Defense Metals Resource Upgrade Drilling Intersects 2.33% TREO over 153 Metres at the Wicheeda Rare Earth Project

Defense Metals Corp. (DEFN) has released assay results for the final ten core drill holes, totaling 1,702 meters, from its spring 2026 resource upgrade program at the 100%-owned Wicheeda rare earth element (REE) project near Prince George, BC. The company states that all ten holes intersected significant widths of REE mineralization within the pit confines defined by the 2025 Preliminary Feasibility Study (PFS), with the work intended to upgrade inferred resources to indicated or better.

The 2026 campaign comprised 31 holes totaling 5,345 meters. This included 20 holes (3,136 meters) for resource upgrade and infill, 7 holes (1,507 meters) for pit-slope geotechnical analysis, and 4 holes (702 meters) for waste-rock geochemical testing.

Reported significant intercepts, defined by total rare earth oxide (TREO = CeO2+La2O3+Nd2O3+Pr6O11+Sm2O3+Eu2O3+Gd2O3+Tb4O7+Dy2O3+Ho2O3), include:

• WI26-104: 153.2 m at 2.33% TREO (from 3.8 to 157.0 m) - flagged as the highest grade x width intercept of the campaign.
• WI26-114: 114.7 m at 2.68% TREO (from 111.0 to 225.7 m) - drilled through predominantly measured-category blocks as a reference hole.
• WI26-103: 115.5 m at 2.13% TREO (from 2.5 to 118.0 m), including 87.65 m at 2.57% TREO.
• WI26-102: 91.4 m at 2.26% TREO (from 5.7 to 97.1 m), including 34.3 m at 3.25% TREO.
• WI26-111: 122.55 m at 1.89% TREO (from 11.45 to 134.0 m).
• WI26-110: 182.1 m at 1.21% TREO (from 33.0 to 215.1 m), including 54 m at 2.10% TREO.
• WI26-109: 134.4 m at 1.00% TREO (from 11.2 to 145.6 m), including 66.8 m at 1.51% TREO.
• WI26-107: 105 m at 1.43% TREO; WI26-106: 66 m at 1.40% TREO; WI26-105: 84.4 m at 1.29% TREO; WI26-108: 67.2 m at 1.24% TREO (each with an "including" higher-grade sub-interval).

Across 19 inferred upgrade holes totaling 2,887 meters, assays averaged 87% of predicted inferred block-model grades. In the west pit wall, 6 of 7 holes exceeded predictions by an average of 24%. The south pit area averaged 76% of predicted grades due to a local 20 m northward shift of the mineralized contact.

Defense Metals Corp. (DEFN) released drill results that confirm the existing geological and block models within the current Preliminary Feasibility Study (PFS) pit, with no changes to the scale or grade of the deposit. The primary outcome is a resource classification uplift, moving material from inferred to indicated status once models are re-run. This process serves as a de-risking and quality assurance step rather than a growth driver.

The stock has round-tripped from a high of C$0.40 on October 20, 2025, to the C$0.12–0.13 range, sitting near its 52-week low. Market expectations appear anchored to prior data, as the current price assumes nothing about these specific infill holes. Because the results are at or near resource grade and consistent with the prior batch, they confirm existing dimensions rather than opening new ones.

As a pre-revenue developer, Defense Metals reported a net loss of C$5.20 million for fiscal year 2026, with a going-concern note attached. The company held C$12.88 million in cash as of March 31, 2026, and remains reliant on equity financing. For such entities, drill results are significant only if they expand resource size, extend mine life, or improve the odds of securing financing and permits. This latest batch nudges resource confidence but does not increase resource size.

The genuine catalyst remains the pending updated Mineral Resource Estimate. Context from prior periods indicates the PFS carries a pre-tax net present value of approximately US$1.8 billion and a post-tax value of US$1.0 billion, based on internal rates of return of 24.2% and 18.6%, respectively. The company sought up to C$32 million under Natural Resources Canada’s CMRDD/GPI programs, but the Feasibility Study is not yet funded and no offtake agreements have been signed. The latest capital raise of C$6 million at C$0.14 in September 2026 is currently underwater, with the stock trading at C$0.13.

Defense Metals Corp. (TSXV: DEFN; OTCQB: DFMTF; FSE: 35D) is a pre-revenue rare earth element (REE) development company. Its sole asset is the 100%-owned Wicheeda REE project, located approximately 80 km northeast of Prince George, British Columbia, on a 11,800-hectare property. The deposit is a carbonatite-hosted light REE deposit, specifically a dolomite carbonatite with a neodymium-praseodymium (NdPr) focus. The company cites a deposit grade of approximately 2.3% total rare earth oxides (TREO) and positions Wicheeda as the only undeveloped REE mining reserve in North America.

A Preliminary Feasibility Study (PFS) released in April 2025 outlined a pre-tax net present value (NPV) of approximately US$1.8 billion and a post-tax NPV of approximately US$1.0 billion. The study indicated a pre-tax internal rate of return (IRR) of approximately 24.2% and a post-tax IRR of approximately 18.6%. Capital expenditures (CAPEX) were estimated at approximately US$1.4 billion, with a post-tax payback period of 3.7 years. Operating expenses (opex) were projected at approximately US$38.4 per kilogram of TREO, against a basket price of approximately US$45 per kilogram of TREO. A Definitive Feasibility Study is targeted for completion.

According to a presentation dated September 1, 2026, the company’s capital structure consisted of 395.1 million shares, 53.4 million warrants, and 21.3 million options, resulting in 469.8 million fully diluted shares. The company held C$10.5 million in cash, was debt-free, and had insider ownership of approximately 6.69%. Prior to the current period, the company raised C$16.2 million in October 2025 at C$0.30 per share, with warrants priced at C$0.45. Additionally, a C$6 million LIFE placement at C$0.14 was announced in September 2026.

The project has received support through a BC Critical Minerals Office advanced-project designation and conditional C$1.88 million in Canada’s Mining Infrastructure Fund (CMIF) infrastructure funding. Natural Resources Canada (NRCan) issued an invitation to submit a full proposal for up to C$32 million. The company also holds a Mineral Leasing and Investment Business (MLIB) co-design agreement and equity stake, alongside a non-binding memorandum of understanding (MOU) with Hanwha for offtake and potential investment. An Export Development Canada (EDC) letter of interest for up to US$250 million was referenced in a December 2025 letter.