$DFMTF) Announces Positive Preliminary Economic Assessment For The Wicheeda Rare Earth Element Project

Vancouver, British Columbia – November 25, 2021 (Investorideas.com Newswire, MiningSectorStocks.com and RenewableEnergyStocks.com) Mining / Metals / Inexperienced Power Inventory Information – Protection Metals Corp. (TSX-V: DEFN / OTCQB: DFMTF/ FSE:35D) is happy to announce the outcomes of its Preliminary Financial Evaluation (PEA) and up to date mineral useful resource estimate for the event of its Wicheeda Uncommon Earth Factor (REE) deposit situated in British Columbia, Canada. The PEA was ready by SRK Consulting (Canada) Inc. (SRK). The efficient date of the PEA is November 21, 2021 and a technical report referring to the PEA will likely be filed on SEDAR inside 45 days of this information launch.

PEA Highlights

Robust Monetary Metrics

• The venture has a pre-tax web current worth (NPV) of $765 million[1], and after-tax NPV of $512 million, at 8% low cost charge.
• The pre-tax inner charge of return (IRR) is 20%, and the after-tax IRR is 16%.
• The capital payback is 5 years from begin of manufacturing, and assumes partial self-funding of building of hydrometallurgical plant from focus gross sales.
• Revenues common $397 million per yr from sale of REE mineral focus (years 1-4) and combined REE hydrometallurgical precipitate (years 5-16).
• Working margin of 65.2%.
• Manufacturing of a saleable high-grade flotation-concentrate, with common 43% complete uncommon earth oxide (TREO) for the lifetime of the mine. It will likely be offered to market instantly for years 1-4 and can then feed a venture hydrometallurgical plant beginning in yr 5.
• Challenge close to to key infrastructure.
• Base case economics have been calculated utilizing uncommon earth oxide (REO) costs of US$5.76/kg TREO in flotation focus and US$14.04/kg TREO in combined REE carbonate precipitates.

Vital Manufacturing Potential

• The research contemplates a 1.8 Mtpa (million tonnes per yr) mill throughput open pit mining operation with 1.75:1 (waste:mill feed) strip ratio over a 19 yr mine (venture) life that features 3 years of building, and early income era through phased open pit improvement. Part 1 preliminary pit strip ratio of 0.63:1 (waste:mill feed) yields fast entry to larger grade floor mineralization. Pre-production and first mill feed each in yr 1.
• Common annual REO manufacturing of 25,423 tonnes.
• Working prices common $137 million per yr over a 16-year lifetime of mine (LOM).

Improvement Capital

• Preliminary capital expenditures (CAPEX) are $461 million (features a contingency allowance of 20% to 25% for main objects), and the enlargement capex beneath a cash-funded situation is $474 million. Sustaining capex for the lifetime of the venture is $401 million.
• A situation that makes use of focus gross sales to partially self fund the development of a hydrometallurgical plant reduces total venture money necessities in comparison with developing the hydrometallurgical plant as a part of Part 1. This improvement situation supplies vital optionality to speed up or defer the funding within the hydrometallurgical plant based on market circumstances.

Mineral Useful resource Estimate

• The up to date Wicheeda Mineral Useful resource Estimate (MRE) includes a 5.0 million tonne Indicated Mineral Useful resource, averaging 2.95% TREO and a 29.5 million tonne Inferred Mineral Useful resource, averaging 1.83% TREO, reported at a cut-off grade of 0.5% TREO inside a conceptual Lerchs-Grossman (LG) pit shell. The present useful resource represents a 36% enhance on a contained steel foundation compared to the prior 2020 MRE as a result of estimation of further economically vital medium and heavy REE’s and a decrease cut-off grade established primarily based on consideration of TREO and focus payable, metallurgical restoration, and working value assumptions.

Exploration Upside

• Throughout 2021, in anticipation of a optimistic PEA end result, Protection Metals accomplished a 29-hole 5,349 metre useful resource enlargement and delineation diamond drill program at Wicheeda. The outcomes of drilling are anticipated throughout Q1 2022 and as such haven’t been integrated into the PEA. The drilling is predicted to help ongoing superior financial research by means of the event of an up to date geological mannequin and mineral useful resource estimate.

Craig Taylor, CEO of Protection Metals, said: “We’re happy to have delivered a optimistic PEA for the Wicheeda REE Challenge that has the potential to be one of many prime REE initiatives on the planet. We selected SRK as a result of its world class expertise and popularity within the mining business and particularly its capacity to assemble a crew with extremely specialised information of Uncommon Earth Components initiatives. The outcomes of the PEA reveal the Wicheeda Challenge demonstrates sturdy economics and comparatively low preliminary CAPEX through a staged improvement situation that gives the flexibleness to capitalize on forecast REE demand strain.”

Dr. Luisa Moreno, Director, added: “The Wicheeda venture has the three foremost facets for a profitable uncommon earth venture, favorable minerology dominated by coarse grained bastnasite household minerals, a metallurgical course of that yielded excessive grade flotation focus and nice infrastructure in a pleasant jurisdiction. With the optimistic PEA, the venture is undoubtedly a step nearer to manufacturing.”

[1] All figures are in Canadian {dollars} until in any other case specified

PEA Key Metrics

Optimization Alternatives and Subsequent Steps

The PEA describes a well-developed base case flotation focus and hydrometallurgical pre-leach-caustic crack-leach flowsheet able to attaining excessive REE recoveries right into a combined REE precipitate product. The bottom case represents a well-proven and extensively adopted REE restoration flowsheet.

There are a number of different course of and infrastructure improvement choices which have proven promise in preliminary testing or primarily based on the traits of Wicheeda REE feed are anticipated to be viable, which have the potential to yield simplifications that will contribute to decreased CAPEX and/or working prices (OPEX). Future vital path bench and/or pilot-scale testwork and financial trade-off, and useful resource estimation research are deliberate which embody (however usually are not restricted to):

• Financial commerce off research designed to analyze the optimum hydrometallurgical plant location. CAPEX/OPEX discount could also be achievable in siting the hydrometallurgical plant extra distant from the venture website close to industrial reagent suppliers versus the bottom case.
• Entrance-end investigation of pre-concentration (e.g., x-ray transmission (XRT) particle sorting) and flotation flowsheet metallurgical optimization assessing the impact of grind measurement and lowered or different reagent dosages, as properly required conditioning and flotation slurry temperature.
• Hydrometallurgical optimization together with investigation of potential course of options together with direct caustic crack, sulphuric acid bake.
• Throughout 2021, in anticipation of a optimistic PEA end result, Protection Metals accomplished a 29-hole 5,349 metre useful resource enlargement and delineation diamond drill program at Wicheeda. The outcomes of drilling are anticipated throughout Q1 2022 and as such haven’t been integrated into the PEA. The drilling is predicted to help ongoing superior financial research by means of the event of an up to date geological mannequin and mineral useful resource estimate.
• Additional metallurgical take a look at work to verify and enhance recoveries and higher outline detailed design parameters reminiscent of liquid-solid separation necessities.
• Additional definition of the detailed traits of the tailings and water administration parts.
• Have interaction with rights and stakeholders.
• Design and implementation of a full environmental bottom line program in help of Federal and Provincial Environmental Evaluation for the venture.
• Future infill and enlargement drilling.

Up to date Mineral Useful resource

The Wicheeda deposit is modelled as a southeast-trending, north to northeast dipping composite layered syenite-carbonatite sill advanced having dimensions of roughly 400 m north-south by 100-250 m east-west. The mineralization is interpreted as a reasonably north-northeast dipping, shallowly north plunging, layered sill advanced having low REE grade syenite at its base, overlain by transitional intermediate REE grade hybrid xenolithic-carbonatite (fenite), and at last comparatively larger REE grade dolomite-carbonatite rocks, which type the principle mineralization of the Wicheeda REE deposit outcropping at floor.

The up to date MRE includes a 5.0 million tonnes Indicated Mineral Useful resource, averaging 2.95% TREO (Complete Uncommon Earth Oxide: CeO₂, La₂O₃, Nd₂O₃, Pr₆O₁₁, Sm2O3, Eu₂O₃, Gd₂O₃, Tb₄O₇, Dy₂O₃ and Ho₂O₃), and a 29.5 million tonnes Inferred Mineral Useful resource, averaging 1.83% TREO, reported at a cut-off grade of 0.5% TREO inside a conceptual Lerchs-Grossman (LG) pit shell and is offered in Desk 2.

The decrease cut-off grade was established primarily based on consideration of TREO and focus payable, metallurgical restoration, and working value assumptions.

The MRE is predominately primarily based on an unchanged geological mannequin and methodologies utilized to calculate the 2020 MRE. Variations relate to the incorporation of pulp REE multi-element fusion inductively coupled plasma mass spectrometry (ICP-MS), re-assay of the 2008 and 2009 drillholes, lowering the uncertainty relating to the historic incomplete X-ray fluorescence analytical outcomes, up to date estimation parameters, and a 2020 LiDAR survey. The elevated decision of the LiDAR permits for extra sturdy mine planning, significantly when contemplating the excessive aid throughout the Challenge space.

Notes for Useful resource Desk:

• The MRE was ready by Warren Black, Sc., P.Geo. of APEX Geoscience Ltd beneath the supervision of the QP, André M. Deiss, Bsc (Hons), Pri.Sci.Nat. of SRK Consulting (Canada) Inc., in accordance with CIM Definition Requirements.
• The MRE is classed based on the CIM “Estimation of Mineral Assets and Mineral Reserves Finest Follow Tips” dated November twenty ninth, 2019 and CIM “Definition Requirements for Mineral Assets and Mineral Reserves” dated Might tenth, 2014.
• Mineral Assets that aren’t Mineral Reserves do not need demonstrated financial viability. There is no such thing as a assure that any a part of the mineral sources mentioned herein will likely be transformed to a mineral reserve sooner or later.
• All figures are rounded to replicate the relative accuracy of the estimates. Complete could not sum as a result of rounding.
• Imply rock densities supported by 795 measurements utilized: 2.94 g/cm3 (dolomite-carbonatite), 2.87 g/cm3 (xenolithic-carbonatite), 2.70 g/cm3 (syenite), and a couple of.74 g/cm3 (limestone).
• The cheap prospect for eventual financial extraction is met by reporting the Mineral Assets at a cut-off grade of 0.50% TREO (complete uncommon earth oxide, sum of 10 oxides: CeO₂, La₂O₃, Nd₂O₃, Pr₆O₁₁, Sm₂O₃, Eu₂O₃, Gd₂O₃, Tb₄O₇, Dy₂O₃ and Ho₂O₃), contained inside a Lerchs-Grossman (LG) optimized pit shell
• The cut-off grade is calculated, and the LG pit is optimized primarily based on the belief that the hydrometallurgical processes can produce combined REE carbonate precipitates. The parameters utilized embody the next concerns:

  • TREO worth: $18.66/kg
  • Trade charge of 1.30 C$:US$
  • Precipitate manufacturing grades of 81.09% of TREO
  • Processing value consists of $21.47/t of mill feed for flotation plus a variable value for hydrometallurgical plant that varies primarily based on the feed grade. The common value of hydrometallurgical plant is assumed to be $1,204/t of focus.
  • Mining value of C$2.00/t for mill feed and waste
  • G&A Prices included within the processing value is C$6M/yr
  • The general course of recoveries: For TREO>=2.3%, restoration is 69.6%; between 2.3% and 1.5% TREO, restoration is 65.3%; and fewer than 1.5% TREO, restoration is 52.2%. These assume variable flotation recoveries and a relentless 87% hydrometallurgical restoration.
  • Total pit slope angles fluctuate by zone between 40 and 48 levels

The PEA for the Wicheeda REE Deposit is preliminary in nature, consists of inferred mineral sources which are thought-about too speculative geologically to have the financial concerns utilized to them that might allow them to be categorized as mineral reserves, and there’s no certainty that the preliminary financial evaluation forecasts will likely be realized or that any of the sources will ever be upgraded to reserves. Mineral sources that aren’t mineral reserves do not need demonstrated financial viability.

Mineral Useful resource Estimate Methodology

1. The drillhole database comprised of 27 exploration diamond drillholes accomplished in 2008 and 2009 by earlier operators (14 holes totalling 2,244 metres) and in 2019 by Protection Metals (13 holes totalling 2,005 metres), containing a complete of 1,315 drill core samples analyzed for REE by multi-element fusion ICP-MS.
2. The 3D geological modeling integrates assay and geological information collected from diamond core drilling; floor geologic mapping; soil geochemical; and airborne magnetic; and radiometric geophysical surveys.
3. Search ellipsoids outlined by steel modelled variograms, which vary from 130 to 140 m within the main axis, 100 m within the minor axis, and 9 to 18 m within the vertical axis. The MRE was estimated with 3 m composites using Peculiar kriging and native various anisotropy.
4. Indicated Assets have been categorized inside a search ellipse of 90 m by 60 m by 9 m with a minimal of 5 drillholes. Inferred blocks don’t lengthen past the boundaries of the variograms.

Desk 3 above illustrates the sensitivity of the MRE to totally different cut-off grades for a possible open-pit operation situation with cheap outlook for financial extraction. The reader is cautioned that the figures offered in these tables shouldn’t be interpreted as an announcement of mineral sources. Portions and estimated grades for various cut-off grades are introduced for the only real goal of demonstrating the sensitivity of the useful resource mannequin to the selection of a particular cut-off grade.

Mine Planning

SRK developed and evaluated a sequence of operational eventualities involving totally different manufacturing charges and saleable merchandise to reach at an optimum answer for mine improvement. An optimization mannequin was used to verify the sensitivity of the deposit in opposition to varied key variables, and a number of high-level schedules have been costed and economically assessed beneath various pricing assumptions.

From this situation evaluation, a go-forward situation was chosen for additional refinement. An up to date pit optimization was run to pick a pit primarily based on optimizing the steadiness of NPV and danger. This pit was the premise of a manufacturing schedule for the LOM. Over the LOM, the venture will generate 26.1 Mt of mill feed at a strip ratio of 1.75:1 (waste:mill feed) and a mean grade of two.3% TREO.

The Wicheeda deposit will likely be mined as a traditional open pit operation. In-pit haulage for each mill feed and waste will likely be by 65 tonne haulage vans. Mill feed will likely be mined in six-metre benches and hauled to the crusher near the pit rim. Crushed mill feed will likely be conveyed to the flotation mill.

Waste rock will likely be mined and hauled to an on-site rock storage facility in addition to to the tailings storage facility (TSF) for embankment building.

The mining operation has been costed as proprietor operated.

Flotation Concentrator

Materials from the Wicheeda deposit is to be processed in a flotation concentrator to provide a flotation focus that’s additional processed on the hydrometallurgical plant. The flotation concentrator is to include unit operations which are customary to the business and embody: crushing and grinding to liberate the REE minerals from the waste rock, adopted by conditioning at elevated temperature with the required reagents adopted by rougher and scavenger flotation. The ensuing rougher-scavenger flotation focus is to be additional upgraded throughout a number of levels of reagent conditioning and cleaner flotation. The upgraded flotation focus is then thickened, filtered and ready for transport to the hydrometallurgical plant for additional processing. The flotation concentrator tailings is to be pumped to the TSF for disposal.

An essential side for a profitable rare-earth venture is the manufacturing of a flotation focus[2], and solely a choose variety of firms have been capable of report such achievement. A high-grade flotation focus results in smaller hydrometallurgy plant tools and consequently significantly decrease capital expenditures. As decrease volumes of mineral focus are processed, there are additionally working prices advantages as much less reagents are consumed.

Hydrometallurgical Plant

Flotation focus is subjected to a pre-leach course of utilizing hydrochloric acid (HCl) to take away gangue minerals which are current. The pre-leach residue is then processed by caustic cracking utilizing a powerful sodium hydroxide (NaOH) answer at elevated temperature. This converts the REE phosphate and fluorocarbonate minerals to hydroxides and dissolved phosphate, fluoride and carbonate species. The dissolved species are precipitated utilizing lime and the NaOH thereby regenerated and re-used. The REE hydroxide is leached with HCl, impurities eliminated and the REE then precipitated with lime to type a REE hydrate which is dried, packaged, and despatched to market.

As famous, NaOH used is regenerated utilizing lime and the hydrochloric acid is regenerated utilizing sulphuric acid. Waste merchandise from the hydrometallurgical plant consist primarily of gypsum, extra lime, calcium phosphate and carbonate and minor steel precipitates. The hydrometallurgical residue is mixed with the flotation tailings for storage.

The hydrometallurgical plant design summarized above relies on intensive bench-scale hydrometallurgical testing by SGS Lakefield on bulk samples of flotation focus produced throughout pilot plant flotation operations on Wicheeda mineralized materials. Hydrometallurgical testwork is constant and can end in pilot plant demonstration of the chosen course of.

On-site Challenge Infrastructure

Water Administration

The Wicheeda Challenge will include infrastructure on the east and west extents of Wichcika Creek, and upstream of Wicheeda Lake. Water administration infrastructure are required to seize the floor water runoff and seepage from the open pit, waste rock storage services, mill feed stockpiles, and the tailings storage facility.

A single assortment pond down stream of the pit and waste storage space could have ample storage capability to handle a 1 in 100-year rainfall occasion. Water collected within the open pit will likely be directed to the pond, together with runoff from the processing plant pad. Inflows to the pond will likely be pumped to the processing plant or will likely be handled and discharged to Wichcika Creek.

The TSF will present ample water storage capability to deal with the Influx Design Flood primarily based on its dam classification and safely handle extra excessive occasions. A minimal TSF decant pond will likely be maintained, with a devoted water administration pond downstream of the water storage space, as famous above which is able to preserve a minimal pond quantity to satisfy month-to-month water demand on the processing plant. All extra water will likely be pumped to the devoted water administration facility and/or contact water ponds on the processing plant space for recirculation within the plant or to be handled and discharged. A sequence of seepage assortment stations may also be situated alongside the downstream toe of the TSF dam to pump seepage again into the TSF pond.

Waste rock and pit wall water high quality are anticipated to have elevated ranges of molybdenum, arsenic, uranium and radium. Water within the TSF is predicted to be elevated for a similar parameters as waste rock and pit wall areas, together with fluoride. A water remedy plant has been sized primarily based on a month-to-month water steadiness with the 1 in 25-year annual runoff contributions to the waste rock areas, open pit, and TSF. The plant is predicted to deal with for molybdenum, arsenic, uranium, radium and fluoride and will likely be located on the processing space. The plant is sized to deal with as much as 2300 gpm of water and can discharge extra water from the water administration services to Wichcika Creek.

Lengthy-term water high quality predictions for the venture space will likely be developed to find out the period of water remedy necessities. Closure methods will likely be carried out to cut back the long-term water remedy necessities, together with flooding the open pit, in addition to resloping and masking of waste rock dumps and the tailings space.

Tailings

The TSF is a key side of the operation. The next working and mine life assumptions have been used to find out the required tailings storage capability:

• Complete mill feed to be mined – 26 million tonnes
• An assumed annual mining charge – 1.8 Mtpa (= common of 5,000 tpd)
• LOM is 16 years (minimal)
• 100% of tailings and hydrometallurgical residue go to the TSF
• Required TSF capability = 20 million cubic meters (m³) (at a mean assumed dry density of 1.4 t/m³)

SRK accomplished a number of website choice workout routines. Every website choice train was primarily based on barely totally different standards offered by the operation and included consideration of each dewatered (thickened, filtered) and traditional slurry tailings. Typical slurry tailings disposal is the premise of the PEA.

The TSF location, format depositional approaches and water administration will likely be additional developed to satisfy each provincial laws in addition to Canadian and International requirements of excellent observe because the venture advances by means of the PEA to future research.

Common Website Infrastructure

An extra allowance for normal website infrastructure reminiscent of buildings, website roads and different objects of $26 million was added to the capital costing.

Offsite Challenge Infrastructure

Energy

Energy is assumed to be equipped through a brand new high-voltage line connecting to the BC Hydro 138 kV line (1L 365) working to the west of the venture to the venture website. Costing has been derived from benchmarks and no element design has been undertaken

Entry

The present forestry highway from Bear lake to the venture website is assumed to be upgraded for logistics entry. The highway crosses Wichcika Creek. The development of a bridge is required, and this has been costed at a conceptual degree. The bridge can also be required for the backhaul of rock from the mine for the development of the TMF.

Water Provide

Water is comparatively plentiful within the venture space with a number of streams, lakes and rivers inside proximity. An allowance for a neighborhood supply was made within the costing.

Costing assumptions for offsite venture infrastructure is proven in Desk 3. A 25% contingency is included within the estimates.

[2] Besides ion-absorption clays

Environmental and Social

The venture is situated inside Treaty 8 territory. A strong Engagement Administration Plan will likely be developed and carried out with the intention to provoke the federal and provincial environmental evaluation course of the venture will likely be required to finish.

Along with the engineering work required to advance the design of the water and tailings administration Protection Metals may also be creating and initiating the gathering of a radical environmental baseline database. The environmental database which is able to comprise information on bodily properties (hydrogeology, hydrology, geochemistry, weather conditions) in addition to all organic properties of the instant and regional venture areas (natural world, terrestrial and aquatic species). Following the gathering of the environmental baseline database an environmental evaluation satisfying the Canadian Influence Evaluation Act and British Columbia’s Environmental Evaluation Act will likely be accomplished with the intention to advance the venture by means of to manufacturing.

Capital Prices Abstract

The preliminary venture capital value is estimated at $461 million, together with a contingency allowance of 20% to 25% for main objects. Preliminary working cashflows from the venture are re-invested within the building of the hydrometallurgical plant.

The period of the detailed design and building section of the venture has been estimated to be 36 months.

Working Prices Abstract

The working value estimates are proven in Desk 5. For the hydrometallurgical plant prices, solely mill feed related to the plant operation is taken into account for calculation of unit prices.

Monetary Evaluation and Sensitivity

The anticipated venture cashflows have been modelled utilizing a easy discounted cash-flow mannequin. A reduction charge of 8% was used. The mannequin makes use of actual 2021 USD for all cashflows and prices and is configured for annual durations, and an alternate charge of 1.3 CAD/USD was used for reporting CAD values as used on this Press Launch.

A easy tax mannequin was constructed utilizing a depletion mannequin for depreciation estimates. No opening steadiness of tax credit or eligible prior expenditure was used. The estimates of tax payable are thought-about to possible be conservative (excessive) from the attitude of Protection Metals. Desk 7 summarizes the estimated complete LOM cashflows. The column on the proper is the NPV (value) of these cashflows.

Determine 2 present easy single issue sensitivity to modifications in the principle parameters of commodity worth, capital prices and working prices.

Breakeven (zero) NPV corresponds to a discount in worth assumption of twenty-two% in comparison with base case.

Concerning the Wicheeda REE Property

The two,008 hectare Wicheeda REE Property, situated roughly 80 km northeast of town of Prince George, British Columbia, is quickly accessible by all-weather gravel roads and is close to infrastructure, together with energy transmission strains, the CN railway and main highways.

Geologically, the property is located within the Foreland Belt and throughout the Rocky Mountain Trench, a significant continental geologic characteristic. The Foreland Belt comprises half of a big alkaline igneous province, stretching from the Canadian Cordillera to the southwestern United States, which incorporates a number of carbonatite and alkaline intrusive complexes internet hosting the Aley (niobium), Rock Canyon (REE), and Wicheeda (REE) deposits.

Certified Individuals

SRK Certified Individuals (QPs) are all impartial as outlined by Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Tasks and have contributed to their corresponding sections of the PEA, and have reviewed and permitted the scientific, technical, and financial data contained on this information launch.

The SRK QPs embody André Deiss, (geology and mineral sources), Andy Thomas (pit geotechnical), Anoush Ebrahimi (mining), Eric Olin (flotation focus), Samantha Barnes (water administration), Mark Liskowich (environmental-social -permitting), and Neil Winkelmann (infrastructure, advertising and marketing and economics). Affiliate advisor, John Goode, is the QP for hydrometallurgical processing.

The scientific and technical data contained on this information launch because it pertains to the Wicheeda REE Challenge has been reviewed and permitted by Kristopher J. Raffle, P.Geo. (BC) Principal and Advisor of APEX Geoscience Ltd. of Edmonton, AB, a director of Protection Metals and a “Certified Individual” as outlined in NI 43-101. Mr. Raffle verified the info disclosed which features a evaluate of the analytical and take a look at information underlying the knowledge and opinions contained therein.

About SRK

SRK is an impartial, international community of consulting practices in over 45 nations on six continents. Its skilled engineers and scientists work with purchasers in multi-disciplinary groups to ship built-in, sustainable options throughout a variety of sectors – mining, water, atmosphere, infrastructure and vitality.

About Protection Metals Corp.

Protection Metals Corp. is a mineral exploration firm targeted on the acquisition of mineral deposits containing metals and components generally used within the electrical energy market, protection business, nationwide safety sector and within the manufacturing of inexperienced vitality applied sciences, reminiscent of, uncommon earths magnets utilized in wind generators and in everlasting magnet motors for electrical automobiles. Protection Metals has an choice to accumulate 100% of the Wicheeda Uncommon Earth Factor Property situated close to Prince George, British Columbia, Canada. Protection Metals Corp. trades in Canada beneath the image “DEFN” on the TSX Enterprise Trade, in america, beneath “DFMTF” on the OTCQB and in Germany on the Frankfurt Trade beneath “35D”.

Nationwide Instrument 43-101 Technical Report

A technical report for the Wicheeda Challenge will likely be ready in accordance with Nationwide Instrument 43-101 and will likely be filed on SEDAR at www.sedar.com and on the Firm’s web site inside 45 days of this information launch. Readers are inspired to learn the technical report in its entirety, together with all {qualifications}, assumptions and exclusions that relate to the main points summarized on this information launch. The technical report is meant to be learn as an entire, and sections shouldn’t be learn or relied upon out of context.

For additional data, please contact:

Todd Hanas, Bluesky Company Communications Ltd.

Vice President, Investor Relations

Tel: (778) 994 8072

E mail: [email protected]

Neither the TSX Enterprise Trade nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Trade) accepts duty for the adequacy or accuracy of this information launch.

Cautionary Assertion Relating to “Ahead-Trying” Info

This information launch comprises “ahead‐wanting data or statements” throughout the which means of relevant securities legal guidelines, which can embody, with out limitation, statements referring to the PEA and its potential and anticipated outcomes together with the capital prices, working prices, inner charge of return, annual manufacturing, and web current worth of the Wicheeda Challenge, the continuing optimization take a look at work and the anticipated outcomes, plans for its Wicheeda Property, assays, drill outcomes and anticipated timelines, outcomes and outcomes, expanded useful resource and scale of expanded useful resource, potential manufacturing, the development and improvement of the Wicheeda Property, additional metallurgical work, engagement with stakeholders, the technical, monetary and enterprise prospects of the Firm, its venture and different issues. All statements on this information launch, aside from statements of historic details, that tackle occasions or developments that the Firm expects to happen, are forward-looking statements. Though the Firm believes the expectations expressed in such forward-looking statements are primarily based on cheap assumptions, such statements usually are not ensures of future efficiency and precise outcomes could differ materially from these within the forward-looking statements. Such statements and knowledge are primarily based on quite a few assumptions relating to current and future enterprise methods and the atmosphere through which the Firm will function sooner or later, together with the worth of uncommon earth components, the anticipated prices and expenditures, the flexibility to attain its objectives, that normal enterprise and financial circumstances is not going to change in a fabric hostile method, that financing will likely be out there if and when wanted and on cheap phrases. Such forward-looking data displays the Firm’s views with respect to future occasions and is topic to dangers, uncertainties and assumptions, together with the dangers and uncertainties referring to the interpretation of exploration outcomes, dangers associated to the inherent uncertainty of exploration and price estimates, the potential for surprising prices and bills and people different dangers filed beneath the Firm’s profile on SEDAR at www.sedar.com. Whereas such estimates and assumptions are thought-about cheap by the administration of the Firm, they’re inherently topic to vital enterprise, financial, aggressive and regulatory uncertainties and dangers. Elements that might trigger precise outcomes to vary materially from these in ahead wanting statements embody, however usually are not restricted to, continued availability of capital and financing and normal financial, market or enterprise circumstances, hostile climate and local weather circumstances, failure to keep up or get hold of all vital authorities permits, approvals and authorizations, failure to keep up neighborhood acceptance (together with First Nations), dangers referring to unanticipated operational difficulties (together with failure of kit or processes to function in accordance with specs or expectations, value escalation, unavailability of supplies and tools, authorities motion or delays within the receipt of presidency approvals, industrial disturbances or different job motion, and unanticipated occasions associated to well being, security and environmental issues), dangers referring to inaccurate geological and engineering assumptions, lower within the worth of uncommon earth components, the impression of Covid-19 or different viruses and illnesses on the Firm’s capacity to function, lack of key workers, consultants, or administrators, enhance in prices, delayed drilling outcomes, litigation, and failure of counterparties to carry out their contractual obligations. The Firm doesn’t undertake to replace ahead‐wanting statements or ahead‐wanting data, besides as required by legislation.

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