Mr. Craig Taylor reports

DEFENSE METALS UPGRADES AND EXPANDS MINERAL RESOURCE ESTIMATE FOR WICHEEDA RARE EARTH ELEMENT PROJECT

Defense Metals Corp. has released an updated mineral resource estimate (the 2023 MRE) for the development of its Wicheeda rare earth element (REE) deposit located in British Columbia, Canada.

Highlights of the 2023 Wicheeda REE deposit mineral resource estimate:

• The 2023 MRE comprises:
  • A 6.4-million-tonne measured mineral resource, averaging 2.86 per cent total rare earth oxide (TREO);
  • A 27.8-million-tonne indicated mineral resource, averaging 1.84 per cent TREO;
  • An 11.1-million-tonne inferred mineral resource, averaging 1.02 per cent TREO;
  • All reported at a cut-off grade of 0.5 per cent TREO within a conceptual open-pit shell.
• Total measured and indicated (M+I) mineral resources of 34.2 million tonnes, averaging 2.02 per cent TREO, is a significant upgrade representing a conversion of 101 per cent of the 2021 MRE comprising some indicated and mostly inferred resources (see Defense Metals' news release of Nov. 24, 2021) to M+I on a contained metal basis.
• Measured and indicated resources are inclusive of 17.8 million tonnes of dolomite carbonatite, averaging 2.92 per cent TREO.
• The 2023 MRE represents a 17-per-cent increase in TREO on a contained metal basis, or 31-per-cent tonnage increase, in comparison with the prior 2021 MRE.
• The 2023 MRE is based on an updated geological model that incorporates an additional 10,350 metres of drill hole data, from 45 holes drilled by Defense Metals during 2021 and 2022.

Craig Taylor, chief executive officer of Defense Metals, stated: "Defense Metals is excited to release our updated mineral resource estimate for the Wicheeda deposit, one of North America's most advanced rare earth development projects. With over 10,000 metres of additional drilling completed since our 2021 mineral resource we have now converted 100 per cent of the that resource to the measured and indicated categories, in addition to growing the overall resource by 17 per cent. Importantly, we believe the upgrading of resources now demonstrates that we have established the tonnage and grades necessary to carry forward into our ongoing preliminary feasibility study."

The effective date of the 2023 MRE is Aug. 28, 2023, and a technical report relating to the PEA will be filed on SEDAR within 45 days of this news release. The 2023 MRE was prepared by Apex Geoscience Ltd.

2023 mineral resource

The Wicheeda REE deposit is a southeast-trending, north- to northeast-dipping syenite-carbonatite intrusive complex having dimensions of approximately 450 metres north-south by 250 m east-west which intrudes a mixed sedimentary host rock package (limestone). Relatively high REE-grade dolomite-carbonatite rocks, which outcrop at surface, and form the main body of REE mineralization, are surrounded by an envelope of intermediate REE-grade hybrid xenolithic-carbonatite rocks that intrude lower REE-grade syenite.

The 2023 MRE comprises a 6.4-million-tonne measured mineral resource, averaging 2.86 per cent TREO (cerium dioxide, lanthanum oxide, neodymium oxide, praseodymium oxide, samarium oxide, europium oxide, gadolinium oxide, terbium oxide, dysprosium oxide and holmium oxide); 27.8-million-tonne indicated mineral indicated resource, averaging 1.84 per cent TREO; and 11.1-million-tonne inferred mineral resource, averaging 1.02 per cent TREO, reported at a cut-off grade of 0.5 per cent TREO within a conceptual Pseudoflow algorithm open-pit shell.

The 2023 MRE is based on an updated geological model incorporating an additional 10,350 metres of drilling within 45 holes drilled by Defense Metals during 2021 and 2022.

The 2023 MRE for the Wicheeda REE deposit includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Mineral resource estimate methodology:

1. The drill hole database comprises drilling that intersected the estimation domains consists of 14 exploration diamond drill holes (totalling 2,107 metres) completed in 2008 and 2009 by Spectrum Mining and 58 exploration core drill holes during 2019, 2021 and 2022 by Defense Metals (totalling 12,073 metres), providing a total of 4,903 drill core samples analyzed for REE by multielement fusion inductively coupled plasma mass spectrometry.
2. The 3-D geological modelling integrates assay and geological data collected from diamond core drilling, surface geologic mapping, soil geochemical, and airborne magnetic and radiometric geophysical surveys.
3. Ordinary kriging is employed to estimate metal concentrations using a three-step pass search strategy guided by domain-specific variography. The estimates utilize capped composites with a three-metre length.
4. Measured resources are categorized within a search ellipse of 35 m by 30 m by 15 m with a minimum of three drill holes. Indicated resources are categorized within a search ellipse of 90 m by 60 m by 30 m with a minimum of three drill holes. Inferred resources are categorized within a search ellipse of 120 m by 120 m by 30 m with a minimum of two drill holes.

Qualified persons

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 (British Columbia), principal and consultant of Apex Geoscience 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 include a review of the analytical and test data underlying the information and opinions contained therein.

About the Wicheeda REE property

Defense Metals' 100-per-cent-owned, 6,759-hectare (approximately 16,702-acre) Wicheeda project is located approximately 80 kilometres northeast of the city of Prince George, B.C., Canada; population 77,000. The Wicheeda project is readily accessible by all-weather gravel roads and is near infrastructure, including hydropower transmission lines and gas pipelines. The nearby Canadian National Railway and major highways allow easy access to the deepwater port facilities at Prince Rupert, the closest major North American port to Asia.

About Defense Metals Corp.

Defense Metals is a mineral exploration and development company focused on the development of its 100-per-cent-owned Wicheeda rare earth element deposit located near Prince George, B.C., Canada.

We seek Safe Harbor.