Mr. Craig Taylor reports

DEFENSE METALS APPOINTS HCF INTERNATIONAL ADVISERS FOR STRATEGIC FUNDING REVIEW OF WICHEEDA REE PROJECT

Defense Metals Corp. has appointed HCF International Advisers Ltd., a leading global independent corporate finance advisory boutique based in London, United Kingdom, to conduct a strategic financing review for the company's wholly owned Wicheeda rare earth element (REE) project located in British Columbia, Canada.

HCF specializes in providing comprehensive financial advisory services with a primary focus on the metals and mining sector. The strategic financing review will, among other things, assist Defense Metals in thoroughly analyzing potential financing options and strategic partnerships for the development and advancement of the Wicheeda REE project beyond the completion of its preliminary feasibility study (PFS) expected in Q2 2024.

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

"We are thrilled to collaborate with HCF International Advisers for a strategic funding review of our Wicheeda REE project. Following our PFS, as we navigate the dynamic landscape of the metals and mining sector, having HCF's expertise on board will be instrumental in evaluating and pursuing optimal funding and strategic partnership opportunities, especially in Europe."

About HCF International Advisers

HCF International Advisers is a leading independent corporate finance advisory boutique based in London, United Kingdom, specializing in providing strategic financial advice to companies in the metals and mining sector. With a commitment to excellence, HCF has a proven record of assisting clients in navigating complex financial landscapes.

HCF is led by Guy de Sellier de Moranville, president and co-founder, and Sean Gorman, chief executive officer and managing director. HCF's expertise in the financing of internationally recognized mining projects and, in particular, critical minerals, is evidenced by its involvement as financial adviser to projects in Canada, Africa and in particular to Arafura Rare Earths Ltd. on the financing of the Nolans NdPr (neodymium praseodymium) project (Northern Territory, Australia).

Mr. de Sellier -- president and co-founder of HCF

Mr. de Sellier is a seasoned finance professional with a distinguished career. He served as a senior adviser to the Atlantic Council's Future Europe Initiative and played key roles in advising the European Commission and co-chairing a joint European/Russian task force for strategic energy projects. Mr de Selliers has held executive positions at Robert Fleming and Co. Ltd., was a member of the senior executive team which created the European Bank for Reconstruction and Development (EBRD), and served as senior vice-president at Lehman Brothers.

He has been a member of the board of directors of many influential organizations such as Solvay Group, Ageas Group, AG Insurance Belgium, Ivanhoe Mining, Pamplona, I Pulse, The Cranemere Group Ltd., Renewable Energy Foundation and Drive Forward. Mr. de Selliers, with a master's degree in engineering and a master's degree in economics from Louvain University in Belgium, is widely respected for his diverse expertise across various sectors, making him a valuable asset in the international business community.

Mr. Gorman -- chief executive officer and managing director of HCF

Mr. Gorman has over 30 years of experience in the natural resources sector. As a chartered engineer, he led the design and construction of oil refineries and onshore gas plants around the world prior to moving into banking, where he worked in project finance and debt restructuring for the power sector. Subsequent to that, he was head of business development for a renewable energy company involved in equity investment prior to a successful sale of the company. As chief executive officer of HCF, Mr. Gorman has worked on the financing for a wide range of projects across multiple jurisdictions and commodities though in recent years has had a strong focus on critical minerals and is leading the financing of the Arafura NdPr project in Australia.

About Defense Metals Corp.

Defense Metals is focused on the development of its 100-per-cent-owned, 8,301-hectare (approximately 20,534-acre) Wicheeda REE project that is located on the traditional territory of the McLeod Lake Indian Band in British Columbia, Canada.

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