Mr. Garrett Ainsworth reports

DISTRICT PARTNERS WITH LULEA UNIVERSITY OF TECHNOLOGY SWEDISH SCHOOL OF MINES TO ADVANCE PYRITE RESEARCH IN ALUM SHALES AT THE VIKEN PROPERTY

District Metals Corp. has arranged a scientific collaboration with Lulea University of Technology (LTU) Swedish School of Mines, Centre of Advanced Mining and Metallurgy, in the research of pyrite in the Alum shale formation on the Viken property in Jamtland county, central Sweden.

The Centre of Advanced Mining and Metallurgy (CAMM-CRM) at Lulea University of Technology is Sweden's national hub for world-leading research, innovation and collaboration across the full critical raw materials value chain.

Pyrite (FeS2) is the main sulphide mineral in the Swedish Alum shale formation. It is known to incorporate and associate with valuable elements such as copper, zinc, molybdenum, nickel, cobalt and deleterious elements such as cadmium and arsenic. Pyrite concentrate has previously been investigated as a feedstock for sulphuric acid production in Sweden. Sulphuric acid is a key industrial reagent, particularly in mineral processing and fertilizer production, whose supply is exposed to disruptions in international sulphur supply chains. With this collaboration, District also aims to improve the understanding of pyrite in the Alum shales on the Viken property to inform coming environmental studies, such as designing environmental management protocols to counteract potential acid rock drainage. The project furthermore aims at training young geoscientists in Sweden on the geology and mineralogy of the Alum shale formation.

Highlights:

• District has entered into a research partnership on Swedish Alum shales with LTU CAMM-CRM, Sweden's national hub for world-leading research, innovation and collaboration across the full critical raw materials value chain.
• District is sponsoring analytical work for an MSc research project on pyrite in the Viken Alum shales at LTU CAMM-CRM.
• District is providing fresh drill core from the current drill program on the Viken property for an MSc research project to assist with technical and geological interpretations.
• The analytical suite at LTU is planned to incorporate microanalytical methods such as optical work, micro-XRF, SEM-EDS, EBSD, LA-ICP-MS and X-ray computed tomography to better understand the trace element budget and spatial context of the different pyrite generations in the Alum shale at Viken.
• The research project aims at investigating relationships between deformation microstructures and trace-element distribution in pyrite from Swedish Alum Shale and assesses their implications for element deportment, mineral processing routes and environmental management.
• The student will conduct the MSc project within the Wise Research Master's Thesis initiative, a selective national program that integrates students into leading research environments in materials science for sustainability, providing advanced research training and preparation for future doctoral studies.

Garrett Ainsworth, chief executive officer of District, commented: "Partnering with Lulea University of Technology's Swedish School of Mines gives us an opportunity to build a more detailed understanding of pyrite in the Alum shales on our Viken property. The research will help inform our work on mineral processing and environmental management while supporting the development of early-career geoscientists in Sweden. We're pleased to contribute drill core and analytical support to this important collaboration."

Nils Jansson, associate professor at LTU and director of CAMM-CRM, commented: "We are excited about this collaboration, which advances state-of-the-art analytical workflows for complex materials while unlocking the potential of polymetallic feedstocks rich in raw materials critical to modern society."

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 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 July 17, 2026, the company filed a technical report prepared in accordance with NI 43-101 disclosing 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 deposit, 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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