US $1.4B Rare Earths NYSE Listing Vows Well for Wicheeda Project

Defense Metals (TSXV:DEFN, OTC:DFMTF, FRA:35D, Forum), announced on November 18th, 2020 that as part of its ongoing baseline environmental monitoring program (see News Release dated July 8, 2020) it has recently completed meteorological station installation, stream flow monitoring, and a property-wide high resolution airborne LiDaR (Light Detection and Ranging) survey at its 1,708 hectare Wicheeda Rare Earth Element (REE) Property located close to existing infrastructure near Prince George, British Columbia.

Craig Taylor, CEO of Defense Metals, stated:

“Defense Metals continues to advance the Wicheeda REE Project through completion of its highly successful 2020 updated mineral resource estimate, 26 tonne flotation pilot plant, and long-term baseline environmental mentoring programs. In addition, completion of high-resolution airborne LiDaR surveys allow for enhanced planning of critical project infrastructure as we look forward to the potential development of the Wicheeda REE Project. The Fortress Value Acquisition Corp.’s US$1.4 billion merger with MP Materials/Mountain Pass and listing on the NYSE has further added awareness to the REE industry and we anticipate that this sector will continue to attract the attention of investors, governments, and consumers all around the world.”

The Wicheeda project has indicated mineral resources of 4,890,000 tonnes averaging 3.02% LREO (Light Rare Earth Elements) and inferred mineral resources of 12,100,000 tonnes averaging 2.90% LREO[i]. Flotation pilot-plant processing of a 26-tonne bulk sample of Wicheeda REE material yielded a mineralconcentrate averaging 7.4% NdPr oxide (neodymium-praseodymium) critical magnet metals[ii].

Hydologica Environmental Consulting Inc. and Swiftwater Consulting Ltd. of Vancouver, BC were commissioned to complete an assessment of regional climate data to support baseline monitoring activities and meteorological station installation at the Wicheeda REE Project. The regulatory requirement is for a minimum of two years of project-specific baseline data collection. As the Wicheeda REE Project advances, these data are analyzed along with regional climate data to characterize the project area and provide inputs to design and permitting. The Wicheeda site meteorological station install allows for continuous real-time telemetry monitored data collection including; precipitation, barometric pressure, solar radiation snow depth, wind speed and direction parameters.

Defense Metals retained subsequently Eagle Mapping Ltd. of Port Coquitlam, BC to collect LiDAR and color aerial photography over the Wicheeda REE Project. The LiDAR will be collected at a minimum density of 8 points-per-square-metre. Expected absolute accuracies of the LiDAR data will be less than +/- 15cm in the vertical and +/- 30cm in the horizontal. The color photography will be triangulated and orthorectified to the LiDAR bare earth model to produce an orthophoto mosaic with a 13 cm pixel resolution.

In addition to real-time climate monitoring and LiDaR survey, EDI Environmental Dynamics Inc. of Prince George, BC has completed hydrometric station installs within the Wicheeda REE Project. Hydrometric stations area designed to collect stream flow data in accordance with BC hydrometric standards for Grade A provincial standards in support of potential future project applications including: major mine permit applications proceeding through the BC Environmental Assessment Act, or regional mine permit applications via the Mines Act.

About the Wicheeda REE Property

The 1,708 hectare Wicheeda REE Property, located approximately 80 km northeast of the city of Prince George, British Columbia, is readily accessible by all-weather gravel roads and is nearby to infrastructure, including power transmission lines, the CN railway and major highways.

Geologically, the property is situated in the Foreland Belt and within the Rocky Mountain Trench, a major continental geologic feature. The Foreland Belt contains part of a large alkaline igneous province, stretching from the Canadian Cordillera to the southwestern United States, which includes several carbonatite and alkaline intrusive complexes hosting the Aley (niobium), Rock Canyon (REE), and Wicheeda (REE) deposits.

Qualified Person

The scientific and technical information contained in this news release as it relates to the Wicheeda REE Property has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a director of Defense Metals and a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosurefor Mineral Projects. Mr. Raffle verified the data disclosed which includes a review of the analytical and test data underlying the information and opinions contained therein.

About Defense Metals Corp.

Defense Metals Corp. is a mineral exploration company focused on the acquisition of mineral deposits containing metals and elements commonly used in the electric power market, military, national security and the production of “GREEN” energy technologies, such as, high strength alloys and rare earth magnets. Defense Metals has an option to acquire 100% of the 1,708 hectare Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.