Interview: Garrett Ainsworth, CEO of District Metals on Securing Strategic Metals for Europe's Future
- Miningvisuals
- 2 days ago
- 10 min read
Interview: Garrett Ainsworth, President, CEO, and Director at District Metals (TSX-V: DMX)
For years, Sweden's world-class uranium resources have been locked away by a government moratorium, a rich legacy made inaccessible to a world hungry for clean energy. But with a major political shift now underway to reopen the country to uranium mining, a historic opportunity is emerging. We recently sat down with Garrett Ainsworth, CEO of District Metals, to discuss how his company strategically anticipated this change and secured the Viken Deposit—a globally significant energy metals asset. Our conversation revealed a company perfectly positioned at a pivotal moment, transforming a political headwind into a powerful tailwind for European energy security.
Introduction & Background
1.) Garrett, to begin, could you share a bit about your background as a geologist & mining executive? You have a track record of significant success, particularly in making high-grade uranium discoveries. Perhaps you could expand on that experience and the journey that ultimately led you to your current role as CEO of District Metals?
I’ve spent much of my career focused in the Athabasca Basin, Northern Saskatchewan, Canada looking for and discovering high grade uranium deposits from 2007 to 2018.
I was the Vice President of Alpha Minerals, and took a lead role in the discovery and delineation of the Triple R Deposit in the Southwest Athabasca Basin. We made the discovery in November 2012, got bought out in November 2013 by Fission Uranium, and I was awarded the 2013 AMEBC Colin Spence award for my efforts.
In 2014 I started as Vice President Exploration & Development with NexGen Energy where our team had a lot of success with the Arrow Deposit and other uranium zone discoveries also in the Southwest Athabasca Basin. When I joined NexGen in 2014 the market capitalization was ~CDN$50M and when I left in 2018 the market capitalization reached ~CDN$3B. As part of the NexGen team I was awarded the 2018 PDAC Bill Dennis Award and 2016 Mines & Money Exploration Award.
As a free agent in 2018 I got a hold of a shell company named MK2 Ventures that was backed by brilliant industry veterans such as Warren Irwin, Ivan Bebek, Michael Marosits, and Talal Yassin. We changed the name of MK2 to District Metals Corp. and entered Sweden with an agreement to acquire the Tomtebo Property in early-2020, which is base metals polymetallic in Bergslagen Mining District. We had a lot of success drilling at Tomtebo, and added a few other base metals projects, but found that by 2022 the market was losing interest in base metals.
In Sweden a center-right coalition government took the reigns in September 2022 with a clear message that they would be building more nuclear reactors, and that they intended to lift the ban on uranium mining. We moved quickly and staked up five uranium polymetallic properties in Sweden with the flagship being our Viken Property that hosts the Viken Energy Metals Deposit, which contains the largest undeveloped mineral resource of uranium in the world along with significant resources of vanadium, potash, molybdenum, nickel, zinc, copper, and rare earth elements.
More recently on the political front the Swedish Government has announced that they intend to vote on a proposal to lift the ban on uranium mining in Q4 2025 with the intention that exploration and mining of uranium should be allowed on January 1, 2026. The future looks bright with our portfolio of uranium properties and a timeline to the likely lifting of the uranium moratorium in Sweden while the fundamentals for nuclear energy couldn’t look much better.
We also have Boliden Minerals AB optioning our Tomtebo Property by spending CDN$10M over four years, and we are in the second year of that collaboration that also includes Boliden’s Stollberg Property.
Company Overview
2.) For followers who may be new to District Metals, could you provide an overview of the company? Perhaps you could touch on its origins, its core focus as a mineral explorer, and what the team is primarily concentrated on today?
District Metals entered Sweden in early-2020 when we acquired the Tomtebo Property in the Bergslagen Mining District looking for base metal polymetallic deposits. We are currently exploring three base metal polymetallic properties and five uranium polymetallic properties.
The Bergslagen District is known for gigantic base metal polymetallic deposits that Boliden is currently mining at Garpenberg and Zinkgruvan. We saw an opportunity with this District that hosts large world class base metal polymetallic deposits where there is largely a lack of modern systematic exploration. We are now working with Boliden Minerals AB on our Tomtebo Property and on their Stollberg Property where District is the operator, and Boliden is funding the exploration of CDN$10M over four years.
A favourable political shift in September 2022 led us to pick up five uranium polymetallic properties. Our Viken Property hosts the Viken Energy Metals Deposit which contains very large resources of uranium, vanadium, potash, molybdenum, nickel, zinc, copper. Our Alum Shale Properties are earlier stage where we are looking to discovery another Viken Deposit by currently using a leading edge airborne geophysical survey. Our Ardnasvarre, Sågtjärn, and Nianfors Properties host higher grade uranium from historical drill holes and historical mineral resources where we are currently conducting drone radiometric and magnetic surveys to expand known mineralized zones and hopefully discovery new ones.
We remain focused on the science of finding and developing mineral deposits and using the latest technologies to do so. Our time is balanced between advancing our uranium polymetallic and base metal polymetallic properties in Sweden, but a great deal of focus will clearly be on our Viken Property going forward.
Deep Dive: The Viken Deposit
3.) Let's focus on the Viken property. Could you help our audience understand the sheer scale of this project and what it means for District Metals to now control an asset of this magnitude?
There are two ways to looks at the Viken Energy Metals Deposit: 1) it’s the largest undeveloped uranium deposit in the world; 2) it’s the second largest uranium deposit after BHP’s Olympic Dam.
We updated the Viken Deposit mineral resource estimate (MRE) in April 2025 as NI 43-101, and it became much larger than the historical estimate from 2014. Our April 2025 Viken MRE also includes the vanadium, potash, molybdenum, nickel, zinc, copper, and rare earth elements. The value of important and critical raw materials contained in the Viken Deposit can’t be overstated enough, especially with the backdrop of ongoing geopolitical turmoil.
Here is the April 2025 MRE:
Notes:
(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
(2) The Inferred Mineral Resource in this MRE has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
(3) The Mineral Resource in this MRE was estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
(4) The MRE was based on consensus economics forecast US$ metal prices of $72/lb U 3 O 8 , $5/lb V 2 O 5 , $17/lb Mo, $8.50/lb Ni, $4.25/lb Cu and $1.30/lb Zn with respective process recoveries of 80%, 80%, 70%, 70%, 50% and 75%,
(5) Overburden, waste and mineralized US$ mining costs per tonne mined were respectively $2.00, $2.50 and $3.00.
(6) Processing and G&A US$ costs per tonne processed were respectively $20 and $2.
(7) Constraining pit shell slopes were 45 degrees.
4.) Beyond its size, Viken contains a strategic mix of metals critical for the energy transition, including very significant resources of uranium, vanadium, potash, nickel, zinc, copper, and molybdenum. What do you see as the long-term potential for Viken and how does the company approach the development of this polymetallic giant?
The Viken Deposit may be very large based on the April 2025 MRE, but we anticipate a relatively small mining scenario that will be reflected in any upcoming economic studies. Keeping the mining scenario smaller is beneficial from the perspective of lower capital expenditure and improved social license. Also, if a mining operation at the Viken Deposit was too large then it would flood the current vanadium market, which would put pressure on the price of this metal.
In a mining scenario for an economic study on the Viken Deposit we would anticipate a 50 to 100 million tonne operation over 10 to 12 years. Metallurgy will be a big part of any future economic study as we’ll aim to recovery additional important and critical raw materials.
5.) Could you expand on the REE potential at Viken, and is assaying for these elements a key step before a potential PEA decision later this year?
Historical drilling from 2006 to 2012 at the Viken Deposit did not analyze for the full suite of rare earth elements (REE), which is something we’ll look to correct after the uranium moratorium is lifted. Whether we re-assay historical drill core, or drill our own metallurgical holes to get the full suite of REE analytical data for the Viken Deposit is yet to be determined. We would definitely want to add the most suitable REEs for any upcoming economic study.
The historical analytical data from the Viken Deposit did include some REEs that we reported on with the April 2025 MRE.
6.) Since Viken is a large-scale, lower-grade deposit, how should investors think about its value proposition? How has the market historically valued similar uranium projects, and are there any notable precedents that help put Viken into perspective?
I come from a background of working on high grade uranium deposits. Now that I’ve spend a couple of years working on low grade uranium deposits I’ve learned that there are pros and cons to both, but they are both necessary sources of uranium supply for the upcoming nuclear energy renaissance.
The Viken Deposit was previously advanced by Continental Precious Minerals as their flagship project where they reached a market capitalization of ~CDN$330M in the last uranium bull market.
Southern Africa has numerous low grade uranium deposits and mines. Previous monetizing events of these low grade deposits included UraMin being bought out for US$2.5B in 2007 by AREVA (now Orano). In 2013, Extract Resources was bought by China General Nuclear Power Group (CGN) for AUD$2.2B. These monetizing events confirm the demand and potential valuation of low grade uranium deposits.
The Uranium Opportunity in Sweden
7.) Recently, the Swedish Government announced it is moving forward with a process to reverse the ban on uranium mining. What does this significant policy shift mean for the Viken project and for District Metals?
The Swedish Government has advised that it intends to vote on a Proposal to lift the ban on uranium mining in Q4 2025, and that they have a majority to approve it. Upon an approved Proposal there will be changes made to the Minerals Act and Environmental Code slated for January 1, 2026 that will open up Sweden for exploration and mining of uranium.
Once in force, this policy shift would be a landmark event for District Metals Corp. that will likely create significant shareholder value. The ability to extract uranium ore and processing it into yellowcake would add substantial value to the Viken Deposit, while also being a better environmental alternative than disposing of the uranium in the tailings.
Viken's Strategic Importance for Europe
8.) Let's zoom out to the bigger picture. Europe has a stated goal of securing its own supply of critical minerals to reduce its dependence on external sources. Given its significant domestic resources of vanadium, nickel, and other key metals, what role could the Viken deposit play in enhancing Europe's strategic autonomy and resource security?
The Viken Deposit contains significant resources of important and critical raw materials that could play a strategic and foundational role in enhancing Europe's autonomy and security of supply for critical raw materials through:
Geopolitical Diversification
Reduces reliance on unstable or strategic competitors (e.g. Russia for nickel, China for vanadium).
Strengthens European mining sovereignty with a supply base within the EU.
Support for Green & Digital Transitions
Viken’s vanadium and nickel could feed battery production, critical to EV rollout and grid resilience.
Molybdenum and uranium support renewable energy infrastructure and nuclear power.
Aligned with the Critical Raw Materials Act (CRMA)
Viken aligns perfectly with the CRMA's objectives—large scale, domestic, and focused on strategic metals
Could qualify for "Strategic Project" designation, enabling fast-tracking of permitting and funding support.
Permitting & ESG Advantage
Located in Sweden, a jurisdiction known for high ESG standards, mining transparency, and political stability.
Broader Portfolio
9.) Besides Viken, the company holds a significant and diverse portfolio of other projects across Sweden. Thinking about your high-grade polymetallic assets in the Bergslagen District like Tomtebo and Gruvberget, and your uranium-focused properties like Sågtjärn, Nianfors, and Ardnasvarre — what is the strategy behind this multi-pronged approach, and how does this pipeline of projects create additional long-term value for shareholders?
Our Viken Property is the most advanced project in our portfolio with our April 2025 MRE and historical economic studies from 2010 and 2014. However, a strong pipeline of earlier stage projects is also important for an exploration and development company.
We continue to advance the Tomtebo and Stollberg Properties by mostly drilling with Boliden Minerals AB where we are exploring for another large high grade base metals polymetallic deposit similar to what Boliden has at their Garpenberg and Zinkgruvan Mines. Our Gruvberget Property will see minimal exploration work until market interest returns for base metals, and we have discussed the idea of potentially optioning this property out.
Upon confirmation that the uranium moratorium is lifted in Q4 2025 we’ll look to aggressively advance our Sågtjärn, Nianfors, and Ardnasvarre Properties through prospecting, mapping, sampling, and drilling in 2026 with hopes to get to mineral resource estimates and then economic studies.
Looking Ahead: Catalysts & Milestones
10.) Finally, as we look ahead through the next 6 to 12 months, what are the key catalysts and milestones that investors should be watching for from District Metals, particularly concerning the advancement of the Viken project?
There are many upcoming catalysts given the two parts of the District Metals’ business that includes uranium polymetallic and base metals polymetallic:
Q3 2025: Commence airborne MobileMT Survey at Viken and Alum Shale Properties.
Q3 2025: Commence airborne Drone Radiometric & Magnetic Survey at Sågtjärn, Nianfors, and Ardnasvarre Properties.
Q3 2025: Drill assay results from Tomtebo, and re-commence drilling at Tomtebo.
Q3 2025: MobileMT results from Viken Property released.
Q4 2025: MobileMT results from Alum Shale Properties released.
Q4 2025: Drone Radiometric & Magnetic results from Sågtjärn, Nianfors, and Ardnasvarre Properties released.
Q4 2025: Commence drilling at Stollberg Property.
Q4 2025: Proposal to lift ban on uranium mining to be voted on.
Q4 2025: Upon an approved Proposal to lift the uranium moratorium an economic study will be initiated.
January 1, 2026: Likely change to legislation to allow exploration and mining of uranium.
For more information on District Metals, please visit their official website: https://districtmetals.com/
Disclaimer
The information presented in this interview is for informational purposes only and should not be considered as investment advice. The views and opinions expressed are those of the interviewee and do not necessarily reflect the official policy or position of MiningVisuals. While we strive to present accurate and timely information, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, or suitability of the information contained herein. Readers are strongly encouraged to conduct their own research and due diligence, and to consult with a qualified financial advisor before making any investment decisions. For complete and official information regarding District Metals, please refer to the company's public filings on SEDAR.