Defense Metals raises C$ 3.65 million to advance Wicheeda rare earth project

Defense Metals closed the first tranche of its private placement on Oct. 16, 2026, raising approximately C$ 3.65 million. Net proceeds will advance the wholly owned Wicheeda rare earth project in British Columbia, including feasibility work, and fund general corporate purposes. The tranche comprised 38,994,395 units priced at C$ 0.14 each. * Each unit includes one common share and half a warrant; whole warrants are exercisable at C$ 0.21 for 36 months. A second and final tranche is expected to close in the coming week. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Defense Metals Corporation published the original content used to generate this news brief via CNW (Ref. ID: 202610161800CANADANWCANADAPR_C3382) on October 16, 2026, and is solely responsible for the information contained therein. (C)