Significant Business Update from Defense Metals Corp. on Wicheeda Project Progress

Major Business Update from Defense Metals Corp.

Defense Metals Corp. (TSXV: DEFN) is excited to announce several important updates regarding its Wicheeda Rare Earth Element (REE) project located in British Columbia. Since its previous share placement in May 2025, the company has made significant strides as it gears up for the next stages in project development.

Project Study Advancements

In May 2025, the company released a Pre-Feasibility Study (PFS) that marked an essential milestone for the Wicheeda project, revealing it as the only REE site in North America with confirmed mineral reserves not yet in production. Following this, Defense Metals is actively preparing to initiate a Definitive Feasibility Study (DFS), slated to begin in the first half of 2026. This study will deepen the insights gained from the PFS and explore possible enhancements to the metallurgical process, determining optimal plant configurations and potential economic benefits of additional downstream processing.

Additionally, Defense Metals is concentrating on social and environmental responsibilities, establishing baseline environmental conditions, and strengthening ties with the local indigenous community.

Collaborating with the McLeod Lake Indian Band

Defense Metals has cultivated a robust partnership with the McLeod Lake Indian Band (MLIB), a crucial ally and shareholder. The shared commitment was further solidified with a Joint Co-Design Agreement signed in 2024. The MLIB’s recent Annual General Assembly showcased their support, while their insights into project development continue to play a vital role in advancing the Wicheeda Project.

Engaging with Canadian and U.S. Authorities

Recognizing the indispensable nature of the Wicheeda project in reinforcing North America's REE supply chain—especially for electric vehicles and defense applications—Defense Metals is engaging in constructive dialogues with Canadian and U.S. officials. The importance of the development has attracted attention from ministries in both countries, paving the way for potential grants and financial support through initiatives like the Critical Minerals Infrastructure Fund (CMIF).

President and CEO Mark Tory has actively participated in trade missions to reinforce these engagements, including discussions with Canadian Prime Minister Mark Carney about streamlining the permitting process for critical minerals projects in British Columbia.

Strategic Partnerships and Financing Efforts

Defense Metals has established a Memorandum of Understanding (MoU) with a potential strategic partner that could significantly affect its production outputs. Interest in the company is acutely rising from potential partners eager to source REE materials, given the unique position of Wicheeda as the only project in North America with published proven reserves.

On the financing front, the company received a Letter of Interest from Export Development Canada regarding a potential $250 million debt financing opportunity to support the Wicheeda development. Communication with investors focused on critical minerals underscores a strong interest in advancing Canadian resource initiatives. Currently, the company enjoys a debt-free status with favorable working capital.

Annual Meeting of Shareholders

The annual meeting of shareholders held on September 24, 2025, highlighted the election of Maryanne Crichton to the Board of Directors, adding her extensive experience in mining and infrastructure to the Board’s expertise. Shareholders approved the appointment of Crowe MacKay LLP as the company's auditor for the upcoming fiscal year and endorsed a new rolling omnibus incentive plan to motivate performance.

About Defense Metals Corp.

Defense Metals Corp. is dedicated to advancing its 100% owned Wicheeda REE project, spanning 11,800 hectares in British Columbia. This project is strategically positioned near vital infrastructure, including hydro power lines and railways, which will facilitate logistics and transport to key markets. The recent PFS indicated robust project economics, projected to yield a pre-tax net present value of $1.8 billion.

This business update marks a pivotal point in the Wicheeda project’s evolution, reaffirming Defense Metals' commitment to aligning sustainable resource development with community engagement and environmental responsibility.

For more details, visit www.defensemetals.com or contact:
Mark Tory, President and CEO
Tel: +1 604-445-8179
Email: [email protected]