McLeod Lake Indian Band and Defense Metals Corp. Announce Groundbreaking Partnership for Wicheeda Project Equity Partnership and Co-Design Agreement Set New Standards in Collaborative Project Development in the Critical Minerals Transition
McLeod Lake Indian Band and Defense Metals
Corp. Announce Groundbreaking Partnership
for Wicheeda Project
Equity Partnership and Co-Design Agreement Set New Standards in Collaborative Project
Development in the Critical Minerals Transition
VANCOUVER, BC
,
Jan. 17, 2024
/CNW/ - The McLeod Lake Indian Band (MLIB) and Defense
Metals Corp. (Defense Metals), announced today a strategic Equity Partnership and Co-Design
Agreement, solidifying their joint commitment to the successful advancement of the Wicheeda
Project, a rare earth elements (REE) project in central
British Columbia
.
McLeod Lake Indian Band Chief Harley Chingee and Defense Metals CEO Craig Taylor sign Equity
and Co-Design Agreement with the Minister of Energy, Mines and Low Carbon Innovation, Josie
Osborne. (CNW Group/Defense Metals Corp.)
McLeod Lake Indian Band, recognizing the significant potential of the Wicheeda Project, has
purchased a meaningful equity stake in Defense Metals. This strategic investment will showcase
MLIB's long-term commitment to the project's success and expects to further cement their position
as a key participant in its development. MLIB now holds approximately 2.6 million common shares of
Defense Metals.
Simultaneously, MLIB and Defense Metals have entered into a Co-Design Agreement (the
Agreement), setting a new standard for collaborative project development. The Agreement
emphasizes a joint planning approach, empowering MLIB to play an integral part in the design and
decision-making process in the technical, social, engineering and environmental aspects of the
Wicheeda Project.
This unique agreement between McLeod Lake Indian Band and Defense Metals signals a
transformative moment in the collaborative development of mining projects – particularly in the global
push for Critical Minerals Projects. Central to this collaboration is the Wicheeda's contribution to the
clean energy transition in
British Columbia
. With a targeted annual production equivalent to
approximately 10% of current global production, the project has the potential to become a significant
supplier of rare earth elements.
McLeod Lake Indian Band
"McLeod Lake Indian Band values its partnership with Defense Metals, and together, we are
pioneering a new standard in collaborative project development, which is a true form of
reconciliation. We're proud to be a part of a project that will be a key contributor to global energy
transition goals, and one that will deliver long-term economic benefits to our community for
generations to come." – McLeod Lake Indian Band Chief
Harley Chingee
.
Defense Metals Corp.
"We're proud to partner with MLIB and these strategic agreements exemplify a shared vision and
commitment to realizing the full potential of the Wicheeda Project and the positive impact it will have
on the global Critical Minerals Transition. Through both agreements, McLeod Lake Indian Band
stands to reap mutual benefits from our combined efforts around the Wicheeda Project." – CEO of
Defense Metals,
Craig Taylor
.
Minister of Energy, Mines and Low Carbon Innovation
"The collaboration between Defense Metals and McLeod Lake Indian Band demonstrates how early-
stage consultation with First Nations can bring important projects to life in a way that benefits
everyone. Partnerships like this play a pivotal role in shaping BC's natural resources future, as we
lay a concrete path toward achieving our net-zero goals through collaboration and advancing
reconciliation." –
Josie Osborne
, Minister of Energy, Mines and Low Carbon Innovation.
About Defense Metals Corp. and its Wicheeda Project
Defense Metals Corp. is a mineral exploration and development company focused on the
development of its 100% owned, 8,301-hectare (~20,534-acre) rare earth element Wicheeda
Project that is located on the traditional territory of the McLeod Lake Indian Band in
British
Columbia, Canada
.
The Wicheeda Project, approximately 80 kilometres northeast of the city of
Prince George
, is readily
accessible by all-weather gravel roads and has nearby infrastructure, including rail and hydro power.
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.
Defense Metals Corp. trades on the TSX Venture Exchange under the symbol "DEFN", in the
United
States
, trading symbol "DFMTF" on the OTCQB and in
Germany
on the Frankfurt Exchange under
"35D".
Defense Metals is a proud member of Discovery Group. For more information please visit:
http://www.discoverygroup.ca/
Media Contact:
Sarah Norman
Director of Strategic Communications
One-Eighty Consulting Group
Qualified Person
Kristopher J. Raffle, P.Geo. (B.C.), Principal and Consultant of APEX Geoscience Ltd. of
Edmonton,
Alberta
, and a "Qualified Person" as defined in NI 43-101 has reviewed and approved the scientific
and technical information and verified the data contained in this news release as it relates to the
Wicheeda REE Project.
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 REE Project, MLIB's expected investment in the
Company, the potential production of rare earth elements, the benefits from combined efforts with
MLIB, and the technical, financial and business prospects of the Company, its project 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 forward-looking statements are not guarantees of future
performance and actual results may differ materially due to the risks and uncertainties associated
with and inherent to the Company's business and the Wicheeda REE Project. 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, accuracy of assay results, performance of
available laboratory and other related services, future operating costs, interpretation of geological,
engineering and metallurgical data, 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,
engineering and metallurgical results, risks related to the inherent uncertainty of exploration,
metallurgy and development and cost estimates, the potential for unexpected costs and expenses
and those other risks filed under the Company's profile on SEDAR+ at
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 the
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 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 and engineering
assumptions, decrease in the price of rare earth elements, the impact of Covid-19 or other viruses
and diseases on the Company's ability to operate, the price of commodities, capital market
conditions, restriction on labour and international travel and supply chains, loss of key employees,
consultants, or directors, increase in costs, delayed results, litigation, and failure of counterparties to
perform their contractual obligations. The forward-looking statements contained in this press release
are made as at the date hereof and the Company does not undertake to update publicly or to revise
any of the included forward-looking statements or forward-looking information, whether as a result of
new information, future events, or otherwise, except as may be required by applicable securities
laws.
Minister of Energy, Mines and Low Carbon Innovation, Josie Osborne speaks at the announcement
today. (CNW Group/Defense Metals Corp.)
SOURCE
Defense Metals Corp.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/January2024/17/c4214.html
%SEDAR: 00042886E
CO: Defense Metals Corp.
CNW 16:15e 17-JAN-24