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Protection Metals Corp. (“Protection” or the “Firm”) (TSXV: DEFN,OTC:DFMTF) (OTCQB: DFMTF) (FSE: 35D) is happy to offer an replace on the extra vital developments which have taken place since its final personal placement of shares in Could 2025 .
Challenge Research Replace
Following the discharge of the Pre-Feasibility Research (“PFS”) for the Wicheeda challenge in Could 2025 (see firm NR dated April 7, 2025 ) , the Firm has been working in the direction of commencing a Definitive Feasibility Research (“DFS”) within the first half of 2026. The PFS, ready in compliance with Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Tasks, was notable in positioning Wicheeda as the one REE challenge in North America not but in manufacturing with confirmed Mineral Reserves, and subsequently probably the most superior undeveloped challenge in North America and Europe .
Because the Firm works towards the graduation of the DFS, it has executed, and can proceed to carry out extra check work to optimize the ultimate plant configuration. This consists of testing different plant sizing and fine-tuning the metallurgical course of move. This optimization work leverages the sturdy metallurgical outcomes described within the PFS and can additional study the financial advantages of extra downstream processing. Moreover, the Firm continues to progress work within the vital areas of social and environmental stewardship, focussing on establishing baseline environmental parameters and persevering with indigenous engagement.
The Firm has additionally engaged Hatch Ltd for figuring out the optimum location for the Wicheeda challenge’s hydro-metallurgical (“hydro-met”) plant. The hydro-met plant is at present deliberate to be constructed on a brownfield web site at Bear Lake BC , nevertheless, earlier than making a closing determination, the Firm is inspecting the deserves of different places in Canada and in the US , taking into consideration not solely the technical and price trade-offs but additionally the extent of monetary and different assist which is perhaps out there in several places.
Relations with our First Nation Associate
The Firm continues to work with the McLeod Lake Indian Band (“MLIB”), an necessary accomplice and shareholder of Protection Metals, and most not too long ago attended their Annual Common Meeting at McLeod Lake . The MLIB and Protection Metals signed a Joint Co-Design Settlement in 2024, and the band has demonstrated assist of the Firm’s efforts to expedite the event of the Wicheeda challenge. The Firm is grateful for his or her continued help in supporting the challenge, and their enter into the placement examine work shall be necessary as Wicheeda strikes towards DFS launch.
Relations with Canadian, US and European authorities.
Given the significance of the event of the Wicheeda challenge in securing the long run provide of REE to the North American provide traces for electrical autos, protection purposes and robotics, the Firm has engaged in an energetic dialogue with Canadian and US authorities, every of whom have expressed an curiosity in supporting the Firm because it develops the challenge.
Specifically, the Firm has held a number of productive discussions with the ministries of Power and Pure Assets in Canada . It at present has two grant purposes below analysis with the Vital Minerals Infrastructure Fund (CMIF).
Firm President and CEO, Mark Tory , was not too long ago invited to hitch Mark Carney , Prime Minister of Canada , and The Honourable Tim Hodgson , Minister of Power and Pure Assets as a vital minerals business participant in a commerce mission to Berlin, Germany . Following this journey, the Firm was additional invited to attend a sources roundtable with The Honourable Tim Hodgson, to debate how the Authorities could help the development of main BC mining initiatives.
Constructing on the commitments made by Canadian authorities at each the Federal and Provincial degree to assist the Vital Minerals Business, there’s momentum inside the Authorities to speed up the allowing course of, particularly in BC the place the Wicheeda challenge is situated. The Firm is partaking in an energetic dialogue with Federal and Provincial Governments to make clear and shorten the regulatory allow path ahead.
Strategic Companions & Financing
The Firm has an MoU in place with a possible strategic accomplice for getting into right into a provide settlement representing a good portion of its deliberate output and the Firm continues to pursue extra discussions with different suppliers’ potential companions and off-takers. As the one new uncommon earth mining challenge with revealed confirmed reserves based mostly on a latest 43-101 compliant pre-feasibility examine there’s lots of curiosity in Europe and North America from downstream processors searching for new sources of feed.
Relating to financing, the Firm has already acquired a Letter of Curiosity from Export Improvement Canada, the Authorities of Canada’s export credit score company, expressing its curiosity in collaborating as a Mandated Lead Arranger for potential debt financing of as much as US$250 million from EDC to assist the event and building of Wicheeda ( see firm NR dated June 4, 2025 ). The Firm continues to speak with personal and public buyers who’ve an curiosity within the growth of Vital Minerals, specifically with these with a particular mandate to assist Canadian useful resource initiatives such because the Canadian Progress Fund.
Following the most recent capital increase and the debt fairness swaps not too long ago introduced the Firm is now debt free with constructive working capital.
The Government Chairman Man de Selliers commented “With the clear drive to cut back uncommon earth worth chain dependency on China , the Wicheeda challenge, which is the one challenge in North America and Europe with confirmed reserve, is clearly wanted. We’re decided to make it occur. As disclosed in SEDI, my household Belief bought 1.5 million shares, on October 6, 2025 , at a mean value of 20.5 cents to extend its already vital long-term shareholding.
Annual Assembly of Shareholders
The Firm is happy to announce the voting outcomes of its annual common assembly of shareholders that passed off September 24, 2025 (the “AGM”). The Firm welcomed Maryanne Crichton’s election to the Board of Administrators. Maryanne’s direct expertise in mining, metals and infrastructure by way of govt roles together with Senior Principal at Hatch Ltd considerably add to the energy of the Protection Metals Board.
Shareholders additionally authorised:
- The appointment of Crowe MacKay LLP because the auditor for Protection Metals for the following fiscal 12 months;
- The authorization for the administrators to repair the remuneration paid to the auditor; and
- A decision approving the Firm’s new 10% rolling omnibus incentive plan.
About Protection Metals Corp. and its Wicheeda REE Deposit
Protection Metals Corp. is targeted on the event of its 100% owned, 11,800-hectare (~29,158-acre) Wicheeda Uncommon Earth Ingredient (REE) property that’s situated on the standard territory of the McLeod Lake Indian Band in British Columbia, Canada .
The Wicheeda Challenge, roughly 80 kilometres (~50 miles) northeast of town of Prince George , is instantly accessible by a paved freeway and all-weather gravel roads and is near infrastructure, together with hydro energy transmission traces and fuel pipelines. The close by Canadian Nationwide Railway and main highways permit easy accessibility to the port amenities at Prince Rupert , the closest main North American port to Asia .
The Firm not too long ago accomplished a Preliminary Feasibility Research (PFS) that demonstrated the sturdy economics of the challenge, returning a pre-tax NPV at 8% of US$1.8 billion and IRR of 24.6%.
For additional data, please go to www.defensemetals.com or contact:
Mark Tory
President and CEO
Tel: +1 604-445-8179
E mail: mark@defensemetals.com
Neither the TSXV nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSXV) accepts accountability for the adequacy or accuracy of this information launch.
Cautionary Assertion Relating to “Ahead-Trying” Info
This information launch comprises “ahead‐trying data or statements” inside the which means of relevant securities legal guidelines, which can embody, with out limitation, any statements (expressed or implied) referring to advancing the Wicheeda Challenge and associated issues. Ahead-looking statements are usually recognized by phrases similar to “plan,” “imagine,” “anticipate,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “challenge,” “proceed,” “may,” “could,” “would possibly,” “doable,” “potential,” “predict,” “ought to,” “would” and different comparable phrases and expressions, however the absence of those phrases doesn’t imply {that a} assertion shouldn’t be forward-looking. All statements on this information launch, aside from statements of historic info, that handle occasions, contribution or developments that the Firm expects to happen, are forward-looking statements. Though the Firm believes the expectations expressed in such forward-looking statements are based mostly on affordable assumptions, such statements usually are not ensures of future efficiency and precise outcomes could differ materially from these within the forward-looking statements. Such statements and data are based mostly on quite a few assumptions concerning current and future enterprise methods and the surroundings through which the Firm will function sooner or later, together with the value of uncommon earth parts, the anticipated prices and expenditures, the flexibility to realize its objectives, that common enterprise and financial circumstances is not going to change in a cloth antagonistic method, that financing shall be out there if and when wanted and on affordable phrases. Such forward-looking data displays the Firm’s views with respect to future occasions and is topic to dangers, uncertainties and assumptions, together with the dangers and uncertainties referring to the interpretation of exploration and metallurgical outcomes, dangers associated to the inherent uncertainty of exploration and growth and price estimates, the potential for sudden prices and bills and people different dangers filed below the Firm’s profile on SEDAR+ ( www.sedarplus.ca ). Whereas such estimates and assumptions are thought-about affordable by the administration of the Firm, they’re inherently topic to vital enterprise, financial, aggressive and regulatory uncertainties and dangers. Components that might trigger precise outcomes to vary materially from these in ahead trying statements embody, however usually are not restricted to, continued availability of capital and financing and common financial, market or enterprise circumstances, antagonistic climate and local weather circumstances, failure to keep up or acquire all crucial authorities permits, approvals and authorizations, failure to keep up or acquire neighborhood acceptance (together with First Nations), dangers referring to unanticipated operational difficulties (together with failure of apparatus or processes to function in accordance with specs or expectations, value escalation, unavailability of personnel, supplies and tools, authorities motion or delays within the receipt of presidency approvals, industrial disturbances or different job motion, and unanticipated occasions associated to well being, security and environmental issues), dangers referring to inaccurate geological, metallurgical, engineering and pricing assumptions, lower within the value of uncommon earth parts, the affect of viruses and ailments on the Firm’s capability to function, restriction on labour and worldwide journey and provide chains, lack of key staff, consultants, officers or administrators, improve in prices, delayed outcomes, litigation, and failure of counterparties to carry out their contractual obligations. The Firm doesn’t undertake to replace ahead–trying statements or ahead–trying data, besides as required by legislation.
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SOURCE Protection Metals Corp.
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