Defense Metals Provides Update on Wicheeda Project Development
Wicheeda Project advances toward feasibility as NdPr prices align with robust PFS economics.
The most recent news (March 2, 2026) provides a comprehensive development update for the Wicheeda Rare Earth Project. Key highlights include the validation of the 2025 Pre-Feasibility Study (PFS) economics, which showed a post-tax NPV (8%) of CAD $1.0 Billion and an IRR of 18.9%. The company notes that current international NdPr prices of US$128.75/kg are highly supportive of these projections (PFS was based on US$132.70/kg for the year 2030). To move toward a Feasibility Study (FS), the company has engaged a suite of consultants (Apex, SRK, SGS, SRC) for drilling, pilot plant metallurgical studies, and environmental permitting.
The news is Routine - Positive. While the economic figures (NPV/IRR) are impressive, they are a reiteration of the PFS released in April 2025 rather than new discovery data. The material impact lies in the execution of the transition from PFS to FS. The engagement of top-tier consultants like SRK and SGS, combined with the start of a 30-tonne pilot-scale flotation program (announced Feb 17, 2026), demonstrates that the CAD $16.2 million raised in late 2025 is being deployed effectively. The validation of economics against current spot prices reduces the "paper project" risk often associated with REE developers.
Defense Metals Corp. is focused on the 100%-owned Wicheeda Rare Earth Project in British Columbia, Canada. The project is a carbonatite-hosted light rare earth element (LREE) deposit. It is distinguished by its location near Prince George with excellent infrastructure (paved roads, power, rail). The 2025 PFS outlines a long-life open-pit operation producing a mixed rare earth carbonate.