District Metals Corp. reported that Bergslagen Metals AB (a 100% owned Swedish subsidiary of District) has received approval from the Bergsstaten (Mining Inspectorate) for the Sågtjärn nr 101 and 102 mineral license applications to explore for copper, zinc, lead silver, gold, molybdenum and cobalt over a 4,068 hectare (ha) area located in the Jämtland and Västernorrland Counties in central Sweden. The Sågtjärn mineral licenses are in good standing for a three-year term that ends on May 10, 2026.

Renewal for an additional three years will require payment of mineral license fees to the Swedish Mining Inspectorate, and the completion of at least some geological, geochemical, or geophysical work on the mineral license before May 10, 2026. The Sågtjärn Deposit remains open in all directions, and contains the following drill result highlights: Hole SGT-77-007 intersected 8.7 m at 0.13% U3O8 from 60.3 to 69.0 m. Hole SGT-77-011 intersected 7.0 m at 0.18% U3O8 from 86.0 to 93.0 m. Hole SGT-79-011 intersected 5.2 m at 0.13% U3O8 from 132.6 to 137.8 m. Hole SGT-80-001 intersected 4.6 m at 0.13% U3O8 from 146.5 to 151.1 m. Mineral license Sågtjärn nr 102 contains the Staverberget Mineral Occurrence, which is highlighted by: Historical boulders that returned assays from background levels up to 1.3% Cu, 1.8% Mo and 1.3 g/t Au. Limited historical drilling intersected 0.8 m at 1.46% U3O8, 1.26% Mo, 0.25% Pb, 0.2% Zn, 0.2% Cu, and 10 g/t Ag.

A moratorium on uranium mining and exploration in Sweden was imposed in 2018. The current Swedish Government has expressed a positive stance on re-evaluating the moratorium. The Sågtjärn Uranium Deposit remains open in all directions, especially towards the northwest where hole SGT-80-001 intersected 4.6 m at 0.13% U3O8 from 146.5 to 151.1 m. The historical drill cores have not been analyzed for other potentially economic elements of interest.