Defense Metals Appoints Suzanne Rich Folsom to the Board of Directors
Defense Metals has appointed Suzanne Rich Folsom to its Board of Directors. Folsom is a seasoned director and former executive at Philip Morris International and U.S. Steel Her career spans roles at ACADEMI, AIG, and the World Bank. She brings vast expertise in business strategy, governance, risk management, and public policy. The Company also announced the resignation of Andrew Burgess from the Board, thanking him for his service since 2019. Moreover, Defense Metals expects to release its preliminary feasibility study (PFS) for the Wicheeda Rare Earth Element project in H2-2024, with the NI 43-101 Technical Report to follow within 45 days.
- Appointment of experienced director Suzanne Rich Folsom, bringing extensive expertise in governance, strategy, and compliance.
- Folsom's background includes transformative roles at Philip Morris International and U.S. Steel
- Completion of infrastructure geotechnical field data collection and process design for the Wicheeda REE project PFS.
- Expected release of the PFS in H2-2024, providing key insights into the project's feasibility.
- Resignation of Andrew Burgess from the Board of Directors, potentially indicating internal shifts or instability.
- The timeline for the PFS and subsequent NI 43-101 Technical Report may influence investor sentiment, depending on the outcomes and perceived delays.
Suzanne Rich Folsom is an experienced independent director, C-Suite executive, and influential business leader. Most recently she served as Senior Vice President and General Counsel, at Philip Morris International where she was a key leader in the company's transformation. Previously she was General Counsel, Chief Compliance Officer, and SVP-Government Affairs, at United States Steel Corporation where she also played a pivotal leadership role in that company's transformation as well as helping reinvigorate
Her career includes senior corporate executive roles at ACADEMI, as the EVP, General Counsel, and Chief Compliance Officer, at AIG, as the Deputy GC and Chief Regulatory & Compliance Officer, and at the World Bank where she was the Counselor to the President and Director of the Department of Institutional Integrity. In addition, Ms. Folsom has held distinctive public administration roles including serving as: the Private Secretary to H.M. Queen Noor of
Ms. Folsom's deep expertise in business strategy, governance, enterprise risk management, mergers and acquisitions, regulatory, compliance, cyber, trade, labor, and global public policy has enabled her to consistently deliver positive and measurable results to the corporate bottom line. Ms. Folsom's extensive leadership, corporate governance, public company, and global government affairs experience make her a highly valuable addition to the Company's Board of Directors.
The Company also announces the resignation of Andrew Burgess from its Board of Directors. The Board of Directors and management team thank Mr. Burgess for his contributions during his tenure since his appointment in January 2019 and wish him success in his future endeavours.
The Company expects to announce in H2-2024 its preliminary feasibility study ("PFS") to be prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Minerals Projects, for its
All infrastructure geotechnical field data collection and process design in support of the PFS has been completed. Equipment pricing, tailings disposal options and mine design are currently being advanced and the Company expects to announce the results of the PFS in H2-2024, with the NI 43-101 Technical Report to be filed within 45 days of the announcement.
Defense Metals Corp. is focused on the development of its
The Wicheeda REE Project, approximately 80 kilometres (~50 miles) northeast of the city of
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.
Alex Heath
Vice President, Corporate Development
Tel: 1 604-354-2491
Email: alex@defensemetals.com
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.
This news release contains "forward–looking information or statements" within the meaning of applicable securities laws, which may include, without limitation, statements relating to the announcement and expected completion of the PFS and the expected timelines, advancing the Wicheeda REE Project, the expectations and plans for the Wicheeda REE Project, the technical, financial and business prospects of the Company, its project and other matters. 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 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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SOURCE Defense Metals Corp.
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