Defense Metals Corp. (DEFN:TSX.V; DFMTF:OTCQB; 35D:FSE) entered an agreement with the McLeod Lake Indian Band regarding metals exploration at the Wicheeda rare earth elements project, reported Noble Capital Markets analyst Mark Reichman in a September 8, 2022 research note.
In addition to this positive news, the company's stock is at "an attractive entry point for investors," at $0.22 per share, noted Reichman. Noble's target price on Outperform-rated Defense Metals is $0.70 per share.
"The agreement provides a framework for communication and cooperation going forward, which we think promotes cooperative collaboration and further derisks the project," Reichman explained.
In addition to this positive news, the company's stock is at "an attractive entry point for investors," at $0.22 per share, noted Reichman. Noble's target price on Outperform-rated Defense Metals is $0.70 per share.
The agreement between the two entities outlines, among other components, Defense Metals' exploration plans for Wicheeda and the economic opportunities that project advancement will afford the First Nations community.
Reichman wrote that it "represents another positive step for the company as it advances toward completion of a preliminary feasibility study during H1/23."
In the interim, however, Reichman pointed out, investors can expect results from the 12 holes Defense Metals drilled and completed in the northern and central parts of the Wicheeda pit area outlined in the preliminary economic assessment. These data are due out this month or next.
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