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. (TSX.V: DEFN) has announced a private placement financing initiative targeting up to $8 million through a best efforts offering, alongside a concurrent non-brokered financing of up to $1 million. The offering includes up to 11,765,000 flow-through units at $0.17 per unit and up to 40,000,000 hard dollar units at $0.15 per unit.
Each unit type includes one common share and half a purchase warrant, with warrants exercisable at $0.20 for 3 years. The proceeds will fund the Wicheeda Project, including optimization, environmental work, and permitting. Paradigm Capital Inc. will lead the offering as agent, receiving a 7% commission (3.5% for President's List investors) and compensation options. The offering is expected to close around May 12, 2025, subject to regulatory approvals.
Defense Metals Corp (TSXV: DEFN) (OTCQB: DFMTF) has announced it will issue 640,097 common shares to holders of secured convertible notes as interest payment. The interest payment amounts to C$98,632.55 as of April 11, 2025.
The Interest Shares will be issued at C$0.15409 per share, determined by the greater of the 20-day volume-weighted average trading price on TSXV or the lowest price permitted under TSXV policies. The Notes are set to mature on October 11, 2025. The issuance is pending TSXV approval.
Defense Metals Corp. (TSXV: DEFN) (OTCQB: DFMTF) has filed a Pre-Feasibility Study (PFS) technical report for its 100% owned Wicheeda Rare Earth Element Deposit near Prince George, British Columbia. The report, effective February 28, 2025, expands the evaluation from four key elements (Nd, Pr, Dy, Tb) to all rare earth elements present in the final mixed rare earth carbonate product.
The updated technical and financial outcomes show changes within 3.5% of the previous February 18, 2025 announcement, deemed non-material. The project has received strong support from both the McLeod Lake Indian Band and BC's Minister of Mining and Critical Minerals, highlighting its potential as a significant global supplier of rare earth elements.
The comprehensive report, prepared in accordance with NI 43-101 standards, is now available on SEDAR+ and the company's website. Additionally, the company announced the resignation of Interim CFO Alex Heath, with Ryan Cheung stepping in temporarily until a replacement is appointed.
Defense Metals Corp. (TSXV: DEFN) (OTCQB: DFMTF) has secured funding of up to C$853,825 from Natural Resources Canada's Critical Minerals Infrastructure Fund (CMIF) for its Wicheeda Rare Earth Element Project in British Columbia.
The funding will support an economic study for a 46km transmission line connecting Wicheeda to the provincial hydroelectric power grid, including powerline engineering, environmental studies, archaeological assessments, and Indigenous engagement. The McLeod Lake Indian Band (MLIB) is an equity partner in the project through a co-design agreement.
The funding builds on a recently completed Pre-Feasibility Study that confirmed Wicheeda's economic viability and potential as a significant North American rare earth elements supplier. The project is currently the only rare earth project in Canada with proven and probable reserves.
Defense Metals has released the results of its Pre-Feasibility Study (PFS) for the Wicheeda Rare Earth Element deposit in British Columbia, Canada. The project demonstrates robust economics with a pre-tax NPV of US$1.8 billion at 8% discount rate and IRR of 24.6%, with after-tax payback of 3.7 years.
The project features a 15-year mine life with a 5,000 tonne per day flotation concentrator, requiring an initial capital cost of US$1.4 billion. The operation will produce an average of 31,900 tonnes of Total Rare Earth Oxide annually in concentrate, yielding approximately 5,200 tonnes of TREO in high-value mixed rare earth carbonate after removing cerium and lanthanum.
Key advantages include the production of high-grade flotation mineral concentrate containing 50% TREO at 81% recovery over the initial 8 years, with cash operating costs averaging $37.42/kg NdPrO. The project's final product will focus on critical elements for permanent magnet applications: neodymium and praseodymium (87.3%), dysprosium (0.6%), and terbium (0.2%).
Defense Metals (OTCQB: DFMTF) has announced a significant improvement to its hydrometallurgical plant flowsheet by adding a solvent extraction (SX) circuit to remove low-value Cerium and Lanthanum. This modification will increase the Neodymium and Praseodymium (NdPr) oxide content in the mixed rare earth carbonate (MREC) from 14% to at least 85% on a total rare earth oxide basis.
According to Argus Media, this enhancement will result in one of the highest basket values among existing or planned light rare earth production outside China. The improved MREC will reduce product handling equipment capacity requirements and transportation mass. While the modification will increase capital costs, the company believes the benefits will significantly outweigh the expenses.
The pre-feasibility study, expected in Q1, will incorporate the SX circuit in the overall project design.
Defense Metals Corp (TSXV: DEFN) (OTCQB: DFMTF) has announced it will issue 491,807 shares of common stock as Interest Shares to holders of secured convertible notes. This issuance satisfies an interest payment of C$100,821.92 due January 11, 2025. The Interest Shares will be priced at C$0.205 per share, determined by the greater of the 20-day volume-weighted average trading price on TSXV or the minimum price allowed by TSXV policies.
The convertible notes are set to mature on October 11, 2025. The Interest Shares issuance requires TSXV approval and will be subject to a four-month and one-day hold period under Canadian securities laws.
Defense Metals Corp (TSXV: DEFN) (OTCQB: DFMTF) has announced several key executive appointments and board changes. Mark Tory has officially started his role as President and Chief Executive Officer, taking over the President position from Dr. Luisa Moreno, who will remain on the Board of Directors. Mr. Tory has also been appointed to the Board of Directors.
The company announced that Martin Cronin did not seek re-election at the recent Annual General Meeting but will continue serving as an advisor. Additionally, Alex Heath has been appointed as Corporate Secretary while maintaining his current role as SVP Corporate Development & Interim CFO.
The Board of Directors now consists of six members: Suzanne Folsom, Luisa Moreno, Guy de Selliers, Dale Wallster, Ted Kavanagh, and Mark Tory.
Defense Metals Corp (TSXV: DEFN) (OTCQB: DFMTF) released a shareholder letter from Executive Chairman Guy de Selliers highlighting recent developments and upcoming milestones. The company expects to release pre-feasibility study results in early February, managed by Hatch with support from SRK and other experts.
The company recently strengthened its management team with new CEO Mark Tory, raised C$4 million in October through a secured convertible note (including C$1.7 million from the Chairman), and maintains strong relationships with stakeholders including the McLeod Lake Indian Band. The company is in discussions with potential partners and off-takers, who have received samples of their concentrate/carbonate from pilot plant testing with positive feedback.
The Wicheeda rare earths deposit is highlighted as one of North America's premier deposits, featuring good grade, favorable mineralogy for high-grade concentrate production, excellent infrastructure access, skilled labor availability, and strong government and First Nation support.
Defense Metals (TSXV: DEFN) (OTCQB: DFMTF) has announced the grant of 9,950,000 incentive stock options to directors, officers and consultants. The options are structured as follows: 8,850,000 options at C$0.125 per share, 400,000 options at C$0.205 per share, and 700,000 options at C$0.26 per share. All options have a five-year exercise period and are subject to TSX Venture Exchange approval and certain vesting provisions.
The company's Executive Chairman, Guy de Selliers, emphasized that these options are important for attracting and retaining talent needed for the Wicheeda Project, with a Prefeasibility Study expected in Q1 2025.
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