An anonymous director reports

DEFENSE METALS ANNOUNCES CLOSING OF ITS $738,836 NON-BROKERED PRIVATE PLACEMENT

Further to its news releases on Jan. 17, 2024, Defense Metals Corp. has closed its non-brokered private placement financing of 2,841,678 common shares of the company at a price of 26 cents per share for aggregate gross proceeds of $738,836.28.

McLeod Lake Indian Band (" McLeod Lake ") and RCF Opportunities Fund II L.P., following exercise of its participation right, subscribed for 2,557,795 Common Shares and 283,883 Common Shares, respectively, under the Private Placement. The Common Shares issued to McLeod Lake are subject to a two-year voluntary hold period from the date of issuance.

All Common Shares issued under the Private Placement are subject to a statutory hold period of four months and one day in accordance with applicable Canadian securities laws. The Private Placement remains subject to all necessary regulatory approvals including final acceptance from the TSX Venture Exchange (the "TSXV").

The Company intends to use the net proceeds of the Private Placement towards advancing the ongoing project development of Defense Metals' 100% owned Wicheeda Rare Earth Element Project (the "Wicheeda Project") located 80 kilometers northeast of Prince George, British Columbia.

About Defense Metals Corp. and its Wicheeda Rare Earth Element Project

Defense Metals Corp. is a mineral exploration and development company focused on the development of its 100% owned, 8,301-hectare (~20,534-acre) Wicheeda Project that is located on the traditional territory of the McLeod Lake Indian Band in British Columbia, Canada.

The Wicheeda Project, approximately 80 kilometres (~50 miles) northeast of the city of Prince George, is readily accessible by all-weather gravel roads and has nearby 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.

Defense Metals Corp. trades on the TSX Venture Exchange under the symbol "DEFN", in the United States, trading symbol "DFMTF" on the OTCQB and in Germany on the Frankfurt Exchange under "35D".

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