District Metals Corp. launched on 6 July 2026 a new airborne survey using the MobileMT system across its Alum Shale properties in the Jämtland and Västerbotten counties of north-central Sweden. The survey, contracted to Expert Geophysics Surveys Inc. (EGS), will cover approximately 2,253 line kilometres at a 400-metre line spacing. The goal is to identify new exploration targets prospective for uranium, vanadium, nickel, molybdenum, zinc, and rare earth elements.
The MobileMT system operates by harnessing electromagnetic energy generated by global thunderstorm activity, which is converted into plane waves that penetrate the subsurface. These fields are then analysed to detect variations in electrical resistivity, allowing geologists to map geological units of interest. The host rock, Alum Shale, is rich in graphite and sulphides — a composition that makes it a natural superconductor, easily distinguishable using MobileMT. Priority targets will be those areas where the shale unit is shallowest and thickest, a condition that optimises the strip ratio in any future mining scenario.
This is the third MobileMT campaign District Metals has conducted in Sweden. In June 2025, the system successfully mapped the mineralised host rock at the Viken Energy Metals Deposit. By July 2025, roughly half of the total 151,329-hectare Alum Shale property package had been flown, revealing numerous large-scale conductive anomalies. Data from the new survey will be integrated with existing geological, geochemical, and geophysical datasets to define the most promising drill targets.
The Viken deposit remains the flagship asset of the entire project. It hosts the world’s largest undeveloped uranium mineral resource estimate, alongside significant reserves of vanadium, potassium, molybdenum, nickel, copper, and zinc. In June 2026, District Metals released the results of a Preliminary Economic Assessment for Viken, indicating an after-tax net present value of US$2.88 billion, an internal rate of return of 45.9%, and a payback period of 2.1 years, with an initial capital cost of US$876 million and average annual free cash flow of US$531 million over a 13-year mine life — figures that place the project among the most robust in the global uranium mining sector.
Sweden’s regulatory landscape has undergone a significant shift. In November 2025, the Swedish Parliament repealed the ban on uranium exploration and mining that had been in place since 2018, with the new legislation taking effect on 1 January 2026. Sweden holds approximately 27% of Europe’s known uranium resources, and its legal framework — featuring independent regulatory oversight and structured permitting processes — provides a solid foundation for the development of critical raw material projects, in line with the European Union’s broader strategy for strategic raw materials.
With the survey now underway, District Metals aims to complete airborne coverage of its entire Alum Shale property portfolio, paving the way for more targeted drilling campaigns. If results are consistent with those from previous seasons — where some identified anomalies proved larger in extent than the Viken deposit itself — the company could find itself managing a district-scale pipeline of exploration targets. This would carry concrete implications for the project’s overall valuation and for the interest of international investors in European uranium.
