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Defense Metals Corp. (DFMTF) is a mineral exploration and development company focusing on the Wicheeda Rare Earth Element Deposit in British Columbia. The company recently signed collaboration agreements with Ucore Rare Metals Inc. and the McLeod Lake Indian Band, securing equity partnerships and codesign alignments for the Wicheeda Project. Defense Metals aims to be a vital contributor to North American rare earth element supply chain, emphasizing clean energy transitions and collaborative project development with First Nations.
Defense Metals Corp. (TSXV: DEFN) (OTCQB: DFMTF) has successfully closed a $4 million non-brokered bridge financing of secured convertible notes. The proceeds will fund the completion of the Prefeasibility Study (PFS) for the Wicheeda Rare Earth Element Project, expected to be substantially completed by year-end with final results in Q1 2025. The company plans to launch a Definitive Feasibility Study (DFS) immediately after, with financing expected in Q1 2025.
Defense Metals is also actively searching for a new CEO, with the appointment expected by Q1 2025. The convertible notes bear a 10% annual interest rate, payable quarterly in common shares, and mature in 12 months. Investors can convert the principal into shares at $0.125 per share, with automatic conversion upon certain events. The notes are secured against the company's assets, including the Wicheeda REE Project mining claims.
Defense Metals Corp. (TSXV: DEFN) (OTCQB: DFMTF) has signed a Memorandum of Understanding (MOU) with The Saskatchewan Research Council (SRC) to strengthen the rare earth element (REE) supply chain in Canada. The collaboration aims to leverage both parties' capabilities in the supply and processing of rare earth materials, important for rare earth magnets.
The MOU outlines three main objectives:
- Exploring collaborations in rare earth product processing and supply
- Discussing the separation of Defense Metals' mixed rare earth carbonates using SRC's technology
- Facilitating negotiations for a long-term agreement on the sale and purchase of Defense Metals' mixed rare earth carbonate
This partnership aligns with the Canadian Critical Minerals Strategy, focusing on developing a domestic industry, reducing foreign dependence, and enhancing national security in the REE sector.
Defense Metals Corp. (TSXV: DEFN) (OTCQB: DFMTF) announced the immediate resignations of Craig Taylor as CEO and Director, and Len Clough as Director. The company has initiated a search for a new CEO, with Executive Chairman Guy de Selliers leading the company in the interim. Taylor's tenure saw significant progress on the Wicheeda Rare Earth Element Project, including an upcoming pre-feasibility study and strong relationships with local stakeholders. As part of his severance, Taylor will receive 1,600,000 common shares, subject to TSX Venture Exchange approval. The leadership transition will be supported by President Luisa Moreno, Lead Independent Director Dale Wallster, and Senior VP Alex Heath.
Defense Metals has announced substantial support from the Government of British Columbia for its Wicheeda Rare Earth Element Project. According to Josie Osborne, Minister of Energy, Mines, and Low Carbon Innovation, rare earth elements are important for green technologies. The BC Critical Minerals Office will provide dedicated support to navigate regulatory processes, advance funding opportunities, and expedite solutions. CEO Craig Taylor highlighted that this support will mitigate regulatory delays, reinforcing their confidence in commencing production by 2029. Additionally, Chairman Guy de Selliers expressed optimism about Defense Metals becoming a leading North American producer of essential rare earth elements like NdPr.
Defense Metals has appointed Guy de Selliers as Chairman of the Board. With over 40 years of experience, de Selliers has served on numerous influential boards including Solvay Group, Ageas Group, and Norilsk Nickel. Currently, he sits on the boards of I Pulse, The Cranemere Group, and Radix. His extensive background spans across mining, finance, and corporate governance. Defense Metals aims to leverage his expertise for future growth and strategic direction.
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.
Defense Metals Corp. announces positive results from Ucore Rare Metals Inc. on testing a Wicheeda mixed rare earth carbonate sample. Ucore confirmed the material's suitability for commercial-scale processing with their RapidSX™ technology, heralding collaboration opportunities across North America for rare earth supply chain development.
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