District Metals (DMX) Precious Metals & Critical Minerals Virtual Investor Conference summary

Market and regulatory context

• Sweden lifted its uranium exploration and mining ban effective January 1, 2026, supporting ongoing project plans and a pro-nuclear policy shift.

• Recent political discussions about alum shale mining are seen as election-year maneuvers, with no new environmental risks identified in a 2020 inquiry.

• A government inquiry into alum shale mining is expected after the September election, but no ban is being discussed, only a potential municipal veto.

• The Geological Survey of Sweden is reviewing the Viken Deposit for national interest status, which could override municipal vetoes.

• Sweden ranks sixth globally for mining investment attractiveness, with a clear permitting process and strong government support.

Project portfolio and exploration highlights

• The flagship Viken Project is the world's largest undeveloped uranium deposit, also containing vanadium, potash, molybdenum, nickel, copper, and zinc.

• Four advanced-stage uranium exploration projects target alum shale, aiming to discover another Viken-type deposit.

• MobileMT geophysical surveys identified multiple high-potential targets within the Viken property and alum shale projects, with some anomalies larger than the current deposit.

• Hard rock uranium projects Sågtjärn, Nianfors, and Ardnasvarre show promising grades and have seen little modern exploration.

• Drilling at new targets and fieldwork at non-alum shale projects are planned for later this year, with results expected in Q3 and Q4.

Resource and economic outlook

• Viken's inferred resources include 1.5 billion lbs uranium, 24.3 billion lbs vanadium, and 160 million tons potash.

• Potash is considered strategically important for the EU, which currently imports from Israel, Belarus, and Russia.

• Rare earth element potential will be assessed in upcoming drilling, with new metallurgical techniques under consideration.

• The enterprise value per pound of inferred uranium resource is currently low, indicating a potential valuation gap compared to peers.

• A preliminary economic assessment (PEA) for Viken is underway, with an economic impact study to follow.