Defense Metals Corp. (TSX-V: DEFN) is pleased to announce it has received a Letter of Interest from Export Development Canada, the Government of Canada’s export credit agency, expressing its interest in participating as a Mandated Lead Arranger for potential debt financing of up to US$250 million from EDC to support the development and construction of Defense Metals’ flagship Wicheeda Rare Earth Element Project, located in British Columbia, Canada.

The LOI was issued in response to Defense Metals’ request for potential financing support and is based on information provided by the Company, ongoing discussions with EDC, and publicly available data.

Guy de Selliers, Executive Chairman of Defense Metals commented: 

“We are very pleased to receive this Letter of Interest from EDC. This is a strong endorsement of the strategic importance of the Wicheeda REE Project and shows the key role that EDC might consider playing in its financing. This project would indeed contribute to a number of Canadian priorities including the clean energy transition and the security of supply of critical minerals.” 

Mark Tory, President and CEO of Defense Metals, commented:

“The pre feasibility study we released on April 7 2025 demonstrates the financial robustness of the Wicheeda project. EDC’s prospective support can serve as an anchor to mobilise a comprehensive debt package. We are also encouraged by the recent creation in Canada, Europe and elsewhere of a number of very large government backed equity funds with mandates to finance in projects like Wicheeda. For such a strategically important and financially robust project as Wicheeda we are confident that financing will be available. We are encouraged by EDC’s letter of interest.”

EDC is a financially self-sustaining Crown corporation. Over the last 25 years it has developed a particularly strong track record in structured and project finance, having participated in more than 540 transactions totaling over US$40 billion. The proposed financing from EDC remains subject to the satisfactory completion of all due diligence.

About Defense Metals Corp. and its Wicheeda REE Deposit

Defense Metals Corp. is focused on the development of its 100% owned, 11,800-hectare (~29,158-acre) Wicheeda Rare Earth Element property that is located on the traditional territory of the McLeod Lake Indian Band in British Columbia, Canada.

The Wicheeda Project, approximately 80 kilometres (~50 miles) northeast of the city of Prince George, is readily accessible by a paved highway and all-weather gravel roads and is close to infrastructure, including hydro power transmission lines and gas pipelines. The nearby Canadian National Railway and major highways allow easy access to the port facilities at Prince Rupert, the closest major North American port to Asia. The Company recently completed a Preliminary Feasibility Study that demonstrated the robust economics of the project.

For further information, please visit www.defensemetals.com