DEFN:TSX.V; DFMTF:OTCQB; 35D:FSE

Defense Metals Corp.

Defense Metals Corp. is an advanced 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".

DEFN:TSX.V DFMTF:OTCQB 35D:FSE

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Expert Comments:

Clive Maund, CliveMaund.com

(5/8/22)

"Defense Metals Corp. is right down on support at its rising 200-day moving average with moving averages in bullish alignment and now light volume making a rally more likely."

Mark Reichman, Noble Capital Markets

(4/28/22)

"All 29 holes of Defense Metals Corp.'s 5,349m diamond drill program completed during the fall of 2021 yielded positive results. . .resource definition drill holes WI21-58 and WI21-59 yielded two of the three highest grade and width intercepts of the 2021 drill campaign. WI21-58 averaged 3.09% total rare earth oxide (TREO) over 251m. . .WI21-59 returned 2.76% TREO over 212m."

Clive Maund, CliveMaund.com

(4/17/22)

"With Defense Metals Corp.'s funding in the rear view mirror and news of a later options deal, we could get more positive drilling results soon, as there haven't been any released for a while; this looks likely and it can be expected to trigger another upleg. . .this is considered to be a good time to buy or add to positions before the next upleg starts."

Mark Reichman, Noble Capital Markets

(4/6/22)

"Defense Metals Corp. raised gross proceeds in the amount of $4.6M from the private placement. . .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 5,300m infill drilling program in May 2022."

'Great Entry Point' Into Rare Earths
(4/2/22)

Mark Reichman, Noble Capital Markets

(3/16/22)

"We are initiating coverage on Defense Metals Corp. with an Outperform rating. . .the company is advancing its 100%-owned Wicheeda rare earth project. . .the project has several competitive advantages, including a mining friendly location, well-developed infrastructure and a strong technical team."

Drill Results Could Loosen China's Grip on High Demand Rare Earth Elements
(3/8/22)

Changing the Fate of REEs in the West
(2/23/22)

In Defense of Defense Metals’ PEA for Its Wicheeda Rare Earth Elements Project
(12/7/21)

More than 80% of the supply of rare earth elements needed to make phones, laptops, laser-guided drones, and tech-heavy weapons is controlled by China. One North American-based explorer could challenge that dominance, according to a recently published PEA.

Defense Metals Delivers Excellent PEA
(11/28/21)

Bob Moriarty of 321Gold discusses Defense Metals' recent PEA and explains why this company is important for the Western EV market.

Clive Maund, CliveMaund.com

(11/1/21)

"It looks like Defense Metals Corp. stock is readying to break above the resistance into a new bull market. . . a sizeable tranche of warrant options expired over the weekend. . .with this overhang removed, the price will be freer to advance."

More Expert Comments

	Bob Moriarty, 321 Gold (9/27/21) "Defense Metals Corp. is a rare earths company with a $6B project that screams to be put into production. . .it also would be a giant move forward for the company to do some sort of option with any one of the dozen or so companies interested in U3O8 in the Athabasca basin. Defense Metals is higher now than when I first started writing about it, but it is still absurdly underpriced."

Carsten Mainitz, News Financial (4/29/21) A few days ago, Defense Metals Corp. announced it had successfully completed a 26 ton flotation pilot plant campaign; from this, 1,200 kg of high-grade rare earth element mineral concentrate was recovered. Once commenced and subject to the company securing sufficient funding, completion of the various staged pilot campaigns is expected to take approximately six months."

Clive Maund, CliveMaund.com (4/22/21) "Defense Metals Corp. hit bottom and since then, the company rallied a little more, then consolidated in narrow range and now looks ready to advance anew, especially as it is on the point of breaking out of the reaction downtrend that took the form of a bullish falling wedge. Rare earths are set to be in greater demand so the larger bull market in defense metals should resume with a new uptrend taking hold. . .this is a good point to buy back Defense Metals."

Erik Wetterling, The Hedgeless Horseman (1/28/21) "Defense Metals Corp. owns an advanced rare earth element project in British Columbia, Canada. . .the company is quite an intriguing story given the favorable demand trend as well as strategic shift going on."

Clive Maund, CliveMaund.com (1/24/21) "Defense Metals Corp. is a rare earths stock that broke out of a giant base/trading range to enter a powerful uptrend as recently as a month ago, and although it has already more than doubled since then, it looks like this major uptrend has much further to run. . .the company is therefore rated an Immediate Buy for another run similar to its first one."

Stefan Feuler, News Financial (1/7/21) "Politicians are desperately looking in Europe or North America for alternatives to rare earth metals production in China. Defense Metals Corp., a mineral explorer, is at the top of the list. . .research is underway at the Wicheeda project in the province of British Columbia. The company says mineral resources are 4.9 Mt at an average grade of 3.02% light rare earth metals (LREO) and Inferred mineral resources of 12.1 Mt at an average grade of 2.90% LREO."

Greg Nolan, Equity Guru (12/2/20) "Everything appears to be lining up for Defense Metals Corp.'s highly strategic Wicheeda rare earth element (REE) deposit. . .the metallurgy looks good, great actually. . .and the underlying fundamentals supporting firmer REE prices really couldn't be better."

News Financial (10/12/20) "Defense Metals Corp. has an option to acquire 100% of the 1,708-hectare Wicheeda rare earth element property. . .the company just last week strengthened its management team and appointed Andrew Leland as its strategic advisor. He has been with Lockheed Martin as a systems engineer since 2017."

Clive Maund, CliveMaund.com (9/27/20) "Defense Metals Corp. is a rare earth stock that looks like it is ready to break out above a line of resistance at about CA$0.205. . . it looks like a Buy here with the sector correction believed to have run its course."

Byron King, St. Paul Research (9/26/20) "Defense Metals Corp. is an early-stage exploration play holding claims on a well-endowed body of rare earth minerals in the middle of British Columbia. Drill results so far indicate large-scale, high-grade mineralization to make up a significant ore body."

	Thibaut Lepouttre, Caesars Report (9/15/20) "Defense Metals Corp. saw an important piece of the rare earth processing puzzle fall into place when the government of Saskatchewan announced it will make CA$31M in funding available for a rare earth element (REE) processing facility. . .this could potentially be important for the company as its current plan is to produce a mineral concentrate at its Wicheeda REE project. . .as a mineral concentrate only has a payability of $0.20–0.25 on the dollar, additional upgrades to said mineral concentrate will be necessary to improve the economics."

Thibaut Lepouttre, Caesars Report (7/20/20) "Defense Metals Corp. has initiated baseline surface water assessment studies on its Wicheeda rare earth elements project. . .this is a necessary step in preparation for advancing the project towards the permitting phase in case a feasibility study confirms the economics. . .before the preliminary economic assessment can be initiated, the company needs the results of the pilot plant, which should complete the first few trial runs later this month."

	Byron King, Whiskey & Gunpowder (7/16/20) "Defense Metals Corp. is one company that offers strong upside in a world where Lockheed just got shut off by China. The company is small but controls a superb, high-grade rare earths-bearing ore deposit in British Columbia that's rich in 'magnet' materials. Defense Metals is drilling on the site, and results have been promising to date."

	Thibaut Lepouttre, Caesars Report (6/24/20) "Open market buyers are now able to acquire Defense Metals Corp. stock at a 15% discount to the CA$0.20 hard dollar financing the company is currently conducting. . .completing the flowthrough financing is very relevant for Defense Metals as the proceeds will be used to compete the flotation plant to further refine and define the recovery rates of the rare earth elements hosting rock from the Wicheeda project."

Experts Following This Company

Ray Chan, Newsletter writer
	Gerardo Del Real, Newsletter writer – Resource Stock Digest
	Peter Epstein, CFA – Epstein Research
Mario Hose, Newsletter writer
	Byron King, Editor
	Thibaut Lepouttre, Editor – Caesars Report
	Brien Lundin, Author – Gold Newsletter (Jefferson Financial)
Clive Maund – CliveMaund.com
	Bob Moriarty, Author – 321 Gold
	Mark Reichman, Analyst, Natural Resources – Noble Capital Markets
Erik Wetterling – The Hedgeless Horseman

Company News

4/27/2022 – Defense Metals Corp. Drills Longest High-Grade Intercept To Date 3.09% Total Rare Earth Oxide Over 251 Metres; Including 3.92% Over 80 Metres at Wicheeda

4/21/2022 – Defense Metals Corp. Drills 3.81% Total Rare Earth Oxide Over 117 Metres; Including 4.87% Over 38 Metres at Wicheeda

4/5/2022 – Defense Metals Closes Private Placement Financing

3/15/2022 – Defense Metals Corp. Drills 3.79% Total Rare Earth Oxide Over 150 Metres; Including 4.77% Over 60 Metres at Wicheeda - Hole WI21-49 Yields Highest Grade Single Assay To Date Of 1.41% Neodymium-Praseodymium Oxide At 10% Total Rare Earth Oxide

3/10/2022 – Defense Metals Corp. Drills 2.50% Total Rare Earth Oxide Over 176 Metres; Including 6.14% Over 20 Metres From Surface at Wicheeda

3/8/2022 – Defense Metals Corp. Continues to Drill High Grade at Wicheeda With 3.23% Total Rare Earth Oxide Over 162 Metres; Including 4.21% Over 45 Metres From Surface - Confirms Significant Mineralization At Depth With Potential to Expand Mineral Resource

3/3/2022 – Defense Metals Corp. Drills Highest Grade To Date At Wicheeda With 6.01% Total Rare Earth Oxide Over 23.4 Metres (WI21-38) And 3.19% Over 138 Metres From Surface (WI21-37)

3/2/2022 – Defense Metals Corp. Drills 3.17% Total Rare Earth Oxide Over 196 Metres From Surface And Extends Mineralization Below Resource Pit Shell

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Investing Highlights

	Current Neodymium and Praseodymium spot prices are at least 50% higher than the prices used in the D
	Potential to be a globally significant producer- `10% of the Global Current Production
	Significant upside to current spot and forecast REE demand pressure -Defense Metals owns a100% of th

catalyst Calendar

Q3 22	Builds strong Technical Team
Q3 2022	Acquires 100% of Wicheeda rare-earth project, with potential to be a globally significant producer
Q3 2022	Significantly increased resources
Q3 2022	Creates significant upside investment potential