District Metals Corp. (TSXV: DMX, OTCQX: DMXCF) has embarked on an ambitious exploration campaign using advanced geophysical technology. The company has engaged Expert Geophysics Surveys Inc. (EGS) to conduct a helicopter-borne Mobile MagnetoTellurics System (MobileMT) survey across its Alum Shale Properties in north-central Sweden, encompassing both Jämtland and Västerbottens counties.
This initiative follows the successful mapping of the mineralized Alum Shale host rock at the Viken Energy Metals Deposit in June 2026. The survey, which covered approximately half of the 151,329-hectare Alum Shale Properties in July 2026, identified numerous large and conductive anomalies, indicating potential targets for Alum Shale mineralization.
Expanding the Survey: Building on Success
The current MobileMT survey will cover approximately 2,253 line kilometers at a 400-meter line spacing. The decision to expand the survey is backed by the excellent results achieved at the Viken Deposit, where the technology successfully mapped the mineralized Alum Shale host rock. This validation has positioned MobileMT as a highly effective exploration tool for District’s properties.
Priority follow-up targets will focus on the shallowest and thickest accumulations of mineralized Alum Shale. The relatively flat-lying Alum Shale unit, rich in graphite, exhibits a highly conductive signature. This characteristic was successfully delineated by the June 2026 MobileMT survey, demonstrating the technology’s effectiveness in mapping prospective mineralized Alum Shale horizons and refining drill targets.
Technological Advancements: The MobileMT System
EGS introduced its MobileMT system in 2018, representing the most advanced generation of airborne Natural Source Audio Frequency MagnetoTellurics (AFMAG) technology. This innovative system harnesses energy from global thunderstorm activity, converting it into an underground electromagnetic plane wave. This wave serves as the primary field in the airborne natural field, enabling the detection of variations in subsurface electrical resistivity to map geological units of interest.
The electromagnetic fields and currents induced in the subsurface are utilized by MobileMT to identify and map these variations. This technology has proven instrumental in advancing the understanding of the district-scale potential across District’s Alum Shale Properties, supporting the objective of discovering additional Viken-style Alum Shale deposits in Sweden.
Strategic Vision: Unlocking Mineral Potential
Garrett Ainsworth, CEO of District Metals, emphasized the strategic importance of expanding the MobileMT survey. ‘The decision to expand the MobileMT survey across our Alum Shale Properties is supported by the excellent results achieved at the Viken Deposit. With approximately half of our Alum Shales land package surveyed to date, we have already identified numerous large conductive anomalies that we have recently started to drill test at the Österkälen mineral license.’
The extensive graphite content within the Alum Shale creates a strong conductive signature that can be effectively mapped using MobileMT. This next phase of surveying will significantly advance our understanding of the district-scale potential across our Alum Shale Properties and support our objective of discovering additional Viken-style Alum Shale deposits in Sweden.’
District Metals Corp. is led by industry professionals with a proven track record in the mining sector. The company’s mandate is to explore and develop prospective mineral properties through a disciplined, science-based approach. District is a 2026 TSX Venture 50 company, ranking among the top-performing issuers on the TSX Venture Exchange in the past year.
Focusing on its flagship Viken Property in Sweden, District aims to unlock the potential of the Viken Deposit, which contains the largest undeveloped Mineral Resource Estimate of uranium in the world. The deposit also holds significant Mineral Resource Estimates of vanadium, potash, molybdenum, nickel, copper, zinc, and other critical raw materials.
On June 2, 2026, the company announced the results of a Preliminary Economic Assessment (PEA) for the Viken Deposit. The assessment outlined an after-tax NPV8% of US$2.88 billion, an IRR of 45.9%, and a 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 Property, please see the technical report entitled ‘NI 43-101 Updated Mineral Resource Estimate and Technical Report on the Viken Energy Metals Project, Jämtland County, Sweden,’ dated effective April 25, 2026. This report is available on SEDAR+ at www.sedarplus.ca and the company’s news release dated June 2, 2026, for further details on the PEA.
