Welcome to our dedicated page for Defense Metals news (Ticker: DFMTF), a resource for investors and traders seeking the latest updates and insights on Defense Metals stock.
Defense Metals Corp. (OTCQB: DFMTF; TSXV: DEFN; FSE: 35D) generates a steady flow of news centered on the advancement of its 100%-owned Wicheeda Rare Earth Element Project in British Columbia, Canada. This news page aggregates company announcements, project updates, and financing developments related to Defense Metals’ efforts to develop its rare earth deposit.
Readers can find project study updates, including details on the company’s NI 43-101-compliant Preliminary Feasibility Study and its work toward a Definitive Feasibility Study. Defense Metals’ releases describe metallurgical optimization, engineering studies, and evaluation of locations for a planned hydrometallurgical plant, providing insight into the technical progress of the Wicheeda Project.
The company’s news also covers strategic and financial milestones, such as private placement financings, a Letter of Interest from Export Development Canada for potential project financing, and shares-for-debt settlements with advisory and engineering firms. Announcements about a non-binding memorandum of understanding with a potential strategic partner for a possible supply agreement, as well as discussions with downstream processors, appear here as they are disclosed.
Another recurring theme in Defense Metals’ news is stakeholder engagement. Releases highlight the company’s relationship with the McLeod Lake Indian Band, including a Joint Co-Design Agreement and expressions of support for Wicheeda’s development, along with meetings with Canadian government officials regarding critical minerals policy and permitting.
Investors and observers can use this page to follow Defense Metals’ corporate updates, leadership changes, and ongoing interactions with governments, Indigenous partners, and potential strategic counterparties, all as they relate to the Wicheeda rare earth project.
Defense Metals Corp. announced the shipment of 1,576 core samples from its Wicheeda rare earth element (REE) Project, representing 70% of its 2021 drilling program. The samples, totaling approximately 3,900 meters across 23 drill holes, were sent to ALS Canada for analysis. Initial assay results for the first four holes are expected by mid-February 2022, with further updates to follow. The Wicheeda Project has a positive preliminary economic assessment indicating an after-tax NPV of $517 million and 18% IRR. The company is focused on expanding its REE resources.
Defense Metals Corp. has outlined its strategic achievements for 2021 and key objectives for 2022, focusing on the Wicheeda Rare Earth Element Project. The Company finalized a 100% acquisition and filed a preliminary economic assessment (PEA) indicating a net present value of $517 million and an IRR of 18%. Goals for 2022 include resource upgrading, optimizing processing flowsheets, and initiating a pre-feasibility study. Additionally, Defense Metals aims to engage users, strengthen its balance sheet, and implement an environmental strategy to enhance community collaboration.
Defense Metals Corp. announced on January 17, 2022, the 100% acquisition of the Wicheeda Rare Earth Element Property, reinforcing its leadership team. Dr. Luisa Moreno has been appointed as President, bringing her extensive expertise in rare earths and strategic minerals. Dr. William Bird joins as a Director, enhancing the board's mineral-industry proficiency. This acquisition positions Defense Metals strategically within the critical minerals sector, leveraging the Wicheeda property, which spans 2,008 hectares near Prince George, British Columbia.
Defense Metals Corp. has successfully completed the acquisition of Spectrum Mining Corporation, securing a 100% interest in the Wicheeda Rare Earth Element (REE) Property. Under the terms of the November 22, 2018 Option Agreement, Defense Metals issued 78,115,549 common shares valued at approximately $17.68 million and paid $100,000 in cash to Spectrum's shareholders. This acquisition consolidates Defense Metals' control over the Wicheeda REE Project, which boasts a pre-tax NPV of CAD $760 million. The project is strategically located near key infrastructure in British Columbia.
Defense Metals Corp. announced the filing of a Preliminary Economic Assessment (PEA) for the Wicheeda Rare Earth Element Project in British Columbia, dated January 6, 2022. The report, prepared by SRK Consulting, shows significant metrics: pre-tax NPV at 8% of $760,585K CAD, post-tax NPV at 8% of $516,500K CAD, and pre-tax IRR at 22%. The Project has an estimated mine life of 16 years, with initial capital expenditure of $440,068K CAD and total cashflow of $1,668,640K CAD. The report is compliant with NI 43-101 standards and is accessible on SEDAR and the company's website.
Defense Metals Corp announced a successful Preliminary Economic Assessment (PEA) for its Wicheeda Rare Earth Element deposit, revealing a post-tax NPV of $512 million and an IRR of 16%. The project anticipates average revenues of $397 million annually from rare earth concentrate over its 16-year lifespan. Initial capital expenditures are estimated at $461 million, with significant potential for production rates averaging 25,423 tonnes of REO yearly. The updated mineral resource now includes 5 million tonnes of indicated resources at 2.95% TREO, marking a 36% increase compared to previous estimates.
Defense Metals Corp. (OTCQB: DFMTF) has successfully completed its 2021 drilling program at the Wicheeda Rare Earth Element (REE) deposit, totaling 5,349 metres across 29 holes. The program aimed to expand the existing resource and upgrade it to measured and indicated categories. Current resources include 4,890,000 tonnes of indicated resources at 3.02% LREO and 12,100,000 tonnes of inferred resources at 2.90% LREO. Future drilling results are expected in Q1 2022, positioning Wicheeda among North America's key rare earth deposits.
Defense Metals Corp. (OTCQB: DFMTF) has appointed Dr. Luisa Moreno to its board of directors. With a PhD in Materials Science from Imperial College London, Dr. Moreno has extensive experience in the rare earths sector and has held senior analytical positions. She is currently the CEO of Graphano Energy Ltd and brings expertise in mineral project evaluation. To incentivize her role, the company granted her stock options for 300,000 shares at $0.27 each. CEO Craig Taylor expressed optimism that her expertise will advance the Wicheeda REE project, which is in the resource expansion phase.
Defense Metals Corp. (TSXV: DEFN, OTCQB: DFMTF) announced the mobilization of a second diamond drill at its Wicheeda Rare Earth Element (REE) deposit to enhance ongoing resource expansion efforts. The Wicheeda property, located 80 km northeast of Prince George, BC, has indicated mineral resources of 4,890,000 tonnes averaging 3.02% LREO and inferred resources of 12,100,000 tonnes averaging 2.90% LREO. Drilling has progressed with over 1,500 metres completed across eight holes since the campaign's start less than four weeks ago.
Defense Metals Corp. has provided an update on its Wicheeda Rare Earth Element (REE) Project, indicating progress in the economic scenario analysis conducted by SRK Consulting. The project boasts indicated resources of 4.89 million tonnes at 3.02% LREO and inferred resources of 12.1 million tonnes at 2.90% LREO. Key elements of the scenario analysis, including detailed data review and cost evaluations, are complete. The aim is to report a Preliminary Economic Assessment (PEA) by mid-November 2021, pending successful results.