Defense Metals Provides Business Update
DEFENSE METALS PROVIDES BUSINESS
UPDATE
VANCOUVER, BC
,
Oct. 6, 2025
/CNW/ - Defense Metals Corp. ("Defense" or the "Company") (TSXV:
DEFN) (OTCQB: DFMTF) (FSE: 35D) is pleased to provide an update on the more significant
developments that have taken place since its last private placement of shares in
May 2025
.
Project Study Update
Following the release of the Pre-Feasibility Study ("PFS") for the Wicheeda project in
May 2025
(see
company NR dated
April 7, 2025
)
, the Company has been working towards commencing a Definitive
Feasibility Study ("DFS") in the first half of 2026. The PFS, prepared in compliance with National
Instrument 43-101 – Standards of Disclosure for Mineral Projects, was notable in positioning Wicheeda
as the only REE project in
North America
not yet in production with proven Mineral Reserves, and
therefore the most advanced undeveloped project in
North America
and
Europe
.
As the Company works toward the commencement of the DFS, it has executed, and will continue to
perform additional test work to optimize the final plant configuration. This includes testing alternative
plant sizing and fine-tuning the metallurgical process flow. This optimization work leverages the strong
metallurgical results described in the PFS and will further examine the economic benefits of additional
downstream processing. Furthermore, the Company continues to progress work in the critical areas of
social and environmental stewardship, focussing on establishing baseline environmental parameters
and continuing indigenous engagement.
The Company has also engaged Hatch Ltd for determining the optimal location for the Wicheeda
project's hydro-metallurgical ("hydro-met") plant. The hydro-met plant is currently planned to be
constructed on a brownfield site at
Bear Lake BC
, however, before making a final decision, the
Company is examining the merits of other locations in
Canada
and in
the United States
, taking into
account not only the technical and cost trade-offs but also the level of financial and other support which
might be available in different locations.
Relations with our First Nation Partner
The Company continues to work with the McLeod Lake Indian Band ("MLIB"), an important partner and
shareholder of Defense Metals, and most recently attended their Annual General Assembly at
McLeod
Lake
. 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 is thankful for their continued assistance in supporting the project, and their input into the
location study work will be important as Wicheeda moves toward DFS release.
Relations with Canadian, US and European authorities.
Given the importance of the development of the Wicheeda project in securing the future supply of REE
to the North American supply lines for electric vehicles, defense applications and robotics, the
Company has engaged in an active dialogue with Canadian and US authorities, each of whom have
expressed an interest in supporting the Company as it develops the project.
In particular, the Company has held several productive discussions with the ministries of Energy and
Natural Resources in
Canada
. It currently has two grant applications under evaluation with the Critical
Minerals Infrastructure Fund (CMIF).
Company President and CEO,
Mark Tory
, was recently invited to join
Mark Carney
, Prime Minister of
Canada
, and The Honourable
Tim Hodgson
, Minister of Energy and Natural Resources as a critical
minerals industry participant in a trade mission to
Berlin, Germany
. Following this trip, the Company
was further invited to attend a resources roundtable with The Honourable Tim Hodgson, to discuss how
the Government may assist the progression of major BC mining projects.
Building on the commitments made by Canadian authorities at both the Federal and Provincial level to
support the Critical Minerals Industry, there is momentum within the Government to accelerate the
permitting process, especially in BC where the Wicheeda project is located. The Company is engaging
in an active dialogue with Federal and Provincial Governments to clarify and shorten the regulatory
permit path forward.
Strategic Partners & Financing
The Company has an MoU in place with a potential strategic partner for entering into a supply
agreement representing a significant portion of its planned output and the Company continues to
pursue additional discussions with other suppliers' potential partners and off-takers. As the only new
rare earth mining project with published proven reserves based on a recent 43-101 compliant pre-
feasibility study there is a lot of interest in
Europe
and
North America
from downstream processors
seeking new sources of feed.
Regarding financing, the Company has already received a Letter of Interest from Export Development
Canada, the Government of
Canada's
export credit agency, expressing its interest in participating as a
Mandated Lead Arranger for potential debt financing of up to
US$250 million
from EDC to support the
development and construction of Wicheeda (
see company NR dated
June 4, 2025
). The Company
continues to talk with private and public investors who have an interest in the development of Critical
Minerals, in particular with those with a specific mandate to support Canadian resource projects such
as the Canadian Growth Fund.
Following the latest capital raise and the debt equity swaps recently announced the Company is now
debt free with positive working capital.
The Executive Chairman
Guy de Selliers
commented
"With the clear drive to reduce rare earth
value chain dependency on
China
, the Wicheeda project, which is the only project in
North America
and
Europe
with confirmed reserve, is clearly needed. We are determined to make it happen. As disclosed
in SEDI, my family Trust purchased 1.5 million shares, on
October 6, 2025
, at an average price of
20.5
cents
to increase its already significant long-term shareholding.
Annual Meeting of Shareholders
The Company is pleased to announce the voting results of its annual general meeting of shareholders
that took place
September 24, 2025
(the "AGM"). The Company welcomed
Maryanne Crichton's
election to the Board of Directors. Maryanne's direct experience in mining, metals and infrastructure
through executive roles including Senior Principal at Hatch Ltd significantly add to the strength of the
Defense Metals Board.
Shareholders also approved:
The appointment of Crowe MacKay LLP as the auditor for Defense Metals for the ensuing fiscal
year;
The authorization for the directors to fix the remuneration paid to the auditor; and
A resolution approving the Company's new 10% rolling omnibus incentive plan.
About Defense Metals Corp. and its Wicheeda REE Deposit
Defense Metals Corp. is focused on the development of its 100% owned, 11,800-hectare (~29,158-
acre) Wicheeda Rare Earth Element (REE) property that is located on the traditional territory of the
McLeod Lake Indian Band in
British Columbia, Canada
.
The Wicheeda 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
.
The Company recently completed a Preliminary Feasibility Study (PFS) that demonstrated the robust
economics of the project, returning a pre-tax NPV at 8% of
US$1.8 billion
and IRR of 24.6%.
For further information, please visit
www.defensemetals.com
or contact:
Mark Tory
President and CEO
Tel: +1 604-445-8179
Email:
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding "Forward-Looking" Information
This news release contains "forward
looking information or statements" within the meaning of
applicable securities laws, which may include, without limitation, any statements (expressed or implied)
relating to advancing the Wicheeda Project and related matters. Forward-looking statements are
typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook,"
"estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict,"
"should," "would" and other similar words and expressions, but the absence of these words does not
mean that a statement is not forward-looking. All statements in this news release, other than
statements of historical facts, that address events, contribution or developments that the Company
expects to occur, are forward-looking statements. 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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%SEDAR: 00042886E
CO: Defense Metals Corp.
CNW 23:00e 06-OCT-25