05:23 PM EDT, 04/28/2025 (MT Newswires) -- Defense Metals ( DFMTF ) after close of trade Monday said it signed a non-binding memorandum of understanding dated April 25 with a potential strategic partner for entering into a supply agreement representing a significant portion of the planned output from its Wicheeda Rare Earth Element project.

The Wicheeda Project, approximately 80 kilometers northeast of Prince George, B.C., is readily accessible by a paved highway and all-weather gravel roads and is close to infrastructure, including hydro power transmission lines and gas pipelines.

"The interest shown by our potential strategic partner reflects growing industry confidence that Wicheeda could indeed become a strategically important source of rare earth elements based on the convincing results of our detailed pre-feasibility study published earlier this month," said chief executive Mark Tory. "We still have a lot of work to do do to turn our project into reality, but this MOU is certainly a major step in the right direction."

The company's shares closed down $0.005 to $0.15 on the TSX Venture Exchange.