In a news release, Defense Metals Corp. (DEFN:TSX.V; DFMTF:OTCQB; 35D:FSE) reported that it has appointed Jamie Spratt as a Strategic Advisor to the company.
Defense Metals stated that Spratt founded a mining focused corporate finance and advisory business called Walmsley Capital Inc. where he is currently a principal. The firm noted that Spratt has a lengthy track record in capital markets and investments in the mining sector and has a solid reputation as both an analyst and advisor with mining industry CEOs as well as institutional investors. Spratt previously worked at a mid cap focused boutique investment bank called Clarus Securities for 10 years in the role of partner and equity research analyst and began his career at an independent investment bank where he gained valuable transaction experience by advising on corporate finance, merchant banking and M&A in the metals and mining sector.
Defense Metals' CEO Craig Taylor remarked, "Mr. Spratt brings a wealth of corporate finance, capital markets and M&A experience to bear on Defense Metals efforts to advance the Wicheeda (REE) Deposit. We look forward to Mr. Spratt's contributions in light of sustained upward price pressures on critical magnet metals, principally neodymium and praseodymium. Over the past 6 months we have seen an 80% increase in neodymium oxide spot prices from approximately US$40/kg in early June to most recently US$72/kg as of December 1, 2020. Defense Metals believes these price increases represent real future demand trends triggered as a result of the beginning of a fundamental shift towards the green energy-electric vehicle sector."
The company stated that as outlined in a Technical Report prepared by APEX Geoscience Ltd. in June 2020, "the Wicheeda Rare Earth Elements (REE) project has indicated mineral resources of 4,890,000 tonnes averaging 3.02% LREO (Light Rare Earth Elements) and inferred mineral resources of 12,100,000 tonnes averaging 2.90% LREO." The firm advised that it holds an option allowing it to acquire 100% the Wicheeda REE Property, which covers approximately 1,700 hectares and is located close to Prince George, B.C.
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