Wicheeda Property

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Key Highlights

The Wicheeda Property consists of 6 mineral claims covering an area of 1,708 hectares, located approximately 80 km northeast of the city of Prince George, British Columbia

Favorable mineralogy and lanthanide distribution make Wicheeda a very attractive LREE deposit

Two specific rare earth minerals Monazite and Synchysite/Parasite-Bastnaesite with contained in approximately equal proportions

Ideal opportunity for vertical integration, to support rapidly growing market, reducing reliance on China

2019 Project Milestones

  • Collection of 30 Tonne Bulk-Sample In late-2018, before the onset of winter, a 30 tonne bulk sample was sent to SGS Canada Inc. (SGS) in Lakefield, Ontario for metallurgical and processing test work.
  • Positive Flotation Metallurgy: SGS flotation test work returned 48.7% LREO (light rare earth oxide) high grade concentrate of cerium, lanthanum, neodymium, and praseodymium oxides, at 85.7% recovery in locked cycle tests, 10.1 times upgrading ration from head grade of 4.81% LREO, low 8.2% mass yield concentrate.1
  • Hydrometallurgical Studies Initiated: initial indications from SGS are that high REE extractions can be achieved through acid leaching and caustic conversion techniques. Impurity removal tests are positive.
  • Successful Diamond Drilling Campaign: 13 core holes totalling 2,005 metres further delineated the main body of high-grade dolomite carbonatite and expended REE mineralization northward with deposit open to expansion. One of the highest grade REE intercepts to date within drill hole WI19-31 yielded 4.43% LREO over 83 metres; including 5.47% LREO over a drill core interval of 33 meters.2,3
  • Defense Metals has exceeded its Year 1 and Year 2 exploration spend commitments within 12 months of its option of the Wicheeda REE Project demonstrating its commitment to rapid advancement of this project.

1. See Defense Metals News Release Dated October 23, 2019.
2. The true width of REE mineralization is estimated to be 70-100% of the drilled interval.
3. See Defense Metals News Release Dated December 12, 2019.

Property Geology

June 20, 2019 Defense Metals Completes Maiden Resource Estimate for the Wicheeda Project

Inferred Mineral Resource 11,370,000 tonnes averaging 1.96% LREE1 (Ce+La+Nd+Sm+Nb) reported as metal at a 1% LREE lower cutoff constrained by conceptual Lerchs Grossman (LG) pit shell

14 diamond drill holes totalling 2,244m, defines 1% LREE 3D grade shell constrained by geology and grade

Resource dimensions 250m (EW) x 200m (NS) x 150-200M (Vertically) open to expansion

Wicheeda Deposit Looking Northeast Showing 1% LREE Grade Shell

The resource is classified according to the CIM “Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines” dated November 23rd, 2003 and CIM “Definition Standards for Mineral Resources and Mineral Reserves” dated May 10th, 2014. Details with respect to the Mineral Resource Estimate are summarized in the Defense’s NI 43-101 technical report titled “Wicheeda Rare Earth Element Project, British Columbia, Canada” effective date of June 20, 2019 available on SEDAR at www.sedar.com.

Significant Assay Results

*The true width of REE mineralization is estimated to be 60%-100% of the drilled interval
1 November 20th, 2019 – Defense Metals Drills 4.21% Light Rare Earth Oxide Over 48 Metres and Extends Mineralized Zone at Wicheeda Rare Earth Element Deposit
2 The technical content of this presentation have been reviewed and approved by Kris Raffle, P.Geo., a Director of the Company and a Qualified Person as defined by National Instrument 43-101.

Wicheeda Plan Deposit View

Property Location

Strategically positioned alongside a major forestry service road connected to Highway 97

Major hydroelectric power line, major gas pipeline and a Canadian National railway line it the nearby village of Bear Lake

Trained nearby workforce

Prince George is a strategic mining centre