Mr. Garrett Ainsworth reports

DISTRICT PUBLISHES COMPANY DESCRIPTION IN CONNECTION WITH LISTING ON THE NASDAQ FIRST NORTH GROWTH MARKET IN SWEDEN

On Thursday, Dec. 12, 2024, Nasdaq Stockholm AB approved District Metals Corp.'s application for admission to trading the company's depositary receipts (the DMX SDRs) on the Nasdaq First North Growth Market. Today, Jan. 17, 2025, the company published a company description, in accordance with Nasdaq First North rules for application. The preliminary day for the first day of trading on Nasdaq First North is set to be Jan. 23, 2025, dependent on the company meeting the listing conditions summarized on Dec. 17, 2024.

This company description has been approved by Nasdaq Stockholm AB and is available for review on-line. The company description is not a prospectus, has not been approved by the Swedish Financial Supervisory Authority (Sw. Finansinspektionen) and does not contain any offering of shares or any other offering of financial instruments in the company in Sweden or in any other jurisdiction. The company description includes, but is not limited to, information about the company's business, the market, financial overview, risk factors and information about the board of directors, executive management and corporate governance.

With the listing of the DMX SDRs on Nasdaq First North, the company will cease to be a venture issuer under Canadian securities laws. The company has applied for exemptive relief from applicable Canadian securities regulatory authorities that despite the listing of the DMX 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. As of the date of this news release, the company's application for exemptive relief remains under review by applicable Canadian securities regulatory authorities. The company is proceeding with its listing is Sweden while the review by Canadian securities regulatory authorities continues.

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 is 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 this 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 historic polymetallic resource estimates in 2010 and 2014.

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 approximately 17-kilometre trend that exhibits similar geology, structure, alteration and VMS/sedex-style (volcanogenic massive sulphide/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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