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.
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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.
Defense Metals Corp. announced the successful completion of Phase I of its hydrometallurgical pilot plant at SGS Lakefield on April 12, 2023. The pilot aimed to test the operability of the Wicheeda process, achieving over 90% extraction of praseodymium and neodymium from the acid bake calcine during five days of continuous operation. Optimization of the flowsheet was confirmed, with plans for Phase II set for late April 2023, alongside minor adjustments to the circuit. The Wicheeda property, covering 4,262 hectares in British Columbia, holds a robust after-tax NPV of $517 million and an 18% IRR based on a Preliminary Economic Assessment. Defense Metals focuses on rare earth elements crucial for electric power and green technologies.
Defense Metals Corp. (DFMTF) announced its entry into the Vancouver-based Discovery Group and the appointment of Dale Wallster to its board of directors. John Robins, co-founder of Discovery Group, expressed enthusiasm for Defense Metals, citing its potential in the rare earth elements sector, particularly with the Wicheeda Project, which is recognized for its high-grade deposits. Wallster, a seasoned geologist with over 40 years of experience, emphasized the growing strategic interest in North American critical minerals. The Wicheeda Project boasts a promising preliminary economic assessment, suggesting a net present value of $517 million and an internal rate of return of 18%. This collaboration aims to enhance shareholder value through advanced mineral exploration.
Defense Metals Corp. has updated the geological model for its Wicheeda Rare Earth Element (REE) Deposit, incorporating over 10,000 metres of new drilling data from 47 diamond drill holes completed in 2021 and 2022. This update aims to enhance the mineral resource confidence and contribute to a planned pre-feasibility study. Key highlights include significant drill intercepts, such as 3.09% total rare earth oxide over 251 metres. The geological model aims to improve resource estimation and supports further REE recovery optimization. The company looks forward to validating the geological model and advancing towards an updated mineral resource estimate.