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July 18, 2024

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Defense Metals (DEFN.V) appoints firm for strategic funding review of rare earth Project

Defense Metals Corp. is a mineral exploration and development company focused on the development of its 100% owned Wicheeda Rare Earth Element Deposit located near Prince George, British Columbia, Canada.

Wicheeda is a 100% owned, BC-based, high quality, open-pit rare earth asset at the pre-feasibility study stage (due in Q2), accessible by road, nearby rail, power, gas, and a major deep sea port. The company has $7m in the bank as of September, and as of August of this year had a resource estimate showing 27.8 million tonnes indicated, 11.1 million inferred.

Today, Defense Metals announced it has appointed HCF International Advisers Limited, a leading global independent corporate finance advisory boutique based in London, UK, to conduct a strategic funding review for the Company’s wholly-owned Wicheeda Rare Earth Element (REE) Project located in British Columbia, Canada.

HCF International Advisers is a leading independent corporate finance advisory boutique based in London, UK, specializing in providing strategic financial advice to companies in the metals and mining sector. HCF has a proven track record of assisting clients in navigating complex financial landscapes.

he strategic funding review will, among other things, assist Defense Metals in thoroughly analyzing potential funding options and strategic partnerships for the development and advancement of the Wicheeda REE Project beyond the completion of its Preliminary Feasibility Study (PFS) expected in Q2 2024.

Craig Taylor, CEO of Defense Metals, commented:

“We are thrilled to collaborate with HCF International Advisers for a strategic funding review of our Wicheeda REE Project. Following our PFS, as we navigate the dynamic landscape of the metals and mining sector, having HCF’s expertise on board will be instrumental in evaluating and pursuing optimal funding and strategic partnership opportunities, especially in Europe.”

Another positive step forward in the de-risking of this rare earth project.

TSXV_DLY:DEFN Chart Image by Uncharted-FX

The stock confirmed a strong breakout in December 2023 with a wedge pattern breakout. This led to a large gap up and then a successful retest on the pullback. Now, the stock must confirm its first higher low to establish a new uptrend. This currently requires a close above the $0.275 zone.

Interim support at $0.225 has been broken leading to the possible retest of support at $0.195 which would also be another retest of the gap. Gaps tend to be supportive but if it fills, then a major shift has occurred. To get momentum going forward again, watch for a close back above the $0.225 zone.

 

 

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