Mr. Craig Taylor reports

DEFENSE METALS DRILLS 122 METRES OF 2.56% TOTAL RARE EARTH OXIDE; INCLUDING 55 METRES OF 3.02% AT WICHEEDA; AND ANNOUNCES UP TO $6 MILLION FINANCING

Defense Metals Corp. has released additional rare earth element (REE) assay results from one additional core hole, totalling 374 metres, collared within the central area of Defense Metals' 100-per-cent-owned Wicheeda REE deposit. This drill hole represents the deepest hole to date drilled at Wicheeda, terminating 360 metres vertically below surface and 150 m below the mineral resource pit shell.

Infill drill hole WI22-72 (negative-70-degree dip/167-degree azimuth) was drilled south within the central area of the deposit intersected high-grade mineralized dolomite carbonate from surface grading 3.02 per cent total rare earth oxide (TREO) over 55 metres within a broader zone averaging 2.56 per cent TREO over 122 metres, in addition to a well mineralized mixed lithology lower zone grading 0.9 per cent TREO over 97 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 2,867 m in eight holes. Assays for the remaining 10 holes totalling 2,643 m are expected in the coming weeks and months.

Craig Taylor, chief executive officer and director of Defense Metals, stated: "The 2022 Wicheeda deposit resource infill drilling continues to yield high-grade REE intercepts from surface exceeding 3 per cent TREO. The drill results are doubly significant in that they represent the deepest test of the Wicheeda deposit to date, which yielded a broad mixed lithology interval averaging nearly two times the mineral resource cut-off grade ending 50 m below the current pit shell. The fact that we continue to see potentially economic REE grades at these depths is extremely encouraging."

Private placement financing

The company is pleased to announce a non-brokered private placement offering for total gross proceeds of up to $6-million to advance its wholly owned Wicheeda rare earth elements project. The offering will consist of the sale of: (i) up to 12.5 million common shares of the company that qualify as flow-through (FT) shares, as defined in the Income Tax Act (Canada) at a price of 28 cents per FT share for gross proceeds of up to $3.5-million; and (ii) up to 11,363,637 units at a price of 22 cents per unit for gross proceeds of up to $2.5-million.

Each unit will consist of one common share of the company and one-half of a non-transferrable common share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one common share at a price of 32 cents exercisable over two years following the closing date.

The gross proceeds from the issuance of FT shares will be used by Defense Metals to incur eligible Canadian exploration expenses (CEE) that will qualify as flow-through expenditures, as such terms are defined in the Income Tax Act (Canada) related to the company's Wicheeda rare earth element project. The net proceeds from the sale of units will be used for advancing the Wicheeda project, and for general corporate and working capital purposes.

The completion of the offering is anticipated to occur on or about Nov. 30, 2022, and is subject to the TSX Venture Exchange (TSX-V) approval. All securities issued in connection with the offering will be subject to a statutory hold period of four months and a day from the closing date of the offering. Finder's fees may be payable in connection with the offering, all in accordance with the policies of the exchange and applicable securities laws.

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 rate)) of $517-million and an 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-tonne-per-year) mill throughput open-pit mining operation with a 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 a payback of $440-million initial capital within five years.

Methodology and QA/QC (quality assurance/quality control)

The analytical work reported on herein was performed by ALS Canada Ltd. 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 QP (qualified person). 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-gram sample pulp was then subject to multielement ICP-MS analysis by 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 quality assurance/quality control 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 (NI) 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 and national security sector, and in the production of green energy technologies such as rare earths magnets used in wind turbines and 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. Defense Metals 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.

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