District Comments On The Status Of The Uranium Moratorium In Sweden

District Metals Corp. (TSXV: DMX) (FSE: DFPP); (‘District’ or the ‘Company’) commented on January 25, 2023, that Swedish media had reported that a majority of the Swedish Parliament had resolved to allow for exploration and mining of uranium in Sweden.

This previously announced majority by the Swedish Parliament led to the commencement of suggestions, preparation, and the debate of a motion to officially lift the moratorium on uranium exploration and mining in Sweden. The vote took place on March 30, 2023, and the decision reached was to maintain the uranium moratorium.

The motion to lift the uranium moratorium in Sweden was put forward to the legislature by the ruling Moderate Party (John Weinerhall and Viktor Warnick). The motion was amended to include two passages put forward by the Far-Right Sweden Democrats Party. The Sweden Democrats Party had 64 votes in favour of lifting the uranium moratorium, and all other Political Party’s (including the ruling Moderate Party) had 237 votes against lifting the uranium moratorium.

Garrett Ainsworth, CEO of District, commented: ‘The Swedish Parliament’s decision to not lift the uranium moratorium at the March 30, 2023, vote is unexpected and disappointing. We look forward to obtaining additional information about this vote given that a majority was reached on lifting the uranium moratorium in January 2023, and then the Moderate Party voted against the motion that they put forward on March 30, 2023.

Our Viken nr 1 mineral license application that covers the majority of the Viken Deposit hosts energy metal resources of uranium, vanadium, nickel, molybdenum, copper, and zinc. Exploration, development, and mining of the Viken Deposit is still possible under the current Swedish Minerals Act due to the low grade of uranium, however, recovery of uranium in a mining scenario would not be permitted under the current mineral legislation.

Given the unexpected decision to keep the uranium moratorium intact for the time being we will be reviewing next steps and potential options on our high grade polymetallic (zinc-silver-lead-copper-gold) properties in the Bergslagen District that include Tomtebo, Gruvberget, and Svardsjo.’

Technical Information

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

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.

The advanced exploration stage Tomtebo Property is located in the Bergslagen Mining District of south-central Sweden is the Company’s main focus. Tomtebo comprises 5,144 ha and is situated between the historic Falun Mine and Boliden’s Garpenberg Mine that are located 25 km to the northwest and southeast, respectively. Two historic polymetallic mines and numerous polymetallic showings are located on the Tomtebo Property along an approximate 17 km trend that exhibits similar geology, structure, alteration and VMS/SedEx style mineralization as other significant mines within the district. Mineralization that is open at depth and along strike at the historic mines on the Tomtebo Property has not been followed up on, and modern systematic exploration has never been conducted on the Property.