Defense Metals invited by Natural Resources Canada for Wicheeda feasibility proposal

Defense Metals Invited by Natural Resources Canada to Submit a Full Project Proposal for its Wicheeda Processing Feasibility Program

PR Newswire

VANCOUVER, BC , Aug. 12, 2026 /PRNewswire/ -- Defense Metals Corp. ("Defense Metals" or the "Company"; (TSXV: DEFN) (OTCQB: DFMTF) (FSE:35D) announces that Natural Resources Canada ("NRCan") has invited the Company to submit a Full Project Proposal under its Critical Minerals Research, Development and Demonstration ("CMRDD") and Global Partnerships Initiative ("GPI") programs. The invitation follows an expert committee assessment of the Company's Expression of Interest seeking up to C$32 million toward the Wicheeda Rare Earth Concentrator and Hydrometallurgical Feasibility Program (the "Program").

Mark Tory, President and CEO commented, "While this is not a funding commitment by NRCan, our Expression of Interest application has been assessed, and we have been invited to submit a Full Project Proposal. This is an important screening and prioritization step that demonstrates the Government of Canada's potential interest in further supporting the Wicheeda Rare Earth Element Project in British Columbia - contingent upon the execution of a contribution agreement. The Wicheeda Project would directly contribute to the Government of Canada's objective of building critical material value chains in Canada."

The Expression of Interest covers the work required to advance the Wicheeda Project's concentrator, hydrometallurgical and solvent-extraction processes from pilot-scale demonstration toward feasibility readiness. The proposed work would help address a strategic gap in Canada's midstream rare earth processing capacity and is aligned with the Canadian Critical Minerals Strategy, the G7 Critical Minerals Action Plan adopted under Canada's 2025 G7 presidency, and Stronger Together: A Critical Minerals Strategy for Western and Northern Canada, released on June 25, 2026.

About Defense Metals Corp. and the Wicheeda Rare Earth Element Project

Defense Metals Corp. is an advanced rare earth elements ("REE") development company focused on delivering strategically critical metals to the western world defence, high-technology, and clean energy supply chains. The Company's primary asset is its 100%-owned Wicheeda REE deposit, located near Prince George, British Columbia, Canada.

The Wicheeda Project is one of the most advanced, undeveloped REE deposits in North America or Europe, featuring a robust mineral resource and mining reserve, as detailed in the Company's 2025 Pre Feasibility Study ("PFS"; refer to Company News Release April 7 th , 2025) prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The PFS shows the economic potential of the deposit and supports future project development.

Defense Metals is committed to advancing the Wicheeda Project through the Feasibility Study stage, permitting, and ultimately into production, positioning the Company to become a reliable supplier of critical REEs that are essential to modern defence systems, advanced manufacturing, and energy-efficient technologies.

The PFS for the Wicheeda Rare Earth Element Project is preliminary in nature and includes numerous assumptions regarding metallurgy, capital and operating costs, and market conditions.

Mineral reserves and the economic outcomes projected in the PFS are subject to significant uncertainties, and there is no certainty that the results of the PFS will be realized. Additional studies, including a Feasibility Study, and permitting, are required before a production decision can be made for the Wicheeda Project.

For further information, please visit www.defensemetals.com or contact:

Ali Mahdavi SVP Corporate Development Email: am@spinnakercmi.com +1.416.962.3300

Mark Tory President and CEO Email: mark@defensemetals.com

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Statement Regarding "Forward-Looking" Information

This news release contains "forward‐looking information or statements" within the meaning of applicable securities laws, which may include, without limitation, any statements (expressed or implied) relating to: the Company's intention to submit a Full Project Proposal under NRCan's CMRDD and GPI programs; the anticipated scope, budget, cost sharing and duration of the Program; the potential receipt of contribution funding from NRCan and the terms of any such funding; the availability of financing for the Company's share of the Program cost; the advancement of the Wicheeda Project, including the planned Feasibility Study and the parallel open pit mining feasibility study; discussions with potential international partners; and the process flowsheet and other matters. Forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking. All statements in this news release, other than statements of historical facts, that address events, contribution or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of rare earth elements, the anticipated costs and expenditures, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration and metallurgical results, risks related to the inherent uncertainty of exploration and development and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company's profile on SEDAR+ ( www.sedarplus.ca ). While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather and climate conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to maintain or obtain community acceptance (including First Nations), risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of personnel, materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), risks relating to inaccurate geological, metallurgical, engineering and pricing assumptions, decrease in the price of rare earth elements, the impact of viruses and diseases on the Company's ability to operate, restriction on labour and international travel and supply chains, loss of key employees, consultants, officers or directors, increase in costs, delayed results, litigation, the failure of the Company to submit a Full Project Proposal or to submit one that satisfies NRCan's evaluation criteria, the failure to be awarded contribution funding under the CMRDD or GPI programs, the failure to negotiate or execute a contribution agreement on acceptable terms, changes to government funding programs, priorities or budgets, the failure to conclude agreements with international partners, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward–looking statements or forward–looking information, except as required by law.

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SOURCE Defense Metals Corp.

PR Newswire

August 12, 2026 - 4:00 AM PDT

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