Mr. Garrett Ainsworth reports

DISTRICT COMMENCES AIRBORNE MOBILEMT SURVEY AT THE VIKEN PROPERTY IN SWEDEN

District Metals Corp. has retained Expert Geophysics Surveys Inc. (EGS) to conduct a helicopter-borne mobile magnetotellurics system (MobileMT) survey at the Viken property, located in Jamtland county, central Sweden.

The MobileMT survey will comprise between 1,387 line kilometres and 2,346 line kilometres at 200-metre or 400-metre line spacing over the Viken property in two phases. Phase 1 will aim to capture the conductive signature of the mineralized Alum shale host rock that makes up the Viken energy metals deposit. Phase 2 will be flown over the remainder of the 37,211-hectare Viken property with the objective of identifying additional conductive signatures of interest for follow-up by drilling. The optimal target for further follow-up work will comprise the shallowest and thickest parts of mineralized Alum shale. The relatively flat-lying Alum shale contains abundant graphite and sulphides that make it a superconductor, which will hopefully be mapped out in detail by the MobileMT survey.

EGS introduced its MobileMT system in 2018 for use in airborne natural-source audio-frequency magnetotellurics (AFMAG), positioning it as the most advanced generation of airborne AFMAG technology. This system harnesses energy from global thunderstorm activity, which is converted into an underground electromagnetic plane wave, serving as the primary field in the airborne natural field. The electromagnetic fields and currents induced in the subsurface are then utilized by MobileMT to detect variations in subsurface electrical resistivity to map out geological units of interest.

Garrett Ainsworth, chief executive officer of District, commented: "The AFMAG technology has never been utilized to map out the mineralized Alum shale superconductors in Sweden, and we are very excited to see the geophysical signature of the Viken energy metals deposit, and we hope to also identify new areas of mineralized Alum shale to the north and south of the Viken deposit.

"Two important criteria for potentially economic mineralized Alum shale deposits in a mining scenario include that the depth is shallow (i.e., optimal strip ratio) and that the thickness is greater than at least 50 metres. The MobileMT survey should be able to identify these shallow and thick areas of mineralized Alum shale, which would be a breakthrough for the identification of these potentially economic deposits that contain uranium, vanadium, potash, molybdenum, nickel, zinc, copper and rare earth elements."

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.

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 energy metals deposit, which contains the largest undeveloped mineral resource estimate of uranium in the world, along with significant mineral resource estimates of vanadium, molybdenum, nickel, copper, zinc and other important and critical raw materials.

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 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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