October 7, 2025 — Leads & Copy — Defense Metals Corp. (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) has provided an update on its activities since May 2025, including progress on the Wicheeda project’s Definitive Feasibility Study (DFS), engagement with First Nation partners, and discussions with government authorities regarding rare earth element (REE) supply.
The company is working towards commencing a DFS in the first half of 2026, following the release of the Pre-Feasibility Study (PFS) for the Wicheeda project in May 2025. Defense Metals has been conducting additional test work to optimize the final plant configuration, including alternative plant sizing and fine-tuning the metallurgical process flow.
Defense Metals is also working with the McLeod Lake Indian Band (MLIB) and has attended their Annual General Assembly. The MLIB and Defense Metals signed a Joint Co-Design Agreement in 2024, and the band has demonstrated support of the Company’s efforts to expedite the development of the Wicheeda project.
The company has been in dialogue with Canadian and US authorities regarding the importance of the Wicheeda project in securing the supply of REE for electric vehicles, defense applications, and robotics. Defense Metals has also engaged Hatch Ltd to determine the optimal location for the Wicheeda project’s hydro-met plant and has two grant applications under evaluation with the Critical Minerals Infrastructure Fund (CMIF).
Mark Tory, President and CEO of Defense Metals, joined a trade mission to Berlin, Germany, and attended a resources roundtable with The Honourable Tim Hodgson to discuss government assistance for major BC mining projects.
Defense Metals has an MoU in place with a potential strategic partner for a supply agreement and continues discussions with other potential partners. The company has also received a Letter of Interest from Export Development Canada for potential debt financing of up to US$250 million to support the development of Wicheeda.
At the Annual General Meeting of shareholders on September 24, 2025, Maryanne Crichton was elected to the Board of Directors. Shareholders also approved the appointment of Crowe MacKay LLP as the auditor and a resolution approving the Company’s new 10% rolling omnibus incentive plan.
Defense Metals Corp. is focused on developing its Wicheeda Rare Earth Element (REE) property in British Columbia, Canada. The Wicheeda Project is accessible by a paved highway and all-weather gravel roads and is close to infrastructure. A Preliminary Feasibility Study (PFS) demonstrated the project’s economics, returning a pre-tax NPV at 8% of US$1.8 billion and IRR of 24.6%.
Mark Tory
President and CEO
Tel: +1 604-445-8179
Email: mark@defensemetals.com
Source: Defense Metals Corp.
