- Defense Metals (TSXV:DEFN) is preparing to launch a Definitive Feasibility Study in early 2026, building on its Pre-Feasibility Study that confirmed Wicheeda as the most advanced undeveloped REE project in North America
- The company received a Letter of Interest from Export Development Canada for up to US$250 million in debt financing and is actively pursuing supply agreements and partnerships in Europe and North America
- Defense Metals is working closely with the McLeod Lake Indian Band and Canadian authorities to accelerate permitting and secure support for critical mineral development
- Defense Metals Corp. stock (TSXV:DEFN) opened trading at $0.22
Defense Metals Corp. (TSXV:DEFN) released a comprehensive update outlining significant progress on its flagship Wicheeda Rare Earth Element (REE) project since its last private placement in May 2025. The company is positioning Wicheeda as the most advanced undeveloped REE project in North America and Europe, backed by proven mineral reserves and a robust Pre-Feasibility Study (PFS) completed earlier this year.
Project study and technical advancements
Following the PFS release in May, Defense Metals is targeting the launch of a Definitive Feasibility Study (DFS) in the first half of 2026. The company has initiated optimization work to refine plant sizing and metallurgical processes, aiming to enhance downstream processing economics. Hatch Ltd has been engaged to assess the optimal location for the hydro-metallurgical plant, currently proposed for Bear Lake, BC, with alternative sites in Canada and the U.S. under consideration.
Environmental and indigenous engagement
Defense Metals continues to prioritize environmental stewardship and indigenous collaboration. The company is working closely with the McLeod Lake Indian Band (MLIB), a shareholder and strategic partner, to advance baseline environmental studies and incorporate indigenous perspectives into project planning. MLIB’s input will be instrumental in finalizing the hydro-met plant location and progressing toward the DFS.
Government relations and strategic importance
Recognizing the strategic role of Wicheeda in securing North American REE supply chains for electric vehicles, defense, and robotics, Defense Metals has engaged in active discussions with Canadian and U.S. authorities. The company has submitted two grant applications to the Critical Minerals Infrastructure Fund (CMIF) and participated in a Berlin trade mission led by Prime Minister Mark Carney and Minister Tim Hodgson. These engagements reflect growing governmental momentum to streamline permitting processes for critical mineral projects in British Columbia.
Partnerships and financing
Defense Metals has signed a memorandum of understanding (MoU) with a potential strategic partner for a supply agreement covering a substantial portion of its planned output. Interest from European and North American downstream processors continues to grow. Financially, the company has received a Letter of Interest from Export Development Canada (EDC) for up to US$250 million in debt financing. With recent equity raises and debt-equity swaps, Defense Metals is now debt-free and maintains positive working capital.
Leadership commentary
“With the clear drive to reduce rare earth value chain dependency on China, the Wicheeda project, which is the only project in North America and Europe with confirmed reserve, is clearly needed. We are determined to make it happen,” Defense Metals’ executive chairman, Guy de Selliers, said in a news release.
About Defense Metals Corp.
Defense Metals Corp. is focused on metals and elements commonly used in the EV market, military, national security and “green” energy technologies.
Defense Metals’ 100-per-cent-owned, 42.6-square-kilometre Wicheeda REE property is 80 kilometres northeast of Prince George, B.C.
Defense Metals Corp. stock (TSXV:DEFN) has a market cap of C$80 million and opened Tuesday trading 7.32 per cent higher at $0.22 and is sitting 131.58 per cent higher than this time last year.
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