Defense Metals Corp. announced that it has entered into a non-binding memorandum of understanding with Hanwha Ocean Co. Ltd. and its affiliate Hanwha Corporation, signed on May 25, 2026, to explore a strategic collaboration involving the future supply of rare earth elements and potential investment opportunities.
Under the terms of the memorandum of understanding, the parties intend to evaluate the framework for a potential long-term offtake agreement pursuant to which Defense Metals Corp. could supply certain rare earth materials produced from the Wicheeda Project to support Hanwha Ocean Co. Ltd. and Hanwha Corporation and its affiliate's manufacturing and supply chain requirements.
The parties will also explore the possibility of a strategic investment by Hanwha Ocean Co. Ltd. or any of its affiliates in Defense Metals Corp., subject to further due diligence, negotiation, and the execution of definitive agreements. The memorandum of understanding establishes a framework for ongoing discussions between the parties regarding commercial terms, technical evaluation, supply requirements, and potential investment parameters.
There can be no assurance that the parties will enter into a definitive agreement or complete any transaction contemplated by the memorandum of understanding.
