District Announces Equity Grant

Vancouver, British Columbia--(Newsfile Corp. - June 5, 2026) - District Metals Corp. (TSXV: DMX) (Nasdaq First North: DMXSE SDB) (OTCQX: DMXCF) (FSE: DFPP); ("District" or the"Company") announces that it has granted a total of 2,820,000 incentive stock options to directors, officers, employees and consultants of the Company, 775,000 restricted share units to officers of the Company and 600,000 deferred share units to directors of the Company. Each stock option vests over three years from the grant date and is exercisable to purchase one common share of the Company for five years at a price of $0.75 per common share (the closing price of the Company's common shares on June 4, 2026, the date prior to the grant date) pursuant to the terms of the Company's Omnibus Incentive Plan. Each restricted share unit and deferred share unit represents a right to acquire one common share of the Company, cash equivalent or combination thereof in accordance with the Company's Omnibus Incentive Plan. The restricted share units and deferred share units vest twelve months from the grant date.

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. 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 and development company focused on its flagship Viken Property in Sweden. The Viken Property covers 100% of the Viken Deposit, which contains the largest undeveloped Mineral Resource Estimate of uranium in the worldⁱ along with significant Mineral Resource Estimates of vanadium, potash, molybdenum, nickel, copper, zinc, and other important and critical raw materials.

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, 2025, which is available on SEDAR+ at www.sedarplus.ca.

On Behalf of the Board of Directors

"Garrett Ainsworth"

President and Chief Executive Officer
[phone]

Cautionary Statement Regarding "Forward-Looking Information"

This news release contains certain statements that may be considered "forward-looking information" with respect to the Company within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved" and any similar expressions. In addition, any statements that refer to expectations, predictions, indications, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events. Forward-looking information in this news release relating to the Company include, among other things, statements relating to uranium and Alum Shale mining regulation in Sweden; the cost and timing of drilling activities; potential of the Viken Deposit; targets for further exploration; the cost and timing of any development of the Viken Deposit; government regulations and permitting; and other activities, events or developments that are expected, anticipated or may occur in the future.

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