District Reports on Geochemical Results from Nianfors Uranium Property in Sweden
October 26, 2026 – District Metals Corp. (TSX-V: DMX) (Nasdaq First North: DMXSE SDB) (OTCQX: DMXCF) (FRA: DFPP); (“District” or the “Company”) is pleased to announce the results of its summer 2026 reconnaissance field program at the 100% owned Nianfors Property located in Gävleborgs County, Sweden. The field program was designed to follow up on prominent uraniferous radiometric anomalies identified by the Company’s property-wide Unmanned Aerial Vehicle (“UAV”) radiometric and magnetic survey completed in 2025 and to advance priority areas toward drill targeting.
The 2026 field program included geological mapping, prospecting, radiometric surveying, and geochemical sampling of bedrock outcrops and boulders. Geological observations and radiometric measurements using a handheld scintillometer (Exploranium GR-110) were recorded at 111 field stations across the Property.
A total of 34 rock samples were collected from boulders and outcrops and submitted for geochemical analysis. The samples returned the following geochemical ranges:
- Uranium (U₃O₈): 4 to 937 ppm
- Yttrium (Y₂O₃): 7 to 667 ppm
- Molybdenum (Mo): <1 to 509 ppm
Boulders and outcrop with the highest uranium values up to 937 ppm U3O8 were sampled at the Majsaberget uranium-yttrium-molybdenum occurrence. This occurrence historically consists of 889 mineralized boulders over an approximate area of 500 m by 200 m1. Historical assay results from the Majsaberget mineralized boulders returned a weighted average of 1,600 ppm U3O8 and 1,015 ppm Y₂O₃1. A 1982 report by the Swedish Geological Survey (SGU) reported mineralized boulder assays ranging from 100 to 14,000 ppm U3O8, 1,015 to 8,756 ppm Y₂O₃, 500 to 2,200 ppm Mo2. Despite the extensive surface mineralization and significant uranium values identified, the Majsaberget occurrence has never been drill tested, providing an opportunity for District to evaluate the potential for bedrock-hosted mineralization beneath the extensive boulder field.
The field program was specifically focused on investigating the most prominent uraniferous radiometric anomalies identified by the 2025 UAV radiometric and magnetic survey, as previously announced by District in its news release dated September 9, 2025. Field observations, scintillometer readings, geological mapping, and geochemical results will be integrated to refine the geological interpretation of the Property and identify areas for follow-up exploration and potential drilling.
Garrett Ainsworth, CEO of District, commented: “Results from our 2026 field program at Nianfors provide further support for the Property’s uranium polymetallic exploration potential especially at the Majsaberget Occurrence. The identification of elevated uranium, yttrium, and molybdenum in samples collected from airborne radiometric anomalies demonstrates that the anomalies identified by our 2025 UAV survey warrants continued follow up. We are now integrating the geochemical data with our geological mapping and radiometric results to refine our understanding of the Property and advance the most prospective areas toward drill targeting.”
Figure 1: Nianfors Mineral Licenses 102-103
Figure 2: Nianfors Property – Majsaberget Occurrence
Figure 3: Nianfors Mineral Licenses 101
Figure 4: Nianfors Property – Nybodvallen Occurrence
References
1 Svensson, S., 1981: Uranium Prospecting in Norrland. Uranrapport 1981-8, Sveriges Geologiska Undersökning, BRAP 81083, p. 67.
2 Forsberg, L-O., 1982: Uranium Prospecting in Norrland. Uranrapport 1982-12, Sveriges Geologiska Undersökning, BRAP 82042, p. 33.
Technical Information
All scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth,P.Geo, President and CEO of the Company. Mr. Ainsworth is a Qualified Person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
The grab and chip samples in this news release were recovered from outcrops and boulders. The samples were logged and bagged before submittal to ALS Geochemistry in Piteå, Sweden where the samples were prepared for analysis, including crushing and pulverizing (“PREP-31Y”). The prepared pulp samples were sent to ALS Geochemistry in Ireland (an accredited mineral analysis laboratory) for analysis. The samples were analyzed using a complete characterization (‘Whole Rock analysis’) package (“CCP-PKG01”). Over limit sample values were re-assayed for values of uranium >0.1% using Fusion XRF with oxidizing flux (“U-XRF10”). Certified standards were inserted into the sample shipment to ensure integrity of the analytical process. No QA/QC issues were noted with the results reported.
Mr. Ainsworth has not verified any of the information regarding any of the properties or projects referred to herein other than the Nianfors mineral licenses. Mineralization on any other properties referred to herein is not necessarily indicative of mineralization on the Nianfors mineral licenses.
About District Metals Corp.
District Metals Corp. is led by industry professionals with a track 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% of the Viken Deposit, which contains the largest undeveloped Mineral Resource Estimate of uranium in the world[i] along with significant Mineral Resource Estimates of vanadium, potash, molybdenum, nickel, copper, zinc, and other important and critical raw materials.
On July 17, 2026, the Company filed a technical report prepared in accordance with NI 43-101 disclosing the results of a Preliminary Economic Assessment (the “PEA”) for the Viken Deposit that outlined an after-tax NPV8% of US$2.88 billion, IRR of 45.9%, and payback period of 2.1 years. The assessment included an initial capital cost of US$876 million to generate average after-tax free cash flow of US$531 million per year over the 13 years of life of mine production.
For further information on the Viken Deposit, please see the technical report entitled “Preliminary Economic Assessment on the Viken Energy Metals Project, Jämtland County, Sweden”, dated July 17, 2026 with an effective date of June 26, 2026 available under the Company’s SEDAR+ profile at www.sedarplus.ca.
On Behalf of the Board of Directors
“Garrett Ainsworth”
President and Chief Executive Officer
(604) 288-4430
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding “Forward-Looking Information”
This news release contains certain statements that may be considered “forward-looking information” with respect to the Company within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved” and any similar expressions. In addition, any statements that refer to expectations, predictions, indications, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events. Forward-looking information in this news release relating to the Company include, among other things, statements relating to uranium and Alum Shale mining regulation in Sweden; exploration of the Company’s Alum Shale properties; the economic parameters of the PEA and the Viken Deposit; potential of the Viken Deposit; targets for further exploration; Mineral Resource estimates; the cost and timing of any development of the Viken Deposit; the proposed mine plan and mining methods; mining recoveries; processing method and rates; production rates; projected metallurgical recovery rates; infrastructure requirements; capital and operating cost estimates; the projected LOM and other expected attributes of the Viken Deposit; the NPV, IRR and payback period of capital; the uranium industry and uranium prices; government regulations and permitting; estimates of reclamation obligations and closure costs; requirements for additional capital; expectations with respect to project development and permitting, construction and operational processes; availability of services to be provided by third parties; future development methods and plans; and other activities, events or developments that are expected, anticipated or may occur in the future.
These statements and other forward-looking information are based on opinions, assumptions and estimates made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate and reasonable in the circumstances, as of the date of this news release, including, without limitation, the reliability of exploration and drill results; reliability of data and the accuracy of publicly reported information regarding current, past and historic mines in the Bergslagen district and in respect of the Swedish properties; uranium and Alum Shale exploration and mining regulation in Sweden; the Company’s ability to raise sufficient capital to fund planned exploration activities, maintain corporate capacity; stability in financial and capital markets; the Company’s ability to complete its planned exploration programs; the absence of adverse conditions at mineral properties; no unforeseen operational delays; no material delays in obtaining necessary permits; the price of metals remaining at levels that render mineral properties economic.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks associated with the following: the results of the inquiry into the mining of Alum Shale in Sweden and the possibility that it will be the subject of a municipal veto; uranium exploration and mining regulation in Sweden; the reliability of historic data on District’s properties; the Company’s ability to raise sufficient capital to finance planned exploration; the Company’s limited operating history; the Company’s negative operating cash flow and dependence on third-party financing; the uncertainty of additional funding; the uncertainties associated with early stage exploration activities including general economic, market and business conditions, the regulatory process, failure to obtain necessary permits and approvals, technical issues, potential delays, unexpected events and management’s capacity to execute and implement its future plans; the Company’s ability to identify Mineral Resources and Mineral Reserves; the substantial expenditures required to establish Mineral Reserves through drilling and the estimation of Mineral Reserves or Mineral Resources; the uncertainty of estimates used to calculated mineralization figures; changes in governmental regulations; compliance with applicable laws and regulations; competition for future resource acquisitions and skilled industry personnel; reliance on key personnel; title matters; conflicts of interest; environmental laws and regulations and associated risks, including climate change legislation; land reclamation requirements; changes in government policies; volatility of the Company’s share price; the unlikelihood that shareholders will receive dividends from the Company; potential future acquisitions and joint ventures; infrastructure risks; fluctuations in demand for, and prices of metals; fluctuations in foreign currency exchange rates; legal proceedings and the enforceability of judgments; going concern risk; risks related to the Company’s information technology systems and cyber-security risks; and risk related to the outbreak of epidemics or pandemics or other health crises. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the Company. These factors and assumptions, however, should be considered carefully. Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking information or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of such factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release, and the Company assumes no obligation to publicly update or revise such forward-looking information, except as required by applicable securities laws.
[i] S&P Global Market Intelligence – Market Intelligence Research