Mr. Mark Tory reports

DEFENSE METALS COMMENCES PILOT FLOTATION TEST PROGRAM AT SGS LAKEFIELD FOR THE WICHEEDA RARE EARTH PROJECT

Defense Metals Corp. has commenced a confirmatory pilot flotation plant test program for its Wicheeda project. The program will be conducted at the SGS Canada Inc. metallurgical facility in Lakefield, Ont.

Defense Metals has engaged SGS Canada to undertake the pilot flotation program, which is designed to confirm the results of the 2021 pilot plant, further advance metallurgical development, generate flotation concentrate for hydrometallurgical pilot plant work and support future engineering studies for the Wicheeda project. The program will utilize approximately 30 tonnes of drill core material from the Wicheeda deposit in two subsamples representing planned production from years one through five and year six onward of the PFS mine plan.

SGS was selected based on their experience and reputation as the benchmark for quality and integrity in the collaborative design and execution of a pilot plant of this type. The program will be managed on behalf of Defense Metals by chief metallurgical consultant J.R. Goode, PEng. Mr. Goode has an extensive career in the design, monitoring, and interpretation of beneficiation and hydrometallurgical testwork and has over 60 years of experience as a metallurgist working on numerous rare-earth projects located in Canada, United States, China, Australia, Brazil, Greenland, Russia and elsewhere.

The primary objective of the pilot flotation campaign is to generate a representative rare-earth flotation concentrate grading approximately 50 per cent total rare-earth oxides (TREO). The concentrate produced during the pilot program will be used in a planned downstream hydrometallurgical pilot plant aimed at confirming and optimizing the general process conditions of the PFS with the representative concentrate generated from this pilot flotation program.

In addition to concentrate production, the continuous pilot-scale operation will generate representative process tailings for downstream testing and characterization. The pilot plant will also confirm metallurgical performance under continuous operating conditions while providing valuable engineering and process design data for future project development activities.

To further support engineering design, Defense Metals has engaged Jenike & Johanson to conduct bulk solids handling testwork on various production plant process streams using samples generated during the pilot plant operation. The testing is expected to provide important design criteria related to material handling for process plant design.

SGS has completed prepilot characterization work, including head assays, grindability testing, laboratory-scale flotation testing and pilot plant setup activities. Pilot plant operations are scheduled to commence on May 12, 2026, and are expected to continue for approximately five weeks.

"We are very pleased to commence this important pilot flotation campaign with SGS Lakefield, which marks another major step in advancing the Wicheeda project toward development," said Mark Tory, chief executive officer of Defense Metals. "The generation of a representative high-grade rare-earth concentrate for downstream hydrometallurgical testing is a critical component in further derisking the project and refining our process flowsheet. The pilot program will also provide valuable engineering and operational data needed to continue progressing Wicheeda as a potential North American source of rare-earth materials."

Management believes the pilot flotation program represents another significant milestone in advancing the Wicheeda rare-earth project toward the next stage of technical and economic development.

The company is also pleased to announce that Michelle Tanguay has been appointed vice-president of environment and social performance.

Qualified person

The scientific and technical information contained in this news release as it relates to the Wicheeda project has been reviewed and approved by John R. Goode, PEng, principal and consulting metallurgist at J.R. Goode and Associates Company, and a consultant to the company, who is a qualified person as defined in National Instrument 43-101.

About Defense Metals Corp. and the Wicheeda rare-earth element project

Defense Metals is an advanced rare-earth elements (REE) development company focused on delivering strategically critical metals to the Western world defence, high-technology and clean energy supply chains. The company's primary asset is its 100-per-cent-owned Wicheeda REE deposit, located near Prince George, B.C., Canada.

The Wicheeda project is one of the most advanced, undeveloped REE deposits in North America or Europe, featuring a robust mineral resource and mining reserve, as detailed in the company's 2025 prefeasibility study (PFS; refer to company news release April 7, 2025) prepared in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. The PFS shows the economic potential of the deposit and supports future project development.

Defense Metals is committed to advancing the Wicheeda project through the feasibility study stage, permitting and ultimately into production, positioning the company to become a reliable supplier of critical REEs that are essential to modern defence systems, advanced manufacturing and energy-efficient technologies.

The PFS for the Wicheeda rare-earth element project is preliminary in nature and includes numerous assumptions regarding metallurgy, capital and operating costs, and market conditions.

Mineral reserves and the economic outcomes projected in the PFS are subject to significant uncertainties, and there is no certainty that the results of the PFS will be realized. Additional studies, including a feasibility study, and permitting, are required before a production decision can be made for the Wicheeda project.

We seek Safe Harbor.