Mr. Craig Taylor reports

DEFENSE METALS JOINS DISCOVERY GROUP AND APPOINTS A NEW DIRECTOR

Defense Metals Corp. has joined the Vancouver-based Discovery Group led by John Robins and Jim Paterson. In addition, Dale Wallster has been appointed to the company's board of directors.

Mr. Robins, co-founder and principal of Discovery Group, commented: "We are excited to welcome Defense Metals into Discovery Group. In my opinion, Defense represents a world-class opportunity in the rare earth/critical metals space. Viewed as being one of the highest-grade deposits globally, and led by a strong management and technical team, Defense has all the attributes we look for in a Discovery Group company. The addition of Defense to our roster of companies will round out the Discovery Group portfolio and will elevate the exposure of all our member companies, as we continue to educate and inform shareholders about market opportunities that exist with high-quality junior mining explorers."

Craig Taylor, chief executive officer of Defense Metals, commented: "We are pleased to welcome Dale Wallster to the board. He brings a wealth of mineral exploration and capital markets experience to Defense Metals and we look forward to working with him as we continue to advance the Wicheeda rare earth elements project. The company is also pleased to have joined Discovery Group, an alliance of public companies focused on the advancement of mineral exploration and mining projects with a proven track record of generating shareholder value. We look forward to a close working relationship with the team at Discovery Group."

Mr. Wallster is a prospector and geologist with over 40 years experience in North American mineral deposit exploration. As president and founder of Roughrider Uranium Corp., which was acquired by Hathor Exploration Ltd. in 2006, Mr. Wallster and his team are widely credited for the discovery of Hathor's Roughrider deposit. In January of 2012 Rio Tinto PLC acquired Hathor for $650-million.

Mr. Wallster commented: "In the recent explosion of strategic, geopolitical and investment interest in North American critical minerals, rare earth element companies represent the Rodney Dangerfield of the class; they are getting no respect. Given their importance in the electrification of the world, I expect this to change soon, and Defense Metals, with its Wicheeda project prefeasibility study expected in 2024, is leading the pack."

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Kristopher J. Raffle, PGeo (British Columbia), principal and consultant of APEX Geoscience Ltd. of Edmonton, Alta., who is a director of Defense Metals and a qualified person as defined in National Instrument 43-101.

About the Wicheeda REE property

Defense Metals' 100-per-cent-owned, 4,262-hectare (approximately 10,532-acre) Wicheeda light REE property is located approximately 80 kilometres northeast of the city of Prince George, B.C.; population 77,000. The Wicheeda REE project is readily accessible by all-weather gravel roads and is near infrastructure, including hydro power transmission lines and gas pipelines. The nearby Canadian National Railway and major highways allow easy access to the port facilities at Prince Rupert, the closest major North American port to Asia.

The 2021 Wicheeda REE project preliminary economic assessment technical report (PEA) outlined a robust after-tax net present value (NPV 8 per cent) of $517-million and an 18-per-cent internal rate of return. This PEA contemplated an open-pit mining operation with a 1.75:1 (waste:mill feed) strip ratio providing a 1.8-million-tonne-per-year mill throughput producing an average of 25,423 tonnes REO (rare earth oxide) annually over a 16-year mine life. 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.

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 light rare earth element deposit located near Prince George, B.C., Canada.

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