Defense Metals Provides Update on Wicheeda Project Development

Press Release

Vancouver, British Columbia – March 2, 2026: Defense Metals Corp. (“Defense Metals” or the “Company”) (TSX-V: DEFN / OTCQB:DFMTF / FSE:35D), a company focused on the development of the Wicheeda Rare Earth Project (“Wicheeda Project”), located near Prince George, British Columbia, Canada, is pleased to provide an update on certain key developments at its 100%-owned Wicheeda Project, including progress toward pilot-scale processing, ongoing technical studies, permitting initiatives, and strengthening rare earth market fundamentals.

Current International NdPr prices have increased significantly since the release of the Wicheeda Preliminary Feasibility Study

The Preliminary Feasibility Study (“PFS”), prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), demonstrates strong economics for Wicheeda as a long-life, open-pit rare earth operation producing a high-value mixed rare earth carbonate product, driven primarily by neodymium-praseodymium (“NdPr”) revenues and low operating costs (refer to Company News Release February 18, 2025).

The current international NdPr price of US$128.75/kg (per Adamas Intelligence) further validates the projected economics of the Wicheeda Project as presented in the PFS, which was based on 2030 prices of US$132.70/kg. The current international price is double the price of NdPr at the time MP Materials announced a floor price of $110/kg on July 10, 2025.

PFS highlights include:

⦁ Pre-tax NPV (8%) of approximately CAD $1.8 Billion
⦁ Post-tax NPV (8%) of approximately CAD $1.0 Billion
⦁ Pre-tax IRR of ~24.6% and post-tax IRR of ~18.9%
⦁ After tax payback of 3.7 years from start of production
⦁ Total operating cost of CAD $38.42 / kg NdPrO

Recent market strength, government-supported supply chain initiatives, and increasing demand from permanent magnet applications in electric vehicles, renewable energy infrastructure, and defense technologies have all contributed to this significantly more supportive pricing backdrop.

Strategic Canadian Government and International Market Engagement

The Company continues to work with Indigenous, Federal and Provincial Governments to position Wicheeda as a strategic critical mineral project for British Columbia, and for Canada. The BC

Government recently announced that the Wicheeda Project has been selected by the Province of British Columbia as one of a select group of four projects, and the only rare earth project, to benefit from key services from the B.C. Critical Minerals Office (“CMO”) to help promising projects move forward faster.

In addition, the Company was invited by Natural Resources Canada (“NRCAN”) to participate in a road show in Europe to meet with potential European strategic and industry stakeholders. These meetings underscored the growing European interest in securing reliable Western sources of critical rare earth materials and highlight Wicheeda’s strategic positioning within emerging global supply chains. Defense Metals was only one of two rare earths company’s participating.

These opportunities for international engagement enhance the Company’s ability to identify new opportunities, and continue to develop existing engagements, with strategic market participants with the potential to further enhance project value.

Project Activities Accelerating Towards Commencement of Wicheeda Feasibility Study

With the strong pricing environment, and continued interest from the Indigenous community, Government authorities, and investors, Defense Metals has accelerated and committed to several significant project activities which would support rapid advancement into a Wicheeda Feasibility study (“FS”).

Field Work and Drilling Programs

The Company has engaged Apex Geoscience and SRK Consulting (Canada) Inc to initiate new field work and drilling programs designed to support resource delineation and expansion, and geotechnical studies for open pit and infrastructure design, all designed to optimize the project ahead of the next stage of engineering.

Pilot Plant Programs

The Company has engaged SGS Canada Inc and the Saskatchewan Research Council to undertake multiple pilot metallurgical studies to finalise the design criteria for flotation, hydrometallurgy, and solvent extraction units in the PFS flowsheet.

These integrated pilot programs represent a major technical de-risking step and is expected to provide critical data for downstream engineering and potential offtake discussions.

Environmental and Permitting Progress

The Company has engaged EDI Environmental Dynamics to progress baseline environmental programs including Wildlife, Terrestrial, Surface Water Quality, Groundwater, Hydrology, Meteorological, Dustfall, and Fisheries and Aquatic Life to meet the requirements of an EA application.

The Company has further engaged Swiftwater Consulting Ltd to work with the Company to provide strategic oversight of water disciplines to support efficient permitting and engineering requirements and has contracted Falkirk Environmental Consultants Ltd to focus on supporting the Company’s Indigenous engagement and Government permit and EA submissions.

The launch of these programs shows the importance the company attributes to the critical areas of Indigenous engagement and responsible environmental practices.

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

Defense Metals Corp. is an advanced rare earth elements (“REE”) exploration and development company focused on delivering strategically critical metals to Western defense, high-technology, and clean energy supply chains. The Company’s primary asset is its 100%-owned Wicheeda Rare Earth Element Project, located near Prince George, British Columbia, Canada.

The Wicheeda Project is one of the most advanced undeveloped rare earth deposits in North America or Europe, featuring a robust mineral resource and mining reserve, as detailed in the Company’s 2025 Pre Feasibility Study (refer to Company News Release April 7th, 2025) prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The PFS, showed the economic potential of the deposit, supporting future project development.

Defense Metals is committed to advancing the Wicheeda Project through the Feasibility Study stage, permitting, and ultimately into production, positioning the Company to become a reliable supplier of critical rare earths that are essential to modern defence systems, advanced manufacturing, and energy-efficient technologies.

The PFS for the Wicheeda Rare Earth Element Project is preliminary in nature and includes numerous assumptions regarding metallurgy, capital and operating costs, and market conditions.

Mineral reserves and the economic outcomes projected in the PFS are subject to significant uncertainties, and there is no certainty that the results of the PFS will be realized. Additional studies, including a Definitive Feasibility Study (“DFS”) and permitting work, are required before a production decision can be made.

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

Ali Mahdavi
SVP Corporate Development
Email: am@spinnakercmi.com
+1.416.962.3300

Mark Tory
President and CEO
Email: mark@defensemetals.com

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