Defense Metals Provides Corporate Update Highlighting Continued Execution and Strategic Momentum

Defense Metals Corp. (DEFN) issued a corporate update on July 13, 2026, confirming continued execution on the Wicheeda Rare Earth Project. The company completed its 2026 Spring drill program, gathering geotechnical, geochemical, and hydrogeological data to support the ongoing Feasibility Study. Pilot-scale flotation testing is being completed at SGS Lakefield, with preparations underway for additional hydrometallurgical plant testing to optimize process design.

The company received conditional government funding support for infrastructure initiatives associated with Wicheeda, which remains the only rare earth project selected by the British Columbia government as a priority project. Management is actively evaluating strategic alternatives, including partnerships, financing, and offtake arrangements, to support project development. Executive Chairman Guy de Selliers acknowledged disappointing share price performance but reaffirmed the team's focus on execution and advancing Wicheeda as a premier North American rare earth development project.

Defense Metals Corp. (DEFN) released a routine follow-up to previously announced milestones, including the May 2026 memorandum of understanding with Hanwha, the May 2026 pilot flotation program, and the March 2026 government infrastructure grant. The completion of the spring drill program and ongoing metallurgical testing represent expected steps toward the Feasibility Study and do not constitute new market-moving catalysts.

The company noted it is evaluating strategic alternatives, a move that remains non-binding and aligns with its stated 2026 outlook to pursue partnerships and offtake agreements. No new financial guidance, production timelines, or definitive partnership announcements were provided. The update confirms technical progress and government backing without altering the fundamental development timeline or capital requirements.

Defense Metals Corp. (DEFN) is a Canadian mining company focused on the Wicheeda Rare Earth Elements Project, located approximately 80 km northeast of Prince George, British Columbia. The project is a 100%-owned, advanced undeveloped REE deposit with a robust mineral resource and mining reserve.

A Pre-Feasibility Study (PFS) completed in April 2025 demonstrated strong economics, including a pre-tax NPV of ~CAD $1.8 billion, a pre-tax IRR of ~24.6%, and a post-tax payback period of 3.7 years. The company is advancing toward a Definitive Feasibility Study, permitting, and eventual production, targeting a construction and production timeline between 2028 and 2031. Wicheeda is positioned as a critical domestic source of rare earth elements for defense, clean energy, and advanced manufacturing supply chains.