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Defense Metals
(DEFN)
Defense Metals (DEFN) vs. iShares MSCI Canada ETF (EWC)
Defense Metals Business Overview & Revenue Model
Defense Metals Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2023 | Dec 2022 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -60.07K | -55.06K | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -4.57M | -5.07M | 361.32K | -3.74M | -2.71M | -2.63M |
| Net Income | -5.29M | -5.77M | -2.76M | -3.78M | -2.71M | -2.64M |
Balance Sheet | ||||||
| Total Assets | 49.61M | 45.68M | 42.65M | 25.26M | 32.74M | 4.14M |
| Cash, Cash Equivalents and Short-Term Investments | 4.16M | 695.26K | 916.07K | 724.81K | 1.76M | 849.47K |
| Total Debt | 55.31K | 3.52M | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 2.49M | 8.39M | 808.91K | 668.62K | 656.52K | 327.87K |
| Stockholders Equity | 47.12M | 37.30M | 41.84M | 24.59M | 32.09M | 3.81M |
Cash Flow | ||||||
| Free Cash Flow | -4.19M | -4.04M | ― | -5.24M | -9.60M | -3.45M |
| Operating Cash Flow | -3.62M | -2.52M | ― | -2.36M | -2.96M | -2.00M |
| Investing Cash Flow | -1.37M | -1.52M | -10.12M | -2.95M | -6.90M | -1.53M |
| Financing Cash Flow | 8.12M | 3.82M | 11.88M | 5.18M | 10.91M | 4.22M |
Defense Metals Technical Analysis
Defense Metals Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
55 Neutral | C$182.51M | -41.43 | -6.27% | ― | ― | -60.92% | |
52 Neutral | C$111.78M | -15.00 | -11.39% | ― | ― | -42.86% | |
51 Neutral | C$90.33M | -14.40 | -5.33% | ― | ― | 16.24% | |
50 Neutral | C$66.77M | -9.30 | -4.00% | ― | ― | -760.00% | |
47 Neutral | C$36.10M | -1.03 | ― | ― | 2.76% | -1.06% | |
44 Neutral | C$121.56M | -0.69 | -49.48% | ― | ― | 62.30% |
Defense Metals Corporate Events
Defense Metals reported that 2025 was a pivotal year marked by completion of a Pre-Feasibility Study confirming Wicheeda as the only undeveloped rare earth project in North America and Europe with proven mineral reserves, and by organizational changes including the formal appointment of Mark Tory as president and CEO and the strengthening of its board and senior management. The company bolstered its balance sheet through several private placements, notably an oversubscribed C$16.2 million financing with strong insider participation, advanced technical work toward a Definitive Feasibility Study expected to start in early 2026, deepened engagement with Indigenous and government stakeholders, and received a Letter of Interest from Export Development Canada for potential project financing of up to US$250 million, collectively reinforcing its strategic position and long-term value proposition in the rare earth sector.
Defense Metals Corp. has received support from the McLeod Lake Indian Band and the Canadian Government to advance its Wicheeda Rare Earth Project. This collaboration highlights the importance of critical minerals to Canada’s economy, clean technology transition, and Indigenous partnerships. The project aims to strengthen Canada’s critical minerals supply chain and create economic opportunities while respecting Indigenous values.
Defense Metals Corp. has successfully closed the second tranche of its non-brokered private placement, raising a total of C$16,729,334. The proceeds will be used to further develop the Wicheeda project, including conducting feasibility studies and optimizing test work, thereby strengthening the company’s operational capabilities and positioning within the rare earth elements sector.
Defense Metals Corp. has successfully closed a private placement, raising C$16.2 million through brokered and non-brokered offerings. This funding strengthens the company’s financial position, enabling it to proceed with a Bankable Feasibility Study for its Wicheeda project in early 2026, and supports ongoing optimization and pilot plant test work, as well as energy and transmission studies. The successful capital raise reflects strong investor confidence and positions Defense Metals to advance its strategic objectives in the rare earth elements market.
Defense Metals Corp. has announced updates to its private placement financing, which includes both brokered and non-brokered offerings, aiming to raise up to $15 million. The funds will be used for optimization test work, pilot plant test work, energy studies, and a feasibility study for the Wicheeda project, as well as for operating expenses and corporate purposes. This financing is expected to support the company’s strategic initiatives and enhance its project development efforts.
Defense Metals Corp. has appointed Ali Mahdavi as Senior Vice President of Corporate Development, enhancing its management team as it advances the Wicheeda critical minerals project. Mahdavi brings over 30 years of experience in the rare earth industry and will focus on maximizing investor exposure and identifying corporate opportunities. The company has also granted incentive stock options to its team, reflecting its commitment to accelerating the development of Wicheeda and recognizing its growing management team.
Defense Metals Corp. has announced significant progress in its Wicheeda project, including plans to commence a Definitive Feasibility Study in 2026, with ongoing optimization of plant configurations and metallurgical processes. The company is actively engaging with Canadian and US authorities to secure support and accelerate the permitting process, while also exploring strategic partnerships and financing opportunities to advance the project.