Defense Metals Announces CEO and Director Resignations

Press Release

News Release – Vancouver, British Columbia – August 26, 2024: Defense Metals Corp. (“Defense Metals” or the “Company”; TSX-V:DEFN / OTCQB:DFMTF / FSE:35D) today announced the resignations of Craig Taylor as Chief Executive Officer and Director, and Len Clough, Director, effective immediately.

Guy de Selliers, Chairman of Defense Metals, commented:

“We are grateful for Craig’s contributions to Defense Metals and are saddened to see him leave the company. Under his leadership, the Wicheeda Rare Earth Element Project has progressed to an advanced stage, with a detailed pre-feasibility study nearing completion and results expected by year-end. Craig has also been instrumental in establishing a strong relationship with the McLeod Lake Indian Band, which, along with the broader support from British Columbia provincial authorities, is vital to the company. On behalf of the Board, management team, and our shareholders, we extend our sincere thanks to Craig for his dedication and achievements at Defense Metals.”

Craig Taylor, commented:

“It’s time for me to leave Defense Metals to pursue other interests and step back from development of the Wicheeda Project, which I firmly believe is the best of its kind in North America. I take great pride in what we’ve accomplished and have full confidence that the senior management team, along with the exceptional group of engineers, scientists, and other experts that we’ve brought together, will do an outstanding job in bringing this project to production in the near future.”

The Board of Directors has initiated the search for a new CEO. Pending the appointment of a new CEO, Executive Chairman Guy de Selliers will lead the company, working closely with the Board of Directors, President Luisa Moreno and Lead Independent Director Dale Wallster. In addition, Senior Vice President, Corporate Development & Interim CFO, Alex Heath, will play a key role in supporting the leadership team and guiding the Company through this transition.

In connection with this transition, the Company has agreed to issue Mr. Taylor an aggregate of 1,600,000 common shares of the Company as part of his severance. The issuance of the shares is subject to the approval of the TSX Venture Exchange and will be subject to a four-month hold period.

The Company also announces that Len Clough has resigned as a director. Defense Metals extends its sincere gratitude for his contributions and wishes him continued success in his future endeavours.

About Defense Metals Corp. and its Wicheeda Rare Earth Element Project

Defense Metals Corp. is focused on the development of its 100% owned, 8,301-hectare (~20,534-acre) Wicheeda REE Project that is located on the traditional territory of the McLeod Lake Indian Band in British Columbia, Canada.

The Wicheeda REE Project, approximately 80 kilometres (~50 miles) northeast of the city of Prince George, is readily accessible by a paved highway and all-weather gravel roads and is close to infrastructure, including hydro power transmission lines and gas pipelines. The nearby Canadian National Railway and major highways allow easy access to the port facilities at Prince Rupert, the closest major North American port to Asia.

Defense Metals is a proud member of Discovery Group. For more information please visit: www.discoverygroup.ca.

For further information, please visit www.defensemetals.com or contact:

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

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