Wicheeda Rare Earth Element Project Technical Report Filed

VANCOUVER - Defense Metals Corp. has filed the detailed Technical Report of its updated Mineral Resource Estimate (2023 MRE) for the Wicheeda Rare Earth Element (REE) deposit located in British Columbia, Canada. The results of the updated 2023 MRE were previously disclosed. The 2023 MRE comprises a: 1) 6.4 million tonne Measured Mineral Resource, averaging 2.86% Total Rare Earth Oxide (TREO1). 2) 27.8 million tonne Indicated Mineral Resource, averaging 1.84 % TREO, and an 11.1 million tonne Inferred Mineral Resource, averaging 1.02% TREO. 3) All reported at a cut-off grade of 0.5% TREO within a conceptual open pit shell. 4) Total Measured and Indicated (M+I) Mineral Resources of 34.2 million tonnes, averaging 2.02% TREO, is a significant upgrade representing a conversion of 101% of the 2021 MRE comprising some indicated and mostly inferred resources (see Defense Metals' news release of November 24, 2021) to M+I on a contained metal basis. 5) Measured and Indicated resources are inclusive of 17.8 million tonnes of dolomite carbonatite, averaging 2.92% TREO. 6) The 2023 MRE represents a 17% increase in TREO on a contained metal basis, or 31% tonnage increase, in comparison to the prior 2021 MRE7) The 2023 MRE is based on an updated geological model that incorporates an additional 10,350 metres of drillhole data, from 45 holes drilled by Defense Metals during 2021 and 2022.

Defense Metals 100% owned, 6,759-hectare (~16,702-acre) Wicheeda Project is located approximately 80 km northeast of the city of Prince George, British Columbia; population 77,000. The Wicheeda REE Project is readily accessible by all-weather gravel roads and is near infrastructure, including hydro power transmission lines and gas pipelines. The nearby Canadian National Railway and major highways allow easy access to the port facilities at Prince Rupert, the closest major North American port to Asia.