Advancing the Largest Undeveloped Uranium Deposit in the World1
The Global Need for More Uranium
According to the International Energy Agency2, global electricity consumption is forecasted to grow by 169% by 2050. This surge is driven by industrial expansion, adoption of electric vehicles, air conditioning, and the rapid growth of data centres fueling artificial intelligence. Electricity use from data centres alone is projected to double by 2030 and triple by 2035.
Securing reliable energy sources has never been more urgent. A recent example is Russia’s invasion of Ukraine in 2022, which interrupted significant natural gas supply3 to Europe and triggered an energy crisis. This underscores the need for domestic energy solutions, such as nuclear reactors, to secure supply and prevent future shortages.
Europe is already taking action. According to the World Nuclear Association4, the continent hosts 38% of the world’s operational nuclear reactors and accounts for 32% of reactors being planned and under construction. This reflects a clear focus on strengthening energy security through nuclear power.
While demand for electricity and nuclear energy continues to rise, uranium supply has struggled to keep pace. Current projections indicate that the existing uranium supply deficit is expected to widen steadily through 2040, with the shortfall potentially reaching around 1.5 billion pounds of U3O8. This widening gap underscores the urgency for developing uranium projects to meet future demand and ensure the operation of nuclear reactors worldwide.
An Answer to the Looming Uranium Supply Gap
Viken Deposit: The Largest Undeveloped Uranium Deposit in the World1
With this backdrop, District Metals’ (TSX-V: DMX, OTCQX: DMXCF, Nasdaq First North: DMXSE SDB) Viken Project in Sweden is positioned to help meet uranium needs. The property covers 100% of the Viken Energy Metals Deposit, which contains 1.5 billion pounds of U3O8, along with significant Mineral Resource Estimates of vanadium, molybdenum, nickel, copper, zinc, and other critical raw materials.
Table: 2025 Mineral Resource Estimate for the Viken Deposit (1-8)
| Indicated | Tonnes (Million) | U₃O₈ ppm | V₂O₅ ppm | Mo ppm | Ni ppm | Cu ppm | Zn ppm | Ce₂O₃ ppm | P₂O₅ ppm | Y₂O₃ ppm | La₂O₃ ppm | K₂O % |
| 456 | 175 | 2,836 | 257 | 330 | 113 | 411 | 88 | 2,461 | 492 | 7 | 3.84 | |
| Pounds (Million) | Tonnes (Million) | |||||||||||
| Contained Metal | 176 | 2,851 | 258 | 332 | 114 | 413 | 0.04 | 1.12 | 0.22 | 0.00 | 17.53 | |
| Inferred | Tonnes (Million) | U₃O₈ ppm | V₂O₅ ppm | Mo ppm | Ni ppm | Cu ppm | Zn ppm | Ce₂O₃ ppm | P₂O₅ ppm | Y₂O₃ ppm | La₂O₃ ppm | K₂O % |
| 4,333 | 161 | 2,543 | 240 | 321 | 118 | 417 | 88 | 2,541 | 528 | 7 | 3.7 | |
| Pounds (Million) | Tonnes (Million) | |||||||||||
| Contained Metal | 1,538 | 24,295 | 2,293 | 3,067 | 1,127 | 3,984 | 0.38 | 11.01 | 2.29 | 0.03 | 160.27 | |
Notes:
- Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
- The Inferred Mineral Resource in this MRE has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a mineral reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
- The mineral resources in this MRE were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
- The MRE was based on consensus economics forecast US$ metal prices of $72/lb U3O8, $5/lb V2O5, $17/lb Mo, $8.50/lb Ni, $4.25/lb Cu and $1.30/lb Zn with process respective recoveries of 80%, 80%, 70%, 70%, 50% and 75%, respectively.
- Overburden, waste and mineralized US$ mining costs per tonne mined were respectively $2.00, $2.50 and $3.00.
- Processing and G&A US$ costs per tonne processed were respectively $20 and $2.
- Constraining pit shell slopes were 45 degrees.
- Eugene Puritch, P.Eng, FEC, CET, President of P&E Mining Consultants Inc., is a qualified person as defined in NI 43-101, and is responsible for reporting mineral resources for the Viken Deposit. Mr. Puritch is independent of the Company. Additional P&E independent Qualified Persons contributing to the MRE are William Stone, PhD, P.Geo., Fred Brown, P.Geo., David Burga, P.Geo., Jarita Barry, P.Geo. and D. Grant Feasby, P.Eng.
Excellent Accessibility
Located in Jämtland County, approximately 520 km northwest of Stockholm, the project benefits from excellent infrastructure:
- 40-minute drive from the Östersund Airport
- Accessible via highway E14, highway 321, and via major highway E45
- Connected to the Port of Gothenburg, Scandinavia’s largest port, through highway E45
Geophysics Highlight Potential for Resource Expansion
Recent geophysical surveys performed by DMX at Viken indicate strong potential for expanding mineralization beyond the known deposit. An airborne MobileMT survey, flown at 200-meter line spacing across the entire property in May–June 2025, identified:
- 9 target areas (A to I) outside the current Viken Deposit
- 3 of these targets (A to C) exhibit conductive responses that are larger and stronger than the signature observed at the Viken Deposit itself
- Suggests significant upside potential for future resource expansion
2026 promises to be a pivotal year for District Metals, as the Swedish government’s support for nuclear power and the lifting of the uranium mining and exploration moratorium on January 1, 2026 create a favorable environment for domestic uranium exploration and development, at a time when energy security is a top European Union priority.
Recent Media
Corporate Presentation
November 2025
Latest News
District Commences Drilling at the Viken Property in Sweden
District Announces 2026 Year End Results
References
- S&P Global Market Intelligence – Market Intelligence Research
- https://www.iea.org/reports/electricity-2025
- https://www.iea.org/topics/russias-war-on-ukraine
- https://world-nuclear.org/information-library/facts-and-figures/world-nuclear-power-reactors-and-uranium-requireme