#Canada #Defense Metals #Wicheeda Project #Rare Earth Elements #Prince George

Defense Metals Provides Update on Wicheeda Project

Defense Metals Corp., a key player in the rare earth supply industry, recently issued a joint letter to its shareholders from Executive Chairman Guy de Selliers and CEO Mark Tory, highlighting significant achievements and future plans for the Wicheeda Rare Earth Project located near Prince George, British Columbia.

As 2025 has proven to be a pivotal year, the company has made substantial strides in advancing the project while bolstering its leadership structure and financial foundation to cater to the escalating global demand for secure rare earth supply. During the year, significant enhancements were implemented in governance and leadership, including the formal transition of Mark Tory to the position of President and CEO, alongside the expansion of the Board and the senior management team, reinforcing the company’s capacity to execute its strategic plans.

A standout accomplishment for Defense Metals in 2025 was completing the Pre-Feasibility Study (PFS) for the Wicheeda Project. This study confirmed the project as the only undeveloped rare earth project in North America and Europe that boasts proven mineral reserves, thereby solidifying its essential role in the global rare earth supply chain. Following this, the company turned its eyes towards preparing for a Definitive Feasibility Study (DFS), which is expected to commence in early 2026, marking another step forward in the development of this critical resource.

To facilitate the ongoing advancement of the Wicheeda Project, Defense Metals successfully secured multiple private placement financings throughout the year, which included an oversubscribed financing round that raised C$16.2 million. These funds have significantly strengthened the company’s balance sheet and have provided invaluable resources necessary for metallurgical optimization, engineering assessments, and other essential technical operations to push the project forward.

The impressive commitments from insiders—including directors and senior officers—who invested alongside institutional stakeholders is a strong indicator of confidence in the company's trajectory. Notably, the Executive Chairman increased his shareholding through open-market purchases, showcasing a deep-rooted belief in the company’s strategy and its alignment with shareholder interests.

Throughout 2025, Defense Metals has also made commendable progress in engaging with Indigenous partners and governmental entities, highlighting a commitment to responsible development. The support received from the McLeod Lake Indian Band, along with constructive dialogues with federal and provincial administrations, plays an integral role in advancing the Wicheeda Project responsibly. Moreover, the company garnered a Letter of Interest from Export Development Canada, indicating potential project financing of up to US$250 million, subject to standard conditions, further underscoring the project's strategic importance.

Looking ahead to 2026, Defense Metals is strategically poised to advance the Wicheeda Project further, reinforce partnerships, and explore offtake opportunities. The achievements made so far have laid a solid foundation for realizing long-term value for shareholders.

In conclusion, the leadership duo expresses gratitude towards shareholders for their steadfast support and confidence as they move forward with one of North America’s most crucial rare earth projects.

About Defense Metals Corp.

Defense Metals Corp. is dedicated to the advancement of the 100% owned Wicheeda Rare Earth Element mineral deposit. Located approximately 80 kilometers northeast of Prince George, British Columbia, the Wicheeda Project is easily accessible and close to vital infrastructure, laying a promising groundwork for the company's future endeavors. For further insights, stakeholders can visit Defense Metals' website.

In light of the dynamic landscape of rare earth supply, Defense Metals continues to navigate its growth strategy with an eye towards sustainability, strategic partnerships, and advancing its critical role in the supply chain, ensuring a secure future for its operations and stakeholders.