Defense Metals Resource Upgrade Drilling Intersects 2.86% TREO over 65 Metres; Including 6.15% TREO over 20 Metres at the Wicheeda Rare Earth Project

Defense Metals Corp. (DEFN) released assay results for the first 11 core holes of its spring 2026 drilling program at the Wicheeda REE Project, marking 1,633 metres of a planned 31-hole, 5,345-metre campaign. All 11 holes intersected rare earth element (REE) mineralization within the ultimate pit shell defined by the 2025 Preliminary Feasibility Study (PFS).

The company highlighted interval WI26-96, which returned 2.86% total rare earth oxides (TREO) over 65.1 metres, including 6.15% TREO over 20.3 metres. Other key reported intervals include:

• WI26-93: 1.70% TREO over 184.4 metres, including 2.52% over 56.7 metres
• WI26-86: 3.69% TREO over 69.8 metres, including 5.03% over 32.0 metres
• WI26-100: 1.55% TREO over 148.7 metres, including 2.40% over 84.6 metres
• WI26-102: 2.62% TREO over 73.4 metres, including 3.25% over 34.3 metres; assays for the remaining 47 metres are pending
• WI26-97: 1.96% over 116.2 metres
• WI26-98: 1.55% over 119.0 metres
• WI26-99: 1.63% over 111.6 metres
• WI26-101: 1.99% over 108.8 metres

The release frames these results as supporting a resource classification uplift within the PFS pit, primarily moving material from inferred to indicated. Ten additional resource upgrade and infill holes remain pending at ALS.

Defense Metals Corp. (DEFN) has released results from infill drilling within its Wicheeda project, confirming grade continuity in an area already defined by a completed Preliminary Feasibility Study (PFS) and established reserves. The company is currently conducting an active Feasibility Study programme. Because these holes are located inside an existing pit, the results do not add new tonnage, open a new zone, or materially change the mine life. Instead, the drilling supports the conversion of inferred resources to indicated resources.

The reported intervals generally met or exceeded the resource-grade anchor of approximately 2.3% total rare earth oxides (TREO). This outcome serves as a positive confirmation of the existing resource model rather than a deviation.

The company’s shares have traded in the range of $0.12 to $0.16, down from $0.40, driven by financing activities, going-concern considerations, and broader rare earth element market sentiment. The market has already priced in the grades contained within the Wicheeda deposit, meaning the resource itself was not in doubt.

Defense Metals Corp. (DEFN) holds a 100% interest in the Wicheeda rare earth element (REE) project, an 11,800-hectare property located approximately 80 km northeast of Prince George, British Columbia. The deposit is characterized by a carbonatite-hosted REE style, with a preliminary feasibility study (PFS) grading the deposit at approximately 2.3% total rare earth oxides (TREO) and defining proven and probable reserves.

The PFS outlines pre-tax net present value (NPV) figures between US$1.75 billion and US$1.8 billion, alongside an internal rate of return (IRR) of roughly 24%. Capital expenditure is estimated at approximately US$1.4 billion, with a post-tax payback period of 3.7 years. The project benefits from proximity to infrastructure in Prince George, including power, gas, rail, and the Port of Prince Rupert. Government support includes selection by the BC Critical Minerals Office and funding from the federal Critical Minerals Infrastructure Fund (CMIF).

As of August 1, 2026, the company’s capital structure comprised approximately 395.1 million shares outstanding and 469.8 million fully diluted shares. The balance sheet reported approximately $10.5 million in cash and no debt. Strategic developments include a non-binding memorandum of understanding with Hanwha, a co-design agreement and equity stake with MLIB, and a Letter of Interest from the Export Development Canada (EDC) for up to US$250 million.