Defense Metals Provides Update on Wicheeda Project Development

Core Viewpoint - Defense Metals Corp. is advancing the Wicheeda Rare Earth Project, highlighting strong economic fundamentals supported by rising NdPr prices and strategic government engagement [1][2] Economic Highlights - Current international NdPr price is US$128.75/kg, significantly higher than the projected price of US$132.70/kg in the Preliminary Feasibility Study (PFS) [1] - PFS indicates a total operating cost of CAD $38.42/kg NdPrO, with an after-tax payback period of 3.7 years and a post-tax NPV (8%) of approximately CAD $1.0 billion [1] - The pre-tax IRR is estimated at ~24.6%, while the post-tax IRR is ~18.9% [1] Market Engagement - The Wicheeda Project has been selected by the British Columbia government as one of four strategic projects to receive support from the B.C. Critical Minerals Office [1] - Defense Metals participated in a European road show organized by Natural Resources Canada, emphasizing the growing European interest in securing reliable sources of rare earth materials [1] Project Development Activities - The company has initiated new field work and drilling programs with Apex Geoscience and SRK Consulting to support resource delineation and geotechnical studies [1] - Pilot metallurgical studies are being conducted with SGS Canada Inc and the Saskatchewan Research Council to finalize design criteria for the PFS flowsheet [1] - Environmental baseline programs are underway to meet requirements for an Environmental Assessment application, with a focus on Indigenous engagement and responsible practices [1]