Welcome to our dedicated page for Defense Metals news (Ticker: DFMTF), a resource for investors and traders seeking the latest updates and insights on Defense Metals stock.
Defense Metals Corp. (OTCQB: DFMTF; TSXV: DEFN; FSE: 35D) generates a steady flow of news centered on the advancement of its 100%-owned Wicheeda Rare Earth Element Project in British Columbia, Canada. This news page aggregates company announcements, project updates, and financing developments related to Defense Metals’ efforts to develop its rare earth deposit.
Readers can find project study updates, including details on the company’s NI 43-101-compliant Preliminary Feasibility Study and its work toward a Definitive Feasibility Study. Defense Metals’ releases describe metallurgical optimization, engineering studies, and evaluation of locations for a planned hydrometallurgical plant, providing insight into the technical progress of the Wicheeda Project.
The company’s news also covers strategic and financial milestones, such as private placement financings, a Letter of Interest from Export Development Canada for potential project financing, and shares-for-debt settlements with advisory and engineering firms. Announcements about a non-binding memorandum of understanding with a potential strategic partner for a possible supply agreement, as well as discussions with downstream processors, appear here as they are disclosed.
Another recurring theme in Defense Metals’ news is stakeholder engagement. Releases highlight the company’s relationship with the McLeod Lake Indian Band, including a Joint Co-Design Agreement and expressions of support for Wicheeda’s development, along with meetings with Canadian government officials regarding critical minerals policy and permitting.
Investors and observers can use this page to follow Defense Metals’ corporate updates, leadership changes, and ongoing interactions with governments, Indigenous partners, and potential strategic counterparties, all as they relate to the Wicheeda rare earth project.
Defense Metals Corp. (TSXV: DEFN) (OTCQB: DFMTF) held its annual general meeting on December 18, 2024, where shareholders made several key decisions. The board of directors was set at five members, with all nominees successfully elected. P.E. Ted Kavanagh and Suzanne Rich Folsom received the highest approval rates at 99.98% each, while Guy de Selliers de Moranville secured 98.76% of votes. Dr. Luisa Moreno and Dale Wallster each received 92.82% approval. Shareholders also approved the appointment of Crowe MacKay LLP as auditor, authorized directors to fix auditor remuneration, and approved a new 10% rolling omnibus incentive plan.
Defense Metals Corp. (TSXV: DEFN) (OTCQB: DFMTF) announces its Annual General Meeting scheduled for December 18, 2024, in Vancouver. Due to the ongoing Canada Post strike, the company advises shareholders that Proxy Materials can be accessed on SEDAR+ and the company's website. The meeting agenda includes reviewing annual financial statements, electing five directors, appointing Crowe MacKay LLP as auditor, and approving a new 10% rolling omnibus plan.
Registered shareholders can contact the company directly for proxy assistance, with a voting deadline of December 16, 2024, at 11:00 a.m. PST. Beneficial shareholders should contact their brokers or the company for voting materials. Financial statements and MD&A are available on SEDAR+.
Defense Metals has announced that the Pre-feasibility Study (PFS) for its Wicheeda Rare Earth Element Project will be released during the week of February 10, 2025. The full PFS report, compliant with National Instrument 43-101 standards, will be filed within 45 days of the initial announcement.
The study is being prepared by Hatch , with contributions from SRK Consulting and other experts. Price projections for the mixed rare earth carbonate have been provided by Argus Media. The company owns 100% of the Wicheeda Project, which aims to support the growing demand for critical minerals in the green energy transition.
Defense Metals (TSXV: DEFN) (OTCQB: DFMTF) has announced alternative ways for shareholders to access Annual General Meeting materials due to potential disruption from the ongoing Canada Post strike. Materials are available on SEDAR+ and the company's website. Registered shareholders can contact the company directly for proxy materials and voting assistance before the December 16, 2024 deadline. Beneficial shareholders should contact their brokers. Paper copies of meeting materials can be requested by December 9, 2024. The company's financial statements and MD&As are also available on SEDAR+.
Defense Metals Corp. (TSXV: DEFN) (OTCQB: DFMTF) has appointed Mark Tory as CEO, effective January 1, 2025. Tory, who will relocate to Vancouver, brings significant rare earths experience from his previous roles at Northern Minerals, where he served as both CFO and CEO, overseeing the development of the Browns Range Rare Earth Project. He will lead the development of the Wicheeda Project, with Prefeasibility Study results expected in Q1 2025. Tory's experience includes managing exploration, development, and operating mines across various commodities. He is a Chartered Accountant with BBus, MBA degrees and is a Graduate of the Australian Institute of Company Directors.
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.
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