Thursday, January 18, 2024
Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power market, defense industry, national security sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Co-Design agreement with the McLeod Lake Indian Band (MLIB). Defense Metals entered into a Co-Design agreement with the McLeod Lake Indian Band to collaborate on the design of the Wicheeda Rare Earth Element Project and consider the band’s interests and priorities in future feasibility studies and environmental assessments. Budgets and work plans will be developed cooperatively. The MLIB is a First Nations community and part of the Tse’khene group of Aboriginal people in British Columbia, Canada.
MLIB strategic investment. The McLeod Lake Indian Band will make a strategic investment in Defense Metals through a private placement of 2,557,795 common shares of the company at a price of C$0.26 per share for aggregate proceeds of C$665,026.70. The transaction will be completed following approval by the TSX Venture Exchange, and the common shares issued will be subject to a two-year voluntary hold period from the date of issuance. The net proceeds will be used to advance the Wicheeda Project. As of September 30, 2023, Defense Metals had 255,779,571 shares outstanding. We will adjust our financial model once the transaction closes.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.