District Metals has confirmed uranium, yttrium and molybdenum mineralisation at its Nianfors project in Gävleborg County, central Sweden, following a summer exploration programme that identified new geochemical targets for further investigation.
Analysis of 34 rock samples returned uranium concentrations of up to 937 ppm U₃O₈, yttrium oxide values reaching 667 ppm Y₂O₃ and molybdenum grades of up to 509 ppm. The programme also included geological and radiometric observations at 111 field stations.
The results build on a drone-based radiometric and magnetic survey completed in 2025, which identified anomalies associated with potentially mineralised structures. District plans to combine the new results with historical exploration data to define priority drilling targets.
Historical Mineralisation at Majsaberget
The strongest uranium results came from the Majsaberget occurrence, where historical investigations identified approximately 889 mineralised boulders across an area measuring around 500 by 200 metres.
Swedish geological authorities recorded a historical weighted average of approximately 1,600 ppm U₃O₈ and 1,015 ppm Y₂O₃. A 1982 geological survey also documented selected samples containing up to 14,000 ppm U₃O₈, 8,756 ppm Y₂O₃ and 2,200 ppm molybdenum.
The historical results confirm metal-bearing surface material but do not establish the grade or size of an underlying deposit. Glacial processes may have transported the boulders away from their original geological source. District must therefore determine whether the mineralisation extends into continuous bedrock structures.
Multiple Metals and Drilling Targets
Besides uranium, Nianfors contains yttrium and molybdenum, metals used in specialised ceramics, electronic components, advanced coatings, high-strength steels and industrial alloys.
Their potential contribution to a future mining operation will depend on mineral grades, mineralogy, recovery rates and processing costs. Recovering all three metals could require different treatment and separation processes.
The company has not yet established whether the identified mineralisation could support commercially viable production. The next exploration stage will focus on geological mapping, geophysical interpretation and identifying potential drilling locations. No drilling programme has been completed at Majsaberget, and District has not announced a drilling start date or dedicated budget for Nianfors.
Sweden Reopens Uranium Mining
The project is advancing under a revised regulatory framework after Sweden repealed its uranium mining prohibition, effective January 1, 2026. The country had banned uranium extraction in 2018.
The legislative change allows applications for uranium exploration licences and extraction concessions, subject to environmental and regulatory requirements, including radiation protection, water management and waste handling.
Viken Remains District’s Main Development Project
Nianfors forms part of District Metals’ Swedish portfolio, led by the Viken uranium and polymetallic project in Jämtland County.
Viken’s preliminary economic assessment estimated an after-tax net present value of approximately €2.5 billion, using an 8% discount rate, an internal rate of return of 45.9% and initial capital expenditure of approximately €762 million.
The proposed operation envisages a 13-year mine life and average annual production of approximately 3.3 million pounds of U₃O₈, alongside vanadium and other industrial products. The estimates remain preliminary and require further technical studies, environmental permitting and construction financing. Unlike Viken, Nianfors has no declared mineral resource or preliminary economic assessment.
C$16.19 Million Available for Exploration
District reported C$16.19 million in cash and cash equivalents at June 30, 2026, following a C$10 million private placement completed in May.
The funds support exploration activities across the company’s portfolio, including geological surveys, drilling and technical studies. However, the balance is not a dedicated Nianfors budget and is insufficient to establish funding for commercial mine construction. For Nianfors, the immediate priority is to identify the bedrock source of the Majsaberget boulders and establish whether uranium, yttrium and molybdenum mineralisation has sufficient grade, thickness and continuity to justify further resource definition.
