District Metals (DMX) Q1 2026 earnings summary

Executive summary

• Focused on exploration and evaluation of mineral properties in Sweden and Canada, with primary assets being the Viken and Tomtebo properties.

• No revenue generated; operations funded through equity and financing activities.

• Boliden terminated the earn-in agreement for Tomtebo, with wind-down activities funded by a $300,000 advance.

• Swedish Parliament repealed the moratorium on uranium exploration and mining, effective January 1, 2026.

Financial highlights

• Net loss for the quarter was $362,990, down from $448,168 in the same quarter last year.

• Cash and cash equivalents at September 30, 2025 were $9,237,457, compared to $9,740,155 at June 30, 2025.

• Accumulated deficit reached $67,446,263 as of September 30, 2025.

• Operating cash outflows were $627,622, and investing outflows were $755,097 for the quarter.

• Financing activities raised $880,021, mainly from warrant and option exercises.

Outlook and guidance

• Sufficient cash and expected proceeds from option/warrant exercises to fund planned exploration and administrative expenses for the next 12 months.

• Plans to advance uranium exploration in Sweden following the legislative change, including fieldwork, geophysics, drilling, and an economic study of the Viken Deposit.