Northwire Canada EditionFriday, November 13, 2026
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Production / Operations

Defense Metals shares 2025 update, 2026 outlook

By The Northwire Desk — AI Analysis Dec 22, 2025 · 16:05 DEFN · 0.22 Defense Metals Corp.
DEFN · Price

Executive Summary

  • Defense Metals released a joint letter from Executive Chairman Guy de Selliers and CEO Mark Tory summarizing the company's 2025 performance and outlining strategic priorities for 2026.
  • The company completed a Pre-Feasibility Study (PFS) for the Wicheeda rare-earth project in 2025, confirming it as the only undeveloped rare-earth project in North America and Europe with proven mineral reserves, and plans to begin a Definitive Feasibility Study (DFS) in early 2026.
  • The company successfully completed multiple private placement financings during the year, including a recent oversubscribed $16.2 million financing, supported by significant insider participation.

Key Details

  • Leadership Changes: Mark Tory formally assumed the role of President and Chief Executive Officer; the board and senior management team were strengthened with new appointments.
  • Project Status (Wicheeda):
    • Completed the Pre-Feasibility Study (PFS) in 2025.
    • PFS confirmed Wicheeda as the only undeveloped rare-earth project in North America and Europe with proven mineral reserves.
    • Preparatory work for the Definitive Feasibility Study (DFS) has commenced, targeted to begin in early 2026.
  • Financing:
    • Completed multiple private placement financings during 2025.
    • Most recent financing was an oversubscribed $16.2 million raise.
    • Funds are allocated for metallurgical optimization, engineering studies, and other technical work.
    • Significant insider participation occurred, with directors and senior officers investing alongside institutional shareholders.
    • Executive Chairman Guy de Selliers increased ownership via open-market purchases through his family trust.
  • Strategic Partnerships & Government Support:
    • Received a letter of interest from Export Development Canada (EDC) for potential project financing of up to $250 million (U.S.), subject to customary conditions.
    • Continued engagement with the McLeod Lake Indian Band and federal/provincial authorities.
  • Future Outlook: Focus for 2026 includes advancing the Wicheeda project through the DFS stage, pursuing strategic partnerships, and securing offtake opportunities.

Notable Quotes

  • "Two thousand twenty-five has been a transformative year for Defense Metals as we continued to advance the Wicheeda rare-earth project while strengthening our leadership, financial position and strategic alignment in response to growing global demand for secure rare-earth supply." — Joint Letter from Executive Chairman and CEO
  • "The PFS confirmed the Wicheeda project as the only undeveloped rare-earth project in North America and Europe with proven mineral reserves, reinforcing its strategic importance within the global rare-earth supply chain." — Joint Letter from Executive Chairman and CEO
  • "This level of insider investment reflects strong confidence in the company's strategy and ensures continued alignment with shareholders." — Joint Letter from Executive Chairman and CEO
Read the original news release →

More from Defense Metals Corp.

Oct 16, 2026 · 18:00

Defense secures C$3.65M for its Wicheeda REE project amid depressed share prices and ongoing development.

Financings Oct 08, 2026 · 07:00

Defense infills Wicheeda to confirm grades, delaying the resource estimate and project re-rate.

Drill Results Sep 23, 2026 · 20:14

Rare earth junior secures $6m at a discount to fund feasibility study and permitting for its project.

Financings Aug 31, 2026 · 07:00

Defense infill drilling at Wicheeda confirms carbonatite grades, supporting resource classification uplift rather than representing a new discovery.

Drill Results Aug 12, 2026 · 07:00

Canadian REE developer Defense advances federal funding screening for its Wicheeda processing project.

Other Jul 13, 2026 · 07:00

Defense advances its Wicheeda project toward feasibility while evaluating strategic alternatives for the deposit.

Production / Operations