Ms. Luisa Moreno reports

DEFENSE METALS DRILLS 221 METRES OF 2.14% TOTAL RARE EARTH OXIDE; INCLUDING 111 METRES OF 3.52% AT WICHEEDA

Defense Metals Corp. has released additional partial rare earth element (REE) assay results from one additional core hole, totalling 353 metres, collared within the northern area of Defense Metals' 100-per-cent-owned Wicheeda REE deposit.

Infill drill hole WI22-69 (minus-50-degree dip, 230-degree azimuth) was drilled southwest within the northern area of the deposit and intersected a broad zone of mineralized dolomite carbonatite averaging 2.14 per cent total rare earth oxide (TREO) over 221 metres, including a higher-grade interval averaging 3.52 per cent TREO over 111 m.

With over 5,500 m of drilling in 18 holes now complete as part of the 2022 Wicheeda resource delineation and pit geotechnical program, the company has released assays for a total of 2,493 m in seven holes. Assays for the remaining 11 holes, totalling 3,017 m, are expected in the coming weeks and months.

Luisa Moreno, president and director of Defense Metals, stated: "With these additional assay results our 2022 drilling continues to yield significant intervals of the high-grade REE dolomite carbonatite (DC) lithology. Recent flotation variability testwork has shown this type of mineralization consistently delivers high-grade mineral concentrates, greater than 40 per cent TREO, at recoveries in excess of 80 per cent (see Defense Metals news release dated Oct. 17, 2022). All the drill holes released to date have included significant REE mineralized DC intervals. As such, Defense Metals is confident the 2022 drilling results will contribute positively to the planned preliminary feasibility study (PFS)."

About the Wicheeda REE property

The 100-per-cent-owned, 4,244-hectare Wicheeda REE property, located approximately 80 kilometres northeast of the city of Prince George, B.C., is readily accessible by all-weather gravel roads, and is near infrastructure, including power transmission lines, the CN railway and major highways.

The Wicheeda REE project yielded a robust 2021 preliminary economic assessment technical report (PEA) that demonstrated an after-tax net present value (NPV, at an 8-per-cent discount) of $517-million and 18 per cent IRR (internal rate of return). A unique advantage of the Wicheeda REE project is the production of a saleable high-grade flotation concentrate. The PEA contemplates a 1.8 Mtpa (million tonnes per year) mill throughput open-pit mining operation with 1.75:1 (waste:mill feed) strip ratio over a 19-year mine (project) life, producing an average of 25,423 tonnes REO annually. A phase 1 initial pit strip ratio of 0.63:1 (waste:mill feed) would yield rapid access to higher-grade surface mineralization in year 1 and payback of $440-million initial capital within five years.

Methodology and quality assurance/quality control

The analytical work reported on herein was performed by ALS Canada Ltd. (ALS) at Langley (sample preparation) and Vancouver (ICP-MS fusion), B.C. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory, and is independent of the Defense Metals and the qualified person (QP). Drill core samples were subject to crushing at a minimum of 70 per cent passing two millimetres, followed by pulverizing of a 250-gram split to 85 per cent passing 75 microns. A 0.1 g sample pulp was then subject to multielement ICP-MS (inductively coupled plasma mass spectrometry) analysis through lithium-borate fusion to determine individual REE content (ME-MS81h). Defense Metals follows industry standard procedures for the work carried out on the Wicheeda project, with a QA/QC program. Blank, duplicate and standard samples were inserted into the sample sequence sent to the laboratory for analysis. Defense Metals detected no significant QA/QC issues during review of the data.

Qualified person

The scientific and technical information contained in this news release as it relates to the Wicheeda REE project has been reviewed and approved by Kristopher J. Raffle, PGeo (B.C.), principal and consultant of APEX Geoscience Ltd. of Edmonton, Alta., a director of Defense Metals and a qualified person as defined in National Instrument 43-101. Mr. Raffle verified the data disclosed, which includes a review of the sampling, analytical and test data underlying the information, and opinions contained therein.

About Defense Metals Corp.

Defense Metals is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power markets, defence industry, national security sector, and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100 per cent of the Wicheeda rare earth element deposit located near Prince George, B.C., Canada.

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