CORPORATE PRESENTATION www.defensemetals.com TSXV :DEFN OTCQB :DFMTF - - PowerPoint PPT Presentation

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CORPORATE PRESENTATION www.defensemetals.com TSXV :DEFN OTCQB :DFMTF - - PowerPoint PPT Presentation

NORTH AMERICAN RARE EARTH CORPORATE PRESENTATION www.defensemetals.com TSXV :DEFN OTCQB :DFMTF FSE : 35D FORWARD LOOKING STATEMENTS This presentation includes certain statements that constitute forward-looking information within the


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CORPORATE PRESENTATION

TSXV:DEFN OTCQB:DFMTF FSE: 35D

www.defensemetals.com

NORTH AMERICAN RARE EARTH

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Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, adverse weather conditions, increase in costs, equipment failures, litigation, failure of counterparties to perform their contractual obligations and fees charged by service

  • providers. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not

to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this presentation are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Forward Looking Statements or Information Related to Exploration: Relating to exploration, the identification of exploration targets and any implied future investigation of such targets on the basis of specific geological, geochemical and geophysical evidence or trends are future-looking and subject to a variety of possible outcomes which may or may not include the discovery,

  • r extension, or termination of mineralization. Further, areas around known mineralized intersections or surface showings may be marked by wording such as

“open”, “untested”, “possible extension” or “exploration potential” or by symbols such as “?”. Such wording or symbols should not be construed as a certainty that mineralization continues or that the character of mineralization (e.g. grade or thickness) will remain consistent from a known and measured data point. The key risks related to exploration in general are that chances of identifying economical reserves are extremely small. The technical content of this presentation have been reviewed and approved by Kris Raffle, P.Geo., a Director of the Company and a Qualified Person as defined by National Instrument 43-101. Market & Industry Data The information contained herein includes market and industry data that has been obtained from third party sources, including industry publications. The Company believes that its industry data is accurate and that its estimates and assumptions are reasonable, but there is no assurance as to the accuracy or completeness of this data. Third party sources generally state that the information contained therein has been obtained from sources believed to be reliable, but there is no assurance as to the accuracy or completeness of included information. Although the data is believed to be reliable, the Company has not independently verified any of the data from third party sources referred to in this presentation or ascertained the underlying economic assumptions relied upon by such sources. Not for Distribution; No Offering This is for information purposes only and may not be reproduced or distributed to any other person or published, in whole or part, for any purpose

  • whatsoever. This does not constitute a general advertisement or general solicitation or an offer to sell or a solicitation to buy any securities in any
  • jurisdiction. Such an offer can only be made by prospectus or other authorized offering document. This presentation and materials or fact of their distribution
  • r communication shall not form the basis of, or be relied on in connection with any contract, commitment or investment decision whatsoever in relation
  • thereto. No securities commission or similar authority in Canada or any other jurisdiction has in any way passed upon the adequacy or accuracy of the

information contained herein. You should not rely upon this document in evaluating the merits of investing in our securities or for understanding our business.

FORWARD LOOKING STATEMENTS

This presentation includes certain statements that constitute “forward-looking information” within the meaning of applicable securities law, including without limitation, the Company’s plans for its properties/projects, other statements relating to the technical, financial and business prospects of the Company, completing phase 1B hydrometallurgical study, initiation of flotation pilot plant processing, update mineral resource estimate, additional drilling, start baseline environmental studies, and other matters. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections,

  • bjectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”,

“anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking

  • statements. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or

achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, anticipated costs and the ability to achieve goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned exploration activities will be available on reasonable terms and in a timely manner. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, level of activity, performance or results to differ materially from those reflected in the forward-looking statements, including, without limitation: (i) risks related to copper, uranium, rare earth elements, and other commodity price fluctuations; (ii) risks and uncertainties relating to the interpretation of exploration results; (iii) risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses; (iv) that resource exploration and development is a speculative business; (v) that the Company may lose or abandon its property interests or may fail to receive necessary licences and permits; (vi) that environmental laws and regulations may become more onerous; (vii) that the Company may not be able to raise additional funds when necessary; (viii) the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; (ix) exploration and development risks, including risks related to accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration and development; (x) competition; (xi) the potential for delays in exploration or development activities or the completion of geologic reports or studies; (xii) the uncertainty of profitability based upon the Company’s history of losses; (xiii) risks related to environmental regulation and liability; (xiv) risks associated with failure to maintain community acceptance, agreements and permissions (generally referred to as “social licence”), including local First Nations; (xv) risks relating to obtaining and maintaining all necessary government permits, approvals and authorizations relating to the continued exploration and development

  • f the Company’s projects; (xvi) risks related to the outcome of legal actions; (xvii) political and regulatory risks associated with mining and exploration; (xix)

risks related to current global financial conditions; and (xx) other risks and uncertainties related to the Company’s prospects, properties and business

  • strategy. These risks, as well as others, could cause actual results and events to vary significantly.

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Defense Metals Corp. is a mineral exploration company focused on adnvacing its 1,708 hectare Wicheeda Rare Earth Element (REE) Project located near Prince George, British Columbia, Canada. Rare earth elements are critical for use in the electric power industry. They have singnifcnat military, and national security applications and in the production of green energy technologies, such as, high strength, light weight, rare earth magnets. Defense Metals Corp. trades in Canada under “DEFN” on the TSX Venture Exchange, the United States, under “DFMTF” on the OTCQB and the German, Frankfurt Exchange under “35D” Company: Defense Metals Corp. Founded: 2016 Head Office: Vancouver, Canada URL: www.defensemetals.com

OVERVIEW

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INITIAL MINERAL RESOURCE ESTIMATE AND COLLECTION OF 30 TONNE SURFACE BULK SAMPLE

Jan 8, 2019

DEFENSE METALS TIMELINE

DEFENSE METALS RECEIVES 51 DRILL SITE / FIVE YEAR EXPLORATION PERMITS, FOR WICHEEDA RARE EARTH PROPERTY

May 29, 2019

DEFENSE METALS STARTS WICHEEDA RARE EARTH ELEMENT DRILL PROGRAM

May 29, 2019

DEFENSE METALS COMPLETES DRILLING AND EXTENDS MINERALIZED ZONES AT WICHEEDA RARE EARTH ELEMENT DEPOSIT

October 1, 2019

30 TONNE BULK SAMPLE RETURNS 4.81% LIGHT RARE EARTH OXIDE HEAD GRADE

Jan 8, 2019

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METALLURGY STUDY RETURNS 48.7% RARE EARTH OXIDE CONCENTRATE GRADE AND 85.7% RECOVERY FOR WICHEEDA RARE EARTH ELEMENT PROPERTY

Oct 31, 2019

DEFENSE METALS TIMELINE

HYDROMETALLURGY TEST PROGRAM ACHIEVES ~90% RARE EARTH ELEMENT EXTRACTION FROM WICHEEDA FLOTATION CONCENTRATE

Feb 21, 2020

DEFENSE METALS TO INITIATE FLOTATION PILOT PLANT PROCESSING OF 30 TONNE BULK SAMPLE BASED ON POSITIVE BENCH SCALE METALLURGICAL TESTWORK

April 29, 2020

UPDATED AND INCREASED MINERAL RESOURCE ESTIMATE FOR WICHEEDA RARE EARTH ELEMENT CARBONATITE DEPOSIT

June 12, 2020

DEFENSE METALS DRILLS 4.43% LIGHT RARE EARTH OXIDE OVER 83 METRES THE HIGHEST GRADE DRILL INTERCEPT TO DATE

Dec 4, 2020

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As North America and the world move toward widespread adoption of electric vehicles and other green technologies there will be upward demand pressure on critical REE magnet-metals, principally Nd-Pr (neodymium and praseodymium) Defense Metals is well-positioned to meet demand for North American-sourced critical REE’s with one of the highest grade road accessible deposits, with potential to reduce the political and strategic risk of current reliance on Chinese REE sources Defense Metals is advancing the Wicheeda REE Deposit through resource expansion drilling, metallurgical optimization, and initiation of environmental baseline studies 2020 indicated mineral resources of 4,890,000 tonnes averaging 3.02% LREO (Light Rare Earth Elements), and inferred resources of 12,100,000 tonnes averaging 2.90% LREO; representing a 49% increase in overall tonnage and 30% increase in overall average grade compared to the maiden 2019 resource estimate. Targeting a potential >15 year mine life at 2 million-tonne/year throughput 1 Positive flotation and hydrometallurgical testwork achieved a high-grade 50% LREO concentrate at >85% recovery. Hydrometallurgical testwork demonstrated 90% REE extraction with opportunities for further improvement 2,3

MEETING CRITICAL RARE EARTH ELEMENT DEMAND

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1 See Defense Metals News Release Dated June 23, 2020. 2 See Defense Metals News Release Dated October 23, 2019. 3 See Defense Metals News Release Dated February 18, 2020.

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RARE EARTH - COMMERCIAL APPLICATIONS

MEDICAL

Rare Earth magnets are used for Medical imaging technology, such a CAT scans, MRIs, PET imaging and X-rays.

BATTERIES

Neodymium is used to make rechargeable batteries for cell phones, laptops and hybrid automobiles.

ELECTRIC MOTORS

Magnet based electric motors are essential to the electric vehicles

  • f the future.

CAMERA LENSES

Used in camera and telescope, night vision lenses.

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RARE EARTH - DEFENSE APPLICATIONS

Ce - CERIUM

Cerium is used in catalytic converters and Cerium-based compounds are used as polishing media for many types of optical lenses encountered in the battlefield.

Nd - NEODYMIUM

High-powered Neodymium rare earth magnet actuators control various air surfaces during military operations.

Pr - PRASEODYMIUM

Praseodymium is used in Neodymium rare earth magnets, and is used as an alloying agent with magnesium to create high- strength metals used in aircraft engines.

La - LANTHANUM

Used in camera and telescope, night vision lenses. Also, to gain efficiency in converting crude oil into refined gasoline.

Uses of rare-earth elements are applicable to the production of high- performance Guidance and Control Systems, Electronic Jamming Devices (known as ECM pods), next generation electric motors, high-powered laser targeting, Line of sight laser communications, and in next generation fighter jet engine manufacturing 8

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  • Rare earth, specifically Neodymium, demand forecast to
  • utpace supply by 2030 (Adamas Q2 2019)
  • Demand increase mainly from use of permanent

magnets in EVs and renewable energy generation (Roskill 2018)

  • Nd demand has increased from 19% to 23% of total REE

demand

  • Nd and Pr will show greater demand in future

RARE EARTH DEMAND TRENDS

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RARE EARTH DEMAND TRENDS*

Source: Adamas Intelligence

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  • China currently controls the Rare Earth refining market
  • Lack of North American domestic refining and production

poses a risk to security and defense

  • As tensions rise with China, a push to source critical

LREEs domestically is essential to American foreign policy

DEFN HAS THE POTENTIAL TO BE A MAJOR DOMESTIC SUPPLIER OF CRITICAL RARE EARTH MINERALS

WICHEEDA DEPOSIT

RARE EARTH DEPOSITS, PRODUCTION AND FLOW

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WICHEEDA DEPOSIT

The Wicheeda Property consists of 6 mineral claims covering an area of 1,708 hectares, located approximately 80 km northeast of the city of Prince George, British Columbia Favorable mineralogy and lanthanide distribution make Wicheeda a very attractive LREE deposit Two specific rare earth minerals Monazite and Synchysite/Parasite-Bastnaesite with contained in approximately equal proportions Ideal opportunity for vertical integration, to support rapidly growing market, reducing reliance on China

Strategically positioned alongside a major forestry service road connected to Highway 97 Major hydroelectric power line, major gas pipeline and a Canadian National railway line it the nearby village of Bear Lake Trained nearby workforce Prince George is a strategic mining centre

STRATEGIC LOCATION

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May 13, 2020 Defense Metals Completes Updated Resource Estimate for the Wicheeda Project 49% increase in overall tonnage, and 30% increase in overall average grade compared to previous mineral resource Indicated Resources of 4,890,000 tonnes averaging 3.02% LREO2 (Light Rare Earth Oxide) and, Inferred Resources of 12,100,000 tonnes averaging 2.90% LREO reported at a cut-off grade of 1.5% total metal3

UPDATED WICHEEDA MINERAL RESOURCE

Updated Wicheeda Resource Block Model and Lerchs- Grossman Conceptual Pit SHell

Cutoff (%3) Tonnes > Cutoff Grade > Cutoff Ce (%) La (%) Nd (%) Pr (%) Sm (%) Nb (%) Ce2O (%) La2O3 (%) Nb2O3 (%) Pr2O3 (%) Sm2O3 (%) Nb2O5 (%) LREO2 (%) I n d i c a t e d 1.0 5,150,000 1.22 0.91 0.26 0.10 0.02 0.02 1.43 1.07 0.30 0.12 0.02 0.03 2.95 1.5 4,890,000 1.26 0.94 0.26 0.11 0.02 0.02 1.47 1.10 0.31 0.12 0.02 0.03 3.02 2.0 3,950,000 1.35 1.01 0.28 0.11 0.02 0.02 1.58 1.18 0.33 0.13 0.02 0.03 3.25 2.5 2,390,000 1.53 1.14 0.31 0.13 0.02 0.02 1.79 1.33 0.36 0.15 0.02 0.03 3.66 3.0 1,140,000 1.76 1.31 0.35 0.15 0.02 0.02 2.06 1.53 0.40 0.17 0.02 0.03 4.19 3.5 500,000 2.01 1.48 0.38 0.17 0.02 0.02 2.35 1.74 0.44 0.19 0.02 0.03 4.75 I n f e r r e d 1.0 13,770,000 1.13 0.83 0.25 0.10 0.04 0.02 1.32 0.97 0.30 0.11 0.02 0.06 2.72 1.5 12,100,000 1.20 0.89 0.27 0.10 0.02 0.04 1.40 1.04 0.31 0.12 0.03 0.05 2.90 2.0 8,890,000 1.33 0.99 0.29 0.11 0.02 0.03 1.55 1.16 0.34 0.13 0.03 0.05 3.22 2.5 5,320,000 1.50 1.13 0.33 0.13 0.03 0.03 1.76 1.32 0.39 0.15 0.03 0.04 3.65 3.0 2,670,000 1.70 1.29 0.37 0.14 0.03 0.02 1.99 1.51 0.44 0.17 0.04 0.04 4.14 3.5 1,190,000 1.90 1.45 0.41 0.16 0.04 0.02 2.23 1.70 0.48 0.18 0.04 0.03 4.63

1See Defense Metal News Release dated May 13,2020. The resource is classified according to the CIM “Estimation of Mineral

Resources and Mineral Reserves Best Practice Guidelines” dated November 29th, 2019 and CIM “Definition Standards for Mineral Resources and Mineral Reserves” dated May 10th, 2014. A NI 43-101 technical report disclosing the Updated Wicheeda REE Project MRE will be filed on SEDAR within 45 days.

2LREO sum of Ce2O3+La2O3+Nd2O3+Pr2O3+Sm2O3, 3Total Metal % cut-off expressed as the sum of Ce+La+Nd+Pr+Sm+Nb percentages

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  • 48.7% light rare earth oxide (LREO) high grade

concentrate of cerium, lanthanum, neodymium, and praseodymium oxides (Ce2O3+La2O3+Nd2O3+Pr2O3)

  • 85.7% LREO metallurgical recovery
  • 10.1 times upgrading ratio from head grade of 4.81% LREO
  • 8.2% concentrate mass yield

Excellent results were achieved through the flotation process, including a high scale-up ratio, to a high-grade concentrate at high recoveries. The downstream hydrometallurgical process is expected to benefit significantly from this quality of flotation concentrate grade.

  • SGS Labs Executive Summary

FLOTATION TESTWORK

STUDY RETURNS 48.7% RARE EARTH OXIDE CONCENTRATE GRADE AND 85.7% RECOVERY FOR WICHEEDA RARE EARTH ELEMENT PROPERTY (1)

1 See Defense Metals News Release Dated October 23, 2019 2 Verbaan, N., Bradley, K., Brown, N., and Mackie, S., 2015 A review of hydrometallurgical flowsheets considered in current REE projects. In: Simandl G.J. and Neetz, M. (Eds.). Symposium on Strategic and Critical Materials
  • Proceedings. November 13-14, 2015, Victoria, British Columbia Ministry of Energy and Mines, British Columbia Geological Survey Paper 2015-3, pp. 147-162
3 These are commercial operations and the results of Defense Metals’ current results are from controlled lab testing and are not comparable

PROJECT COUNTRY DEVELOPMENT STAGE GRADE (% LREO) CONCENTRATE GRADE (% LREO) UPGRADING RATIO Wicheeda Canada 30 Tonne Bulk Sample 4.81 48.7 10.1 Mountain Pass USA Care and Maintenance 8 65 8.1

  • Mt. Weld (Lynas Corp.)

Australia Operating 15.4 40 2.6 Bayan Obo China Operating 6 50 8.3

WICHEEDA METALLURGY COMPARED TO WORLDWIDE REE MINES(2)(3)

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HYDROMETALLURGICAL TEST WORK

Hydrometallurgical test program led to the successful development of a flowsheet capable of processing Wicheeda flotation concentrate to a high grade mixed REE hydroxide precipitate. Highlights of the recently completed hydrometallurgical test program include1:

  • High REE extraction from flotation concentrate of ~ 90% into a chloride based leach

solution with opportunities identified to increase recoveries even further.

  • Simple treatment of the leach solution with limestone achieved high (94-100%)

removal of impurities such as iron, phosphorous, and thorium with only minor (2-4 %) REE losses.

  • Simple treatment of purified liquor with hydrated lime led to the production of a high

grade 67.5% TREE mixed REE hydroxide precipitate at high (99-100%) Critical REE recovery from solution.

  • Overall recoveries of 70-75% TREE from bulk sample to a high grade mixed REE

hydroxide precipitate, and up to 76-78% TREE with reprocessing of the final leach residue. Figure 1: Simplified Wicheeda Hydrometallurgical Flowsheet

*see Defense Metals’ February 18, 2020 News Release

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The success of its yearlong metallurgical flowsheet optimization process has demonstrated Wicheeda REE mineralization is amenable to relatively simple treatment via well-established methods of flotation, and hydrochloric acid leach / caustic crack REE extraction. Defense Metals announced its intention to move forward with pilot plant processing of its 30 tonne Wicheeda bulk sample The pilot plant will treat up to 30 tonnes of material in a continuous manner over 180 hours of operation, at approximately 150 kg per hour. The approach will be to first commission the circuit, followed by a series of optimization runs. A continuous 48 hour run (or 2 x 24 hour runs) will then confirm metallurgy over extended operation. The objectives of pilot plant testing are to:

  • Confirm metallurgy in a pilot plant environment,
  • Generate data to support engineering, and
  • Produce a large amount of concentrate for downstream hydrometallurgy testing.
  • The test program is expected to commence in April 2020 and take approximately 17 weeks to complete.

FLOTATION PILOT PLANT INITIATION

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1 See Defense Metals News Release Dated February 24, 2020.

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“The 2019 Wicheeda REE Deposit drill campaign continues to yield exceptional results. With WI19-31 we have cut the highest grade drill intercept to date on the Project. The results are particularly significant given that WI19-31 occurs at the north end of the Wicheeda Deposit in an area where no prior drilling has been completed. This drill result, in addition to those from previously released holes; clearly illustrates the potential to expand the Wicheeda REE deposit. Defense Metals plans to complete additional drilling of the relatively untested northern zone of the Wicheeda REE Deposit during 2020.”

  • Craig Taylor, CEO and Director

2019 DIAMOND DRILLING

Wicheeda Deposit Plan View

*The true width of REE mineralization is estimated to be 60%-100% of the drilled interval 1 November 20th, 2019 - Defense Metals Drills 4.21% Light Rare Earth Oxide Over 48 Metres and Extends Mineralized Zone at Wicheeda Rare Earth Element Deposit 2 The technical content of this presentation have been reviewed and approved by Kris Raffle, P.Geo., a Director of the Company and a Qualified Person as defined by National Instrument 43-101.

2019 SIGNIFICANT ASSAY RESULTS(1)(2)

Hole ID From (m) To (m) Interval1(m) LREO (%) Ce2O3(%) La2O3(%) Nd2O3(%) Pr2O3(%) Sm2O3(%) WI19-30 47 177.8 130.8 2.59 1.24 0.91 0.31 0.11 0.03 including 47 74 27 4.43 2.11 1.59 0.50 0.18 0.05 WI19-32 86 114 28 2.71 1.25 1.01 0.30 0.11 0.03 and 142 217 75 3.63 1.74 1.33 0.37 0.14 0.04 including 151 209 58 4.01 1.92 1.49 0.40 0.16 0.04 WI19-20 4.6 68.8 64.2 4.32 2.10 1.54 0.46 0.18 0.04 WI19-21 3.9 114 110.1 3.26 1.57 1.16 0.36 0.14 0.04 WI19-22 7 113 106 2.71 1.31 0.98 0.28 0.11 0.03 WI19-23 4 109 105 3.12 1.49 1.14 0.34 0.13 0.03 WI19-24 2.9 83 80.1 2.43 1.18 0.83 0.29 0.10 0.03 WI19-25 1.1 143.4 142.3 2.22 1.08 0.78 0.24 0.09 0.03 including 1.1 25 23.9 3.87 1.89 1.42 0.39 0.14 0.04 and 60 83 23.0 3.93 1.90 1.42 0.43 0.15 0.04 WI19-26 1.8 128 126.2 2.82 1.34 1.07 0.29 0.10 0.03 including 32 80 48.0 4.21 1.99 1.61 0.42 0.15 0.04 WI19-27 2 120.3 118.3 2.54 1.22 0.92 0.27 0.10 0.03 WI19-28 3.2 72.6 69.5 2.46 1.17 0.90 0.27 0.10 0.03 WI19-29 73.0 162.0 89.0 3.01 1.44 1.07 0.35 0.12 0.04 WI19-31 55.7 138.5 82.9 4.43 2.08 1.60 0.51 0.19 0.05 including 64 97 33.0 5.47 2.58 1.96 0.64 0.23 0.06

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CRAIG TAYLOR CEO & Director

Since 1994 Mr. Taylor has been President and CEO of Vanville Projects Ltd., a private company which provides products and services to resorts, hotels and restaurants worldwide. From March 2008 until December 2016, Mr. Taylor was a director of Saber Capital Corp., a former capital pool company, which completed its qualifying transaction and was renamed Emblem Corp. In addition, he was a director of Advantage Lithium Corp., a TSX-V listed junior exploration company, from March 2007 until August 2016.From April 2012 until April 2016, he was a director of Clear Mountain Resources Corp., a TSX-V listed junior resource exploration company (now named Patriot One Technologies Inc.). Mr. Taylor has also served as director and officer of several other public companies engaged in mineral exploration and development.

RYAN CHEUNG CFO & Director

Ryan Cheung, CPA, CA, has been providing accounting, management, securities regulatory compliance services to private and public-listed companies. Mr. Cheung also serves as an officer and/or director of a number of public-listed companies. Mr. Cheung holds a Bachelor of Commerce degree from the University of Victoria and is a member of the Chartered Professional Accountants of British Columbia.

MANAGEMENT AND DIRECTORS

ANDREW BURGESS Director

  • Mr. Andrew S. Burgess, C.A., C.P.A.is a Chartered Accountant and a Certified Public Accountant. He

is currently the CFO of Spectrum Mining Corporation. He is an experienced professional with more than 35 years accounting, finance and financial reporting experience with listed companies. Mr. Burgess has a broad base of experience with natural resource, service and industrial companies in the areas of general management, financial and management reporting, taxation, corporate reorganizations, investments, acquisitions, divestitures, equity and debenture financing, budgeting, investor relations and administration. He has extensive public company and IPO experience.

MAXIMILIAN SALI Director

  • Mr. Sali has been in the capital markets for 10 years managing private family assets. He is the

president of Baccarat Investments Inc., a private company providing consulting and management services to public companies along with investing.

KRISTOPHER J. RAFFLE QP & Director

Kristopher J. Raffle, B.Sc., P.Geo. serves as the Qualified Person for the Company. Mr. Raffle is also a current director of Barrian Mining Corp. Mr. Raffle is a Partner and Principal Geologist with Edmonton- based leading geologic consulting firm APEX Geoscience Ltd. Mr. Raffle has over 18 years’ experience conducting property evaluation, intensive exploration data analysis, exploration program design, and geological modelling with respect to Archean lode gold, copper-gold porphyry, epithermal, volcanic- hosted massive sulphide (VMS), and kimberlite deposits throughout Canada, USA, and Mexico.

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ALEX KNOX M.Sc, P. Geo. & Advisor

  • Mr. Knox has worked in the exploration and development of carbonatite and REE deposits

since 1984, first with Molycorp Inc., at the time the owner of the producing Mountain Pass, California, light REE mine, and later as an independent consultant for various public and private companies and projects throughout North America. Mr. Knox was part of the team that discovered the Kipawa heavy-enriched REE deposit in southwest Quebec, as well as the Ashram light-enriched REE deposit in northern Quebec. He has extensive experience in carbonatite/REE geological environments and has also worked on the Oka carbonatite complex near Montreal and the Prairie Lake carbonatite in northwestern Ontario, among

  • thers.

ADVISORS

DALE WALLSTER Advisor

Dale Wallster is a geologist and prospector with 35 years’ experience in North American mineral deposit exploration, with a focus on the targeting and discovery of unconformity-related uranium deposits since 2002. He was president and founder of Roughrider Uranium Corp., a company acquired by Hathor Exploration Limited in 2006 for its strategically located uranium properties in the Athabasca Basin. Dale and his team are widely credited in the mineral exploration sector for the discovery of the Hathor’s Roughrider deposit. In January 2012, Hathor became a wholly-owned subsidiary of Rio Tinto as part of a CAD$650 million acquisition.

CHRIS GRAF

  • P. Eng & Advisor
  • Mr. Graf was born in Cranbrook, B.C. and graduated from Mount Baker high school in

Cranbrook in 1969. He obtained a B.Ap.Sc. degree in geological engineering from UBC in Vancouver, B.C. in 1974 and has been registered as a Professional Engineer with the Association of Professional Engineers of British Columbia since 1980. He has successfully applied his profession for the past 40 years, conceiving and conducting mineral exploration programs in British Columbia, Alberta and Yukon as well as northern Mexico. His forte has been mineral property evaluation, field exploration and diamond drilling. In 2011, Mr. Graf was the recipient of the Chamber’s Frank Woodside Past Presidents Award for distinguished service to the Minerals Industry.

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Karl Wagner is the Founder and CEO of Eastern Sky Technologies, a global risk consultancy specializing in crisis management and corporate resilience. He also serves as Senior Vice President for Security, Custody Digital Group (www.CustodyDigital.com). An expert in intelligence and national security affairs, Karl has created and led multi-million dollar enterprise risk management programs in both government and private industry. Karl served as Senior Director, Global Security at Palo Alto-based Tesla, Inc. from September 2018 to April 2019. He is a former member of CIA’s Senior Intelligence Service (SIS), having served as a CIA senior leader and a Directorate of Operations (DO) expert manager, with 29 years of worldwide experience, including service in Latin America, East Asia, South Asia, the Middle East and North Africa. He is a recipient of the CIA’s Distinguished Career Intelligence Medal (2017), the National Intelligence Exceptional Achievement Medal (November 2013), the DO Excellence in Leadership Award (2012), 4 Meritorious Unit Citations and 20 Exceptional Performance Awards.

KARL T. WANGER Strategic Advisor

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CAPITAL STRUCTURE

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Shares Outstanding (as of June 15, 2020) 50,503,133 Warrants @ $0.30 (expr. September 27th, 2020) 3,823,333 @ $0.20 (expr. December 21st, 2020) 6,846,743 @ $0.15 (expr. April 28th, 2022) 5,980,000 @ $0.15 (expr. May 27th, 2022) 680,000 @ $0.30 (expr. June 12, 2022) 675,000 @ $0.35 (expr. June 12, 2022) 3,460,000 Broker Warrants @ $0.20 (expr. December 21st, 2020) 204,410 @ $0.15 (expr. April 28th, 2022) 163,100 @ $0.30 (expr. June 12, 2022) 190,050 Stock Options @ $0.20 (expr. September 28th, 2023) 500,000 @ $0.25 (expr. January 22nd, 2024) 371,333 @ $0.20 (expr. May 29th, 2024) 400,000 @ $0.16 (expr. December 24th, 2024) 1,250,000 @ $0.18 (expr. February 13th, 2025) 700,000 @ $0.15 (expr. April 7th, 2025) 325,000 @ $0.17 (expr. April 29, 2022) 550,000 TOTAL 76,622,102

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DEFENSE METALS CORP.

605-815 Hornby St. Vancouver BC, Canada V6Z 1T9

EXCHANGE LISTING

TSX-V: DEFN - OTCQB: DFMTF - FSE: 35D CUSIP: 244633103 Registrar & Transfer Agent: Computershare Trust Company

CONTACT

Todd Hanas VP Investor Relations Mobile +1 (778) 994 8072 Toll Free +1 (833) 562 9916 Email todd@defensemetals.com

WWW.DEFENSEMETALS.COM

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