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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 2024 | 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 | -4.41M | -5.07M | 361.32K | -3.74M | -2.71M | -2.63M |
| Net Income | -5.14M | -5.77M | -2.76M | -3.78M | -2.71M | -2.64M |
Balance Sheet | ||||||
| Total Assets | 48.88M | 45.68M | 42.65M | 25.26M | 32.74M | 4.14M |
| Cash, Cash Equivalents and Short-Term Investments | 3.16M | 695.26K | 916.07K | 724.81K | 1.76M | 849.47K |
| Total Debt | 39.57K | 3.52M | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 1.55M | 8.39M | 808.91K | 668.62K | 656.52K | 327.87K |
| Stockholders Equity | 47.33M | 37.30M | 41.84M | 24.59M | 32.09M | 3.81M |
Cash Flow | ||||||
| Free Cash Flow | -6.14M | -4.04M | -12.73K | -5.24M | -9.60M | -3.45M |
| Operating Cash Flow | -4.81M | -2.52M | -2.60K | -2.36M | -2.96M | -2.00M |
| Investing Cash Flow | -1.32M | -1.52M | -10.12M | -2.95M | -6.90M | -1.53M |
| Financing Cash Flow | 7.08M | 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$204.54M | -46.43 | -6.27% | ― | ― | -60.92% | |
52 Neutral | C$58.42M | -8.33 | -4.00% | ― | ― | -760.00% | |
51 Neutral | C$120.60M | -0.69 | -49.48% | ― | ― | 62.30% | |
51 Neutral | C$86.86M | -13.85 | -5.33% | ― | ― | 16.24% | |
50 Neutral | C$107.86M | -14.47 | -11.39% | ― | ― | -42.86% | |
45 Neutral | C$41.26M | -1.17 | ― | ― | 2.76% | -1.06% |
Defense Metals Corporate Events
Defense Metals Corp. has appointed veteran mining executive and mechanical engineer Robin Jones as Vice President, Projects, bringing more than three decades of global experience in developing and executing complex mining and mineral processing operations across multiple commodities, including rare earth elements. His track record, which includes leading feasibility studies and overseeing construction and operation of a heavy rare earth pilot plant, is expected to strengthen Defense Metals’ technical leadership and support the disciplined advancement of its flagship Wicheeda Rare Earth Element Project through its next stages of engineering and development, a key step in the company’s strategy to position itself as a significant future supplier of critical rare earths to Western supply chains.
The most recent analyst rating on (TSE:DEFN) stock is a Hold with a C$0.28 price target. To see the full list of analyst forecasts on Defense Metals stock, see the TSE:DEFN Stock Forecast page.
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.