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Defense Metals Corp
Symbol DEFN
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Close 2021-01-19 C$ 0.36
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Defense Metals becomes founding member of C2M2A

2021-01-19 10:39 ET - News Release

Mr. Craig Taylor reports


Defense Metals Corp. has shown its support as a founding member of the recently launched Canadian Critical Minerals and Materials Alliance (C2M2A). Defense Metals and nine other C2M2A founders reflect a broad knowledge base across the suite of critical material supply chains, including current and prospective producers and processors, commercial and national laboratories, academia and innovation hubs, and engineering and business experts.

Defense Metals' support of the C2M2A initiative, representing a clear industry voice to guide government of Canada policy toward establishing Canadian-based critical material supply chains, will greatly benefit the advancement of its 1,708-hectare/4,220-acre Wicheeda rare earth element (REE) property, located near Prince George, B.C. The Wicheeda project has indicated mineral resources of 4.89 million tonnes averaging 3.02 per cent LREO (light rare earth elements) and inferred mineral resources of 12.1 million tonnes averaging 2.90 per cent LREO.

Launched on Jan. 14, 2021, the Canadian Critical Minerals and Materials Alliance is an industry association aimed at advancing resilient critical materials supply chains for Canada's clean technology economy. The launch of C2M2A builds on the earlier establishment of the Canadian Rare Earth Elements Network (CREEN) in 2013 and its success in building awareness on the growing importance of rare earth elements.

Recent geopolitical developments have underscored the importance of the critical materials supply chains necessary for clean energy, electric vehicles, communications, medical and aerospace applications. A co-ordinated supply chain consortium, which represents both upstream and downstream critical materials producers (for example, rare earth elements, lithium, cobalt, graphite and others), will help support policy-makers and industry players implement strategies that will enable full Canadian participation in the sector.

Other international jurisdictions, including the European Union, Japan, the United States and Australia, have already made announcements on their critical materials strategy. Alliance members agree that it is time for Canada to step up and move forward with its own strategy. Canada is well positioned to implement its vision for a clean energy future because of its enormous critical minerals resource wealth; however, the country must implement a strategy to use this wealth to establish the downstream processing capacity to create the refined materials needed in electric vehicle and battery technologies.

Recent announcements by the federal government with Ford Motors and General Motors on their plans to establish more electric vehicle manufacturing capacity in Canada confirm Canada's commitment to a low-carbon future. C2M2A will help support further investments in this rapidly advancing sector of the economy, particularly in outlining the effort and costs to build value-creating materials chains in Canada.

Craig Taylor, chief executive officer, commented: "With the support of the C2M2A initiative, Defense Metals continues to establish itself as one of the industry leaders in the advancing Canadian-based critical material supply chains. As North America and the world move toward widespread adoption of electric vehicles and other green technologies, there will be upward demand pressure on critical REE magnet metals, principally NdPr [neodymium and praseodymium]. Defense Metals is well positioned to meet demand for North American-sourced critical REEs with one of the highest-grade road-accessible deposits, with potential to reduce the political and strategic risk of current reliance on Chinese REE sources."

About Canadian Critical Minerals and Materials Alliance (C2M2A)

C2M2A is a non-profit, independent organization with a mission to foster and enhance Canada's role as a leader in the production of critical materials manufacturing in support of the global transition to a low-carbon, clean-growth economy. By focusing on rapidly advancing the establishment of economic critical materials production and manufacturing capacity, Canada will grow its economy, compete globally and continue to protect the environment. C2M2A will enable stakeholders around the country to collaborate on shared priorities while respecting each jurisdiction's needs and plans, including the need to ensure the continued competitiveness and viability of businesses.

Qualified person

The scientific and technical information contained in this news release as it relates to the Wicheeda REE property has been reviewed and approved by Kristopher J. Raffle, PGeo (British Columbia), principal and consultant of Apex Geoscience Ltd. of Edmonton, Alta., a director of Defense Metals and 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 company focused on the acquisition of mineral deposits containing metals and elements commonly used in the electric power market, military, national security and the production of green energy technologies, such as high-strength alloys and rare earth magnets. Defense Metals has an option to acquire 100 per cent of the 1,708-hectare Wicheeda rare earth element property, located near Prince George, B.C., Canada. Defense Metals trades in Canada under the symbol DEFN on the TSX Venture Exchange, in the United States under DFMTF on the OTCQB and in Germany on the Frankfurt Stock Exchange under 35D.

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