 Vancouver, British Columbia – March 3, 2025: Defense Metals Corp. (“Defense Metals” or the “Company”; TSX-V:DEFN / OTCQB:DFMTF / FSE:35D) is pleased to announce that it has been named as a recipient for funding of up to C$853,825 from Natural Resources Canada’s (NRCan) Critical Minerals Infrastructure Fund (CMIF) to support the advancement of infrastructure for its Wicheeda Rare Earth Element (REE) deposit, located northeast of Prince George, British Columbia.Highlights: Conditional funding approval for up to C$853,825 from Natural Resource Canada’s Critical Minerals Infrastructure Fund. Funding will support an economic study assessing the construction of a 46km transmission line connecting Wicheeda to the provincial hydroelectric power grid. The study includes powerline engineering, environmental studies archaeological assessments, and Indigenous engagement. The McLeod Lake Indian Band (MLIB) is an equity partner in the project and is actively involved in decision-making through a co-design agreement with Defense Metals. The CMIF funding builds on the recently completed Pre-Feasibility Study (PFS), which confirmed the Wicheeda Project’s strong economic viability and potential to become a significant North American supplier of critical rare earth elements. The Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources Canada, commented: “Developing Canada’s abundant critical minerals drives economic opportunity and creates hundreds of high-paying jobs. Programs like this help mines get built faster, and they are a key element in seizing the generational opportunity before us. The funding provided to Defense Metals for its Wicheeda Rare Earth Element Project, will help advance the development of the necessary infrastructure to expand British Columbia’s sustainable critical minerals production. Defense Metals, and many other businesses in British Columbia know that moving forward, economic development and environmental sustainability must go hand in hand.” “We are very grateful for this important endorsement from Natural Resources Canada and its Critical Minerals Infrastructure Fund,” said Mark Tory, CEO of Defense Metals. “This funding is the first step to advancing crucial infrastructure for the Wicheeda Project, the only rare earth project in Canada with current proven and probable reserves. As North America’s most advanced rare earth developer, we are bridging the critical minerals supply gap by positioning Wicheeda as a key future supplier of these essential rare earth materials.” Transmission Line Study Summary The CMIF funding will enable Defense Metals to undertake studies for a proposed 46km transmission line, which will connect the Wicheeda Project to British Columbia’s provincial hydroelectric power grid. This initiative represents a critical step toward ensuring a reliable, sustainable power supply for the project while reducing reliance on alternative energy sources. The scope of work under this funding includes powerline engineering, environmental studies, archaeological assessments, and ongoing Indigenous engagement with MLIB. As announced on January 17, 2024, Defense Metals and MLIB have an established co-design agreement, ensuring that Indigenous perspectives are integrated into the project assessment and development. MLIB’s equity partnership in the project further reinforces their involvement in decision-making processes. The Wicheeda Project is a strategically significant asset for Canada’s critical minerals sector, aiming to contribute to the domestic supply of rare earths essential for clean energy, defense, and advanced technology applications. About the Critical Minerals Infrastructure Fund (CMIF) The Critical Minerals Infrastructure Fund (CMIF) is a program established by Natural Resources Canada to support infrastructure projects that enhance the development and supply of critical minerals in Canada. The fund aims to improve access to power, transportation, and other key infrastructure to advance the country’s position as a global leader in critical minerals production. About Defense Metals Corp. and its Wicheeda Rare Earth Element Project Defense Metals Corp. is focused on the development of its 100% owned, 11,800-hectare (~29,158-acre) Wicheeda rare earth element (“REE”) Project that is located on the traditional territory of the McLeod Lake Indian Band in British Columbia, Canada. The Wicheeda REE Project, approximately 80 kilometres (~50 miles) northeast of the city of Prince George, is readily accessible by a paved highway and all-weather gravel roads and is close to infrastructure, including hydro power transmission lines and gas pipelines. The nearby Canadian National Railway and major highways allow easy access to the port facilities at Prince Rupert, the closest major North American port to Asia. 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 |
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