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Defense Metals Corp. develops the Wicheeda Rare Earth Project, a 100%-owned rare earth elements project located near Prince George, British Columbia. Company news commonly covers drilling, resource and reserve work, metallurgical testing, environmental baseline studies, feasibility-study preparation, permitting coordination, and infrastructure planning tied to Wicheeda.
Recurring updates also address the project's role in critical minerals supply chains for defense, high-technology, clean energy, and permanent magnet applications. News may include government and industry engagement, rare earth market commentary, project-management appointments, and trading-related developments for the company's TSX Venture, OTCQB, and Frankfurt-listed shares.
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Defense Metals Corp. (TSXV: DEFN, OTCQB: DFMTF) announced a non-brokered private placement financing, termed the LIFE Offering, for up to 22,367,977 common shares at a price of $0.26 per share, generating gross proceeds of C$12.5 million. A significant lead order of C$6.6 million has come from RCF Opportunities Fund II L.P. This financing aims to support the advancement of the Wicheeda Rare Earth Elements Project, including completing its pre-feasibility study and regional exploration activities. The Offering is subject to regulatory approvals and is expected to close around May 18, 2023. The project highlights a robust after-tax net present value of $517 million and an 18% internal rate of return (IRR). The financing strategy positions Defense Metals favorably within the rare earth elements market amid increasing demand.
Defense Metals Corp. announced the successful completion of Phase I for its hydrometallurgical pilot plant, optimizing design conditions for Phase II, which commenced recently. Assays from Phase I indicate a rare earth element extraction efficiency of 93%. Minor adjustments were made during Phase I to enhance circuit operability, extraction, and product quality. Notable findings include that operating the acid bake kiln at varying temperatures did not impact extraction rates, and the use of industrial grade magnesia was more effective than regenerated magnesia. Hatch Engineering has been engaged to assist in the pre-feasibility study. The Wicheeda property, covering over 4,262 hectares, is strategically located near essential infrastructures, enhancing its operational prospects.