Defense Metals Corp. Announces Private Placement

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DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN

OR INTO THE UNITED STATES.

DEFENSE METALS CORP. ANNOUNCES PRIVATE PLACEMENT

Vancouver, British Columbia – April 20, 2020 : Defense Metals Corp. ( “Defense Metals ” or the

“Company”) (TSX -V: DEFN/ DFMTF: OTCQB / 35D: FSE) is pleased to announce that it intends to

complete a non-brokered private placement of up to 6,000,000 units (each a “Unit”) at a price of $0.10 per

Unit for gross proceeds of up to $600,000. Each Un it will be comprised of one common share and one

common share purchase warrant (each a “Warrant”). Each Warrant is exercisable to purchase one common

share of the Company at a price of $0. 15 per share for a period of twenty-four months from the date of

closing of the private placement.

The private placement is subject to TSX Venture Exchange approval and all securities issued are subject to

a four month hold period. Finder’s fees will be payable in connection with the private placement , all in

accordance with the policies of the TSX Venture Exchange and applicable securities laws.

The proceeds from these private placements will be used for exploration and development of the Company’s

Wicheeda rare earth element project located in Prince George, British Columbia and for general working

capital purposes.

About Defense Metals Corp.

Defense Metals is an advanced mineral exploration company focused on the acquisition of mineral deposits

containing metals and elements commonly used in the electric power market, military, national security and the

production of green energy technologies, s uch as, high strength, light weight, rare earth magnets. Defense

Metals’ primary focus is to exercise its option to acquire 100% of the 1, 708 hectare Wicheeda Rare Earth

Element Project. Defense Metals Corp. trades in Canada under “DEFN” on the TSX Venture Exchange, the

United States, under “DFMTF” on the OTCQB and the German, Frankfurt Exchange under the symbol of

“35D”.

For further information, please visit https://defensemetals.com/ or contact:

Todd Hanas, Bluesky Corporate Communications Ltd.

Vice President, Investor Relations

Tel: (778) 994 8072

Email: [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as t hat term is defined in the

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news

release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any

sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful,

including any of the securities in the United States of America. The securities have not been and will not be

registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities

laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons

(as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state

securities laws, or an exemption from such registration requirements is available.

Cautionary Statement Regarding Forward Looking Information

This news release includes certain statements that constitute “forward-looking information or statements” within the

meaning of applicable securities law, including without limitation, Defense Metals’ plans for its properties/projects, the

private placements and use of funds, other statements relating to the technical, financial and business prospects of Defense

Metals, and other matters.

Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates

and assumptions. These statements relate to analyses and other information that are based on forecasts of future results,

estimates of amou nts not yet determinable and assumptions of management. Any statements that express or involve

discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future

events or performance (often, but not alway s, using words or phrases such as “expects” or “does not expect ”, “is

expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events

or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved), and variations of such

words, and similar expressions are not statements of historical fact and may be forward -looking statements. Forward-

looking statement are necessarily based upon a number of factors that, if untrue , could cause the actual results,

performances or achievements of Defense Metals to be materially different from future results, performances or

achievements express or implied by such statements. Such statements and information are based on numerous

assumptions regarding present and future business strategies and the environment in which Defense Metals will operate

in the future, including the price of metals and elements, anticipated costs and the ability to achieve 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, and that third party contractors, equipment and supplies and governmental and

other approvals required to conduct Defen se Metals’ planned exploration activities will be available on reasonable

terms and in a timely manner. While such estimates and assumptions are considered reasonable by the management of

Defense Metals, they are inherently subject to significant business, economic, competitive and regulatory uncertainties

and risks.

Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, level of

activity, performance or results to differ materially from those refl ected in the forward-looking statements, including,

without limitation: (i) risks related to rare earth elements, and other commodity price fluctuations; (ii) risks and

uncertainties relating to the interpretation of exploration results; (iii) risks relate d to the inherent uncertainty of

exploration and cost estimates and the potential for unexpected costs and expenses; (iv) that resource exploration and

development is a speculative business; (v) that Defense Metals may lose or abandon its property interest s or may fail

to receive necessary licences and permits; (vi) that environmental laws and regulations may become more

onerous; (vii) that Defense Metals may not be able to raise additional funds when necessary; (viii) the possibility that

future exploration, development or mining results will not be consistent with Defense Metals ’ expectations; (ix)

exploration and development risks, including risks related to accidents, equipment breakdowns, labour disputes or other

unanticipated difficulties with or interruptions in exploration and development; (x) competition; (xi) the potential for

delays in exploration or development activities or the completion of geologic reports or studies; (xii) the uncertainty of

profitability based upon Defense Metals’ history of losses; (xiii) risks related to environmental regulation and liability;

(xiv) risks associated with failure to maintain community acceptance, agreements and permissions (generally referred

to as “social licence”), including local First Nations; ( xv) risks relating to obtaining and maintaining all necessary

government permits, approvals and authorizations relating to the continued exploration and development of Defense

Metals’ projects; (xvi) risks related to the outcome of legal actions; (xvii) political and regulatory risks associated with

mining and exploration; (xix) risks related to current global financial conditions; and (xx) other risks and uncertainties

related to Defense Metals’ prospects, properties and business strategy. These risks, as well as others, could cause actual

results and events to vary significantly.

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, the loss

of key directors, employees, advisors or consultants, adverse weather conditions, increase in costs, equipment failures,

litigation, failure of counterparties to perform their contractual o bligations and fees charged by service providers.

Investors are cautioned that forward -looking statements are not guarantees of future performance or events and,

accordingly are cautioned not to put undue reliance on forward -looking statements due to the i nherent uncertainty of

such statements. The forward -looking statements included in this news release are made as of the date hereof and

Defense Metals disclaims any intention or obligation to update or revise any forward-looking statements, whether as a

result of new information, future events or otherwise, except as expressly required by applicable securities legislation.