Defense Metals Corp. · TSXV:DEFN
Defense Metals — Investor Presentation (October 2026)
26 slides from Defense Metals's investor presentation, October 2026
Slide 1: North America's Most Advanced Rare Earths Project
North America’s Most Advanced Rare Earths Project Bringing security to the supply of Critical Minerals outside of China October 2026 TSX-V: DEFN | OTCQB: DFMTF | FSE: 35D
Slide 2: Forward-Looking Statements
This presentation includes certain statements that constitute “forward-looking information or differ materially from those in forward looking statements include, but are not limited to, statements” within the meaning of applicable securities law, including without limitation, the continued availabil
Slide 3: Our Key Investment Drivers
Our Key Investment Drivers Defense Metals is uniquely positioned as the solution. Rare Earth Elements Protecting North America from The only undeveloped are indispensable supply vulnerability now REE mining reserve in for everyday a political and economic must North America technologies TSX-V: DEFN
Slide 4: Capital Structure
Capital Structure as of Oct 1, 2026 395.1M Common Shares Issued and Outstanding Strong, Debt-Free Balance Sheet with $9 million cash at 30 June 26 53.4M ~7% Share Purchase 469.8M Management and Warrants Fully Diluted Insider Ownership Outstanding Analyst Coverage: 21.3M Incentive Stock Options O/S D
Slide 5: Our Path to Value Creation
Our Path to Value Creation 2020 - 2025 2026 - 2027 2028 - 2031 • Wicheeda asset acquired • Drilling and project work for • Permitting Feasibility Study (FS) • Co-Design agreement McLeod • Financing for construction Lake Indian Band (MLIB) • 30t Pilot plant test work • Final investment decision (FID)
Slide 6: Our Unique Advantages
North America’s Premier Rare Earths Deposit • Deposit high in Neodymium (Nd) and Praseodymium (Pr) located near Prince George Our Unique • and in close proximity to existing infrastructure Large, proven reserve for potential long life mine and high-grade rare earths at surface Advantages with low st
Slide 7: Our Infrastructure Advantage
Our Infrastructure Advantage o Strategically positioned 80 km from Prince George and accessible from a major forestry service road, which connects to major highway o 100% owned, 11,800-hectare, has power transmission lines, a gas pipeline and a major rail line nearby o Prince George, British Columbi
Slide 8: PFS - Robust Economics
PFS - Robust Economics With High Operating Margins PFS Economics – April 2025 Rare Earth Adjusted Basket Value ($/Kg TREO) NPV Pre Tax US$1.8 billion NPV Post Tax US$1.0 billion CAPEX US$1.4 billion Payback Post Tax 3.7 years IRR Pre Tax 24.2% IRR Post Tax 18.6% Average Annual Opex $ / kg $38.4/kg N
Slide 9: Concentrate Grade is Important
Concentrate Grade is Important A 3x lower concentrate grade requires a hydromet plant 3x size to get same output. Larger hydromet = ↑ CAPEX + OPEX 15% TREO Hydromet 3x SIZE Beneficiation grade in concentrate Beneficiation Plant Same Output TREO 45% TREO Hydromet grade in concentrate TSX-V: DEFN | DE
Slide 10: High Grade Concentrate is Comparable to Global Producers
High Grade Concentrate is Comparable to Global Producers Grade Flotation Concentration Grade and Project Stage Mineralogy (% TREO) Recovery Wicheeda Canada PFS Complete 2.3%1 50% TREO, 60-80% recovery Bastnaesite + Monazite Mt. Pass (MP Materials, MPNYSE)2,3 Producer 8% 60% TREO, 67% recovery Bastna
Slide 11: Our Partnership Strategy
Our Partnership Strategy Advancing discussions with potential strategic partners • Signed MOU with Hanwha Ocean and Hanwha Corporation – top 5 corporation in Korea May 2026 • The MOU explores a strategic collaboration involving the future supply of rare earth elements and potential investment opport
Slide 12: Our Strength in Leadership
Dale Wallster | Director Our Strength in Leadership A successful prospector and geologist with a track record of high-value mineral discoveries. Dale brings over 30 years of exploration experience and has led the advancement of significant projects across multiple commodities. Guy de Selliers | Exec
Slide 13: Our Commitment to Social Performance
Our • Strategic partnership, Co-design Commitment Agreement, and equity stake (January 2024). Focus on to Social collaborative development and • Established mutually beneficial Performance reconciliation. relationship with the principal Indigenous rightsholder. TSX-V: DEFN | DEFENSEMETALS.COM 13
Slide 14: Our Commitment to Environmental Performance
Our Commitment to Environmental Performance Environmental site data collection for required robust datasets initiated in 2020. • Hydrology • Geochemistry • Meteorology • Water quality • Hydrogeology Aligning environmental and social baseline studies to timelines that include the engineering informat
Slide 15: Government Relations
Government Relations Commitment from governments to coordinate effectively in the assessment of projects and issuance of permits for critical mineral projects. • Mines Act Permits in place for continued work on site to support FS site work • BC Govt recognised Wicheeda as one of 4 new promising proj
Slide 16: Our Advancement of Wicheeda - Feasibility Study
Our Advancement of Wicheeda - Feasibility Study • 2 drill rigs on site in spring • one for resource infill drilling (20 holes for 3,136 metres) • one for geotechnical drilling (11 holes for 2,209 metres) • Results infill drilling include: • 2.86% TREO over 65m (incl 6.15% TREO over 20.3m) • 2.62% TR
Slide 17: Our Advancement of Wicheeda 30t Pilot Plant at SGS Lakefield
Our Advancement of Wicheeda 30t Pilot Plant at SGS Lakefield • 30t pilot plant - completed the beneficiation plant testing at SGS • SGS Report expected in coming weeks • The concentrate from the beneficiation pilot plant will be used for the hydromet pilot plant • Results to be utilised in the full
Slide 18: Our Key Investment Drivers
Our Key Investment Drivers Defense Metals is uniquely positioned as the solution. Rare Earth Minerals Protecting North America from The only undeveloped are indispensable supply vulnerability now, REE mining reserve in for everyday a political and economic must North America technologies 2026 - 2027
Slide 19: Contact Information
Contact Information Mark Tory President and CEO 1020 – 800 West Pender St. E: mark@defensemetals.com Vancouver, BC T: +1 (604) 445-8179 DEFENSEMETALS.COM
Slide 20: Appendices
Appendices DEFENSEMETALS.COM
Slide 21: REEs Have Critical Technology Applications
REEs Have Critical Technology Applications Impacting us in every aspect of our lives Automotive Power Aerospace/ Robotics/ Generation Defense Electronics • Electric • Wind turbines • Plane Motors • Robotics Vehicle Motors • Other power • Submarines • Computer screens • Catalytic generators • Guidanc
Slide 22: Geopolitical Tension
Geopolitical Tension China Dominates Every Step of the Rare Earth Supply Chain: From Mining and Beneficiation, to Smelting and Producing NdFeB Magnets Reserves Mining Processing & Refining Metal Conversion Magnets 51.6% 40% ~ 10% ~ 10% > 10% 48.4% 60% ~ 90% ~ 90% < 90% China ROW TSX-V: DEFN | DEFENS
Slide 23: Geopolitical Tension
Geopolitical Tension Western governments now recognizing they must address China’s dominance in every step of the rare earth supply chain TSX-V: DEFN | DEFENSEMETALS.COM 23 TSX-V: DEFN | DEFENSEMETALS.COM
Slide 24: Growing Supply Side Shortage
Growing Supply Side Shortage The current Chinese pricing above floor price given to MP Materials by US Govt Chinese export restrictions created a global shortage, moving the price of NdPr oxide from US$30/kg to nearly US$200/kg in 2010 through 2011. Also, Feb 2022 prices peaked at nearly US$150/kg T
Slide 25: Wicheeda - the only undeveloped Rare Earths project in North America with Mineral Reserves
Wicheeda - the only undeveloped Rare Earths project in North America with MINERAL RESERVES A Reserve is a subset of a Resource which has been proven to be economically viable under the stringent specifications of NI 43-101 regulations Economic studies older than 5 years, with no subsequent update, a
Slide 26: High-Grade TREO at Surface
High-Grade TREO at Surface • Low strip ratio for mining 3.3:1 • Higher grades near surface lead to quicker payback TSX-V: DEFN | DEFENSEMETALS.COM 26
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