Mr. Garrett Ainsworth reports

DISTRICT APPLIES TO LIST ON THE NASDAQ FIRST NORTH GROWTH MARKET IN SWEDEN

District Metals Corp. has initiated the process of applying for a secondary listing of its shares on the Nasdaq First North Growth Market in Sweden. The company's objective is to complete the listing and start trading on Nasdaq before the end of 2024.

District has recently experienced a notable increase in the number of Swedish shareholders on its share registry. The company attributes this heightened interest to the potential lifting of Sweden's uranium mining moratorium, District's extensive Swedish uranium project portfolio, and the company's collaboration with Boliden Minerals AB on the Tomtebo and Stollberg base metal polymetallic properties also in Sweden. The secondary listing on Nasdaq First North Growth Market will enable Swedish investors to more easily participate in District's growth. The company also expects the potential listing to provide increased trading liquidity as well as greater exposure to analysts, institutional investors and other stakeholders in Sweden.

Garrett Ainsworth, chief executive officer of District, commented: "A secondary listing on the Nasdaq First North makes logical sense for District given our exciting mineral properties in Sweden, which includes the Viken property that hosts the second-largest uranium deposit in the world based on historical mineral resource estimates. In addition, we are advancing the Tomtebo and Stollberg base metal polymetallic properties in collaboration with Boliden, a premier major mining company in Scandinavia. Lastly, we currently have over 1,000 Swedish shareholders in District, and this potential Nasdaq First North listing will provide much better access for all Swedish residents to invest in District."

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 a guide 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.

District is a polymetallic exploration and development company focused on the Viken and Tomtebo properties in Sweden. 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 south-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 approximate 17-kilometre trend that exhibits similar geology, structure, alteration and volcanogenic massive sulphide/sedex-style (sedimentary exhalative) mineralization as other significant mines within the district.

For further information on the Tomtebo property, please see the technical report entitled "NI 43-101 Update Technical Report on the Tomtebo Project, Bergslagen Region of Sweden," dated effective Oct. 15, 2020, and amended and restated on Feb. 26, 2021, which is available on SEDAR+.

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