Mr. Garrett Ainsworth reports

DISTRICT COMMENCES UPDATED NATIONAL INSTRUMENT 43-101 MINERAL RESOURCE ESTIMATE ON THE VIKEN ENERGY METALS DEPOSIT IN SWEDEN

District Metals Corp. has retained P&E Mining Consultants Inc. to prepare a resource estimate and related report pursuant to National Instrument 43-101 on the Viken energy metals deposit, located in Jamtland county, central Sweden.

Continental Precious Minerals Inc. carried out substantial exploration and development work on the Viken deposit from 2008 to 2014. This work resulted in the definition of uranium polymetallic mineral resource estimates in 2010 and 2014 completed by P&E. These estimates are now considered historical estimates for the purposes of National Instrument 43-101.

This updated mineral resource estimate and NI 43-101 report on the Viken energy metals deposit will:

• Provide estimates for all of the metals and minerals of interest from the available drill hole assay data that will include vanadium, potash, uranium, molybdenum, nickel, zinc and copper;
• Develop a net smelter return (NSR) cut-off value using recent metal and mineral prices and updated costs;
• Update the geological interpretation and mineralized mineral resource wire frames to identify priority areas for conversion from inferred to indicated and for potential mineral resource growth;
• Include an update on the most recent metallurgical advances for the Viken deposit's mineralized host Alum Shale.

Garrett Ainsworth, chief executive officer of District, commented: "Updating the Viken deposit's historical mineral resource estimates into a stand-alone current mineral resource estimate is an important first step in further developing the Viken property. From a technical standpoint, this update will be required for any future updated preliminary economic assessment (PEA) on the Viken deposit."

P&E is a Toronto-based geological and mining consulting firm with independent qualified persons, as defined by NI 43-101, and it has extensive expertise in geological modelling and mineral resource estimation across various deposit types and metals.

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 NI 43-101, Standards of Disclosure for Mineral Projects.

Drilling data disclosed in this news release relate to historical drilling 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 drill 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.

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 historic polymetallic mineral resource estimates in 2010 and 2014.

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/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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