Mr. Craig Taylor reports

DEFENSE METALS TO SHIP WICHEEDA MIXED RARE EARTH CARBONATE SAMPLE TO UCORE RARE METALS INC.

Defense Metals Corp. executed a non-binding memorandum of understanding (MOU) in the fourth quarter of 2023 with Ucore Rare Metals Inc. to explore collaborative opportunities as both companies move toward their respective commercialization efforts for a North American rare earth element (REE) supply chain. As one of the first projects under this MOU, Defense Metals will ship a mixed rare earth carbonate sample from its Wicheeda REE project to Ucore's Kingston, Ont., RapidSX commercialization and demonstration facility (CDF).

SGS Canada Inc. in Lakefield, Ont., will ship the sample to Ucore's CDF on behalf of Defense Metals. This sample was generated during 2023 hydrometallurgical piloting test work performed on concentrate produced by earlier flotation pilot plant testing of a 26-tonne bulk sample from Defense Metals' wholly owned Wicheeda REE project in British Columbia.

Craig Taylor, chief executive officer of Defense Metals, commented: "We expect to ship a mixed rare earth carbonate sample in the next few weeks to Ucore's demonstration plant for testing. The Wicheeda project is being developed as a throughble source of REE from North America and as more processing and separation facilities become operational in the future, the demand for REE feedstock will be increasingly important. This MOU with Ucore is a further step in that direction to be part of the western world's REE supply chain."

Pat Ryan, PEng, chairman and chief executive officer of Ucore, stated: "The opportunity to align closer with Defense Metals is strategically important. The MOU lays out the framework wherein Defense Metals' technically strong and readily accessible North American REE resource can be further processed and refined using Ucore's Canadian-founded technology, RapidSX. Receiving the sample mixed rare earth carbonate at our Kingston CDF will start the process of determining what may be possible between the companies as we collectively look to fuel the 21st century energy transition."

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., and a consultant to the company, who is a qualified person as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

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.