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TICKERS: DEFN; DFMTF; 35D

Rare Earths Co. Advancing Rare Earths Project Towards 2024 Milestones
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Defense Metals Corp. recently filed a NI 43-101 MRE technical report for its Wicheeda Rare Earth Element Project, noted Noble Capital analyst Mark Reichman.

Defense Metals Corp. (DEFN:TSX.V; DFMTF:OTCQB; 35D:FSE) recently increased the resource estimate for its Wicheeda rare earth element project in Canada by 18% and continues working towards a preliminary feasibility study in 2024, noted Noble Capital Markets analyst Mark Reichman in a November 29 report.

Resource Upgrade Lays Groundwork for Mine Plan

The updated 43-101 compliant resource represents a 31% increase in tonnage to 34 million indicated and inferred tonnes grading 2.02% rare earth oxide.

With larger measured and indicated resources, Wicheeda can now support baseline economics in the upcoming preliminary feasibility study.

Advancing Offtake and Development Efforts

Beyond the resource update, Defense Metals has shipped samples to potential customers and partners in North America, Europe, and Asia as it works towards securing future offtake agreements.

The company is also conducting additional site development drilling.

Well Positioned Heading Into 2024

With permitting progress and a feasibility study imminent next year, the analyst sees Defense Metals on a positive trajectory. Its financial position remains strong after another quarter of exploration spending, ending September with CA$7.6 million cash.

Based on significant catalysts upcoming over the next 12-18 months, Noble Capital Markets rates Defense Metals as an "Outperform" with a CA$0.90 price target.


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Important Disclosures:

  1. [Defense Metals Corp.] is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
  2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of [Defense Metals Corp.]
  3. The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

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Disclosures for Noble Capital Markets, Defense Metals Corp., November 29, 2023

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