Mr. Craig Taylor reports

DEFENSE METALS COMPLETES PHASE 2 PIT GEOTECHNICAL DRILLING & INTERSECTS MINERALIZED CARBONATITE AT THE WICHEEDA RARE EARTH ELEMENT PROJECT

Defense Metals Corp. has completed the previously announced Phase 2 open pit diamond core and sonic infrastructure geotechnical drilling program. The work, with the support of Apex Geoscience Ltd., was completed by SRK Consulting (Canada) Inc., one of the principal consultants for the continuing preliminary feasibility study (PFS) regarding the company's Wicheeda rare earth element (REE) project located near Prince George, Canada.

In addition, the company commissioned Precision GeoSurveys Inc. to complete a 503-line-kilometre airborne magnetic and radiometric survey over a 45 square km area of the Wicheeda project. The data have been delivered to the Defense Metals technical team and is currently under review for ranking of exploration targets, which the company will release as they become available.

Craig Taylor, chief executive officer of Defense Metals, commented: "We are pleased to have completed phase 2 geotechnical programs and are encouraged that open-pit geotechnical drilling has intersected significant widths of REE mineralized carbonatite within the western pit wall not previously known. Given the success of the prior ground radiometric surveys, the company commissioned a 45 square km airborne geophysical survey surrounding the Wicheeda REE deposit, which we are now interpreting to guide property-wide exploration efforts. The ongoing Wicheeda project PFS study remains on target for completion at the end of Q2 2024, and the data gathered as part of this drilling campaign will provide key inputs to inform the open pit slope design work by SRK."

Highlights of the recently completed phase 2 drill program and upcoming works include:

• Completion of six diamond drill holes totalling 1,182 metres within the Wicheeda REE deposit pit shell; inclusive of four open-pit geochemical drill holes totalling 920 metres; and additional two near-mine exploration holes totalling 262 metres;
• South and west pit wall drill holes WI23-81 and WI23-82 intersected significant widths of visibly REE mineralized dolomite carbonatite from surface over core intervals of 54 metres (WI23-81), and 21 metres followed by a 65-metre core interval of xenolithic-dolomite carbonatite, respectively. Drilling of WI23-82 into the west pit wall of the Wicheeda deposit was successful tested a new ground radiometric anomaly (see Defense Metals news release dated Sept. 5, 2023). Assay results are pending and are expected in the coming months;
• Completion of nine sonic overburden drill holes totalling 160 metres, and 14 test pits totalling 62 metres designed to support the characterization of the shallow soil subsurface and bedrock foundations of potential future waste rock storage, mineralization stockpile, contact water pond (CWP), crusher, processing plant and tailings storage facility (TSF) locations;
• Mobilization is currently under way for completion of the final phase 3 sonic overburden and test pit campaign which will comprise 10 sonic overburden drill holes and three test pits with the CWP, TSF and TSF alternatives area. The phase 3 drilling and test pit program is expected to be completed within four weeks time.

Mineralized drill core derived for the phase 2 pit geotechnical campaign has been cut and sampled and submitted for analysis to ALS Global, North Vancouver. Results are expected in the coming months and will be released subject to quality assurance/quality control review.

Corporate development

The company also announces the appointment of Alex Heath as vice-president, corporate development. Mr. Heath has a BCom with honours from the University of British Columbia and is a CFA charterholder. He spent eight years with Salman Partners, including as a vice-president of investment banking focused on mining financings and merger and acquisition transactions. In 2019, he joined Discovery Group as strategic adviser, corporate development and Investor Relations. Mr. Heath is also a director of several public mining issuers.

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 the Wicheeda REE property

Defense Metals' 100-per-cent-owned, 8,301-hectare (approximately 20,534-acre) Wicheeda project is located approximately 80 km northeast of the city of Prince George, B.C.; population 77,000. The Wicheeda light 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.

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.

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