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Canada
Defense Metals Corp.
A TSX-V-listed developer of the Wicheeda carbonatite rare earth deposit in British Columbia, with a February 2025 pre-feasibility study for a concentrator and a mixed-carbonate plant.
Points to check
Facts from the sources on this page that a reader should weigh before relying on the company's own figures.
- The US$250M Export Development Canada letter of interest is non-binding and subject to due diligence, community acceptance and permits (4 Jun 2025).
- Both offtake arrangements (unnamed strategic partner, Apr 2025; Hanwha, May 2026) are non-binding MoUs with no disclosed volumes.
- The PFS was guided for Q2 2024 and released in Feb 2025; the feasibility study was guided to start in early/first-half 2026 and the Sep 2026 financing release still describes advancing 'towards a feasibility study'.
- The audited statements for the year ended 31 Mar 2025 carry a going-concern note, with cash of C$695,260 and a working-capital deficiency of C$7.5M; in October 2025 the company said a capital raise and debt-for-equity swaps had left it debt free with positive working capital. Statements for the year ended 31 Mar 2026 were not found on the company's site.
- PFS economics assume an NdPr oxide price of about US$133/kg, and no first-production year or EA certificate has been published.
At a glance
- Founded
- Not established in public sources — Incorporation year not found in public sources reviewed. Defense Metals optioned the Wicheeda rare earth property on 22 Nov 2018 and completed the acquisition of 100% (via Spectrum Mining Corporation) on 14 Jan 2022 for 78,115,549 shares plus C$100,000 cash.
- Headquarters
- Vancouver, British Columbia, Canada
- Ownership
- Listed: TSX Venture Exchange (DEFN), OTC Markets (DFMTF), Frankfurt (35D). 330,472,184 shares outstanding per the FY2025 MD&A (29 Jul 2025), before the Oct 2025 C$16.2M placement. McLeod Lake Indian Band holds shares (bought ~2.6 million shares, Jan 2024). No controlling holder disclosed.
- Stage
- Early stage. Pre-feasibility stage with a declared reserve but no feasibility study, environmental assessment certificate, investment decision or binding financing; only non-binding LOI/MoUs and small conditional grants.
- Listing
- TSX Venture Exchange: DEFN · OTC Markets: DFMTF · Frankfurt Stock Exchange: 35D
- Revenue
- Not publicly disclosed. This company does not publish revenue and no named third party has published an estimate of it.
Capacity
Each date below links to the document the figure came from. A capacity figure with no source is not on this page.
| What | Figure | Status | As of |
|---|---|---|---|
| Flotation concentrator throughput (input: ore) | 5,000 t/d ore in | Announced | Feb 2025 |
| TREO in flotation concentrate (intermediate, LOM average) | 31,900 t/yr TREO in concentrate (as worded in the PFS release) | Announced | Feb 2025 |
| TREO in final MREC product (output, LOM average) | 5,200 t/yr TREO in MREC out | Announced | Feb 2025 |
| NdPr in MREC (output, LOM average; contained in carbonate, not separated oxide) | 4,400 t/yr NdPr oxide equivalent contained in MREC | Announced | Feb 2025 |
Narrative
Wicheeda is a carbonatite about 80 km northeast of Prince George, optioned by Defense Metals in 2018 and fully owned since 2022. The company's pre-feasibility study of February 2025 plans a 5,000 t/d open-pit operation and concentrator producing a concentrate of about 50% TREO, which would be leached at a separate plant at Bear Lake into mixed rare earth carbonate containing about 4,400 t/yr of NdPr oxide equivalent, for capital of US$1.44 billion with NdPr oxide priced at about US$133/kg; the study declared the project's first reserve. Pilot flotation began at SGS Lakefield in May 2026. A feasibility study was guided to begin in early 2026, and a September 2026 financing still describes funds going toward one. Export Development Canada has issued a non-binding letter of interest of up to US$250 million, federal grants are conditional, and offtake is limited to non-binding memoranda, including one with Hanwha. The McLeod Lake Indian Band holds shares in the company under a 2024 equity and co-design agreement. At March 2025 the company reported a working capital deficit and a going-concern note, since followed by several placements.
Where public sources disagree
- Mineral reserve and PFS headline figures differ between documents: the PFS release (18 Feb 2025) gives reserves of 25.462 Mt @ 2.43% TREO, pre-tax NPV8 $1.8B, pre-/after-tax IRR 24.6%/18.9% and initial capex $1.44B; the FY2025 MD&A (29 Jul 2025), citing the filed NI 43-101 report effective 28 Feb 2025, gives 26.34 Mt @ 2.37% TREO, pre-tax NPV $1.75B, after-tax NPV $1.0B, IRR 24.2%/18.6% and capex $1.4B. Reserve tonnage differs by 3.5% (26.34 / 25.462 = 1.035); the 7 Apr 2025 filing release says changes are within 3.5% of the earlier announcement.
- Currency of PFS economics: the PFS release (18 Feb 2025) states all amounts are in US dollars (pre-tax NPV8 $1.8B, opex $37.42/kg NdPrO); the 2 Mar 2026 project update restates them as 'CAD $1.8 Billion' pre-tax NPV, 'CAD $1.0 Billion' post-tax NPV and 'CAD $38.42/kg NdPrO' opex. At the PFS's own 1.40 CAD/USD, US$1.8B = C$2.52B.
- 2021 PEA after-tax economics: the PEA release (24 Nov 2021) gives after-tax NPV8 C$512M and IRR 16%; the Aug 2023 Hatch/SRK engagement release cites the 2021 assessment as NPV $517 million and IRR 18%.
- Transmission line length: the Mar 2025 CMIF release describes a 46 km line to the BC Hydro grid; the Mar 2026 CMIF/FLMF release describes a 60 km line delivering up to 35 MW.
- Effective dates: the PFS release gives a 7 Feb 2025 effective date; the filed NI 43-101 report and MD&A give 28 Feb 2025.
Latest reports
| Period | Published | Report |
|---|---|---|
| FY ended 2025-03-31 | 2025-07-29 | Management's Discussion and Analysis for the year ended March 31, 2025 |
| FY ended 2025-03-31 | 2025-07-29 | Audited financial statements for the year ended March 31, 2025 (date assumed same as MD&A) |
Across these reports
The February 2025 PFS was followed by pilot flotation in 2026; a feasibility study guided to start in early 2026 had not started by September. Financing has come through repeated placements at falling prices (C$0.30 in Oct 2025, C$0.14 in Sep 2026).
| Measure | What the reports show |
|---|---|
| study | PEA Nov 2021 (1.8 Mt/yr, capex C$461M + C$474M expansion, after-tax NPV8 C$512M) to PFS Feb 2025 (5,000 t/d, capex US$1.44B, after-tax NPV8 US$992M, 4.4 kt/yr NdPr oxide eq. in MREC). Feasibility study not yet formally started as of Sep 2026. |
| resource | M+I resource 34.2 Mt @ 2.02% TREO (cited Feb 2024) to 29.2 Mt @ 2.27% TREO (2025 MRE); first mineral reserve declared Feb 2025 (25.5-26.3 Mt @ 2.37-2.43% TREO). |
| cash | Cash C$695,260 and working-capital deficiency C$7,499,083 at 31 Mar 2025 (going-concern note); raised C$5.4M (May 2025) and C$16.2M (Oct 2025), settled debt with Hatch and HCF International in shares, and described itself as debt-free with positive working capital (6 Oct 2025). Up to C$6M placement at C$0.14 announced 23 Sep 2026 (vs C$0.30 in Oct 2025). Cash at 31 Mar 2026 or 30 Jun 2026 not found. |
| financing | Non-binding EDC LOI up to US$250M (Jun 2025); non-binding Hanwha MoU (May 2026); conditional NRCan infrastructure grants C$0.85M (Mar 2025) and C$1.88M (Mar 2026); invitation to apply for up to C$32M NRCan program (Aug 2026). |
Stated dates
| Target | First stated | Now | Status |
|---|---|---|---|
| PFS completion | Q2 2024 (release, 13 Feb 2024) | Released 18 Feb 2025 | moved later |
| Start of Definitive Feasibility Study | First half of 2026 (business update, 6 Oct 2025); 'early 2026' (placement closing 31 Oct 2025; shareholder letter 22 Dec 2025) | Sep 2026 placement release says proceeds will 'advance the Wicheeda project towards a feasibility study'; 13 Jul 2026 update says spring drilling and SGS pilot flotation support the feasibility study; no release found announcing formal DFS commencement | not yet due |
| First production / production decision | No date stated (PEA 2021 assumed 3-year construction; PFS 2025 gives no first-production year) | No date stated; DFS and permitting required before a production decision (2 Mar 2026) | not yet due |
Figures are as the company reported them, linked to each report. This summarizes what changed between reports; it is not a view on the company or its shares.
Sources
- Defense Metals Announces Positive Preliminary Economic Assessment For The Wicheeda Rare Earth Element Project — Defense Metals (PR Newswire) (2021-11-24)
- Defense Metals Corp. Acquires 100% of the Wicheeda REE Project — Defense Metals (PR Newswire) (2022-01-14)
- Defense Metals Signs Mineral Exploration Agreement with McLeod Lake Indian Band — Defense Metals (PR Newswire) (2022-09-07)
- Defense Metals Engages Hatch Ltd. and SRK Consulting (Canada) Inc. for Wicheeda Rare Earth Element Project Preliminary Feasibility Study — Defense Metals (PR Newswire) (2023-08-01)
- McLeod Lake Indian Band and Defense Metals Corp. Announce Groundbreaking Partnership for Wicheeda Project — Defense Metals (PR Newswire) (2024-01-18)
- Defense Metals Updates Metallurgical Test Work and Preliminary Feasibility Study Progress for its Wicheeda Rare Earth Elements Project — Defense Metals (PR Newswire) (2024-02-13)
- Defense Metals - Robust Economics from Wicheeda Rare Earth Deposit PFS — Defense Metals (PR Newswire) (2025-02-18)
- Defense Metals Secures Funding from Natural Resource Canada's Critical Minerals Infrastructure Fund for its Wicheeda Rare Earth Element Project — Defense Metals (PR Newswire) (2025-03-03)
- Defense Metals Files NI 43-101 Pre-Feasibility Study Technical Report for Wicheeda Project — Defense Metals (PR Newswire) (2025-04-07)
- Defense Metals Signs MoU with Strategic Partner — Defense Metals (PR Newswire) (2025-04-28)
- Defense Metals Receives Letter of Interest for Potential US$250 Million in Project Financing — Defense Metals (PR Newswire) (2025-06-04)
- Management's Discussion and Analysis for the year ended March 31, 2025 — Defense Metals (2025-07-29)
- Defense Metals Provides Business Update — Defense Metals (PR Newswire) (2025-10-06)
- Defense Metals Announces Closing of Private Placement for Gross Proceeds of $16.2 Million — Defense Metals (Newswire.ca) (2025-10-31)
- Defense Metals Provides Joint Letter to Shareholders from Executive Chairman and CEO — Defense Metals (PR Newswire) (2025-12-22)
- Defense Metals Provides Update on Wicheeda Project Development — Defense Metals (PR Newswire) (2026-03-02)
- Defense Metals Receives Conditional Approval for up to C$1.88 Million in Funding for Wicheeda Rare Earth Elements Clean Energy and Transportation Infrastructure Project — Defense Metals (PR Newswire) (2026-03-04)
- Defense Metals and Hanwha Corporation Sign Non-Binding Memorandum of Understanding To Advance Domestic Rare Earth Supply Chain — Defense Metals (PR Newswire) (2026-05-27)
- Defense Metals Provides Corporate Update Highlighting Continued Execution and Strategic Momentum — Defense Metals (PR Newswire) (2026-07-13)
- Defense Metals Invited by Natural Resources Canada to Submit a Full Project Proposal for its Wicheeda Processing Feasibility Program — Defense Metals (Newswire.ca) (2026-08-12)
- Defense Metals Announces Non-Brokered Private Placement for Gross Proceeds of up to $6,000,000 — Defense Metals (Newswire.ca) (2026-09-23)
- News Releases — Defense Metals (2026-09)
How this page is sourced
Everything here comes from public sources — company filings, annual reports, exchange announcements, government releases and trade press. Every figure is linked to the document it came from and carries the date that document was published, because a capacity number without a date is not a fact, it is a rumor with a decimal point.
What is deliberately absent: material nonpublic information. I have spent more than two decades in this industry and a good deal of what I know about these companies I learned under NDA. Those obligations do not expire and they do not bend for a website. Nothing I have been told in confidence appears here in any form, and nothing on this page — or missing from it — should be read as a signal about what I know privately. I hold NDAs absolutely. It is the reason clients tell me things.
Judgment is the other thing left out on purpose. This page reports what has been published and who published it. Whether a target is credible, whether a ramp will hold, whether a capacity figure survives contact with the plant behind it — that is the work I do for clients, and it does not belong in a free reference page.
Where public sources disagree, I say so rather than picking a winner. Where a figure has not been published, the field says so rather than carrying an estimate. An empty field is information too.
Public filings tell you what a company has said. Whether it holds up is a different question, and the one I get hired to answer.
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