Canadian REE stock partners with B.C. First Nation on rare earth project

• Defense Metals Corp. has signed an equity partnership and co-design agreement with the McLeod Lake Indian Band
• This was an effort to solidify their joint commitment to the successful advancement of the Wicheeda Project, a rare earth element project in central British Columbia
• The band and company have also signed a co-design agreement that would empower the McLeod Lake Band to play an integral part in the design and decision-making process in the Wicheeda Project
• Defense Metals Corp. closed trading at $0.23 per share

A Canadian mineral exploration and development company and a Canadian First Nation band have signed a groundbreaking partnership to advance a rare earth element (REE) project in British Columbia.

Defense Metals Corp. (TSXV:DEFN) has signed an equity partnership and co-design agreement with the McLeod Lake Indian Band. This was an effort to solidify their joint commitment to the successful advancement of the Wicheeda Project, an REE project in Central British Columbia.

The McLeod Lake Indian Band has purchased what it called a “meaningful equity stake” in Defense Metals and now holds approximately 2.6 million common shares of the company.

The band and company have also signed a co-design agreement that emphasizes a joint planning approach, which would empower the McLeod Lake Band to play an integral part in the design and decision-making process in the technical, social, engineering and environmental aspects of the Wicheeda Project.

“Through both agreements, McLeod Lake Indian Band stands to reap mutual benefits from our combined efforts around the Wicheeda Project,” Defense Metals’ CEO, Craig Taylor, said in a statement.

“McLeod Lake Indian Band values its partnership with Defense Metals, and together, we are pioneering a new standard in collaborative project development, which is a true form of reconciliation. We’re proud to be a part of a project that will be a key contributor to global energy transition goals, and one that will deliver long-term economic benefits to our community for generations to come,” McLeod Lake Indian Band Chief Harley Chingee added.

“The collaboration between Defense Metals and McLeod Lake Indian Band demonstrates how early-stage consultation with First Nations can bring important projects to life in a way that benefits everyone. Partnerships like this play a pivotal role in shaping B.C.’s natural resources future as we lay a concrete path toward achieving our net-zero goals through collaboration and advancing reconciliation,” B.C.’s Minister of Energy, Mines and Low Carbon Innovation, Josie Osborne, said.

The McLeod Lake Indian Band’s membership totals 515 members with approximately 100 members living in McLeod Lake, 200 members living in Mackenzie, Chetwynd and Prince George, along with the rest throughout North America.

Defense Metals Corp. is a mineral exploration and development company.

It focuses on metals and elements commonly used in the EV market, military, national security, and “green” energy technologies.

Defense Metals’ 100-per-cent-owned, 42.6-square-kilometre Wicheeda REE property is 80 km northeast of Prince George, B.C.

Defense Metals Corp. has a market cap of C$61 million and closed Friday trading at $0.23 per share. Defense Metals’ stock is up more than 35 per cent on the month.

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