Mr. Garrett Ainsworth reports

DISTRICT RECEIVES CONDITIONAL APPROVAL FROM THE NASDAQ FIRST NORTH GROWTH MARKET IN SWEDEN

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. This conditional approval is subject to the completion of customary conditions that include:

1. That the company publishes a company description in accordance with the First North Growth Market rule book;
2. Satisfaction of the distribution requirement for the company's shares is fulfilled in accordance with the rule book;
3. That the company update its website in accordance with the regulations no later than two days before the first day of trading;
4. No events or transactions occur in the company prior to the first day of trading that could give rise to a different assessment of the company's application by Nasdaq First North.

Upon fulfilling these conditions, the District Metals SDRs will be eligible to begin trading under the symbol DMXSE with the company's ISIN (CA2548481043) remaining unchanged. Under Canadian securities laws, the company will cease to be a venture issuer with the listing of the District Metals SDRs on Nasdaq First North. The company has applied for exemptive relief from applicable Canadian securities regulatory authorities that despite the listing of the District Metals SDRs on Nasdaq First North, the company will continue to be a venture issuer for the purposes of Canadian securities laws. There is no guarantee that the company will receive the requested relief and receipt of the exemptive relief remains at the discretion of applicable Canadian securities regulatory authorities. Assuming the company receives the requested exemptive relief, the company anticipates it will, at that point, apply to Nasdaq First North for final admission to trading.

A company description for District Metals has been prepared in connection with the application for the admission of the District Metals SDRs to Nasdaq First North. This document has been approved by Nasdaq First North and will be published and available on the District Metals website before the first day of trading.

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."

The company believes that a secondary listing on Nasdaq First North will allow Swedish investors easier investment access in District Metals, thereby strengthening the company's shareholder base and increasing the company's access to capital. District has been tirelessly acquiring and exploring mineral properties for important and critical raw materials in Sweden since June, 2020. District Metals believes that these efforts have yielded a highly prospective package of mineral properties that cover all of the energy and agricultural materials needed for the future of Sweden and Europe.

Technical information

All scientific and technical information in this news release has been prepared by or approved by Garrett Ainsworth, PGeo, president and CEO 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 Metals 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 Metals 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 Viken uranium-vanadium 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/sedimentary exhalative (VMS/sedex) style 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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