Defense Metals Announces Closing of its $738,836.28 Non-Brokered Private Placement

Press Release

News Release – Vancouver, British Columbia – January 31, 2024: Defense Metals Corp. (“Defense Metals” or the “Company”; TSX-V:DEFN / OTCQB:DFMTF / FSE:35D) is pleased to announce that, further to its news releases on January 17, 2024, it has closed its non-brokered private placement financing of 2,841,678 common shares of the Company (“Common Shares”) at a price of C$0.26 per share, for aggregate gross proceeds of C$738,836.28 (the “Private Placement”).

McLeod Lake Indian Band (“McLeod Lake”) and RCF Opportunities Fund II L.P., following exercise of its participation right, subscribed for 2,557,795 Common Shares and 283,883 Common Shares, respectively, under the Private Placement. The Common Shares issued to McLeod Lake are subject to a two-year voluntary hold period from the date of issuance.

All Common Shares issued under the Private Placement are subject to a statutory hold period of four months and one day in accordance with applicable Canadian securities laws. The Private Placement remains subject to all necessary regulatory approvals including final acceptance from the TSX Venture Exchange (the “TSXV”).

The Company intends to use the net proceeds of the Private Placement towards advancing the ongoing project development of Defense Metals’ 100% owned Wicheeda Rare Earth Element Project (the “Wicheeda Project”) located 80 kilometers northeast of Prince George, British Columbia.

The Common Shares of the Company have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there by any sale of the securities referenced in this press release, in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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

Defense Metals Corp. is a mineral exploration and development company focused on the development of its 100% owned, 8,301-hectare (~20,534-acre) Wicheeda Project that is located on the traditional territory of the McLeod Lake Indian Band in British Columbia, Canada. The Wicheeda Project, approximately 80 kilometres (~50 miles) northeast of the city of Prince George, is readily accessible by all-weather gravel roads and has nearby infrastructure, including hydro power transmission lines and gas pipelines. The nearby Canadian National Railway andmajor highways allow easy access to the port facilities at Prince Rupert, the closest major North American port to Asia.

Defense Metals Corp. trades on the TSX Venture Exchange under the symbol “DEFN”, in the United States, trading symbol “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.

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

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

Todd Hanas, Bluesky Corporate Communications Ltd.
Vice President, Investor Relations
Tel: (778) 994 8072
Email: todd@blueskycorp.ca

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