Mr. Garrett Ainsworth reports

DISTRICT UNCOVERS HIGH PRIORITY TARGETS FROM AIRBORNE MOBILEMT SURVEY AT THE TASJO ALUM SHALE PROPERTY IN SWEDEN

District Metals Corp. has released positive results from the airborne mobile magnetotelluric (MobileMT) survey conducted over its 100-per-cent-owned Tasjo mineral licences (No. 101 to No. 108), located in Jamtland and Vasterbotten counties in north-central Sweden.

On the basis of these encouraging results, the company has filed several applications for new mineral licences adjacent to some of the Tasjo mineral licences that cover possible extensions of MobileMT anomalies.

Together with the Osterkalen and Malgomaj mineral licences, the Tasjo mineral licences form part of the company's Alum shale properties, collectively covering approximately 79,250 hectares. All three licence areas were surveyed using MobileMT during the summer of 2025. The survey generated extensive data sets and revealed numerous geophysical anomalies. The results are being released in a series of three announcements -- this being the second.

The company's Tasjo mineral licences are approximately 133 kilometres to 170 kilometres northeast from the company's 100-per-cent-owned Viken property, which hosts the Viken energy metals deposit.

The high-resolution MobileMT survey results, covering approximately 34,300 hectares at the Tasjo mineral licences No. 101 to No. 108 has successfully outlined eight low-resistivity (highly conductive) anomalies, consistent with the MobileMT signature observed at the company's Viken deposit, as reported in District's news release of Sept. 24, 2025. These results represent a major step forward in District's strategy to delineate drill-ready targets within a largely underexplored region characterized by Alum shales enriched in vanadium, potash, uranium, molybdenum, nickel, zinc, copper and rare earth elements (REEs).

The Viken deposit 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, as reported in District's news release from April 29, 2025.

The MobileMT survey covered approximately 1,391 line kilometres at 400-metre line spacing across the Tasjo property. The high-priority target areas were selected based on the shallow depth and thickness of the interpreted Alum shale. The Alum shale is typically flat lying and is rich in graphite and sulphides, making it low resistivity (highly conductive) and easy to detect using the airborne MobileMT system.

Garrett Ainsworth, chief executive officer of District, commented: "The airborne MobileMT survey over our Tasjo Alum shale mineral licences has delivered more exceptional results, identifying eight low-resistivity (high-conductivity) anomalies that are consistent with those identified recently on the Viken property. This correlation reinforces our geological model and highlights the potential extensive scale of mineralized Alum shale across District's Tasjo mineral licences. These findings represent a significant step toward defining high-impact drill targets and advancing the company's strategy to uncover important and critical raw materials in an underexplored yet highly prospective region."

Uranium is commonly used as a geochemical pathfinder in mineral exploration due to its close association with various valuable mineral deposits, including REEs, base metals and iron-oxide copper/gold systems. In Sweden, certain geological environments show elevated uranium concentrations that may indicate the presence of other economically significant metals and minerals. On Nov. 5, 2025, the Swedish government approved the proposal to lift the ban on uranium exploration and mining (see news release dated Nov. 5, 2025), and, accordingly, the associated legislation is expected to be revised on Jan. 1, 2026.

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.

Mr. Ainsworth has not verified any of the information regarding any of the properties or projects referred to herein other than the Tasjo property. Mineralization on any other properties referred to herein is not necessarily indicative of mineralization on the Tasjo property.

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 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.

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