District Metals (DMX) Q1 2025 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.

• During the quarter, Boliden terminated its earn-in agreement on Tomtebo, and the company completed the sale of its remaining Bakar Property interest.

• Swedish Parliament repealed the moratorium on uranium exploration and mining, effective January 1, 2026, opening new exploration opportunities.

Financial highlights

• Net loss for the quarter was $362,990, down from $448,168 in the same quarter last year, mainly due to higher fair value gain on investments and lower administrative and marketing costs.

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

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

• Operating cash outflow was $627,622, and investing cash outflow was $755,097 for the quarter.

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

Outlook and guidance

• Plans to advance exploration at uranium properties in Sweden following the lifting of the uranium moratorium, including fieldwork, geophysics, drilling, and an economic study of the Viken Deposit.

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