Defense Metals Corp. provided an update on certain key developments at its 100%-owned Wicheeda Project, including progress toward pilot-scale processing, ongoing technical studies, permitting initiatives, and strengthening rare earth market fundamentals. Current International NdPr prices have increased significantly since the release of the Wicheeda Preliminary Feasibility Study.
The Preliminary Feasibility Study ("PFS"), prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), demonstrates strong economics for Wicheeda as a long-life, open-pit rare earth operation producing a high-value mixed rare earth carbonate product, driven primarily by neodymium-praseodymium ("NdPr") revenues and low operating costs. The current international NdPr price of USD 128.75/kg (per Adamas Intelligence) further validates the projected economics of the Wicheeda Project as presented in the PFS, which was based on 2030 prices of USD132.70/kg. The current international price is double the price of NdPr at the time MP Materials announced a floor price of $110/kg on July 10, 2025.
PFS highlights include: Pre-tax NPV (8%) of approximately CAD 1.8 Billion. Post-tax NPV (8) of approximately CAD 1.0 Billion. The Company continues to work with Indigenous, Federal and Provincial Governments to position Wicheeda as a strategic critical mineral project for British Columbia, and for Canada.
The BC Government recently announced that the Wicheeda Project has been selected by the Province of British Columbia as one of a select group of four projects, and the only rare earth project, to benefit from key services from the B.C. Critical Minerals Office ("CMO") to help promising projects move forward faster. In addition, the Company was invited by Natural Resources Canada ("NRCAN") to participate in a road show in Europe to meet with potential European strategic and industry stakeholders. These meetings underscored the growing European interest in securing reliable Western sources of critical rare earth materials and highlight Wicheeda's strategic positioning within emerging global supply chains.
Defense Metals was only one of two rare earths company's participating. These opportunities for international engagement enhance the Company's ability to identify new opportunities, and continue to develop existing engagements, with strategic market participants with the potential to further enhance project value. Project Activities Accelerating Towards Commencement of Wicheeda Feasibility Study.
With the strong pricing environment, and continued interest from the Indigenous community, Government authorities, and investors, Defense Metals has accelerated and committed to several significant project activities which would support rapid advancement into a Wicheeda Feasibility study ("FS"). Field Work and Drilling Programs. The Company has engaged Apex Geoscience and SRK Consulting (Canada) Inc. to initiate new field work and drilling programs designed to support resource delineation and expansion, and geotechnical studies for open pit and infrastructure design, all designed to optimize the project ahead of the next stage of engineering. Pilot Plant Programs. The Company has engaged SGS Canada Inc. and the Saskatchewan Research Council to undertake multiple pilot metallurgical studies to finalise the design criteria for flotation, hydrometallurgy, and solvent extraction units in the PFS flowsheet.
The launch of these programs shows the importance the company attributes to the critical areas of Indigenous engagement and responsible environmental practices.
