Mr. Garrett Ainsworth reports

DISTRICT PROVIDES UPDATE ON THE URANIUM MORATORIUM IN SWEDEN

District Metals Corp. is highlighting Swedish parliament meeting records from the Committee on European Union (EU) Affairs on Oct. 11, 2024.

These Swedish parliament meeting records are of particular importance to District and its shareholders given the company's 100-per-cent ownership of the Viken energy metals deposit in Sweden, which is amongst the largest deposits of uranium and vanadium, based on total historic mineral resources, in the world (see Jan. 15, 2024, news release).

The company continues to monitor Swedish political developments closely and continues to believe that the government intends to lift the uranium moratorium. The company awaits additional guidance from the Swedish government as to the timing and content of legislation that could reinstate uranium mining and exploration in Sweden.

Recent comments from the Swedish government on the uranium moratorium are as follow.

Nuclear energy and uranium mining were discussed where honourable Romina Pourmokhtari, minister of the environment, reiterated Sweden's stance on nuclear energy by stating:

"The government will continue to work to ensure that nuclear power is highlighted as one of the low-emission technologies that needs to be accelerated in order to achieve emission reductions in line with the 1.5-degree target for global warming."

Ms. Pourmokhtari further added:

"Uranium is found, but according to the previous government's amendments to the legislation, uranium must be treated as waste and large sums of money must be spent on disposing of this mineral, which we have an enormous need for, in order to buy it from elsewhere instead. This is something that this government intends to change and I am very proud of that.

"It is simply not a very wise use of our resources -- to have uranium in your soil, to lift it out of the ground, to have an ongoing mining operation but be forced to treat it as waste because there is legislation from the previous government, which decided that you have to treat the uranium as waste. I believe that this is a waste of resources and harmful to both the environment and the climate."

Technical information

All scientific and technical information in this news release has been prepared by or approved by Garrett Ainsworth, PGeo, president and chief executive officer of the company. Mr. Ainsworth is a qualified person for the purposes of National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

The data disclosed in this news release are related to historical results. District has not undertaken any independent investigation of the sampling nor has it independently analyzed the results of the historical exploration work in order to verify the results. District considers these historical results relevant as the company is using these data as guides to plan exploration programs. The company's current and future exploration work includes verification of the historical data through drilling.

Mr. Ainsworth has not verified any of the information regarding any of the properties or projects referred to herein other than District's properties. Mineralization on any other properties referred to herein is not necessarily indicative of mineralization on District's properties.

About District Metals Corp.

District Metals is led by industry professionals with a 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.

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