Defense Metals launches C$1 million pilot flotation program at Wicheeda rare earth project

The latest update is out from Defense Metals ( (TSE:DEFN) ).

Defense Metals Corp. has appointed SGS Canada Inc. to run a 30-tonne pilot-scale flotation testing program on two drill core composite samples from its Wicheeda rare earth deposit in British Columbia. The work, costing about C$1 million, is intended to refine the process flowsheet, generate 1.5 tonnes of flotation concentrate for a hydrometallurgical pilot plant later this year, and provide key data for advancing the Wicheeda project from pre-feasibility toward a full feasibility study.

The program, overseen by veteran metallurgist John Goode, is presented by management as a major step in de-risking and optimizing Wicheeda’s metallurgical processing route and supporting the goal of developing Canada’s first large-scale rare earths critical minerals producer. Defense Metals also granted 7,375,000 stock options to directors, officers and consultants, reinforcing internal incentives as it pushes the project through feasibility, permitting and ultimately toward production to become a reliable supplier of rare earths to strategic industries.

The most recent analyst rating on (TSE:DEFN) stock is a Hold with a C$0.22 price target. To see the full list of analyst forecasts on Defense Metals stock, see the TSE:DEFN Stock Forecast page.

Spark’s Take on TSE:DEFN Stock

According to Spark, TipRanks’ AI Analyst, TSE:DEFN is a Neutral.

The score is held down primarily by weak financial performance (pre-revenue, ongoing losses and negative free cash flow), partially offset by a low-debt balance sheet. Technicals are moderately supportive with an upward trend and neutral momentum, while valuation remains challenged due to a negative P/E and no indicated dividend yield.

To see Spark’s full report on TSE:DEFN stock, click here.

More about Defense Metals

Defense Metals Corp. is an advanced rare earth elements exploration and development company focused on supplying critical metals to Western defence, high-technology and clean energy supply chains. Its primary asset is the 100%-owned Wicheeda Rare Earth Element Project near Prince George, British Columbia, one of the most advanced undeveloped rare earth deposits in North America or Europe, which has demonstrated economic potential in a 2025 pre-feasibility study.

YTD Price Performance: -13.46%

Average Trading Volume: 470,968

Technical Sentiment Signal: Buy

Current Market Cap: C$88.37M

See more insights into DEFN stock on TipRanks’ Stock Analysis page.