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Rare Earths Firm Moves Step Closer To Completing PFS
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Results are in of various tests conducted by an independent firm on feed samples from the critical metals project, noted a Noble Capital Markets report.

Defense Metals Corp. (DEFN:TSX.V; DFMTF:OTCQB; 35D:FSE) had extensive comminution and beneficiation test work done on variability samples from its Wicheeda rare earth elements project in British Columbia, and results showed high recoveries and concentrate grade over a range of feed grades, reported Noble Capital Markets analyst Mark Reichman in an October 12 research note.

"Results from the test work demonstrate that Wicheeda feedstock can be crushed, ground, and floated to produce a rare earth flotation product competitive with other global producers," Reichman wrote.

400% Gain Implied

Noble reiterated its CA$0.70 per share target price on the Canadian critical metals company, currently trading at about CA$0.14 per share, noted Reichman.

Given these two prices, the projected return for investors is significant, at 400%.

Defense Metals remains rated as Outperform.

Dolomite Dominates

Reichman summarized the results of the tests, all performed by SGS Canada Inc.

The Wicheeda deposit was shown to be made up of these lithologies that contain rare earth elements: 73% higher-grade dolomite carbonatite, 24% xenolithic carbonation, and 3% syenite.

"The dolomite carbonatite material is expected to comprise most of the mill feed, with the deeper xenolithic carbonatite and syenite mined later," Reichman wrote.

SGS carried out 90 open-circuit flotation tests, using 1 kilogram (1 kg) or 2 kg of feed, on 17 individual variability samples, various composites, and blends.

Recoveries and Grades

The best-fit line, at a feed grade of 3% total rare earth oxide (TREO), Reichman reported, showed 80% recovery to a 45% total rare earth oxide (TREO) concentrate. Results also indicated that higher recoveries and grades could be achieved in a closed circuit operation, like a flotation plant.

A locked cycle test on a deposit composite with a 2.9% feed grade demonstrated a rare earths recovery rate of 85% at a concentrate grade of 50.7% TREO.

Comminution Methodology

As far as the amount of energy needed to grind the material, it was shown to be generally low, even for the desired results of high flotation recovery and favorable concentrate grade. This was consistent over multiple feed grades.

"Work suggests than an autogenous or semi-autogenous grinding system followed by a ball mill will work well at the comminution plant," Reichman wrote.

Study in Progress

Defense Metals is continuing to work on a preliminary feasibility study of Wicheeda and aims to complete it in H1/24.

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Important Disclosures:

  1. Defense Metals Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
  2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Defense Metals Corp.
  3. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
  4. The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

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Disclosures for Noble Capital Partners, Defense Metals Corp., October 11, 2023

GENERAL DISCLAIMERS All statements or opinions contained herein that include the words "we", "us", or "our" are solely the responsibility of Noble Capital Markets, Inc. ("Noble") and do not necessarily reflect statements or opinions expressed by any person or party affiliated with the company mentioned in this report. Any opinions expressed herein are subject to change without notice. All information provided herein is based on public and non-public information believed to be accurate and reliable, but is not necessarily complete and cannot be guaranteed. No judgment is hereby expressed or should be implied as to the suitability of any security described herein for any specific investor or any specific investment portfolio. The decision to undertake any investment regarding the security mentioned herein should be made by each reader of this publication based on its own appraisal of the implications and risks of such decision. This publication is intended for information purposes only and shall not constitute an offer to buy/sell or the solicitation of an offer to buy/sell any security mentioned in this report, nor shall there be any sale of the security herein in any state or domicile in which said offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or domicile. This publication and all information, comments, statements or opinions contained or expressed herein are applicable only as of the date of this publication and subject to change without prior notice. Past performance is not indicative of future results. Noble accepts no liability for loss arising from the use of the material in this report, except that this exclusion of liability does not apply to the extent that such liability arises under specific statutes or regulations applicable to Noble. This report is not to be relied upon as a substitute for the exercising of independent judgement. Noble may have published, and may in the future publish, other research reports that are inconsistent with, and reach different conclusions from, the information provided in this report. Noble is under no obligation to bring to the attention of any recipient of this report, any past or future reports. Investors should only consider this report as single factor in making an investment decision. IMPORTANT DISCLOSURES This publication is confidential for the information of the addressee only and may not be reproduced in whole or in part, copies circulated, or discussed to another party, without the written consent of Noble Capital Markets, Inc. ("Noble"). Noble seeks to update its research as appropriate, but may be unable to do so based upon various regulatory constraints. Research reports are not published at regular intervals; publication times and dates are based upon the analyst's judgement. Noble professionals including traders, salespeople and investment bankers may provide written or oral market commentary, or discuss trading strategies to Noble clients and the Noble proprietary trading desk that reflect opinions that are contrary to the opinions expressed in this research report. The majority of companies that Noble follows are emerging growth companies. Securities in these companies involve a higher degree of risk and more volatility than the securities of more established companies. The securities discussed in Noble research reports may not be suitable for some investors and as such, investors must take extra care and make their own determination of the appropriateness of an investment based upon risk tolerance, investment objectives and financial status. Company Specific Disclosures The following disclosures relate to relationships between Noble and the company (the "Company") covered by the Noble Research Division and referred to in this research report. The Company in this report is a participant in the Company Sponsored Research Program ("CSRP"); Noble receives compensation from the Company for such participation. No part of the CSRP compensation was, is, or will be directly or indirectly related to any specific recommendations or views expressed by the analyst in this research report. Noble intends to seek compensation for investment banking services and non-investment banking services (securities and non-securities related) within the next 3 months. Noble is not a market maker in the Company.

ANALYST CREDENTIALS, PROFESSIONAL DESIGNATIONS, AND EXPERIENCE Senior Equity Analyst focusing on Basic Materials & Mining. 20 years of experience in equity research. BA in Business Administration from Westminster College. MBA with a Finance concentration from the University of Missouri. MA in International Affairs from Washington University in St. Louis. Named WSJ 'Best on the Street' Analyst and Forbes/StarMine's "Best Brokerage Analyst." FINRA licenses 7, 24, 63, 87. CONTINUING COVERAGE Unless otherwise noted through the dropping of coverage or change in analyst, the analyst who wrote this research report will provide continuing coverage on this company through the publishing of research available through Noble Capital Market's distribution lists, website, third party distribution partners, and through Noble’s affiliated website,

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RESEARCH ANALYST CERTIFICATION Independence Of View All views expressed in this report accurately reflect my personal views about the subject securities or issuers. Receipt of Compensation No part of my compensation was, is, or will be directly or indirectly related to any specific recommendations or views expressed in the public appearance and/or research report.

Ownership and Material Conflicts of Interest Neither I nor anybody in my household has a financial interest in the securities of the subject company or any other company mentioned in this report.

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