08:47 AM EDT, 10/07/2025 (MT Newswires) -- Defense Metals ( DFMTF ) , which gained nearly 14% and reached almost 52-week highs Monday, said that it has been working toward starting a Definitive Feasibility Study in the first half of 2026.

The company overnight Monday said the Pre-Feasibility Study was notable in positioning Wicheeda as the only REE project in North America not yet in production with proven mineral reserves, and "therefore the most advanced undeveloped project in North America and Europe." It will continue to perform additional test work to optimize the final plant configuration.

Defense Metals ( DFMTF ) also continues to progress work in the areas of social and environmental stewardship, focussing on establishing baseline environmental parameters and continuing indigenous engagement. The company has engaged Hatch for determining the optimal location for the Wicheeda project's hydro-metallurgical plant.

It held several discussions with the ministries of Energy and Natural Resources in Canada and has two grant applications under evaluation with the Critical Minerals Infrastructure Fund.

"With the clear drive to reduce rare earth value chain dependency on China, the Wicheeda project, which is the only project in North America and Europe with confirmed reserve, is clearly needed," said Defense Metals ( DFMTF ) executive chairman Guy de Selliers. "We are determined to make it happen."

Selliers' family Trust purchased 1.5 million shares October 6, at an average price of 20.5 cents "to increase its already significant long-term shareholding."

Shares of the company closed up $0.025 to $0.205 Monday on the TSX Venture Exchange.