District Metals (DMX) Q2 2026 earnings summary

Executive summary

• Focused on uranium polymetallic exploration, especially the Viken Property in Sweden, with recent regulatory changes lifting the uranium mining moratorium effective January 1, 2026.

• Completed sale of remaining Bakar Property interest, recognizing a gain of $106,037 in Q2 2026.

• Concluded the Boliden Earn-In Agreement for Tomtebo, with all obligations fulfilled and wind-down completed.

Financial highlights

• Net loss for Q2 2026 was $684,443, down from $707,052 in Q2 2025; six-month net loss was $1,047,433, down from $1,155,220 year-over-year.

• Cash and cash equivalents at December 31, 2025 were $8,817,495, compared to $9,740,155 at June 30, 2025.

• Fair value gain on investment in Sherpa II shares was $132,500 for the six months, compared to a $95,000 loss in the prior year.

• Operating cash outflow for the six months was $1,160,947; investing outflow was $1,543,241; financing inflow was $1,781,528.

Outlook and guidance

• Management believes current cash and expected proceeds from option/warrant exercises are sufficient for planned exploration and administrative expenses over the next 12 months.

• Ongoing engagement with Swedish regulators as new uranium mining regulations and potential municipal vetoes are clarified.