Business
Defense Metals and Hanwha Corporation Sign Non-Binding Memorandum of Understanding To Advance Domestic Rare Earth Supply Chain
Non-binding MOU to encompass all of Hanwha Corporation affiliates' potential long-term rare earth supply requirementsVANCOUVER, BC, May 27, 2026 /CNW/ -
About this update from Defense Metals Corp.
[{"type":"text","content":"\n \n \n \nNon-binding MOU to encompass all of Hanwha Corporation affiliates' potential long-term rare earth supply requirementsVANCOUVER, BC, May 27, 2026 /CNW/ - Defense Metals Corp. (\"Defense Metals\" or the \"Company\"; (TSXV: DEFN) (OTCQB: DFMTF) (FSE:35D) today announced that it has entered into a non-binding memorandum of understanding (\"MOU\") with Hanwha Ocean Co. Ltd (\"Hanwha\") and its affiliate Hanwha Corporation, signed on May 25, 2026, to explore a strategic collaboration involving the future supply of rare earth elements (\"REEs\") and potential investment opportunities.Defense Metals is a company focused on the development of its wholly owned Wicheeda Rare Earth Project (the \"Wicheeda Project\"), located near Prince George, British Columbia, Canada. Hanwha is a South Korean global premium specialized shipbuilding and offshore contractor in the design, construction, maintenance and marketing of all types of vessels, offshore platforms, drilling rigs, floating oil production units, and submarines.Under the terms of the MOU, the parties intend to evaluate the framework for a potential long-term offtake agreement pursuant to which Defense Metals could supply certain rare earth materials produced from the Company's Wicheeda Project to support Hanwha and its affiliate's manufacturing and supply chain requirements. The parties will also explore the possibility of a strategic investment by Hanwha or any of its affiliates in Defense Metals, subject to further due diligence, negotiation, and the execution of definitive agreements.The contemplated collaboration reflects the growing demand for secure and reliable domestic sources of critical minerals used in advanced industrial applications, including defense and maritime technologies.\"This MOU is an important step in advancing a made-in-Canada critical minerals supply chain supporting strategically important defense and maritime industries,\" Mark Tory, CEO of Defense Metals, said. \"Rare earth elements are increasingly recognized as foundational materials for next-generation defense technologies and advanced manufacturing. We believe collaboration with a global premium naval vessel manufacturer position both organizations to contribute to a more secure and resilient domestic supply ecosystem while supporting long-term industrial development in Canada.\"A spokesperson ...