DEFENSE METALS CORP - DFMTF STOCK NEWS

Defense Metals Corp. provides an update on metallurgical work programs and Preliminary Feasibility Study for its Wicheeda Rare Earth Element Project. Metallurgical test work resulted in a high-grade mineral concentrate with 50% TREO and an 80% recovery rate. The planned acid bake process is expected to deliver 90% TREO extraction. The PFS plant flowsheets are completed, and economic evaluation is in progress. Defense Metals has drilled 58 core holes, resulting in a 260% increase in resources. Total project expenditures exceed CAD $17.5 million. A Co-Design Agreement with McLeod Lake Indian Band has been established.

The McLeod Lake Indian Band and Defense Metals Corp. have announced 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. The partnership involves MLIB purchasing a meaningful equity stake in Defense Metals, showcasing their long-term commitment to the project's success. The Co-Design 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. The collaboration aims to contribute to the clean energy transition in British Columbia, with the potential to become a significant supplier of rare earth elements, equivalent to approximately 10% of current global production. The partnership has been praised by the Minister of Energy, Mines and Low Carbon Innovation for its role in advancing reconciliation and shaping BC's natural resources future.

Defense Metals Corp. (DEFN) signs MOU with Ucore Rare Metals Inc. (UCU) to explore collaborative opportunities for a North American rare earth element supply chain.

Defense Metals Corp. (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) has completed all infrastructure geotechnical field data collection for its 100% owned Wicheeda Rare Earth Element Project in Canada. The company expects to finish the preliminary feasibility study in Q2 2024. The geotechnical work was completed by SRK Consulting (Canada) Inc. with the support of APEX Geoscience Ltd.

Defense Metals Corp. (DEFN) completes Phase 2 open pit diamond core and sonic infrastructure geotechnical drilling program. The company also commissioned a 503 line-km airborne magnetic and radiometric survey over a 45 square-km area of the Wicheeda Project. The ongoing Wicheeda Project preliminary feasibility study (PFS) is on target for completion at the end of Q2 2024.

Defense Metals Corp. has filed the detailed Technical Report of its updated Mineral Resource Estimate for its Wicheeda Rare Earth Element deposit in British Columbia. The report shows a significant upgrade in Measured and Indicated Mineral Resources, with a 17% increase in Total Rare Earth Oxide (TREO) on a contained metal basis. The 2023 MRE is based on an updated geological model that incorporates additional drillhole data.

Defense Metals Corp. has shipped samples of mixed rare earth oxide and mixed rare earth carbonate to interested parties on behalf of the Company. The samples are being distributed to major processors, refiners, and metals traders in Europe, Asia, and North America to independently verify the high-quality of REE products from the Wicheeda deposit. This establishes Wicheeda as an important, future North American source of rare earths. Defense Metals also announces its attendance at the 19th International Rare Earths Conference.

Defense Metals Corp. reports positive results from recent comminution and beneficiation test work conducted by SGS Canada Inc. The tests show that the Wicheeda feedstock can produce a rare earth flotation product with similar or better recoveries and grades to top producers globally. The project has favorable conditions for success.

Defense Metals Corp. has commenced Phase 2 of infrastructure and open pit geotechnical drilling for its Wicheeda Rare Earth Element (REE) Project. The work is expected to be complete within 4 to 6 weeks. The company aims to complete a preliminary feasibility study (PFS) by the end of Q2 2024. The drilling includes sonic overburden characterization and diamond core drilling. This work has the potential to expand resources and provide critical inputs for the PFS study.