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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 | Jun 2025 | Jun 2024 | Jun 2022 | Jun 2021 | Mar 2020 |
|---|---|---|---|---|---|---|
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 | -4.12M | -5.07M | 361.32K | -2.71M | -2.63M | -217.00K |
| Net Income | -5.11M | -5.77M | -2.76M | -2.71M | -2.64M | -1.23M |
Balance Sheet | ||||||
| Total Assets | 62.90M | 45.68M | 42.65M | 32.74M | 4.14M | 2.04M |
| Cash, Cash Equivalents and Short-Term Investments | 16.53M | 695.26K | 916.07K | 1.76M | 849.47K | 166.18K |
| Total Debt | 23.12K | 3.52M | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 628.65K | 8.39M | 808.91K | 656.52K | 327.87K | 207.31K |
| Stockholders Equity | 62.27M | 37.30M | 41.84M | 32.09M | 3.81M | 1.84M |
Cash Flow | ||||||
| Free Cash Flow | -6.18M | -4.04M | -12.73K | -9.60M | -3.45M | -2.11M |
| Operating Cash Flow | -4.96M | -2.52M | -2.60K | -2.96M | -2.00M | -924.13K |
| Investing Cash Flow | -794.27K | -1.52M | -10.12M | -6.90M | -1.53M | -1.18M |
| Financing Cash Flow | 21.10M | 3.82M | 11.88M | 10.91M | 4.22M | 2.08M |
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$169.92M | -15.33 | -6.27% | ― | ― | -60.92% | |
52 Neutral | C$50.08M | -5.48 | -4.26% | ― | ― | -760.00% | |
51 Neutral | C$89.73M | -1.58 | -49.48% | ― | ― | 62.30% | |
51 Neutral | C$92.94M | 17.52 | -5.33% | ― | ― | 16.24% | |
49 Neutral | C$104.09M | -12.86 | -10.54% | ― | ― | -42.86% | |
45 Neutral | C$36.42M | -0.48 | 115.07% | ― | 2.76% | -1.06% |
Defense Metals Corporate Events
Defense Metals has received conditional approval for up to C$1.88 million in government funding to advance clean energy and transportation infrastructure for its Wicheeda Rare Earth Elements Project in British Columbia. The funding, pending final due diligence, will support the design of a 60-kilometre transmission line delivering up to 35 megawatts of hydroelectric power to the mine site, as well as engineering upgrades to the 43-kilometre access road to improve safety and logistics.
Work planned from 2026 to 2028 includes BC Hydro interconnection, rail network integration studies, and Indigenous engagement initiatives aimed at infrastructure readiness and regional collaboration. The project is positioned to strengthen Defense Metals’ role as a domestic source of rare earths for electric vehicles, renewable energy and advanced manufacturing, while bolstering Canadian critical minerals supply chains and long-term operational efficiency at Wicheeda.
The most recent analyst rating on (TSE:DEFN) stock is a Hold with a C$0.29 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 its Wicheeda rare earth project economics remain robust, with current international neodymium-praseodymium prices closely matching those used in its pre-feasibility study and supporting a project valued at about C$1.0 billion post-tax NPV with low operating costs. The company is accelerating work toward a full feasibility study through new drilling, pilot-scale metallurgical programs, and expanded environmental baseline studies, while gaining strategic support from British Columbia’s Critical Minerals Office and engaging European stakeholders seeking secure Western rare earth supply.
Wicheeda has been selected as one of four projects, and the only rare earth asset, to receive specialized assistance from the B.C. Critical Minerals Office, underscoring its growing strategic importance within Canada’s critical minerals strategy. In parallel, invitations from Natural Resources Canada to meet European industry and strategic players are enhancing Defense Metals’ visibility in emerging global supply chains and could facilitate future offtake or partnership opportunities as the project is technically de-risked.
The most recent analyst rating on (TSE:DEFN) stock is a Hold with a C$0.25 price target. To see the full list of analyst forecasts on Defense Metals stock, see the TSE:DEFN Stock Forecast page.
Defense Metals has joined a Canadian government-led trade mission to Europe, positioning itself as a key rare earth supplier amid growing demand for secure and sustainable critical mineral supply chains. As one of only two rare earth-focused firms in a 17-company delegation, it engaged in pitch sessions and B2B meetings in Rome, Munich and Paris with government officials, investors and industrial partners seeking diversified sources of rare earths.
The company used the mission to showcase its Wicheeda Rare Earth Project and Canada’s role as a reliable critical materials supplier for clean energy, defence and advanced technologies. This high-profile exposure is expected to enhance Defense Metals’ international visibility and support its strategy to advance Wicheeda toward feasibility, permitting and eventual production, strengthening its positioning in the European rare earth and critical minerals market.
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.
Defense Metals has been selected by the Province of British Columbia’s Critical Minerals Office as one of only three new promising advanced projects, securing early coordination support for its Wicheeda Rare Earth Element Project near Prince George. The designation, based on factors including Indigenous relationships, geological potential and project readiness, is expected to streamline the environmental assessment and permitting path as the company advances technical studies.
Provincial officials say the Critical Minerals Office is intended to accelerate development of key projects while improving alignment among communities, Indigenous Nations and project proponents. Defense Metals’ inclusion underscores Wicheeda’s strategic importance to B.C.’s growing critical minerals sector and could strengthen the company’s positioning as a future supplier of rare earths essential to defence, advanced manufacturing and clean-energy technologies.
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.
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.
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.