DEFENSE METALS CORP - DFMTF STOCK NEWS

Defense Metals Corp. has identified new anomalies in its Wicheeda Rare Earth Element deposit in Canada. The anomalies may represent previously unknown mineralized carbonatite within the current mineral resource pit shells. The company plans to drill test these anomalies and expand its pit geotechnical drilling program.

Defense Metals Corp. provides a progress update on its 2023 site infrastructure geotechnical investigations for its Wicheeda Rare Earth Element Project. The investigations are being conducted by SRK Consulting and include geotechnical engineering, tailings alternative assessment, and geochemical characterization. To date, 13 excavated test pits and 4 sonic overburden geotechnical holes have been completed. SRK has also commenced a tailings alternatives assessment. The company's Wicheeda REE Project has a robust after-tax net present value of $517 million and an 18% internal rate of return.

Defense Metals Corp. (DEFN) engages Hatch Ltd. and SRK Consulting for a preliminary feasibility study on its Wicheeda Rare Earth Element (REE) Project. The study will focus on REE concentrating, hydrometallurgical processes, and plant facilities, as well as environmental studies, permitting, and social impact scope. SRK will lead the NI 43-101 PFS report and focus on resource estimation, geotechnical engineering, mining engineering, and economic analysis.

Defense Metals Corp. (TSXV: DEFN, OTCQB: DFMTF) announced a non-brokered private placement financing, termed the LIFE Offering, for up to 22,367,977 common shares at a price of $0.26 per share, generating gross proceeds of C$12.5 million. A significant lead order of C$6.6 million has come from RCF Opportunities Fund II L.P. This financing aims to support the advancement of the Wicheeda Rare Earth Elements Project, including completing its pre-feasibility study and regional exploration activities. The Offering is subject to regulatory approvals and is expected to close around May 18, 2023. The project highlights a robust after-tax net present value of $517 million and an 18% internal rate of return (IRR). The financing strategy positions Defense Metals favorably within the rare earth elements market amid increasing demand.

Defense Metals Corp. announced the successful completion of Phase I for its hydrometallurgical pilot plant, optimizing design conditions for Phase II, which commenced recently. Assays from Phase I indicate a rare earth element extraction efficiency of 93%. Minor adjustments were made during Phase I to enhance circuit operability, extraction, and product quality. Notable findings include that operating the acid bake kiln at varying temperatures did not impact extraction rates, and the use of industrial grade magnesia was more effective than regenerated magnesia. Hatch Engineering has been engaged to assist in the pre-feasibility study. The Wicheeda property, covering over 4,262 hectares, is strategically located near essential infrastructures, enhancing its operational prospects.

Defense Metals Corp. announced the successful completion of Phase I of its hydrometallurgical pilot plant at SGS Lakefield on April 12, 2023. The pilot aimed to test the operability of the Wicheeda process, achieving over 90% extraction of praseodymium and neodymium from the acid bake calcine during five days of continuous operation. Optimization of the flowsheet was confirmed, with plans for Phase II set for late April 2023, alongside minor adjustments to the circuit. The Wicheeda property, covering 4,262 hectares in British Columbia, holds a robust after-tax NPV of $517 million and an 18% IRR based on a Preliminary Economic Assessment. Defense Metals focuses on rare earth elements crucial for electric power and green technologies.

Defense Metals Corp. (DFMTF) announced its entry into the Vancouver-based Discovery Group and the appointment of Dale Wallster to its board of directors. John Robins, co-founder of Discovery Group, expressed enthusiasm for Defense Metals, citing its potential in the rare earth elements sector, particularly with the Wicheeda Project, which is recognized for its high-grade deposits. Wallster, a seasoned geologist with over 40 years of experience, emphasized the growing strategic interest in North American critical minerals. The Wicheeda Project boasts a promising preliminary economic assessment, suggesting a net present value of $517 million and an internal rate of return of 18%. This collaboration aims to enhance shareholder value through advanced mineral exploration.