Defense Metals
Defense Metals Corp. is a Canadian pre-revenue mineral development company advancing its 100%-owned Wicheeda Rare Earth Element Project in British Columbia, targeting production of neodymium and praseodymium concentrate by 2030 for clean energy and defense customers.
- Company typePublic
- Founded2019
- HeadquartersVancouver, Canada
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Defense Metals does
Defense Metals Corp. is a Canadian pre-revenue mineral exploration and development company headquartered in Vancouver, British Columbia, focused exclusively on advancing its 100%-owned Wicheeda Rare Earth Element Project located approximately 80 km northeast of Prince George, BC. The company is developing what is positioned as one of the most advanced undeveloped rare earth deposits in North America or Europe, anchored by a Proven and Probable Mineral Reserve of 25.5 million tonnes averaging 2.43% total rare earth oxides (TREO), Measured and Indicated Resources of 29.2 million tonnes at 2.27% TREO, and an Inferred Resource of 5.5 million tonnes at 1.42% TREO on an 11,800-hectare land position. The Wicheeda deposit is a carbonatite-syenite intrusive complex with surface-outcropping REE-bearing dolomite-carbonatite mineralization, targeted primarily at neodymium (Nd) and praseodymium (Pr) for permanent magnets used in electric vehicles, wind turbines, and defense electronics.
The company's technical approach combines a flotation concentration process producing approximately 50% TREO concentrate at estimated processing costs of C$27.60 per tonne milled, followed by downstream hydrometallurgical processing and solvent extraction, with hydrometallurgical recovery rates for Pr, Nd, Tb, and Dy ranging from 63.6% to 93.5%. A 2025 Pre-Feasibility Study by SRK Consulting defined a 15-year mine life producing 31,900 tonnes per year of rare earth concentrate and demonstrated a post-tax NPV of approximately CAD $1 billion with an IRR of 18.9%. A confirmatory 30-tonne pilot flotation program is underway at SGS Lakefield, with a 6,865-metre spring 2026 drill program being executed by APEX Geoscience to support the next-stage Feasibility Study. Commercial production is targeted for 2030.
Defense Metals operates a pre-revenue enterprise sales model targeting long-term offtake agreements directly with defense contractors, magnet manufacturers, EV and wind supply chains, and government critical minerals programs. The company has signed a non-binding MOU with Hanwha Corporation and Hanwha Ocean Co. Ltd (May 2026) covering potential offtake and strategic investment, an MOU with the Saskatchewan Research Council (September 2025) for downstream processing collaboration, and counts the McLeod Lake Indian Band as an equity partner. Revenue is not yet generated; the company funds operations through equity private placements (notably C$16.2M in October 2025 and C$12.5M in April 2023) and government infrastructure grants, with C$17M of cash, zero debt, and a 2.9-year runway as of December 2025. The project has received conditional approval for up to C$1.88M from Canada's Critical Minerals Infrastructure Fund, selection into the BC Advanced Project Initiative, and a letter of interest from the US International Development Finance Corporation for up to US$250 million in project financing.
Defense Metals firmographics
Firmographics- Name
- Defense Metals
- Legal name
- Defense Metals Corp.
- Website
- https://defensemetals.com
- Company type
- Public
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Defense Metals Corp. is a Canadian pre-revenue mineral development company advancing its 100%-owned Wicheeda Rare Earth Element Project in British Columbia, targeting production of neodymium and praseodymium concentrate by 2030 for clean energy and defense customers.
- Ownership category
- akta.pro rank
Defense Metals industry classification
Industry- Product category
- Rare Earth Minerals Mining
- NAICS
- Other Metal Ore Mining (212290), Nonferrous Metal (except Aluminum) Production and Processing (3314)
- SIC
- Metal Mining (1000), Miscellaneous Metal Ores (1090)
- akta.pro primary industry
- Rare Earths Mining & Concentrates (REE Ores) (IMAKAFAG)
- akta.pro secondary industry
- Rare Earths Separation & Refining (Oxides/Metals) (IMAKAFAH)
Keywords
Where Defense Metals is headquartered
LocationHeadquarters
- HQ city
- Vancouver
- HQ country
- Canada
- HQ region
- North America
Offices3 records
Markets served
Defense Metals business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Supply Chain
Revenue model
- Rare Earth Mineral Concentrate Sales: Defense Metals plans to generate revenue by producing and selling rare earth mineral concentrate (flotation concentrate grading approximately 50% TREO) from its Wicheeda Project to downstream rare earth processors, separation facilities, and end-user manufacturers. The 15-year mine plan projects production of 31,900 tonnes per year of rare earth concentrate. Revenue will be driven by NdPr oxide prices along with by-product credits from Tb and Dy. As a pre-revenue company currently in the development and exploration stage, commercial production is targeted for 2030.
Go-to-market motion2 records
Distribution channels3 records
Marketing channels7 records
Defense Metals product offering
Product offeringCore offering
Defense Metals is developing the Wicheeda Rare Earth Element Project in British Columbia, a 100%-owned mining and mineral processing operation targeting the production of rare earth concentrate (approximately 50% TREO) with a focus on neodymium and praseodymium for clean energy and defense applications. The project encompasses a 25.5M tonne Proven & Probable Reserve at 2.43% TREO with a planned 15-year mine life producing 31,900 tonnes per year of concentrate, with commercial production targeted for 2030.
Product overview
Defense Metals Corp. is a mining exploration and development company operating as a single-project entity focused exclusively on its 100% owned Wicheeda Rare Earth Element Project. The company does not offer multiple distinct products or modules; its entire business centers on developing this one rare earth deposit into a producing mine. The Wicheeda Project is the sole product/service offering, representing Canada's most advanced rare earths development project targeting production of critical magnet metals (neodymium and praseodymium) for Western supply chains.
Differentiator
Problem solved
Functional benefit
Products and services
- Wicheeda Rare Earth Element Project A rare earth elements mining and development project located 80 km northeast of Prince George, British Columbia, Canada, spanning 11,800 hectares. The project encompasses a 25.5 million tonne Proven and Probable Reserve averaging 2.43% TREO, Measured and Indicated resources of 29.2 million tonnes at 2.27% TREO, and Inferred resources of 5.5 million tonnes at 1.42% TREO, targeting neodymium and praseodymium production for permanent magnets used in clean energy, electric vehicles, wind turbines, and defense applications. Planned production of 31,900 tonnes per year of rare earth concentrate grading approximately 50% TREO over a 15-year mine life, with commercial production targeted for 2030.
Quantifiable outcome
- Post-tax NPV of approximately CAD $1 billion and IRR of 18.9%
- +4 more outcomes
Companies that use Defense Metals
Customer profileNamed customers1 record
Segments4 records
Ideal customer profiles4 records
Defense Metals technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Defense Metals partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and major.
- Hanwha Corporation / Hanwha Ocean Co. LtdcoreDefense Metals Corp. signed a non-binding memorandum of understanding with Hanwha Corporation and Hanwha Ocean Co. Ltd on May 25, 2026, to explore a strategic collaboration involving future rare earth element supply and potential investment opportunities. The MOU establishes a framework for evaluating a potential long-term offtake agreement under which Defense Metals could supply rare earth materials from its Wicheeda Project in British Columbia to support Hanwha's defense and maritime manufacturing requirements. The parties will also explore strategic investment by Hanwha in Defense Metals, though there can be no assurance that any definitive agreement will result from this preliminary arrangement.
- APEX Geoscience Ltd.coreAPEX Geoscience Ltd. has been engaged to execute the spring 2026 core drill program at the Wicheeda Rare Earth Project, comprising approximately 6,865 metres of drilling across geotechnical, waste rock geochemical, and resource infill objectives to support the Feasibility Study.
- SGS Canada Inc.coreDefense Metals appointed SGS Canada Inc. to conduct a 30-tonne pilot-scale flotation testing program on drill core composite samples from the Wicheeda Rare Earth Project. The program, estimated to cost approximately CAD$1 million, generates about 1.5 tonnes of flotation concentrate for subsequent hydrometallurgical pilot plant testing. SGS Lakefield is executing the confirmatory pilot program.
- Saskatchewan Research CouncilmajorDefense Metals and the Saskatchewan Research Council entered into a Memorandum of Understanding to enhance the domestic rare earth element supply chain in Canada, exploring collaboration on rare earth processing, research, and development capabilities within Canada.
- HatchcoreHatch provided engineering services for the Wicheeda Rare Earth Element Project and entered into a shares-for-debt settlement agreement with Defense Metals to settle $846,547.31 in debt by issuing shares and warrants. Hatch is an engineering consultancy supporting project development and design optimization.
- SRK Consulting (Canada) Inc.coreSRK Consulting (Canada) Inc. is the independent consultant that prepared the 2025 Pre-Feasibility Study technical report for the Wicheeda Rare Earth Project, providing the engineering, resource estimation, and economic analysis that underpins project development.
Scale indicators9 records
Recent moves6 records
Expansion highlights6 records
Defense Metals competitors and assessment
Company assessmentBroad incumbents
- MP Materials: Operator of the Mountain Pass mine in California, the largest Western rare earth producer. Directly comparable as a Western-domiciled REE miner and processor focused on NdPr for permanent magnets, though MP is already in commercial production while Defense Metals is pre-revenue.
- Lynas Rare Earths: Australian REE producer operating the Mt Weld mine and Kalgoorlie processing facility, supplying NdPr oxide globally. Most directly comparable active Western REE producer with similar NdPr focus and government-supported positioning.
- Energy Fuels: US-based critical minerals company processing rare earth elements at its White Mesa Mill in Utah. Comparable as a Western REE processor and miner pursuing NdPr and heavy REE supply for magnet manufacturers.
Direct peers
- USA Rare Earth: Privately held US developer of the Round Top heavy REE deposit in Texas. Closest peer to Defense Metals in stage and strategy: pre-revenue critical minerals developer focused on Western supply chain for magnet materials.
- Ucore Rare Metals: Canadian-listed junior developer of the Bokan Mountain REE project in Alaska. Comparable as a North American pre-production REE developer targeting heavy and light rare earths for Western supply chains.
- Hastings Technology Metals: Australian developer of the Yangibana REE project in Western Australia. Comparable pre-construction junior REE developer targeting NdPr concentrate for the magnet supply chain.
- Northern Minerals: Australian heavy REE developer/operator of the Browns Range project where Defense Metals' CEO Mark Tory previously led operations. Highly comparable in terms of stage, target minerals, and management expertise pipeline.
- Search Minerals: Canadian junior developer of the Critical Rare Earth Element District in Labrador and Quebec. Comparable as a Canadian-listed pre-revenue REE developer targeting Western supply chain opportunities.
Regional players
- Avalon Advanced Materials: Canadian developer with lithium and REE assets including the Nechalacho and Separation Rapids projects. Comparable as a Canadian-listed critical minerals developer serving the same strategic Western supply chain mandate.
Emerging players
- Vital Metals: Australian-listed REE developer focused on the Nechalacho project in Canada's Northwest Territories. Comparable as a small-cap North American REE developer producing concentrates for Western processors.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Defense Metals social profiles
Digital presenceDefense Metals financial estimates
Financial estimateRevenue estimate
Valuation estimate
Defense Metals leadership team
Management profileNumber of profiles
Profiles11 records
Defense Metals funding detail
Funding detailFunding overview
Funding rounds16 records
Investors6 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Defense Metals M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Defense Metals
What does Defense Metals do?
Defense Metals is developing the Wicheeda Rare Earth Element Project in British Columbia, a 100%-owned mining and mineral processing operation targeting the production of rare earth concentrate (approximately 50% TREO) with a focus on neodymium and praseodymium for clean energy and defense applications. The project encompasses a 25.5M tonne Proven & Probable Reserve at 2.43% TREO with a planned 15-year mine life producing 31,900 tonnes per year of concentrate, with commercial production targeted for 2030.
Is Defense Metals a public or private company?
Defense Metals is a public company. It is classified as public and is currently operating.
When was Defense Metals founded?
Defense Metals was founded in 2019. It employs 1 to 10 people.
Where is Defense Metals based?
Defense Metals is headquartered in Vancouver, Canada, in the North America region.
How does Defense Metals make money?
One revenue line is on record: rare Earth Mineral Concentrate Sales.
Who are Defense Metals's main competitors?
Broad incumbents on record are MP Materials, Lynas Rare Earths and Energy Fuels. Direct peers are USA Rare Earth, Ucore Rare Metals, Hastings Technology Metals, Northern Minerals and Search Minerals. Avalon Advanced Materials is listed as a regional player. Vital Metals is listed as an emerging player.
Does Defense Metals have an API?
No public API is recorded for Defense Metals.
What industry is Defense Metals in?
Defense Metals's product category is Rare Earth Minerals Mining. Its primary akta.pro industry code is IMAKAFAG, Rare Earths Mining & Concentrates (REE Ores), with a secondary code of IMAKAFAH, Rare Earths Separation & Refining (Oxides/Metals). Its NAICS code is 212290 and its SIC code is 1000.