News Release – Vancouver, British Columbia – September 26, 2024: Defense Metals Corp.
(“Defense Metals” or the “Company”; TSX-V: DEFN / OTCQB: DFMTF / FSE: 35D) is pleased
to announce the signing of a Memorandum of Understanding (“MOU”) with The Saskatchewan
Research Council (“SRC”) that will benefit both parties by promoting a collaborative and strategic
approach to help strengthen the rare earth element (“REE”) supply chain within Canada.
Guy de Selliers, Executive Chairman of Defense Metals, commented:
“We are excited to collaborate with The Saskatchewan Research Council, a recognized leader in rare earth processing and technology development. This MOU represents a significant step forward in our goal of becoming part of a secure and sustainable supply chain for rare earth elements in North America. By working together with SRC, we believe we can make substantial progress toward closing the rare earth supply chain loop and ensuring the availability of these critical materials for green energy and defence applications that are essential for national security.”

The MOU outlines a framework for Defense Metals and SRC to leverage their respective
capabilities and interests in the supply and processing of rare earth materials that are especially
critical to the production of rare earth magnets. The proposed objectives of this collaboration
include:
 Exploring potential collaborations using each Participant’s respective capabilities and
interests in the process and supply of rare earth products used in the rare earths magnet
value chain;
 Enabling discussions in connection with the separation of the Defense Metal’s mixed
rare earth carbonates into separated rare earth oxides employing SRC’s separation
technology design, installation, and operational expertise; and
 Facilitating negotiations of a long-term agreement with SRC for the sale and purchase
of Defense Metal’s mixed rare earth carbonate.

This collaboration aligns with the broader Canadian Critical Minerals Strategy, which is focused
on developing a domestic industry, reducing reliance on foreign sources of critical minerals and
bolstering national security. Furthermore, it supports broader North American goals for economic
competitiveness and technological innovation in clean energy and defence technologies.
Suite 1020 – 800 West Pender St.
Vancouver, BC V6C 2V6
(TSX-V: DEFN)
www.defensemetals.com

About The Saskatchewan Research Council
SRC is Canada’s second-largest research and technology organization, providing services and
products to its 1,400 clients in 22 countries around the world for more than 77 years
Since 2020, SRC’s Rare Earth Processing Facility in Saskatoon has received $71 million in
funding from the Government of Saskatchewan, as well as $30 million in combined funding from
the Government of Canada. This funding has been instrumental in helping SRC construct a
vertically and laterally integrated “minerals to metals” facility equipped with state-of-the-art,
proprietary technology developed by SRC. Development of the facility continues ahead of
schedule, producing rare earth metals at a commercial scale in the summer of 2024 – making
Saskatchewan the first and only jurisdiction to do so in North America.

About Defense Metals Corp. and its Wicheeda Rare Earth Element Deposit
Defense Metals Corp. is focused on the development of its 100% owned Wicheeda REE deposit,
for which a mineral resource estimate was reported in 2023 in a Technical Report prepared in
accordance with the Canadian Securities Administrators’ National Instrument 43-101 Standards of
Disclosure for Mineral Projects (“NI 43-101”), which is available for review on the Company’s
profile on SEDAR+ at www.sedarplus.ca and the Company’s website at www.defensemetals.com.
The 8,301-hectare (~20,534-acre) Wicheeda Project, located approximately 80 kilometres (~50
miles) northeast of the city of Prince George on the traditional territory of the McLeod Lake Indian
Band in British Columbia, Canada, is readily accessible by a paved highway and all-weather gravel
roads. Nearby, superior infrastructure includes hydro power transmission lines, gas pipelines, the
Canadian National Railway and major highways that allow easy access to the port facilities at
Prince Rupert, the closest major North American port to Asia.

Defense Metals is a proud member of Discovery Group. For more information please visit:
www.discoverygroup.ca.
For further information, please visit www.defensemetals.com or contact:
Alex Heath
Senior Vice President, Corporate Development & Interim CFO
Tel: +1 604-354-2491
Email: alex@defensemetals.com