Mr. Garrett Ainsworth reports

DISTRICT CLOSES BOOKS ON A $10 MILLION PRIVATE PLACEMENT FINANCING

District Metals Corp. has closed the books on its $10-million non-brokered private placement financing under the listed issuer financing exemption (as defined below), as supplemented and amended by Blanket Order 45-935 (as defined below), of 14,705,882 common shares in the capital of the company priced at 68 cents per share. The shares offered under the offering will not be subject to a hold period in accordance with applicable Canadian securities laws.

The company intends to use the net proceeds of the offering to finance exploration activities on the company's projects in Sweden, and for general corporate purposes. The company anticipates paying a finder's fee to Pareto Securities AB in connection with purchasers that are introduced by Pareto to the offering. Any finders' fees payable will be in accordance with the policies of the TSX Venture Exchange.

The offering is scheduled to close by May 12, 2026, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX-V. Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106, Prospectus Exemptions, the offering is being made pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as supplemented and amended by Coordinated Blanket Order 45-935, Exemptions from Certain Conditions of the Listed Issuer Financing Exemption.

There is an offering document related to the offering that can be accessed under the company's profile on SEDAR+ and on the company's website. Prospective investors should read this offering document before making an investment decision.

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 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 2025 TSX Venture 50 company, ranking among the top-performing issuers on the TSX-V in the past year.

District is a uranium polymetallic exploration and development company focused on its flagship Viken property 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.

For further information on the Viken property, please see the technical report titled "NI 43-101 Updated Mineral Resource Estimate and Technical Report on the Viken Energy Metals Project, Jamtland County, Sweden," dated effective April 25, 2025, which is available on SEDAR+.

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