Defense Metals Corp. announced an updated Mineral Resource Estimate (the 2023 MRE) for the development of its Wicheeda Rare Earth Element (REE) deposit located in British Columbia, Canada. Highlights of the 2023 Wicheeda REE Deposit Mineral Resource Estimate: The 2023 MRE comprises a: 6.4 million tonne Measured Mineral Resource, averaging 2.86% Total Rare Earth Oxide (TREO1); a 27.8 million tonne Indicated Mineral Resource, averaging 1.84 % TREO; and an 11.1 million tonne Inferred Mineral Resource, averaging 1.02% TREO, all reported at a cut-off grade of 0.5% TREO within a conceptual open pit shell; 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 to M+I on a contained metal basis; Measured and Indicated resources are inclusive of 17.8 million tonnes of dolomite carbonatite, averaging 2.92% TREO; The 2023 MRE represents a 17% increase in TREO on a contained metal basis, or 31% tonnage increase, in comparison to the prior 2021 MRE.

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 2022.1 TREO % is the sum of CeO2, La2O3, Nd2O3, Pr6O11, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3 and Ho2O3 %. The effective date of the 2023 MRE is August 28, 2023, and a technical report relating to the PEA will be filed on SEDAR within 45 days of this news release. The 2023 MRE was prepared by APEX Geoscience Ltd. (APEX).

The Wicheeda REE deposit is a southeast-trending, north to northeast dipping syenite-carbonatite intrusive complex having dimensions of approximately 450 m north-south by 250 m east-west which intrudes a mixed mineral host rock package (limestone). The 2023 MRE for the Wicheeda REE Deposit includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Mineral Resource Estimate Methodology: The drillhole database comprised of drilling that intersected the estimation domains consists of 14 exploration diamond drillholes (totalling 2,107 meters) completed in 2008 and 2009 by Spectrum Mining and 58 exploration core drillholes during 2019, 2021 and 2022 by Defense Metals (totalling 12,073 metres), providing a total of 4,903 drill core samples analyzed for REE by multi-elemen t fusion ICP-MS. The 3D geological modeling integrates assay and geological data collected from diamond core drilling; surface geologic mapping; soil geochemical; and airborne magnetic and radiometric geophysical surveys.