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District Metals Corp. (TSXV: DMX) (OTCQB: DMXCF) (FSE: DFPP) is an exploration and development company focused on the Viken and Tomtebo Properties in Sweden. The company recently received final approvals for new mineral licenses that cover a significant area in central and north-central Sweden. District is known for its Viken Energy Metals Deposit, a large Alum Shale deposit rich in uranium, vanadium, potash, molybdenum, nickel, copper, and zinc. The company's planned exploration work includes prospecting, mapping, and geochemical sampling to refine drill targets for further development.
District Metals Corp. (DMXCF) has received approval for listing on the Nasdaq First North Growth Market, with trading of its depositary receipts (DMX SDRs) set to commence on January 23, 2025, under the symbol 'DMXSE SDB'. The company will maintain its TSX Venture Exchange listing under 'DMX'.
The timing aligns with Sweden's renewed focus on exploration and mining, particularly significant as the company's Viken Deposit is under review by the Geological Survey of Sweden as an area of national interest for its vanadium resources, classified as a critical raw material by the EU. The Swedish Government recently released an inquiry regarding potentially lifting the uranium ban.
District has also executed a definitive agreement to acquire the 2% NSR royalty on the Viken Deposit, which upon closing will make the deposit entirely royalty-free. The Nasdaq First North listing aims to expand the company's European presence, enhance trading volume, and improve visibility to European investors.
District Metals Corp. (TSXV: DMX) (OTCQB: DMXCF) announces the approval of its application by Nasdaq Stockholm AB for trading its depositary receipts (DMX SDRs) on the Nasdaq First North Growth Market. The Company has published a Company Description as per Nasdaq First North rules, with trading preliminarily scheduled to begin on January 23, 2025.
The Company Description, which has been approved by Nasdaq Stockholm AB, includes information about District's business, market presence, financial overview, risk factors, and corporate governance details. It is not a prospectus and does not contain any offering of shares or financial instruments.
Following the Nasdaq First North listing, District will no longer qualify as a 'venture issuer' under Canadian securities laws. The Company has applied for exemptive relief to maintain this status, though approval remains pending with Canadian securities regulatory authorities.
District Metals Corp. (DMXCF) has signed a definitive agreement to acquire a 2.0% net smelter returns (NSR) royalty on its Viken Energy Metals Deposit in Sweden. The purchase price consists of 500,000 common shares of District, subject to TSXV approval and a 4-month hold period.
The Viken Deposit, located 570 km northwest of Stockholm, contains critical energy metals including uranium, vanadium, nickel, molybdenum, copper, zinc, and rare earth elements. The deposit has two historical mineral resource estimates: a 2010 estimate showing Indicated resources of 23,610k tonnes and Inferred resources of 2,830,757k tonnes, and a 2014 estimate indicating 43,000k tonnes in the Indicated category and 3,019,000k tonnes in the Inferred category.
The deposit is hosted in Alum Shales, which have been tectonically thickened from 20-30m to approximately 180m. The area has well-developed infrastructure including air service, rail, truck freight services, electrical power, and modern communications.
District Metals Corp. (DMXCF) announces that the Swedish Ministry of Climate and Enterprise has released the results of an inquiry into lifting the uranium mining moratorium. The government intends to remove the 2018 ban on uranium mining and restore previous legislation. Key outcomes include: uranium will be regulated as a concession mineral, and mining will be permitted in Sweden.
The next steps involve a written consultation until March 20, 2025, followed by a legislative proposal to Parliament. The changes are proposed to take effect by January 1, 2026. Sweden currently has six operating nuclear reactors providing 29% of the country's electricity, and the government supports expanding nuclear power capacity.
District Metals Corp. (DMXCF) has received conditional approval to list its Swedish depository receipts (DMX SDRs) on the Nasdaq First North Growth Market. The listing is subject to standard conditions, including publishing a company description, meeting distribution requirements, and website updates. The SDRs will trade under symbol 'DMXSE' while maintaining the current ISIN.
The company is seeking exemptive relief from Canadian authorities to maintain its 'venture issuer' status despite the Nasdaq First North listing. District Metals believes this secondary listing will enhance Swedish investor access and strengthen its shareholder base. The company has been active in Sweden since June 2020, focusing on critical raw materials exploration, including the Viken Property, which contains what is reported as the world's second-largest uranium deposit based on historical estimates.
District Metals Corp (TSXV: DMX) (OTCQB: DMXCF) held its annual general and special meeting on December 12, 2024, in Vancouver. Shareholders, representing 9.10% of outstanding shares, voted in favor of all items including the election of directors Garrett Ainsworth, Joanna Cameron, Jonathan Challis, and Doug Ramshaw. The meeting also approved Davidson & Company LLP as auditor and adopted a new Omnibus Incentive Plan.
The Omnibus Plan is a 10% rolling plan allowing the Board to grant stock options, restricted share units, performance share units, and deferred share units. A total of 13,056,587 shares are issuable under this plan, which replaces the previous stock option plan.
District Metals Corp (TSXV: DMX) (OTCQB: DMXCF) announces plans for a secondary listing on the Nasdaq First North Growth Market in Sweden by end of 2024. The company holds the second-largest exploration land package in Sweden (144,718 hectares), including the Viken Energy Metals Deposit, one of the world's largest uranium-vanadium deposits. District's portfolio includes four uranium polymetallic properties and the Tomtebo Property in the Bergslagen Mining District. Boliden Mineral AB has committed CDN$10.0M for exploration over four years. The company's technical team includes experts with significant experience in uranium and base metals exploration, led by CEO Garrett Ainsworth, who previously contributed to major uranium deposit discoveries.
District Metals Corp (TSXV: DMX) (OTCQB: DMXCF) has announced its application for a secondary listing on the Nasdaq First North Growth Market in Sweden, aiming to complete the listing before the end of 2024. The company has seen increased interest from Swedish shareholders, attributed to potential changes in Sweden's uranium mining regulations, District's Swedish uranium project portfolio, and its partnership with Boliden Minerals AB. The listing is expected to improve trading liquidity and increase exposure to Swedish investors and analysts. The company's Viken Property reportedly hosts the world's second-largest uranium deposit based on historical estimates.
District Metals Corp. highlights recent Swedish Parliament meeting records regarding the uranium moratorium, which directly impacts their 100% owned Viken Energy Metals Deposit in Sweden. During an October 11, 2024 meeting, Environment Minister Romina Pourmokhtari emphasized the government's commitment to nuclear power as a low-emission technology. The minister criticized current legislation that requires treating uranium as waste, stating the government intends to change this approach. She described the current requirement to dispose of uranium while importing it from elsewhere as an unwise use of resources that is harmful to both environment and climate.
District Metals Corp. (TSXV: DMX) (OTCQB: DMXCF) has commenced core drilling at the Stollberg Property in Sweden. The program includes 2,200 m of drilling in 5-6 holes at the historic Gränsgruvan Mine. Key points:
1. Drilling will be followed by Boliden's down-hole electromagnetic survey.
2. The property shares similarities with the Garpenberg Mineralized Trend.
3. Focus on expanding known mineralization and potential new discoveries.
4. The Stollberg Mineralized Trend is a 5.0 km long belt of Zn-Pb-Ag sulphide deposits.
5. Historical production at Gränsgruvan Mine: 0.26 Mt at 4.8% Zn, 2.1% Pb, and 29 g/t Ag.
The program aims to leverage geological data and advanced techniques to increase the probability of making new polymetallic discoveries in the region.
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