.
• Boliden has been actively exploring the Stollberg Property since 2000 and has drilled on multiple geological and geophysical targets, including the discovery of Västansjö in 2013.
• The Stollberg Property contains similar host rocks, structure, alteration, and mineralization styles as the Garpenberg Mineralized Trend, which gives significant support in making a similar new discover.
• District commenced drilling at the Stollberg Property in October 2024
• A total of 2,200 m of drilling in five to six holes is planned at the historic Gränsgruvan Mine
• All drill holes will be followed up by Boliden's in-house, state of the art, down-hole, three component electromagnetic (DHEM) survey.
• (See news release dated October 16, 2024)

Investment Highlights

District Metals is Sweden's Energy Metals Company

• Strong Team with Experience in Uranium and Base Metals Discovery and Development
• Focused in Sweden – a Top Mining Jurisdiction
• Assembled Portfolio Focused on Uranium Polymetallic Properties
• 100% ownership of the Viken Deposit, the largest undeveloped uranium deposit in the world. Portfolio of four more uranium exploration properties (Sågtjärn, Nianfors, Ardnasvarre, Tåsjö) in Sweden.
• JV with Boliden to advance exploration on the Tomtebo and Stollberg polymetallic properties; recent drilling returned high-grade intercepts including 30.0 m at 10.9% ZnEq.
• Strong and Supportive Shareholder Base

Management

Management, Directors, and Advisors

Garrett Ainsworth, President and Chief Executive Officer, Director

Mr. Ainsworth is an accomplished professional geologist and mining executive that has been awarded for two significant mineral discoveries and has raised more than $300M in equity and convertible debt throughout his career. Mr. Ainsworth is currently the Chairman of Kraken Energy Corp., and a Technical Advisor of Aero Energy Ltd. and Summa Silver Corp.

Marlis Yassin, Chief Financial Officer & Corporate Secretary

Ms. Yassin has over 15 years experience working with companies in various sectors, including mining, technology, and industrial products.

Hein Raat, Vice President of Exploration

Mr. Raat is a professional geologist (EurGeol) with extensive experience exploring for base and precious metal deposits in Scandinavia and Europe.

Joanna Cameron, Independent Director

Ms. Cameron is a partner at Osler with more than 25 years of experience in corporate and securities law.

Doug Ramshaw, Independent Director

Mr. Ramshaw has spent more than two decades as a senior executive in the resource sector.

Jonathan Challis, Independent Director

Mr. Challis is a mining engineer with over 30 years experience in the operation, management, financing and analysis of mining projects around the world.

Rodney Allen, Technical Advisor

Galen McNamara, Technical Advisor

Rob Chang, Strategic Advisor

Rita Bennett, Strategic Advisor

Sophia Shane, Strategic Advisor

News Update

On March 11, 2025, District Metals Corp. welcomes investors to watch the company presentation and Q&A at a Capital Markets Day, organized by Analyst Group with Börskollen as the media partner.

The company presentation will be broadcasted live on Direkt Studios' YouTube channel and Börskollen's (www.borskollen.se) website and will be available afterward on Direkt Studios' YouTube channel. No registration is required.

On February 28, 2025, District Metals Corp. reported its results for the three and six months ended December 31, 2024. Highlights:

• In January 2025, the Company acquired the 2% NSR Royalty over the remaining four mineral covering the Viken deposit licences (Norra Leden, Norr Viken, Lill Viken and Storviken) rsulting in the Viken deposit being free of any NSR Royalty.
• The Company's depositary receipts (the "SDRs") began trading on Nasdaq First North Growth Market at market open (Sweden local time) under the symbol "DMXSE SDB" on January 23, 2025. Swedish depositary receipts are financial instruments issued by a Swedish bank representing shares in a non-Swedish company. The exchange ratio on the SDRs to common shares of the Company is 1 for 1. The Company's common shares continue to be traded on the TSX Venture Exchange under the symbol "DMX".
• The Company had $4.017 million in cash and cash equivalents at December 31, 2024.

On February 10, 2025, District Metals Corp. and Boliden Minerals AB have approved an increased exploration budget of $3-million on the Tomtebo and Stollberg properties for 2025. This will be a 50-per-cent increase with regard to the 2024 budget and will be equally split between both properties. District is the operator of the Tomtebo-Stollberg collaboration, and the company has commenced core drilling at the high-grade base metal polymetallic Tomtebo property, located in the Bergslagen mining district in southern-central Sweden. Highlights:

• The approved 2025 exploration budget of $3-million for the Tomtebo and Stollberg properties will cover geological mapping, geochemical sampling, historical drill core review and core drilling.
• The planned core drill program for the historic Tomtebo mine area comprises 1,500 metres to 2,000 metres in three to four drill holes that will be followed up by Boliden's proprietary downhole electromagnetic survey.
• These drill holes will test the broader Steffenburgs zone at the historic Tomtebo mine by stepping out below hole TOM24-042, which returned 29.25 metres at 0.95 per cent copper, 0.67 gram per tonne gold, 1.6 per cent zinc, 0.8 per cent lead and 30 grams per tonne silver (299.0 to 328.25 metres) of footwall stringer-style sulphide mineralization and test the inferred mineralized horizon based on detailed lithogeochemistry work (July 29, 2024, news release).
• Permitting is under way to drill test the Kvistaberget and historic Lovas mine targets areas later in 2025.

Garrett Ainsworth, chief executive officer of District, commented: "We have enhanced our understanding of the high-grade base metal polymetallic mineralized system at the historic Tomtebo mine by applying modern exploration methods. The current drilling phase aims to test some exciting targets we've identified from our previous drilling at the Steffenburgs zone where we have intersected massive sulphide lenses with significant widths of high-grade polymetallic mineralization that remain open in several directions.

"Additionally, we are eager to expand drilling within the Tomtebo property beyond the historic Tomtebo mine, where we will look to test two high-priority target areas. The Kvistaberget target area is underpinned by a SkyTEM conductive anomaly and a linear trend of historic copper sulphide workings that appear to be along strike from the volcanic massive sulphide horizon located at the historic Tomtebo mine. The historic Lovas mine was worked to a depth of 190 metres, where historical drill holes indicate that base metal polymetallic mineralization is open along strike and to depth."

On February 05, 2025, District Metals Corp. has retained P&E Mining Consultants Inc. to prepare a resource estimate and related report pursuant to National Instrument 43-101 on the Viken energy metals deposit, located in Jamtland county, central Sweden.

Continental Precious Minerals Inc. carried out substantial exploration and development work on the Viken deposit from 2008 to 2014. This work resulted in the definition of uranium polymetallic mineral resource estimates in 2010 and 2014 completed by P&E. These estimates are now considered historical estimates for the purposes of National Instrument 43-101.

This updated mineral resource estimate and NI 43-101 report on the Viken energy metals deposit will:

• Provide estimates for all of the metals and minerals of interest from the available drill hole assay data that will include vanadium, potash, uranium, molybdenum, nickel, zinc and copper;
• Develop a net smelter return (NSR) cut-off value using recent metal and mineral prices and updated costs;
• Update the geological interpretation and mineralized mineral resource wire frames to identify priority areas for conversion from inferred to indicated and for potential mineral resource growth;
• Include an update on the most recent metallurgical advances for the Viken deposit's mineralized host Alum Shale.

Garrett Ainsworth, chief executive officer of District, commented: "Updating the Viken deposit's historical mineral resource estimates into a stand-alone current mineral resource estimate is an important first step in further developing the Viken property. From a technical standpoint, this update will be required for any future updated preliminary economic assessment (PEA) on the Viken deposit."

On February 03, 2025, District Metals Corp. has closed its previously announced acquisition of the 2.0-per-cent net smelter return (NSR) royalty over the remaining four mineral licences (Norra Leden, Norr Viken, Lill Viken and Storviken) covering the Viken deposit, located in Jamtland county, central Sweden (see news release dated Jan. 8, 2025). As a result, District's 100-per-cent-owned Viken deposit is now completely free of any NSR royalty.

Pursuant to the definitive royalty purchase agreement, District acquired the 2.0-per-cent NSR royalty from an arm's-length vendor for a purchase price of 500,000 common shares of District. The consideration shares are subject to a hold period of four months and one day from the date of issue.

Garrett Ainsworth, chief executive officer of District, commented: "In January, 2024, District completed the full consolidation of the Viken energy metals deposit and has now closed the acquisition to eliminate all NSR royalties tied to the deposit.

"The Viken deposit is hosted within Alum shales, which are rich in critical and important energy metals crucial for the green energy transition, such as uranium, vanadium, nickel, molybdenum, copper, zinc and rare earth elements. Moreover, the Alum shales hold the potential for significant production of sulphate of potash, a valuable resource that would greatly benefit the agriculture-driven economy of Jamtland county, Sweden, and Europe.

On January 22, 2025, District Metals Corp. has received confirmation that its Nasdaq First North Growth Market listing application has been approved. As a result, District's depositary receipts (the DMX SDRs) will begin trading on Nasdaq First North at market open (Sweden local time) on Jan. 23, 2025, under the symbol DMXSE SDB. Swedish depositary receipts are financial instruments issued by a Swedish bank representing shares in a non-Swedish company. The company's ISIN (international securities identification number) of CA2548481043 remains unchanged. Additionally, the company's common shares will continue to be traded on the TSX Venture Exchange under the symbol DMX.

Garrett Ainsworth, chief executive officer and president, commented: "The timing of our listing on the Nasdaq First North could not be better. A strong focus on the importance of exploration and mining has returned to Sweden, which has been hastened with the uncertainty of supply of critical and important raw materials for Europe. These positive developments are reflected in the fact that our Viken deposit is currently under review by the Geological Survey of Sweden as an area of national interest due to its historical vanadium mineral resource. Vanadium is a critical raw material as defined by the European Union.

"Additionally, on Dec. 20, 2024, the Swedish government released an inquiry regarding the potential lifting of the uranium ban and issued a press release highlighting positive developments in their efforts to lift the ban on uranium mining. We have summarized this update here.

"Finally, we began 2025 with exciting news that a definitive royalty purchase agreement has been executed, allowing District to acquire the 2-per-cent NSR [net smelter return] royalty on the Viken deposit. Subject to closing, this agreement will result in District's fully owned Viken deposit being entirely free of any NSR royalty, and the details can be found [on the company's website]."

On January 08, 2025, District Metals Corp. has entered into a definitive royalty purchase agreement with an arm's-length vendor to acquire the 2.0-per-cent net smelter return (NSR) royalty previously granted by the company over the remaining four mineral licences (Norra Leden, Norr Viken, Lill Viken and Storviken) covering the Viken deposit, located in Jamtland county, central Sweden (see news release dated Jan. 15, 2024). As a result, subject to closing, District's 100-per-cent-owned Viken deposit is now completely free of any NSR royalty.

Pursuant to the purchase agreement, District will acquire the 2.0-per-cent NSR royalty for a purchase price consisting of 500,000 common shares of District. Closing of the purchase agreement remains subject to TSX Venture Exchange approval. The consideration shares will be subject to a hold period of four months and one day from the date of issue.

Garrett Ainsworth, chief executive officer of District, commented: "District consolidated 100 per cent of the Viken energy metals deposit in January, 2024, and we have now executed a definitive agreement to make the Viken deposit free and clear of any and all NSR royalties. Alum Shales are the host rock for the Viken deposit, which contains critical energy metals essential for the green energy transition that include uranium, vanadium, nickel, molybdenum, copper, zinc and rare earth elements. Additionally, Alum Shales present the potential to produce significant amounts of sulphate of potash, which would greatly benefit the agriculturally dominant Jamtland county.

"The timing of this acquisition comes after the Swedish government released their inquiry report on lifting the uranium moratorium and their supporting press release that we commented on here."

On December 23, 2024, District Metals Corp. is commenting on recent events in Sweden. The Swedish Ministry of Climate and Enterprise issued a press release on Dec. 20, 2024, and made public the results of the inquiry into lifting the uranium moratorium that commenced on Feb. 15, 2024. The press release further states that the purpose of the inquiry was to assess and provide proposals necessary to allow for the resumption of uranium extraction in Sweden.

In its press release, the Swedish government notably reiterated an intention to remove the ban on uranium mining that was introduced in 2018, and to restore the legislation as it was before the ban was introduced. Supportive quotes were provided by each of the Liberal, Christian Democrats, Sweden Democrats and Moderate political parties. Readers are encouraged to read the announcement in its entirety.

Garrett Ainsworth, chief executive officer of District, commented: "We are extremely pleased with this official statement from the Swedish government and view it as a significant step toward lifting the current uranium mining moratorium in Sweden. The long-awaited results from the inquiry are highly encouraging and align with our proposed exploration plans to begin work on our Swedish uranium polymetallic properties in 2025. The Swedish government has clearly expressed its intention to remove the ban on uranium mining. District is fully prepared for this proposed transformational change to legislation, supported by our strong portfolio of properties in Sweden."

On December 17, 2024, District Metals Corp. has received conditional approval for the listing of its Swedish depository receipts (SDRs) on the Nasdaq First North Growth Market. Swedish depository receipts are financial instruments issued by a Swedish bank representing shares in a non-Swedish company.

Garrett Ainsworth, chief executive officer and president, commented: "We are excited to have received conditional approval to trade on the Nasdaq First North. This prospective listing is a logical fit for District, given our promising mineral assets in Sweden, including Tomtebo and Viken. The Viken property contains the world's second-largest uranium deposit, according to historical resource estimates, and, further to our news release on Nov. 15, 2024, we continue to believe that the Swedish government intends to lift the uranium moratorium. Additionally, we are progressing the Tomtebo and Stollberg base metal polymetallic projects in partnership with Boliden, a leading mining company in Scandinavia. We look forward to further engaging with the Swedish and European investment community to expand our business."

On December 13, 2024, District Metals Corp. has released the voting results for the company's annual general and special meeting of shareholders held on Dec. 12, 2024, in Vancouver, B.C.

A total of 11,885,478 common shares were voted at the meeting, representing 9.10 per cent of the votes attached to all outstanding common shares. Shareholders voted in favour of all items of business before the meeting, including the election of all director nominees.

On November 27, 2024, In connection with its application for a secondary listing of its shares on the Nasdaq First North Growth Market in Sweden, District Metals Corp. has provided a corporate update. The company's objective is to complete the listing and start trading on the Nasdaq First North Growth Market before the end of 2024, as stated in the company's previous news release on Nov. 18, 2024.

October 16, 2024, District Commences Drilling at the Stollberg Property in Sweden

https://www.districtmetals.com/news/index.php?content_id=224

September 24, 2024, District Provides Notice to Shareholders Who Seek to Transfer Shares in Preparation for Nasdaq First North Growth Listing

https://www.districtmetals.com/news/index.php?content_id=222

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