Defense Metals Corp. is pleased to announce the signing of a Memorandum of Understanding ("MOU") with The Saskatchewan Research Council ("SRC") that will benefit both parties by promoting a collaborative and strategic approach to help strengthen the rare earth element ("REE") supply chain within Canada.

Facilitating negotiations of a long-term agreement with SRC for the sale and purchase of Defense Metal's mixed rare earth carbonate.
This collaboration aligns with the broader Canadian Critical Minerals Strategy, which is focused on developing a domestic industry, reducing reliance on foreign sources of critical minerals and bolstering national security. Furthermore, it supports broader North American goals for economic competitiveness and technological innovation in clean energy and defence technologies.

About The Saskatchewan Research Council:

SRC is Canada's second-largest research and technology organization, providing services and products to its 1,400 clients in 22 countries around the world for more than 77 years

Since 2020, SRC's Rare Earth Processing Facility in Saskatoon has received $71 million in funding from the Government of Saskatchewan, as well as $30 million in combined funding from the Government of Canada. This funding has been instrumental in helping SRC construct a vertically and laterally integrated "minerals to metals" facility equipped with state-of-the-art, proprietary technology developed by SRC. Development of the facility continues ahead of schedule, producing rare earth metals at a commercial scale in the summer of 2024 – making Saskatchewan the first and only jurisdiction to do so in North America.

About Defense Metals Corp.

Defense Metals Corp. is focused on the development of its 100% owned Wicheeda REE deposit, for which a mineral resource estimate was reported in 2023 in a Technical Report prepared in accordance with the Canadian Securities Administrators' National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), which is available for review on the Company's profile on SEDAR+ at www.sedarplus.ca and the Company's website at www.defensemetals.com.

The 8,301-hectare (~20,534-acre) Wicheeda Project, located approximately 80 kilometres (~50 miles) northeast of the city of Prince George on the traditional territory of the McLeod Lake Indian Band in British Columbia, Canada, is readily accessible by a paved highway and all-weather gravel roads. Nearby, superior infrastructure includes hydro power transmission lines, gas pipelines, the Canadian National Railway and major highways that allow easy access to the port facilities at Prince Rupert, the closest major North American port to Asia.

Contact:

Alex Heath
Senior Vice President, Corporate Development & Interim CFO
Tel: +1 604-354-2491
Email: alex@defensemetals.com

 

Source: prnewswire.com

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