Vancouver, British Columbia--(Newsfile Corp. - April 29, 2025) - District Metals Corp. (TSXV: DMX) (Nasdaq First North: DMXSE SDB) (OTCQB: DMXCF) (FSE: DFPP); ("District" or the "Company") is pleased to announce a NI 43-101 Inferred and Indicated Mineral Resource Estimate ("MRE") for the Viken Energy Metals Deposit located within District's 100% owned and royalty free Viken Property in central Sweden.

Garrett Ainsworth, CEO of District, commented: "With the current NI 43-101 Inferred and Indicated MRE the Viken Energy Metals Deposit is officially the second largest uranium deposit in the world1, and it also contains an immense inventory of important and critical raw materials that will be required for the green energy transition. The stunning growth of the current Viken MRE from the 2006 to 2012 drill data is a testament to the continuity in grade and thickness of the mineralized Alum Shale Formation found across the Viken Deposit.

The possibility to increase the Inferred MRE at the Viken Deposit is overwhelmingly positive, however, any future economic studies will focus on a comparatively smaller-scale mining operation that will aim to lower capital expenditures, support positive social license, and optimize the economic output metrics. The strategic nature of the Viken Energy Metals Deposit cannot be understated as a Mineral Resource of important and critical raw materials for Sweden, Europe, and rest of the world that seeks to obtain a low to no carbon footprint.

We have included additional important and critical raw materials in the current Viken MRE; however, the historical drill hole geochemical results did not include analysis on the full suite of Rare Earth Elements, which have potential to create additional value for future economic studies. We will make a decision on moving forward with a Preliminary Economic Assessment for the Viken Deposit in Q4 2025, which will be influenced by the outcome of the Swedish Government's proposal to lift the current ban on uranium mining."

The MRE for uranium oxide, in addition to vanadium oxide, molybdenum, nickel, copper and zinc is summarized in the Table 1 below. Additional elements reported (not contributing to the net smelter return ("NSR") value) are potassium oxide, phosphorous pentoxide, cesium oxide, yttrium oxide, and lanthanum oxide. Many of these Mineral Resource elements are listed by the European Union as Critical Raw Materials. Mineral Resources have been reported using an internal (processing plus G&A) US$22/tonne NSR cut-off.

The Viken Deposit was previously subject to a historical Inferred Mineral Resource estimate of 3,019 Million Tonnes at an average grade 172 ppm U3O8 containing 1,145 Million Pounds U3O8, and a historical Indicated Mineral Resource estimate of 43 Million Tonnes at an average grade of 191 ppm U3O8 containing 18 Million Pounds U3O8.2 In addition, a historical Inferred Mineral Resource estimate of 2,830 Million Tonnes at an average grade 2,680 ppm V2O5 containing 16,716 Million Pounds V2O5, and a historical Indicated Mineral Resource estimate of 23.6 Million Tonnes at an average grade of 3,130 ppm V2O5 containing 163 Million Pounds V2O5.3 A Qualified Person has not done sufficient work to classify the historical estimate as a current Mineral Resource, and the Company is not treating these historical estimates as current Mineral Resources.

Table 1: 2025 Pit-Constrained Mineral Resource Estimate for the Viken Deposit(1-7). see & read more on
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