Defense Metals Joins Discovery Group and Appoints a New Director

Vancouver, British Columbia – April 10, 2023: Defense Metals Corp. announced that it has joined the Vancouver-based Discovery Group, led b John Robins and Jim Paterson. In addition, Dale Wallster has been appointed to the Defense Metals board of directors.

John Robins, Co-Founder and Principal of Discovery Group commented: “We are excited to welcome Defense Metals into Discovery Group. In my opinion, Defense represents a world-class opportunity in the rare earth / critical metals space. Viewed as being one of the highest grade deposits globally, and led by a strong management and technical team, Defense has all the attributes we look for in a Discovery Group company. The addition of Defense to our roster of companies will round out the Discovery Group portfolio and will elevate the exposure of all our member companies, as we continue to educate and inform shareholders about market opportunities that exist with high quality junior mining explorers.”

Craig Taylor, CEO of Defense Metals commented: “We are pleased to welcome Dale Wallster to the Board.  He brings a wealth of mineral exploration and capital markets experience to Defense Metals and we look forward to working with him as we continue to advance the Wicheeda Rare Earth Elements project. The Company is also pleased to have joined Discovery Group, an alliance of public companies focused on the advancement of mineral exploration and mining projects with a proven track record of generating shareholder value. We look forward to a close working relationship with the team at Discovery Group.”

Dale Wallster is a prospector and geologist with over 40 years’ experience in North American mineral deposit exploration. As President and founder of Roughrider Uranium Corp., which was acquired by Hathor Exploration Limited in 2006, Dale and his team are widely credited for the discovery of Hathor’s Roughrider deposit. In January of 2012 Rio Tinto plc acquired Hathor for CAD$650 million.

Mr. Wallster commented: “In the recent explosion of strategic, geopolitical and investment interest in North American Critical Minerals, rare earth element companies represent the “Rodney Dangerfield” of the class; they are getting “no respect”. Given their importance in the electrification of the world I expect this to change soon and Defense Metals, with its Wicheeda Project pre-feasibility study expected in 2024, is leading the pack.”

About Discovery Group

Discovery Group is an alliance of public companies focused on the advancement of mineral exploration and mining projects with a proven track record of generating shareholder value through responsible, sustainable, and innovative development.

Founded in 2005 by John Robins and Jim Paterson, two respected entrepreneurs in the Canadian mining industry, Discovery Group has generated over $500M in direct and indirect expenditures resulting in over $2.6 billion in M&A activity, with the most recent success being the sale of Great Bear Resources Ltd. to Kinross Gold Corporation for $1.8 billion.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Kristopher J. Raffle, P.Geo. (B.C.), Principal and Consultant of APEX Geoscience Ltd. of Edmonton, Alberta, who is a director of Defense Metals and a “Qualified Person” as defined in National Instrument 43-101.

About the Wicheeda REE Property

Defense Metals 100% owned, 4,262-hectare (~10,532-acre) Wicheeda Light REE property is located approximately 80 km northeast of the city of Prince George, British Columbia; population 77,000. The Wicheeda REE Project is readily accessible by all-weather gravel roads and is near infrastructure, including hydro power transmission lines and gas pipelines. The nearby Canadian National Railway and major highways allow easy access to the port facilities at Prince Rupert, the closest major North American port to Asia. 

The 2021 Wicheeda REE Project Preliminary Economic Assessment technical report (“PEA”) outlined a robust after-tax net present value ([email protected]%) of $517 million and an 18% IRR1. This PEA contemplated an open pit mining operation with a 1.75:1 (waste:mill feed) strip ratio providing a 1.8 Mtpa (“million tonnes per year”) mill throughput producing an average of 25,423 tonnes REO annually over a 16 year mine life. A Phase 1 initial pit strip ratio of 0.63:1 (waste:mill feed) would yield rapid access to higher grade surface mineralization in year 1 and payback of $440 million initial capital within 5 years.

About Defense Metals Corp.

Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power markets, defense industry, national security sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Light Rare Earth Element Deposit located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.