Defense Metals and The Saskatchewan Research Council Enter into a MOU to Enhance the Domestic Rare Earth Element Supply Chain
Defense Metals and The Saskatchewan Research Council Enter into a MOU
to Enhance the Domestic Rare Earth Element Supply Chain
VANCOUVER, BC
,
Sept. 26, 2024
/CNW/ -
Defense Metals Corp.
("
Defense Metals
" or the "
Company
"; (TSXV: 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.
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:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release.
Notice Regarding the Wicheeda REE Deposit Mineral Resource Estimate
The mineral resource estimate for the Wicheeda rare earth element (REE) deposit is disclosed in a Technical Report dated
October 27, 2023
, effective
August
28, 2023
, entitled "Technical Report on the Wicheeda Property,
British Columbia, Canada
", which was prepared by APEX Geoscience Ltd. The results of the
2023 MRE were previously disclosed in summary form in the Company's news release dated
September 12, 2023
. The Technical Report was prepared in
accordance with the Canadian Securities Administrators' National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and is available
for review on the Company's profile on SEDAR+ at
www.sedarplus.ca
and the Company's website at
www.defensemetals.com
. Readers are encouraged to read
the Technical Report in its entirety, including all qualifications, assumptions, and exclusions.
Cautionary Statement Regarding "Forward-Looking" Information
This news release contains "forward-looking information" or "forward-looking statements" within the meaning of applicable securities laws. All statements in this
news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking. Although
the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees
of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on
numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of
rare earth elements, the anticipated costs and expenditures, the ability to achieve its goals, that general business and economic conditions will not change in a
material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company's
views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of
exploration and metallurgical results, risks related to the inherent uncertainty of exploration and development and cost estimates, the potential for unexpected
costs and expenses and those other risks filed under the Company's profile on SEDAR+ (
www.sedarplus.ca/
). While such estimates and assumptions are
considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties
and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability
of capital and financing and general economic, market or business conditions, adverse weather and climate conditions, failure to maintain or obtain all necessary
government permits, approvals and authorizations, failure to maintain or obtain community acceptance (including First Nations), risks relating to unanticipated
operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of
personnel, materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and
unanticipated events related to health, safety and environmental matters), risks relating to inaccurate geological, metallurgical, engineering and pricing
assumptions, decrease in the price of rare earth elements, the impact of viruses and diseases on the Company's ability to operate, restriction on labour and
international travel and supply chains, loss of key employees, consultants, officers or directors, increase in costs, delayed results, litigation, and failure of
counterparties to perform their contractual obligations. The Company does not undertake to update forward-looking statements or forward-looking information,
except as required by law.
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CNW 19:16e 26-SEP-24