Defense Metals' Wicheeda Project Selected as One of only Three New Promising Projects by the British Columbia Critical Minerals Office for their Advanced Project Initiative

Rhea-AI Summary

Defense Metals (OTCQB: DFMTF) announced on February 23, 2026 that its Wicheeda Rare Earth Project was selected by the British Columbia Critical Minerals Office as one of three advanced projects for early coordination support.

The CMO will assist with regulatory alignment, environmental assessment preparation and permitting coordination while the company advances technical studies and First Nations engagement.

Positive

• Selected as one of three CMO advanced projects on Feb 23, 2026
• Early coordination support for regulatory, environmental assessment, and permitting alignment
• Recognition of project readiness and strengthened First Nations engagement emphasis

Negative

• None.

Wicheeda Rare Earth Element Project to Receive Early Coordination Support

VANCOUVER, BC, Feb. 23, 2026 /PRNewswire/ - Defense Metals Corp. ("Defense Metals" or the "Company") (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D), a company focused on the development of the Wicheeda Rare Earth Project (Wicheeda Project), located near Prince George, British Columbia, Canada, is pleased to announce that its has been selected by the Province of British Columbia to work with the B.C. Critical Minerals Office (CMO) as an advanced project. (Link to B.C. Government News: https://news.gov.bc.ca/releases/2026MCM0010-000179)

Projects are selected for the Critical Minerals Office based on established criteria, including strength of working relationships with local First Nations, geological potential, project readiness, commodity type, and other factors. Defense Metals is advancing the Wicheeda Project through technical studies and planning work, which serve to support the regulatory process, and the CMO will provide early coordination support to assist the Wicheeda Project as it continues this work and prepares for environmental assessment and future permitting processes.

The Honourable Jagrup Brar, Minister of Mining and Critical Minerals, stated: "The Critical Minerals Office provides key services to help take promising projects and move them forward faster, ensuring that B.C. continues to rapidly grow the sector. By supporting early coordination for projects like Wicheeda, we are helping ensure communities, Indigenous Nations and project proponents have clearer information and stronger alignment as projects move into environmental assessment and permitting."

Inclusion in the CMO initiative reflects the province's recognition of the project's advancement and potential contribution to British Columbia's growing critical minerals sector.

Mark Tory, CEO of Defense Metals commented "Selection for early coordination support through the Critical Mineral Office and to be considered a promising project by the B.C. government recognizes Wicheeda's strengths and level of advancement. We are grateful for the province's partnership as this support allows us to sync our technical progress with a clear, predictable regulatory pathway from the outset. By working in collaboration with First Nations rights-holders and the CMO, we are ensuring that Wicheeda advances in the fastest way possible as a world-class project that will deliver long-term sustainable value for the entire region."

Defense Metals joins Northisle Copper and Gold Inc., Surge Copper Corp., and FPX Nickel Corp. in receiving dedicated support services from the Critical Minerals Office.

About Defense Metals Corp. and the Wicheeda Rare Earth Element Project

Defense Metals Corp. ("Defense Metals" or the "Company") is an advanced rare earth elements (REE) exploration and development company focused on delivering strategically critical metals to Western defence, high-technology, and clean energy supply chains. The Company's primary asset is its 100%-owned Wicheeda Rare Earth Element Project, located near Prince George, British Columbia, Canada.

The Wicheeda Project is one of the most advanced undeveloped rare earth deposits in North America or Europe, featuring a robust mineral resource and mining reserve, as detailed in the Company's 2025 Pre Feasibility Study ("PFS") (refer to Company News Release April 7^th, 2025) prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The PFS, showed the economic potential of the deposit, supporting future project development.

Defense Metals is committed to advancing the Wicheeda Project through the Feasibility Study ("FS") stage, permitting, and eventually into production positioning the Company to become a reliable supplier of critical rare earths that are essential to modern defence systems, advanced manufacturing, and energy-efficient technologies.

The Company's shares trade on the TSX Venture Exchange (TSXV: DEFN), the OTCQB Venture Market (DFMTF) and the Frankfurt Exchange (FSE: 35D).

The PFS for the Wicheeda Rare Earth Element Project, prepared in accordance with NI 43-101 is preliminary in nature and includes numerous assumptions regarding metallurgy, capital and operating costs, and market conditions.

Mineral reserves and the economic outcomes projected in the PFS are subject to significant uncertainties, and there is no certainty that the results of the PFS will be realized. Additional studies, including a Definitive Feasibility Study (DFS) and permitting work, are required before a production decision can be made.

For further information, please visit www.defensemetals.com or contact:

Ali Mahdavi
SVP Corporate Development
Email: am@spinnakercmi.com

Mark Tory
President and CEO
Email: mark@defensemetals.com

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Statement Regarding "Forward-Looking" Information

This news release contains "forward‐looking information or statements" within the meaning of applicable securities laws, which may include, without limitation, any statements (expressed or implied) relating to: advancing the Wicheeda Project and the proposed debt settlement. Forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking. All statements in this news release, other than statements of historical facts, that address events, contribution or developments that the Company expects to occur, are forward-looking statements.  Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of rare earth elements, the anticipated costs and expenditures, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration and metallurgical results, risks related to the inherent uncertainty of exploration and development and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company's profile on SEDAR+ (www.sedarplus.ca). While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather and climate conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to maintain or obtain community acceptance (including First Nations), risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of personnel, materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), risks relating to inaccurate geological, metallurgical, engineering and pricing assumptions, decrease in the price of rare earth elements, the impact of viruses and diseases on the Company's ability to operate, restriction on labour and international travel and supply chains, loss of key employees, consultants, officers or directors, increase in costs, delayed results, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward–looking statements or forward–looking information, except as required by law.

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SOURCE Defense Metals Corp.

FAQ

What does BC's selection mean for Defense Metals' Wicheeda Project (DFMTF)?

It means Wicheeda receives early regulatory coordination and support from the CMO. According to the company, the CMO will help sync technical studies with environmental assessment and permitting to streamline project advancement and stakeholder alignment.

When was Wicheeda Project (DFMTF) chosen for the Critical Minerals Office initiative?

Wicheeda was selected on February 23, 2026 for the CMO advanced project initiative. According to the company, the selection recognizes the project's advancement and potential contribution to B.C.'s critical minerals sector.

How will CMO support affect Wicheeda's permitting timeline for DFMTF?

CMO support aims to clarify permitting pathways and reduce coordination delays early on. According to the company, this early alignment is intended to streamline environmental assessment preparation and engagement with communities and Indigenous rights-holders.

Does the CMO selection change Wicheeda Project's technical work or financing for DFMTF?

The selection provides coordination support but does not itself provide financing or alter technical programs. According to the company, Defense Metals will continue technical studies while the CMO assists with regulatory and stakeholder coordination.

Which other projects were named alongside Wicheeda by B.C.'s Critical Minerals Office?

Wicheeda joins Northisle Copper and Gold, Surge Copper, and FPX Nickel in receiving CMO support. According to the company, these projects were selected based on readiness, First Nations relationships, geological potential, and commodity type.