Mr. Garrett Ainsworth reports

DISTRICT FILES NI 43-101 TECHNICAL REPORT FOR THE VIKEN DEPOSIT MINERAL RESOURCE ESTIMATE IN SWEDEN

District Metals Corp. has filed the independent National Instrument 43-101 technical report for its 100-per-cent-owned Viken energy metals property in Jamtland county, Sweden, related to the updated mineral resource estimate (MRE) for the property, announced on April 29, 2025.

The technical report, titled "Updated Mineral Resource Estimate and Technical Report on the Viken Energy Metals Project, Jamtland County, Sweden," was prepared by P&E Mining Consultants Inc. in accordance with NI 43-101, Standards of Disclosure for Mineral Projects, and has an effective date of April 25, 2025.

The technical report details the MRE, as shown in the attached table.

The authors of the technical report have recognized that the Viken property contains targets for further exploration with a potential range of 980 million tonnes (t) to 1.04 billion t at grade ranges of 140 parts per million (ppm) to 180 ppm U3O8, 2,170 to 2,740 ppm V2O5 and 210 to 260 ppm molybdenum (Mo). These targets for further exploration are based on the estimated strike length, depth and width of the mineralization, as supported by intermittently spaced drill holes and observations of mineralized outcrops. The targets for further exploration are located adjacent to the margins of the current MRE.

The potential quantities and grades of the targets for further exploration are conceptual in nature. There has been insufficient work done by a qualified person to define these estimates as mineral resources. The company is not treating these estimates as mineral resources and readers should not place undue reliance on these estimates. Even with additional work, there is no certainty that these estimates will be classified as mineral resources. In addition, there is no certainty that these estimates will prove to be economically recoverable.

The technical report is available on SEDAR+ under District's issuer profile.

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, and Eugene Puritch, PEng, FEC, CET, president of P&E. Mr. Ainsworth and Mr. Puritch are each a qualified person for the purposes of NI 43-101, Standards of Disclosure for Mineral Projects. Mr. Puritch is independent of the company. Mr. Puritch is responsible for reporting mineral resources for the Viken property. Additional P&E independent qualified persons contributing to the MRE are William Stone, PhD, PGeo, Fred Brown, PGeo, David Burga, PGeo, Jarita Barry, PGeo, and D. Grant Feasby, PEng.

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 south-central Sweden and is situated between the historical Falun mine and Boliden's Garpenberg mine, which are located 25 kilometres (km) to the northwest and southeast, respectively. Two historic polymetallic mines and numerous polymetallic showings are located on the Tomtebo property along an approximately 17 km trend that exhibits similar geology, structure, alteration and VMS-/sedex-style (volcanic massive sulphide/sedimentary exhalative deposit) mineralization as other significant mines within the district.

For further information on the Tomtebo property, please see the technical report, titled "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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