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Defense Metals Corp.

TSXV:DEFNLive AI agent

Defense Metals Corp.

Investor website: https://www.defensemetals.com/

About

Defense Metals Corp. is focused on the exploration and development of its 100% owned Wicheeda Project in British Columbia. The rare-earth elements project strives to deliver critical metals commonly used in the defense and national security industries, and in the production of green energy technologies. The 2025 MRE comprises a 25.5M tonne Proven & Probable Reserve, averaging 2.43% TREO; 27.8 million tonne Indicated Mineral Resource, averaging 1.84% TREO; and 11.1 million tonne Inferred Mineral Resource, averaging 1.02% TREO, reported at a cut-off grade of 0.5% TREO. The Property consists of 12 mineral claims covering an area of 11,800 hectares, located approximately 80 km northeast of the city of Prince George, British Columbia, Canada.

Verified company data

Cash position
not discovered
Shares outstanding
395.1M
Fully diluted shares
469.8M
Mineral resource
The Mineral Resource estimate for the Wicheeda Rare Earth Element Deposit has been prepared for Defense Metals as part of the 2025 Pre-Feasibility Study (PFS). This Mineral Resource estimate has been prepared in accordance with the CIM Definition Standards adopted May 2014. The Mineral Resources stated below are constrained within an optimized pit shell to satisfy Reasonable Prospects of Eventual Economic Extraction (RPEEE) requirements. The Mineral Resources include 29.2 Mt of Measured + Indicated resource at an average grade of 2.27% TREO and 5.5 Mt of Inferred resource at an average grade of 1.42% TREO. No mining dilution has been incorporated into the Mineral Resources stated below. The Mineral Resources are stated inclusive of Mineral Reserves. A summary of the surface mineable Mineral Resources by rock type and Resource classification is shown below. Notes for Resource Table: CIM (2014) definitions were followed for Mineral Resources. The Qualified Person for the MRE is Doug Reid, P.Eng., EGBC (23347), an SRK employee. The effective date of the Mineral Resource is February 7, 2025. Dollar values herein stated are United States Dollars (US$). Mineral Resources are reported assuming the prices listed below (a 15% uplift was applied to the Reserve prices): NdPr Oxide 132.70 $/kg REO, Tb4O7 1567.26 $/kg REO, Dy2O3 508.85 $/kg REO. Mineral Resources are defined within a pit shell derived from the optimization software, GEOVIA Whittle™. Cut-off grade is based on the value factors generated in each block. The revenue and related costs vary based on the composition of different elements in each block. Value of a block is the revenue generated in that block minus the related processing and G&A operating costs. The base mining costs are assumed to be $4.50/t. The mining costs vary based by the bench and depth of the pit. The average mining costs for the life of mine is calculated to be $4.74/t mined. Processing costs consist of flotation plant cost at the mine site and a hydrometallurgical/solvent extraction (hydrometallurgical) plant that is off the mine property. The operating cost of the flotation plant is $27.60/t milled and the hydrometallurgical plant operating cost is $1,164.4/t of concentrate treated. General and administration costs of the mine site is $3.67/t for ore milled. Tailings management and storage cost is $6.55/t of ore. Off-site cost (transportation) is $87.76/t of precipitate products produced. Processing recovery is calculated using the following formula: Flotation recovery for TREO = -11.183*TREO^2 + 67.831*TREO - 20.421940%. For ore above 3% TREO the flotation recovery is set to 82.4%. For grade less than 0.32% TREO the flotation recovery is set to 0.0%. Flotation recovery for TREO then is multiplied by 0.995, 0.996, 0.734, 0.636 for Pr, Nd, Tb, Dy respectively to calculate the respective flotation recovery for each element. Hydrometallurgical recovery for Pr, Nd, Tb, Dy are 0.932, 0.935, 0.802, 0.734 respectively. A 95% payability has been applied to the final hydrometallurgical product. Bulk density is assigned by lithology. No mining dilution has been applied. Mineral Resources are reported inclusive of those Mineral Resources converted to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Figures are rounded to the appropriate level of precision for the reporting of mineral Resources. Due to rounding, some columns or rows may not sum as shown. The TREO grade encompasses 15 rare earth elements present in the deposit. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
Projects
["Wicheeda Project: 100% OWNED. Strategically positioned 80 km from Prince George and accessible from a major forestry service road, which connects to Highway 97. 11,800-hectare Wicheeda deposit has power transmission lines, a gas pipeline and a major rail line nearby. Prince George, British Columbia is a mining centre with a skilled workforce. Port of Prince Rupert is 500km to the west and accessible by rail and road. The Wicheeda REE deposit is a southeast-trending, north to northeast dipping syenite-carbonatite intrusive complex having dimensions of approximately 450 m north-south by 250 m east-west which intrudes a mixed sedimentary host rock package (limestone). Relatively high REE grade dolomite-carbonatite rocks, which outcrop at surface, and form the main body of REE mineralization are surrounded by an envelope of intermediate REE grade hybrid xenolithic-carbonatite rocks that intrude lower REE grade syenite."]
Leadership
Mark Tory (President, CEO + Director, Highly experienced resources executive with significant rare earths experience, previously held key leadership roles at Northern Minerals and Crescent Gold Limited.), Ali Mahdavi (SVP Corporate Development, Over 30 years of experience in capital markets focusing on the rare earth industry, founder of Spinnaker Capital Markets Inc.), Robin Jones (VP Projects, Senior mining executive and professional mechanical engineer with over 30 years of international experience in mining and mineral processing projects.), David Baker (CFO and Head of Strategy, Chartered Accountant with over 20 years of experience in various roles within the Ivanhoe Mines group and as CFO of VRB Energy.), Michelle Tanguay (VP Environment & Social Performance, Mining industry leader with over 25 years’ experience in environmental programs, permitting, and social performance.), John Goode (Metallurgical Consultant, Over 50 years of experience as a metallurgist with expertise in rare earth projects and various other elements recovery.)

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