DEFENSE METALS CORP - DFMTF STOCK NEWS

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.

Defense Metals Corp. has updated the geological model for its Wicheeda Rare Earth Element (REE) Deposit, incorporating over 10,000 metres of new drilling data from 47 diamond drill holes completed in 2021 and 2022. This update aims to enhance the mineral resource confidence and contribute to a planned pre-feasibility study. Key highlights include significant drill intercepts, such as 3.09% total rare earth oxide over 251 metres. The geological model aims to improve resource estimation and supports further REE recovery optimization. The company looks forward to validating the geological model and advancing towards an updated mineral resource estimate.

Defense Metals Corp. (TSXV: DEFN, OTCQB: DFMTF) announced positive comminution results from the Wicheeda deposit, essential for the planned development and upcoming pre-feasibility study (PFS). The tests confirmed the ore's soft nature, indicating low grinding energy costs with specific energy averaging 7 kWh/t and a Bond rod mill work index of 10 kWh/t. The results are consistent with a previous 2019 bulk sample, suggesting reliability in future processing plans. The company will also attend the PDAC convention from March 5-8, 2023, to discuss its future plans.

Defense Metals Corp. (OTCQB: DFMTF) announced the commencement of construction for its hydrometallurgical pilot plant, with commissioning set for late March 2023. Following successful laboratory tests, the company opted for an acid bake process that has shown better recovery rates compared to previous methods. This pilot plant aims to process roughly 600 kg of flotation concentrate from the Wicheeda deposit to produce high-purity rare earth materials. The completion of this project is vital for the planned pre-feasibility study and the economic assessment of the Wicheeda Rare Earth Project, which has a projected NPV of $517 million.

Defense Metals Corp. has successfully completed flotation tests on variability samples from its Wicheeda Rare Earth Element deposit in British Columbia. The tests yielded an average recovery rate of 81% to a concentrate grading 45% rare earth oxide, positioning Wicheeda among North America's top rare earth deposits. The flotation tests focused on three key lithologies, primarily the higher-grade dolomite carbonatite, which constitutes 73% of the deposit. This high recovery rate is crucial for favorable production economics, supporting an upcoming preliminary feasibility study (PFS). The findings indicate promising production efficiency backed by robust geological data.

Defense Metals Corp. (DFMTF) has engaged SRK Consulting to conduct site geotechnical investigations at its Wicheeda Rare Earth Element Project throughout 2023. This initiative aims to support a Preliminary Feasibility Study (PFS) by addressing key engineering and environmental factors, including geotechnical engineering and hydrology. Additionally, the company appointed Kevin Weston as Project Development Coordinator, leveraging his 40 years of industry experience. The Wicheeda project, located near Prince George, British Columbia, is notable for its robust economic potential, with a Preliminary Economic Assessment indicating an after-tax NPV of $517 million and an 18% IRR.