Defense Metals Appoints Guy de Selliers de Moranville to the Board of Directors

VANCOUVER, April 3, 2024 - Defense Metals Corp. ("Defense Metals" or the "Company"; (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is pleased to announce the appointment of Mr. Guy de Selliers de Moranville as a new director to the Board of Directors. The Company also announces the resignation of Dr. William H. Bird as a Director, who will remain as a rare earth elements industry advisor.

Mr. de Selliers is a highly experienced finance professional with an illustrious career. He started his career at the World Bank in the mining division. He then joined Lehman Brothers in New York as Senior Vice President International Corporate Finance where among other assignments he covered the Canadian mining sector. In 1990 he was a key member of the senior executive team involved in the creation of the European Bank for Reconstruction and Development Bank (EBRD). Following the EBRD he was CEO of MC-BBL, held an executive position with Robert Fleming and Co, advised the European Commission on a number of issue including co-Chairing with a joint Russian/European task force for strategic energy projects.

He founded in 2003 an advisory firm HCF International Advisors which became the leading independent financial debt financial advisor to the metals and mining sector.

Throughout his career, Mr. de Selliers has been a board member of numerous influential organizations including Solvay Group, Ageas Group, AG Insurance Belgium, Ivanhoe Mining, Advanced Metallurgical Group AMG, Norilsk Nickel, Wimm Bill Dann. He currently sits on the boards of I Pulse, a private high-tech company in France, The Cranemere Group Ltd., a privately held financial holding company in the UK, and Radix, a think-tank for the Radical Center (UK).

With a Master's degree in engineering and a Master's degree in economics from Louvain University in Belgium, Mr. de Selliers is widely regarded for his diverse expertise across various sectors. His extensive knowledge and experience in the international business community make him a highly valuable asset to the Company's Board of Directors.

Guy de Selliers, Director, stated:

"Having reviewed the Wicheeda project and compared it to many others and engaging with the Defense Metals' team, I am confident that the Wicheeda REE project possesses the essential qualities needed to emerge as North America's next Rare Earth Mine. I eagerly anticipate collaborating with the board and executives to further develop this strategic asset."

Craig Taylor, CEO of Defense Metals, commented:

"The entire Board and Management of Defense Metals are thrilled to welcome Guy, a seasoned business leader, as he helps steer us through the next phase of development at Wicheeda. With Guy on board, Defense Metals gains the expertise of and knowledge of an experienced executive with a proven track record in corporate governance, finance and project development. Additionally, on behalf of the entire Company, I extend sincere gratitude to Bill Bird for his substantial contributions over the past two years and look forward to continuing to work with him as an advisor."

The Company also announces it has granted an aggregate of 800,000 stock options to certain directors and a consultant of the Company pursuant to the terms of the Company's stock option plan. The stock options are exercisable to acquire common shares at an exercise price of $0.24 per common share for a period of three years, vesting immediately.

Defense Metals Corp. is focused on the development of its 100% owned, 8,301-hectare (~20,534-acre) Wicheeda REE Project that is located on the traditional territory of the McLeod Lake Indian Band in British Columbia, Canada.

The Wicheeda REE 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.

Defense Metals is a proud member of Discovery Group. For more information please visit:
www.discoverygroup.ca.

For further information, please visit www.defensemetals.com or contact:

Alex Heath
Vice President, Corporate Development
Tel: 1 604-354-2491
Email: alex@defensemetals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

This news release contains "forward-looking information or statements" within the meaning of applicable securities laws, which may include, without limitation, statements relating to advancing the Wicheeda REE Project, the expectations and plans for the Wicheeda REE Project, the technical, financial and business prospects of the Company, its project and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking 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 rare earth elements, the anticipated costs and expenditures, the ability to achieve its 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. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration and metallurgical results, risks related to the inherent uncertainty of exploration and development and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company's profile on SEDAR+ (www.sedarplus.ca). 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. 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, adverse weather and climate conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to maintain or obtain community acceptance (including First Nations), risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of personnel, materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), risks relating to inaccurate geological, metallurgical, engineering and pricing assumptions, decrease in the price of rare earth elements, the impact of viruses and diseases on the Company's ability to operate, restriction on labour and international travel and supply chains, loss of key employees, consultants, officers or directors, increase in costs, delayed results, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward-looking statements or forward-looking information, except as required by law.

View original content to download multimedia:https://www.prnewswire.com/news-releases/defense-metals-appoints-guy-de-selliers-de-moranville-to-the-board-of-directors-302106680.html

SOURCE Defense Metals Corp.