Defense Metals names new CEO to lead B.C. rare earths project
Defense Metals Corp. [DEFN-TSXV, DFMTF-OTCQB, 35D-FSE] has named Mark Tory as the company’s new CEO, a move that takes effect on January 1, 2025. Tory will relocate to Vancouver, the company said in a press release.
In the new role, Tory will be responsible for leading the development of the company’s Wicheeda rare earth elements (REE) project, northeast of Prince George, British Columbia. Defense said it is advancing quickly towards the completion of a prefeasibility study, with results expected to be published in the first quarter of 2025.
Tory is a chartered accountant. He is also a highly experienced resource executive with significant rare earths experience having held key leadership roles at Northern Minerals, initially as chief financial officer and subsequently as CEO. He oversaw the development of the Browns Range rare-earth project, including the building and operation of a $70 million (Australian) pilot plant. In an earlier role, he was managing director, CFO and company secretary at Crescent Resources.
“What immediately attracted me to this opportunity is the rather unique characteristics of the Wicheeda deposit, which makes it one of the most promising deposits in North America which includes the ability to upgrade the in-ground TREO to an over 50% concentrate through a relatively simple beneficiation process,’’ he said.
Defense shares were unchanged at $0.095 and trade in a 52=week range of 27.5 cents and $0.07
Early in 2024, Defense Metals and the McLeod Lake Indian Band (MLIB) have announced a strategic equity partnership and co-design agreement, a move that they say solidifies their joint commitment to the Wicheeda project.
The MLIB has acquired a “meaningful equity stake” of approximately 2.6 million common shares of Defense Metals, which aims to capitalize on the expected growing demand for North American-sourced rare earth elements (REE) by advancing its Wicheeda property. The project covers 8,301 hectares and is located on the traditional territory of the MLIB.
MLIB and Defense Metals have entered into a co-design agreement, emphasizing a joint planning approach, empowering MLIB to play an integral part in the design and design-making process in the technical, social, engineering and environmental aspects of the Wicheeda Project.
Rare earth elements are a group of 15 elements with names like Neodymium, Terbium and Dysprosium, and which are vital to green technology and high-tech applications. For example, Neodymium-Praseodymium (NdPr)-based magnets are found in 93% of all electric vehicle motors, a scenario that could lead to a supply deficit if the electric vehicle adoption rates continue to rise.
But since China’s dominant position in this market has sparked supply concerns, the industry world is looking for alternative sources of supply.
Whiceeda is an advanced mineral project with a measured resource of 6.4 million tonnes, averaging 2.86% total rare earth oxides (TRE0), including an indicated resource of 27.8 million tonnes averaging 1.84% TREO, and an inferred resource of 11.1 million tonnes, averaging 1.02% TREO.