Defense Metals Corp. provided a progress update with respect to its ongoing Wicheeda Rare Earth Element (REE) Project economic scenario analysis being conducted by SRK Consulting (Canada) Inc. ("SRK"). Defense Metals is currently advancing the road accessible Wicheeda Critical Rare Earth Element (REE) Property, which is located close to infrastructure approximately 80 kilometres northeast of Prince George, British Columbia (BC). The Wicheeda project has indicated mineral resources of 4,890,000 tonnes averaging 3.02% LREO (Light Rare Earth Elements) and inferred mineral resources of 12,100,000 tonnes averaging 2.90% LREO1. As previously reported the purpose of the scenario analysis is to evaluate the potential of multiple mine development scenarios through the completion of economic trade-off studies that will establish the basis for conducting a preliminary economic assessment ("PEA"). Site visits for SRK resource and mining qualified persons (QP's) have been scheduled for the 1st and 4th weeks of October 2021 to coincide with ongoing core drilling operations. SRK has now completed several key elements that will inform the scenario analysis including: Detailed data review (completed at sufficient detail to ensure no fatal flaws); Scenario definition (complete); Evaluation of mineral processing, hydrometallurgy and separation costs (complete); Pit optimization (complete); and Mine scheduling (in preparation).