Defense Metals Provides Joint Letter to Shareholders from Executive Chairman and CEO
Defense Metals Secures War Chest and Government Backing as Wicheeda Project Shifts Toward Feasibility
The most recent news (December 22, 2025) is a joint letter to shareholders from the Executive Chairman and CEO. It characterizes 2025 as a "transformative" year, highlighting the completion of the Pre-Feasibility Study (PFS) for the Wicheeda Rare Earth Project. Key accomplishments include the commencement of preparatory work for a Definitive Feasibility Study (DFS) targeted for early 2026, the receipt of a Letter of Interest from Export Development Canada (EDC) for up to US$250 million in project financing, and the successful closing of an oversubscribed C$16.2 million private placement. The letter emphasizes the project’s unique status as the only undeveloped rare earth project in North America and Europe with proven mineral reserves.
The impact is Material - Positive. The company has successfully navigated the high-risk transition from exploration to a formal Pre-Feasibility stage with robust economics. - Financial De-risking: The C$16.2 million financing closed in late 2024/early 2025 provides the necessary runway to initiate the DFS without immediate further dilution. - Institutional/Government Validation: The US$250 million LOI from EDC and the C$853,825 grant from Natural Resources Canada (CMIF) for infrastructure studies provide significant credibility and lower the cost of future capital. - Strategic Progress: The addition of a solvent extraction (SX) circuit to the flowsheet (announced Jan 2025) materially improved the potential product value, increasing NdPr oxide assay from 14% to 85%. - Insider Alignment: Executive Chairman Guy de Selliers’ open-market purchase of 1.5 million shares at C$0.205 in October 2025 signals strong internal confidence.
Defense Metals Corp. is focused on the 100%-owned Wicheeda Rare Earth Project located in British Columbia, Canada. - Flagship Project: Wicheeda REE Project. - Stage: Pre-Feasibility Study (PFS) completed; moving toward Definitive Feasibility Study (DFS). - Economics: After-tax NPV (8%) of C$1.0 billion and an IRR of 18.9% with a 15-year mine life. - Product: High-value mixed rare earth carbonate (MREC) with 85%+ NdPr purity. - Location: Tier-1 jurisdiction (BC, Canada) with excellent infrastructure access (paved highway, rail, and hydroelectric power proximity).