Mr. Craig Taylor reports

DEFENSE METALS COMMENCES PHASE 2 INFRASTRUCTURE SONIC, OPEN PIT GEOTECHNICAL, AND EXPLORATION TARGET CORE DRILLING AT WICHEEDA RARE EARTH ELEMENT PROJECT

Defense Metals Corp. has commenced phase 2 of its planned infrastructure and open-pit geotechnical drilling. Sonic overburden characterization (site infrastructure geotechnical) and diamond core drilling (open-pit geotechnical and near-resource exploration) is expected to be complete within four to six weeks, with results to follow. The work, with the support of the Defense Metals' technical team and Apex Geoscience Ltd., is being completed by SRK Consulting (Canada) Inc., one of the principal consultants for the preliminary feasibility study (PFS) regarding the company's Wicheeda rare earth element (REE) project located near Prince George, Canada.

Craig Taylor, chief executive officer of Defense Metals, commented:

"We are pleased to commence phase 2 geotechnical investigations. This work will provide critical inputs for the ongoing PFS study and, in the case of exploration targets, have the potential to expand resources. The company's technical teams and principal engineering contractors continue to push forward keeping us on track for a planned PFS completion by the end of Q2 2024."

As previously reported, the SRK geotechnical investigation includes the following scopes:

• Geotechnical engineering (waste rock, tailings, contact water pond and site infrastructure geotechnical investigation);
• Tailings alternative assessment prior to advancing into PFS-level design of a preferred alternative;
• Geochemical characterization (to support mine planning/waste management and to develop preliminary water chemistry predictions for the main mine facilities).

Currently two rigs, sonic and core drills are operating at the project, with sonic operations focused on overburden and bedrock characterization within the potential waste rock storage (WSF) footprint and geotechnical core drilling under way with the east highwall of the proposed open pit.

With WSF drilling nearing completion, sonic operations are expected to transition to the proposed contact water pond (CWP) and crusher and conveyor footprints, followed by tailing storage facility (TSF) and TSF alternative geotechnical investigations.

In-pit geotechnical core drilling will progress from current drilling on the east highwall, followed by south, north and west pit walls. Drilling into the south pit wall is expected to collar in REE mineralized dolomite carbonatite. In addition, geotechnical core drilling of the west pit wall is co-purposed with testing of a high-priority ground radiometric geophysical anomaly with the potential to represent undiscovered carbonatite body.

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, of Edmonton, Alta., who is a director of Defense Metals and a qualified person as defined in National Instrument 43-101.

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.