Defense Metals Secures Funding from Natural Resource Canada's Critical Minerals Infrastructure Fund for its Wicheeda Rare Earth Element Project
Defense Metals Secures Funding from Natural Resource Canada's Critical
Minerals Infrastructure Fund for its Wicheeda Rare Earth Element Project
VANCOUVER, BC
,
March 3, 2025
/CNW/ -
Defense Metals Corp.
("
Defense Metals
" or the "
Company
"; (TSXV: 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:
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.
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, the process flowsheet and other 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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CNW 13:00e 03-MAR-25