Wednesday, April 06, 2022
Defense Metals (DFMTF)(DEFN:CA)
Keeping the Momentum Going
Noble Capital Markets research on Defense Metals Corp. is published under ticker symbols DFMTF and DEFN:CA. The price target for DFMTF is in USD and the price target for DEFN:CA is in CAD. 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, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Equity funding. Defense Metals raised gross proceeds in the amount of $4.6 million from the private placement of 6.3 million flow-through (FT) common shares at a price of C$0.35 per FT share and ~9.0 million units at a price of C$0.26 per unit. Each unit consists of one common share and one common share purchase warrant which may be exercised at a price of C$0.40 for a period of 24 months. Defense Metals may accelerate the expiry of the warrants under certain conditions. Our model had assumed a C$5.0 million equity private placement.
Upcoming drill program. The proceeds will be used for the exploration and development of the company’s Wicheeda Rare Earth Element Project. Defense Metals expects to commence a 5,300-meter infill drilling program in May 2022 to expand and upgrade resources which will be incorporated, along with results from the 2021 drill program, into a preliminary feasibility study (PFS) to be released during the …
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*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.
