Critical Metals Recommendations

Defense Metals Corp.

Mark Reichman, Noble Capital Markets (2/14/24) "We are surprised that DEFN trades at its current valuation."

Perpetua Resources Corp.

Mike Niehuser, ROTH Capital Partners (2/13/24) "PPTA received an additional grant for $34.6M from the DOD."

Mike Niehuser, ROTH Capital Partners (2/2/24) "PPTA received funding from the U.S. DOD for mining antimony."

Defense Metals Corp.

Mark Reichman, Noble Capital Markets (1/18/24) "DEFN's Wicheeda REE project has several competitive advantages."

Mining.com (1/17/24) "DEFN entered a co-design agreement with the McLeod Lake Indian Band."

Mark Reichman, Noble Capital Markets (1/10/24) "DEFN and Ucore Rare Metals will explore collaborative opportunities."

Mark Reichman, Noble Capital Markets (12/28/23) "DEFN's Wicheeda REE project has several competitive advantages."

Stillwater Critical Minerals

SADIF Investment Analytics (12/19/23) "PGE has a bright prospect."

Defense Metals Corp.

Mark Reichman, Noble Capital Markets (12/8/23) "DEFN completed its phase two geotechnical drilling at Wicheeda."

Mark Reichman, Noble Capital Markets (11/29/23) "DEFN is laying the groundwork for offtake agreements."

Mark Reichman, Noble Capital Markets (10/11/23) "Work affirms high-concentrate grade and recoveries at DEFN's Wicheeda."

Clive Maund, CliveMaund.com (10/10/23) "DEFN looks more attractive and more of a buy than it did on Sept. 4."

Bob Moriarty, 321 Gold (10/9/23) "DEFN's plans include intending to produce 20−25 Mt of REO concentrate."

Stillwater Critical Minerals

Couloir Capital (10/3/23) "PGE's Stillwater West is well-positioned to rapidly advance."

Defense Metals Corp.

Mark Reichman, Noble Capital Markets (9/13/23) "DEFN's 2023 Wicheeda resource estimate shows increased TREOs and tons."

David Davidson, Paradigm Capital (9/12/23) "The updated mineral resource estimate for Wicheeda is good for DEFN."

Mark Reichman, Noble Capital Markets (9/6/23) "DEFN identified two new anomalies northwest of Wicheeda's main body."

Clive Maund, CliveMaund.com (9/4/23) "DEFN looks even more attractive and more of a Buy here than ever."

Perpetua Resources Corp.

Mining.com (8/21/23) "PPTA was awarded an OTIA of up to $15.5M by the DOD."

Defense Metals Corp.

Mark Reichman, Noble Capital Markets (8/17/23) "DEFN is advancing toward what we believe will be a compelling PFS."

Michael Gray, Agentis Capital (8/16/23) "DEFN engaged Hatch and SRK Consulting to complete its PFS for Wicheeda."

Clive Maund, CliveMaund.com (7/19/23) "DEFN is rated an immediate Buy here."

Brien Lundin, Golden Opportunities (7/18/23) "DEFN remains undervalued with respect to its PEA and versus its peers."

Clive Maund, CliveMaund.com (7/11/23) "It is believed that a new major uptrend in DEFN has been birthed."

Stillwater Critical Minerals

Couloir Capital (6/26/23) "We are encouraged by the strategic investment in PGE by Glencore."

Defense Metals Corp.

Clive Maund, CliveMaund.com (6/8/23) "This looks like a very good point to pick up DEFN."

Mark Reichman, Noble Capital Markets (6/7/23) "DEFN has commenced work on the Wicheeda preliminary feasibility study."

Stillwater Critical Minerals

(6/6/23) "We believe PGE to be an above-average, long-term investment."

Defense Metals Corp.

Clive Maund, CliveMaund.com (5/25/23) "With no foreseeable financings, DEFN is free to advance again."

Mark Reichman, Noble Capital Markets (4/26/23) "Phase two of DEFN's hydrometallurgical plant program began April 24."

David Davidson, Paradigm Capital (4/18/23) "We are initiating coverage on DEFN with a Speculative Buy rating."

Mark Reichman, Noble Capital Markets (4/13/23) "DEFN's current stock price offers an attractive entry point."

Mark Reichman, Noble Capital Markets (3/24/23) "DEFN added results of 47 drill holes to its Wicheeda geological model."

Mark Reichman, Noble Capital Markets (2/22/23) "DEFN has commenced construction of a hydrometallurgical pilot plant."

Stillwater Critical Minerals

Couloir Capital (1/28/23) "Positive exploration results at Drayton-Black should benefit PGE."

Defense Metals Corp.

Mark Reichman, Noble Capital Markets (1/25/23) "Hole WI22-79 returned the best intercept of 2022 at DEFN's Wicheeda."

Mark Reichman, Noble Capital Markets (1/18/23) "The PFS on DEFN's Wicheeda is expected to be completed by Q4/23."

Mark Reichman, Noble Capital Markets (11/23/22) "Drilling at DFN's Wicheeda yields more intercepts exceeding 3% TREOs."

Mark Reichman, Noble Capital Markets (10/27/22) "DEFN's results from 2022 drilling at Wicheeda have been outstanding."

Mark Reichman, Noble Capital Markets (10/18/22) "Tests show DEFN can produce RE concentrate at high recovery rates."

Mark Reichman, Noble Capital Markets (10/12/22) "DEFN is well positioned to benefit from growing demand for REs."

Michael Gray, Agentis Capital (10/3/22) "We are initiating coverage on DEFN."

Mark Reichman, Noble Capital Markets (9/23/22) "DEFN's Wicheeda hole WI22-64 averaged 1.78% TREO over 192m."

Mark Reichman, Noble Capital Markets (9/8/22) "DEFN entered into an agreement with the McLeod Lake Indian Band."

Mark Reichman, Noble Capital Markets (8/10/22) "Progress at DEFN's Wicheeda bodes well for a compelling PFS."

Mark Reichman, Noble Capital Markets (6/8/22) "DEFN commenced diamond drilling at its Wicheeda REE deposit."

Mark Reichman, Noble Capital Markets (5/25/22) "DEFN expects to commence a 5,300m drill program shortly at Wicheeda."

Clive Maund, CliveMaund.com (5/8/22) "DEFN's moving averages are in bullish alignment and volume is light."

Mark Reichman, Noble Capital Markets (4/28/22) "All 29 holes of DEFN's latest drill program yielded positive results."

Clive Maund, CliveMaund.com (4/17/22) "This is considered to be a good time to buy DEFN or add to positions."

Mark Reichman, Noble Capital Markets (4/6/22) "DEFN raised gross proceeds in the amount of $4.6M."

Mark Reichman, Noble Capital Markets (3/16/22) "We are initiating coverage on DEFN with an Outperform rating."

Stillwater Critical Minerals

The National Investor (11/16/21) "PGE will end up with WAY more interest than shown in the recent rally."

Defense Metals Corp.

Clive Maund, CliveMaund.com (11/1/21) "DEFN stock is readying to break into a new bull market."

Bob Moriarty, 321 Gold (9/27/21) "DEFN's $6B rare earths project screams to be put into production."

Carsten Mainitz, News Financial (4/29/21) "DEFN successfully completed a 26 ton flotation pilot plant campaign."

Clive Maund, CliveMaund.com (4/22/21) "DEFN now looks ready to advance anew."

Erik Wetterling, The Hedgeless Horseman (1/28/21) "DEFN is intriguing given favorable REE demand and the strategic shift."

Clive Maund, CliveMaund.com (1/24/21) "DEFN's major uptrend has much further to run."

Stefan Feuler, News Financial (1/7/21) "Politicians are desperately looking in Europe or North America for alternatives to rare earth metals production in China; DEFN, a mineral explorer, is at the top of the list."

Greg Nolan, Equity Guru (12/2/20) "Everything appears to be lining up for DEFN's Wicheeda REE deposit."

News Financial (10/12/20) "DEFN strengthened its management team."

Clive Maund, CliveMaund.com (9/27/20) "DEFN looks ready to break out above a line of resistance of CA$0.205."

Byron King, St. Paul Research (9/26/20) "DEFN's drill results indicate large-scale, high-grade mineralization."

Thibaut Lepouttre, Caesars Report (9/15/20) "Saskatchewan funding an REE plant could be important for DEFN."

Energy Fuels Inc.

Mark Reichman, Noble Capital Markets (7/20/20) "Processing rare earths could offer EFR another avenue of growth."

Defense Metals Corp.

Thibaut Lepouttre, Caesars Report (7/20/20) "DEFN initiated baseline surface water assessment studies at Wicheeda."

Byron King, Whiskey & Gunpowder (7/16/20) "DEFN's high-grade rare earths deposit is rich in 'magnet' materials."

Thibaut Lepouttre, Caesars Report (6/24/20) "Buyers can get DEFN at a 15% discount to the current financing."

Greg Nolan, Equity Guru (12/16/19) "DEFN could be one of the better trades going into 2020."

Greg Nolan, Equity Guru (11/28/19) "DEFN's Nov. 27 headline number, 4.43% LREO, is the best yet, further demonstrating Wicheeda's continuity."

Chris Parry, Equity Guru (11/20/19) "A worker bee like DEFN is a good spot to add to your watchlist."

Alex Sekella, Smart Money Gains (6/20/19) "DEFN's small $3.8M market cap has the potential to skyrocket."

Peter Epstein, Epstein Research (5/28/19) "DEFN's Wicheeda could be in small-scale commercial production soon."

Rick Mills, Ahead of the Herd (5/24/19) "Shareholders of DEFN can expect significant news flow starting soon."

DNI Metals Inc.

Ron Struthers, Struthers Resource Stock Report (4/5/19) "DNI's Vohitsara came in with an Inferred 4 Mt at 5% graphitic carbon."

Defense Metals Corp.

Rick Mills, Ahead of the Herd (3/14/19) "The finding of praseodymium in DEFN's bulk sample is significant."

Rick Mills, Ahead of the Herd (3/2/19) "DEFN has come up with a very manageable plan to cost effectively put an extremely prospective rare earths deposit into production."

Bob Moriarty, 321 Gold (2/4/19) "DEFN offers investors an interesting option in light REEs and uranium."

Rick Mills, Ahead of the Herd (1/26/19) "In the new year DEFN began trading on the TSX Venture Exchange."