Defense Metals Corp. (TSX.V: DEFN) (OTCQB: DFMTF) (FSE: 35D) today announced the results of its Preliminary Economic Assessment (“PEA”) and updated mineral resource estimate for the development of its British Columbia, Canada-based Wicheeda Rare Earth Element (“REE”) deposit. According to the update, SRK Consulting Inc. (Canada) prepared the PEA, which has an effective date of Nov. 21, 2021. A technical report relating to the PEA will be filed on SEDAR within 45 days of the news release. “We are pleased to have delivered a positive PEA for the Wicheeda REE Project that has the potential to be one of the top REE projects in the world,” said Craig Taylor, CEO of Defense Metals. “We chose SRK due to its world-class experience and reputation in the mining industry and in particular its ability to assemble a team with highly specialized knowledge of rare earth elements projects. The results of the PEA reveal the Wicheeda Project demonstrates robust economics and relatively low initial CAPEX via a staged development scenario that provides the flexibility to capitalize on forecast REE demand pressure.”

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About Defense Metals Corp.

Defense Metals is a mineral exploration company focused on the acquisition 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 has an option to acquire 100% of the Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. The company 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. For more information about the company, visit www.DefenseMetals.com.

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