Mr. Garrett Ainsworth reports

DISTRICT FILES NI 43-101 PEA TECHNICAL REPORT FOR THE VIKEN DEPOSIT

District Metals Corp. has filed an independent technical report for the Viken energy metal deposit within the Viken property located in Jamtland county, central Sweden. The company previously disclosed the results of a preliminary economic assessment on the Viken deposit in its June 2, 2026, news release, which included a summary of all assumptions and key results contained in the technical report, subject to the clarification noted below.

The technical report is titled "Preliminary Economic Assessment on the Viken Energy Metals Project, Jamtland County, Sweden," and is dated July 17, 2026, with an effective date of June 26, 2026. The technical report was prepared by P&E Mining Consultant Inc. and METS Engineering Group Pty. Ltd. in accordance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects). The technical report is available under the company's SEDAR+ profile.

PEA highlights

The technical report details a PEA with the following highlights.

Clarification regarding the inclusion of inferred mineral resources in PEA

The June 2, 2026, news release notes that the PEA outlined a total life of mine production of 127 million tonnes sourced exclusively from within the 456 million-tonne indicated mineral resource estimate, and did not include, nor was based upon, the inferred mineral resource estimate. The company would like to clarify that the mine plan (process plant feed) includes approximately 77 per cent indicated mineral resources and 23 per cent inferred mineral resources. The PEA is preliminary in nature, and it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied that would enable them to be classified as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

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.

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

District is a uranium polymetallic exploration company focused on its flagship Viken property in Sweden. The Viken property covers 100 per cent of the Viken deposit, which contains the largest undeveloped mineral resource estimate of uranium in the world along with significant mineral resource estimates of vanadium, potash, molybdenum, nickel, copper, zinc, and other important and critical raw materials.

On June 2, 2026, the company announced the results of a preliminary economic assessment for the Viken deposit that outlined an after-tax net present value discounted at 8 per cent of $2.88-billion (U.S.), an internal rate of return of 45.9 per cent and a payback period of 2.1 years. The assessment included an initial capital cost of $876-million (U.S.) to generate average after-tax free cash flow of $531-million (U.S.) per year over the 13 years of life-of-mine production.

For further information on the Viken property, please see the technical report entitled "Preliminary Economic Assessment on the Viken Energy Metals Project, Jamtland County, Sweden," dated July 17, 2026, with an effective date of June 26, 2026, available under the company's SEDAR+ profile.

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