Mr. Mark Tory reports

DEFENSE METALS FILES NI 43-101 PRE-FEASIBILITY STUDY TECHNICAL REPORT FOR WICHEEDA PROJECT

Defense Metals Corp. has filed an independent prefeasibility study (PFS) technical report for its 100-per-cent-owned Wicheeda rare earth element deposit, located near Prince George, B.C., Canada. The effective date of the report is Feb. 28, 2025.

The potential of the Wicheeda rare earth element deposit to drive regional prosperity and contribute to global supply chains is underscored by comments from Chief Harley Chingee and Minister Jagrup Brar.

Mr. Chingee of the McLeod Lake Indian Band commented: "The positive economic outcomes from the prefeasibility study of the Wicheeda project affirm our position and established commitment to supporting its success. We look forward to continued collaboration with Defense Metals as we move forward together, creating long-term economic opportunities and sustainable benefits for the McLeod Lake Indian Band and contributing to the prosperity of the wider regional economy."

Jagrup Brar, British Columbia Minister of Mining and Critical Minerals, added: "The government of British Columbia is pleased to see Defense Metals making significant progress with the Wicheeda rare earth deposit. We understand that the project has the potential to become a significant global supplier of rare earth elements and we welcome the work that Defense Metals is doing to advance their project. Our government is committed to improving permitting timelines and processes across the province."

The report, prepared in accordance with the Canadian Securities Administrators' National Instrument 43-101, Standards of Disclosure for Mineral Projects, supports the findings disclosed in the company's Feb. 18, 2025, news release. Since that news release, the rare earth elements evaluated in the report expanded from the four key elements (neodymium, praseodymium, dysprosium and terbium) to all those present in the final mixed rare earth carbonate product. The resulting changes in mineral resources and mineral reserves and financial outcomes are within 3.5 per cent of the previous announcement and are not considered material differences. The report updates all technical and financial information on the Wicheeda rare earth element deposit and supersedes the information presented in the Feb. 18, 2025, news release.

The complete report has been filed on SEDAR+ and is also available on the company's website. The report can also be viewed on SEDAR+ within the company's profile. Defense Metals encourages readers to review the report in its entirety, including all assumptions, risks, exclusions and qualifications as individual sections may not fully convey the necessary context.

Mark Tory, president and chief executive officer of Defense Metals, remarked: "The detail and quality of the report is due to the work of renowned global experts Hatch and SRK and supporting group of consultants. I would like to thank them all for the time and effort that has been put into this comprehensive report."

The company's interim chief financial officer and senior vice-president, corporate development, Alex Heath, has resigned from his role to pursue other opportunities. Defense Metals would like to thank Mr. Heath for his contributions and wish him every success in his future endeavours. Ryan Cheung (previous chief financial officer of the company) will act as chief financial officer until a replacement is appointed.

About Defense Metals Corp.

Defense Metals is advancing its wholly owned 11,800-hectare (approximately 29,158-acre) Wicheeda project situated on the traditional territory of the McLeod Lake Indian Band in British Columbia, Canada.

The Wicheeda project, approximately 80 kilometres (approximately 50 miles) northeast of the city of Prince George, is readily accessible by a paved highway and all-weather gravel roads and is close to infrastructure, including hydro power transmission lines and gas pipelines. The nearby Canadian National railway and major highways allow easy access to the strategically located port facilities in Prince Rupert.

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