Defense Metals Corp.(TSXV:DEFN)

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\n\n100% OWNED\n\nStrategically positioned\n\n80 km from Prince George and accessible from a major forestry service road, which connects to Highway 97.\n\n100% owned\n\n11,800-hectare Wicheeda deposit has power transmission lines, a gas pipeline and a major rail line nearby.\n\nPrince George, British Columbia is a mining centre with a skilled workforce.\n\nPort of Prince Rupert is 500km to the west and accessible by rail and road.\n\n2025 Mineral Resource\n\nThe 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.\n\nThe 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.\n\nThe 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.\n\nA summary of the surface mineable Mineral Resources by rock type and Resource classification is shown below.\n\nNotes for Resource Table:\n\n- CIM (2014) definitions were followed for Mineral Resources.\n\n- The Qualified Person for the MRE is Doug Reid, P.Eng., EGBC (23347), an SRK employee.\n\n- The effective date of the Mineral Resource is February 7, 2025\n\n- Dollar values herein stated are United States Dollars (US$)\n\n- Mineral Resources are reported assuming the prices listed below (a 15% uplift was applied to the Reserve prices):\n\n• NdPr Oxide 132.70 $/kg REO\n\n• Tb4O7 1567.26 $/kg REO\n\n• Dy2O3 508.85 $/kg REO\n\n- Mineral Resources are defined within a pit shell derived from the optimization software, GEOVIA Whittle™\n\n- 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.\n\n- 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.\n\n- 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.\n\n- General and administration costs of the mine site is $3.67/t for ore milled.\n\n- Tailings management and storage cost is $6.55/t of ore.\n\n- Off-site cost (transportation) is $87.76/t of precipitate products produced.\n\n- Processing recovery is calculated using the following formula:\n\n• 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%.\n\n• 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.\n\n• Hydrometallurgical recovery for Pr, Nd, Tb, Dy are 0.932, 0.935, 0.802, 0.734 respectively\n\n- A 95% payability has been applied to the final hydrometallurgical product.\n\n- Bulk density is assigned by lithology.\n\n- No mining dilution has been applied.\n\n- Mineral Resources are reported inclusive of those Mineral Resources converted to Mineral Reserves.\n\n- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.\n\n- 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.\n\n- The TREO grade encompasses 15 rare earth elements present in the deposit.\n\n- The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues."]
Leadership
Mark Tory (President, CEO + Director, Mr. Tory is a highly experienced resources executive with significant rare earths experience having held key leadership roles at Northern Minerals initially as CFO and then subsequently CEO while they developed the Browns Range Rare Earth Project, including the planning, building and operation of a A$70 million pilot plant. His previous executive experience includes Managing Director of Crescent Gold Limited, after a period as CFO and Company Secretary. He has had international exposure to resources’ capital markets as well as holding key leadership roles in companies that range from exploration to development through to operating mines across commodities, including rare earths, battery materials, base metals and gold. Mr. Tory is a Chartered Accountant and holds a BBus, MBA and is a Graduate of the Australian Institute of Company Directors (GAICD).), Ali Mahdavi (SVP Corporate Development, Mr. Mahdavi has over 30 years of experience in the capital markets focusing on the rare earth industry. He is the Founder and Managing Director of Spinnaker Capital Markets Inc., a Toronto based capital markets advisory firm with a 20-year track record in charting long term success for private and public companies in a variety of sectors specializing in finding growth capital, mergers and acquisitions, and investor relations. Prior to joining the Defense Metals team, Mr. Mahdavi was SVP, Corporate Development and Capital Markets at Neo Performance Materials, where he spent more than 20 years working closely with the board and management team to successfully access capital and identify funding solutions to grow the business, and advising on M&A strategies. Mr. Mahdavi attended York University where he studied Economics and Business and started his career at the Bank of Nova Scotia and the Canadian Imperial Bank of Commerce.), Robin Jones (VP Projects, Mr. Jones is a senior mining executive and professional mechanical engineer with more than 30 years of international experience in the development and execution of complex mining and mineral processing projects. His experience spans feasibility studies, detailed engineering, construction, commissioning and operational readiness across multiple commodities, including rare earth elements (“REE”), uranium, copper, nickel and platinum group metals. Most recently, Mr. Jones held senior project and operating roles with Northern Minerals Ltd., where he led the delivery of definitive feasibility studies and was responsible for the development, construction and operation of a heavy REE pilot plant. His background includes leadership of owner’s project teams, oversight of capital project execution, engagement with contractors and financiers, and management of regulatory and stakeholder interfaces in multiple jurisdictions.), David Baker (CFO and Head of Strategy​, Mr. Baker earned his Bachelor of Economics and designation as a Chartered Accountant in Australia before settling in Vancouver in 2005, where he completed an MBA at the University of British Columbia and became a Canadian citizen. David worked within the Ivanhoe Mines group of companies for over 20 years in a variety of roles encompassing operations, the development and financing of the Oyu Tolgoi Copper mine in Mongolia as VP Treasurer, and as CFO of VRB Energy, a high-tech vanadium redox battery company active in manufacturing and R&D within China and internationally. Mr. Baker has spent the last two years with TSX-V listed Camino Mineral Resources as CFO, supporting their corporate development strategy, which recently culminated in the successful acquisition of a construction stage copper project.), Michelle Tanguay (VP Environment & Social Performance, A mining industry leader with over 25 years’ experience in environmental programs, permitting, and social performance, holding senior roles with companies such as GT Gold, Newmont, and Argonaut Gold.), John Goode (Metallurgical Consultant, Mr. Goode has been responsible for design, monitoring, and interpretation of several programs of beneficiation and hydrometallurgical testwork, engineering and economic evaluations of new and existing processing operations for the recovery of rare earth element (REE), and other elements from ore and other sources. John graduated from the Royal School of Mines, London University, where he obtained a B.Sc. (Chemical Engineering in Metallurgy). John spent 18 years at Kilborn Engineering, where he attained the title of Vice President, Mining and Metallurgy and Director, managing a team of mining and metallurgical engineers responsible for feasibility and due diligence studies, and the design and commissioning of REE recovery and separation facilities, and he also has experience with gold, base metal, and uranium plants. He has over 50 years experience as a metallurgist and has worked on numerous rare earth projects located in Canada, USA, China, Australia, Russia, and elsewhere. Some of the projects include Niocan Inc. Nb, Ta, REE project; Rare Element Resources’ Bear Lodge REE project; Avalon Rare Metal’s Thor Lake project; Hudson’s REE Sarfartoq project; Appia and Pele Mountain Elliot Lake U-REE projects; Serra Verde ionic clay project in Brazil; Quest’s Strange Lake project; Pea Ridge Fe tailings project; Search Minerals Foxtrot deposit; and Polymetal/Vostok’s Tomtor REE-Nb-Sc-V-Th project in Siberia, among others.)

Verified data last updated: 2026-06-12

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