Defense Metals Announces Pilot-Scale Flotation Test Program for Wicheeda Rare Earth Project
Advancing Wicheeda toward feasibility amid massive capital requirements
The news release dated February 17, 2026, announces the commencement of a pilot-scale flotation test program for the Wicheeda Rare Earth Project. The company has contracted SGS Canada Inc. to process 30 tonnes of drill core samples. This CAD$1 million program is intended to finalize the metallurgical flowsheet and produce 1.5 tonnes of concentrate for a subsequent hydrometallurgical pilot plant. Additionally, the company granted 7,375,000 incentive stock options to directors, officers, and consultants with an exercise price of $0.28, expiring in three years.
- Technical De-risking: The pilot plant is a necessary technical hurdle to move from Pre-Feasibility (PFS) to a Definitive Feasibility Study (DFS). While positive, it is a routine step for a project at this stage of development.
- Financial Commitment: The $1 million cost is well-covered by the $16.2 million raised in October 2025. However, this is a minor expenditure compared to the projected $1.4 billion initial capital expenditure (CAPEX) required to build the mine.
- Management Incentives: The option grant at $0.28 is notable as it is roughly 27% above the current market price of $0.22. This suggests management is setting a benchmark for value creation, though the current trend is downward.
- Materiality: This news is non-material in the sense that it does not change the project's resource size or economic fundamentals, but it confirms that the company is executing the plan outlined in late 2025.
Defense Metals Corp. is a Canadian explorer focused on the 100%-owned Wicheeda Rare Earth Project in British Columbia. The project is strategically located near Prince George with access to major infrastructure. The February 2025 PFS outlined a 15-year mine life producing a mixed rare earth carbonate (MREC). - Flagship Project: Wicheeda REE Project. - Stage: Pre-Feasibility Study completed; moving toward Feasibility. - Reserves: 25.5 Mt at 2.43% TREO (Measured and Indicated). - Economic Potential: After-tax NPV (8%) of C$1.0 Billion with an 18.9% IRR.