Core Viewpoint - Defense Metals Corp. is advancing its Wicheeda Rare Earth Element project, which is positioned as the only REE project in North America with proven mineral reserves not yet in production, and is preparing for a Definitive Feasibility Study in 2026 [2][18]. Project Study Update - The company released a Pre-Feasibility Study (PFS) in May 2025, highlighting Wicheeda's status as the most advanced undeveloped REE project in North America and Europe [2]. - The company is conducting additional test work to optimize the plant configuration and metallurgical process flow, aiming to enhance economic benefits through downstream processing [3]. - Hatch Ltd has been engaged to determine the optimal location for the hydro-metallurgical plant, with considerations for various sites in Canada and the U.S. [4]. Relations with First Nation Partner - The company is collaborating with the McLeod Lake Indian Band, which is a key partner and shareholder, and has signed a Joint Co-Design Agreement to expedite the Wicheeda project [5]. Relations with Authorities - The company is in active discussions with Canadian and U.S. authorities regarding the project's significance for securing REE supply for electric vehicles and defense applications [6]. - The company has two grant applications under evaluation with the Critical Minerals Infrastructure Fund [7]. Strategic Partners & Financing - An MoU is in place with a potential strategic partner for a supply agreement covering a significant portion of planned output, with interest from downstream processors in North America and Europe [11]. - The company has received a Letter of Interest from Export Development Canada for potential debt financing of up to US$250 million to support Wicheeda's development [12]. - Following recent capital raises, the company is now debt-free with positive working capital [13]. Annual Meeting of Shareholders - The company announced the election of Maryanne Crichton to the Board of Directors, enhancing the board's expertise in mining and infrastructure [15]. About Defense Metals Corp. - Defense Metals Corp. is focused on developing its 100% owned Wicheeda REE property, which spans approximately 11,800 hectares and is located in British Columbia [16]. - The Wicheeda Project is strategically located near infrastructure, including hydro power and transportation routes, facilitating access to major ports [17]. - The recently completed PFS indicated robust project economics, with a pre-tax NPV of US$1.8 billion and an IRR of 24.6% [18].