Latest news with #REEs
Globe and Mail
4 days ago
- Business
- Globe and Mail
Mustang Energy Commences an Airborne Survey at Spur Project South of the Athabasca Basin, Saskatchewan
VANCOUVER, British Columbia, June 11, 2025 (GLOBE NEWSWIRE) -- Mustang Energy Corp. (CSE: MEC, OTC:MECPF, FRA:92T) (the ' Company ' or ' Mustang ') is pleased to announce that it has initiated an Aerial Electromagnetic Survey (Xcite™ TDEM) with Radiometrics over the Spur Project (the ' Project ') located south of the Athabasca Basin, Saskatchewan. The Project is located in a favorable region prospective for uranium, rare earth elements (REEs), and base metal mineralization. The Xcite™ TDEM survey with Radiometrics will be flown by Axiom Exploration Group. The airborne survey will encompass the portion of the claim package covering approximately 10,000 hectares which has not been covered by modern day electromagnetic (EM) survey techniques. The airborne survey aims to precisely locate EM and radiometric anomalies, and aid in geological interpretations on the property advancing exploration targeting. About Xcite™ TDEM Xcite™ is a new generation of helicopter-borne time-domain electromagnetic (TDEM) systems developed by New Resolution Geophysics (NRG™). Axiom is an exclusive provider of this service in North America. This state-of-the-art technology provides an efficient alternative to prior TDEM technologies for mineral exploration. The system utilizes a patented inflatable transmitter loop with a diameter of approximately 20 meters, suspended about 30 meters below the helicopter. The Xcite™ system offers improved signal clarity, enabling the detection of subtle subsurface features. It features a programmable waveform with a fast turn-off time, allowing for flexibility in data acquisition and improved resolution of both shallow and deep targets. About the Spur Project The Project comprises ten claims covering 23,680 hectares. It is located just south of the Athabasca Basin in northern Saskatchewan, a region globally renowned for its high-grade uranium deposits. The property is approximately 40 kilometers southeast of Cameco's Key Lake Mill Operation and 20 kilometers southwest of Skyharbour Resources/Terra Clean Energy's Fraser Lakes Zone B deposit (Figure 1). The Project's geological setting combines Proterozoic basement rocks of the Wollaston Group and uraniferous pegmatites 1, presenting potential for uranium, thorium and rare earth element (REE) exploration. The Project offers lower cost exploration due to the absence of Athabasca Sandstone cover. Adjacent properties host high-grade surface grab samples including the Pipe Lake Showing with up to 8.0% U₃O₈ (sample # R69-10) 2 within a hornblende-rich pegmatite 2.5 km northeast of the Project boundary. 2 The Red October Showing, east of the Project boundary, shows grab sample assays of up to 1.93% U (sample # JBELR063) 3 within syenite, and an outcrop chip sample through semipelitic gneiss showing 1.34% U (sample # AGELR008) 3 over 1 meter. Adjacent Property Disclaimer: This news release includes references with respect to uranium occurrences which are located near the Project, including the Pipe Lake Showing and Red October Showing. Mustang considers this information to be relevant to exploration; however, these results have not been physically verified by Mustang's Qualified Person. The Company advises that, notwithstanding their proximity of location, discoveries of minerals on nearby properties and any promising results thereof are not necessarily indicative of the mineralization of, or located on the Project, or the Company's ability to commercially exploit the Project, or to locate any commercially exploitable deposits therefrom. The Company cautions investors on relying on this information as the Company has not confirmed the accuracy or reliability of the information. References: Saskatchewan GeoAtlas, Saskatchewan Mineral Deposits Index. SMDI# 1005, Saskatchewan Mineral Deposits Index. SMDI# 5219, Qualifying Statement The scientific and technical information in this release has been reviewed and approved by Lynde Guillaume, Technical Advisor for Mustang, a registered member of the Professional Engineers and Geoscientists of Saskatchewan. Ms. Guillaume is a Qualified Person as defined by National Instrument 43-101. About Mustang Energy Corp.: Mustang is a resource exploration company focused on acquiring and developing high-potential uranium and critical mineral assets. The Company is actively exploring its properties in Northern Saskatchewan, Canada and holds 92,211 hectares in around the Athabasca Basin. Mustang's Ford Lake project covers 7,743 hectares in the prolific eastern Athabasca Basin, while its Cigar Lake East and Roughrider South projects span 3,442 hectares, and the south-east region with the Spur Project (23,680 hectares). Mustang has also established a footprint in the Cluff Lake region of the Athabasca Basin with the Yellowstone Project (21,820 hectares) and further expanded its presence in the south-central region of the Athabasca Basin with the Dutton Project (7,633 hectares). For further information, please contact: Mustang Energy Corp. Attention: Nicholas Luksha, CEO and Director Phone: (604) 838-0184 Forward-Looking Information Neither the CSE nor the Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as 'intends', 'believes' or 'anticipates', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'should', 'would' or 'occur'. This information and these statements, referred to herein as 'forward‐looking statements', are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, the future potential of the mineral claims held by the Company, including the Project; the timing for the commencement of the Xcite™ TDEM survey; and the potential capabilities of the Xcite™ TDEM survey. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation the assumption that the Company will be able to continue exploring its properties given various environmental and economic factors outside of its control and that the results of the Xcite™ TDEM survey will provide the anticipated insights. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.
Yahoo
16-05-2025
- Automotive
- Yahoo
Q4 2024 REE Automotive Ltd Earnings Call
Daniel Barel; Chief Executive Officer, Co-Founder, Director; REE Automotive Ltd Hai Aviv; Chief Financial Officer; REE Automotive Ltd Paul Frat; Analyst; AGP Alliance Global partners Operator Good morning and thank you for joining us on today's conference call to discuss REE Automotive's fourth quarter and full year 2024 results. During the course of this call, management will make, express, and imply forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other US Federal securities laws. These forward-looking statements include but are not limited to those statements regarding the company's financial condition, including the impact that it will have on Reis's future business and plan. It's ability to implement its current business, including as impacted by the going concern. It's plan to address its going concern, including through a significant reduction in operational expenses, which includes a reduction in force. It needs to obtain significant additional financing. The growing demand for res products and technology from OEMs and technology companies as reflected in expanding customer reservations and deepening engagement with OEMs. The ability to generate revenue from REEai Cloud, the implementation of the next phase of our mission, REEs ability to generate software-based revenues both in the near term and long term. REE's software-based business being less capital intensive. REE's ability to license its technology and its broader transition toward a subscription-based revenue model. It's plans regarding production of its P7 lineup. REE's ability to integrate our software alongside existing products from OEMs and technology companies. Delivery of initial trucks to its North American customers and the timing thereof. Its ability to improve its operational efficiencies, impact of US tariffs and trade policies on its business in 2025. Addressing our supply chain and reassessment of production, including to tariff uncertainty and our Q1 2025 expected cash. Such forward-looking statements and their implications involve known and unknown risks, uncertainties, and other factors that may cause actual results or performance to differ materially from those projected. The forward-looking statements during the course of this call are subject to other risks and uncertainties, including those discussed in the risk factors section and elsewhere in REE's annual report on Form 20F for the year ended December 31, 2024, filed with the Securities and Exchange Commission and elsewhere in subsequent filings with the Securities and Exchange Commission. Today's call is hosted by Daniel Barel, REE's co-founder and CEO; and Hai Aviv Ree's Chief Financial Officer. I will now turn the call over to Daniel Barel. Daniel Barel Welcome everyone and thank you for joining us today. We are pleased with our performance in 2024. We began this journey over a decade ago, and I'm encouraged by the progress we made this year. The milestones achieved have laid a solid foundation for REE as a differentiated technology company in the automotive industry. I'd like to take some time to recap our 2024 and provide you with some recent updates. We saw demand increase significantly for our technology, and we reached several critical technology milestones, reinforcing our position as a leader in the SDV space. Notably, we received the first Federal Motor Vehicle Safety Standards certification for a full by wire vehicle in the US. Also, Airbus, in collaboration with us, successfully completed the first autonomous drive on an active runway using our SDV technology. We launched REEai Cloud in collaboration with [Geotub], introducing vehicle services and advanced data analytics that provide predictive maintenance and optimize operations, opening up a path for what we see as a new software revenue opportunity. 2024 was a breakthrough year for me. Our achievements point to one thing. Our vision for it is coming to life. Our technology has been tested on the road under real world condition and within a commercial framework. This is a critical time in the industry as we see it converge of electric, autonomous, and connected vehicles, all of which we see as an opportunity to tap into through our scalable, software-driven platform. With that said, while we enter 2025 with this positive momentum, we have recently experienced unprecedented and unpredictable challenges. The current US tariffs and trade policy has significantly impacted our supply chain, similar to many in the global automotive industry. More specifically, over 2024 and beginning of 2025, we have tirelessly worked and deployed our race capital towards hitting the key milestone needed to work out ways towards putting vehicles on the road. We achieved the first FMVSS certification for a full by wire vehicle in the US. Advanced production of certain vehicles, work to prepare US facility for scale manufacturing, including product tooling, solidified our order book, and signed a significantly large non-binding MOU to integrate our technology into a customers autonomous shuttles. Unfortunately, the US tariffs and trade policy created an environment that makes it significantly challenging to continue to move our original plan forward for the time being. As such, we have made a difficult but prudent decision to temporarily pause, not stop production until the situation stabilizes, until we see the uncertainty around the broader terrorist environment settle. We are focusing on what's in our control. Once the tariffs and trade situation stabilizes. We would look to address our supply chain accordingly and reassess our post production. In the meantime, we remain in active dialogue with our suppliers and customers, and we are looking at solutions to alleviate the pressure that we and the entire auto industry are experiencing currently. We are also in discussion with technology companies on new autonomous programs and are restructuring our technology teams to focus on software programs. We are encouraged with the accelerated progress that our software business has made, which we now view as mature and gaining traction in the market as we are actively engaging with OEMs that are interested in our software. Our view is that SDV is the cornerstone of the technology which we find to be incredibly important for the future of mobility. It's not just about the EV itself, but rather about the intelligent vehicle and the intelligence they can bring to both passenger and commercial marketplace. We are focused on generating revenue across both the near term and long term for our software business. In the near term, we are working closely with OEMs and technology companies to integrate our software alongside their existing products, ensuring a seamless fit within their platform and accelerating adoption. Looking further ahead, we're advancing our strategy to license our technology as part of our broader transition for the subscription-based revenue model. This dual approach not only meets what we see as current market demand but also positions us for sustained recurring revenue. In addition to pausing production and accelerating the prioritization of our SDV business. We will be laser focused on cost reduction. We intend to significantly reduce our monthly burn by reduction of operating costs and adjustment of headcount and leadership structure. As you can see while the broader macro environment has negatively impacted our business plan and all the excellent work and progress we made in 2024. We remain nimble. In our exploring path to deliver for our shareholders while working in parallel to accelerate our software offering, which we'll go into more details about later in the course. I'd like to turn the call over to Hai to discuss our financial milestones. And a review of our financial results. Hai Aviv Thank you, Daniel, and hello everyone. In 2024, we strengthened our financial position. Our liquidity improved to $72 million inclusive of $18 million credit facility at the end of the year, reflecting the impact of two successful registered securities offerings. These offerings raised approximately $60 million in gross proceeds, including $45 million from MNG and Madison Group in September 2024 and an additional $50 million earlier in 2024 from MNG. In the first quarter of 2025, we raised an additional $36.5 million in gross profits through two more registered offerings, each led by MNG and Madison Group. During the last 12 months, we have spent approximately $75 million on production readiness and R&D completion. Looking ahead, we will continue to prioritize enhancing our capital position with plans to expand financing options that will enable us to accelerate our technology-driven strategy. Now turning to the [P&L] for the full year, our GAAP net loss was $111.8 million a slight improvement from $114.2 million net loss in 2023. This was primarily driven by lower engineering and R&D expenses as we completed substantial portion of the P7 program R&D phase, along with operational efficiencies that helped to reduce overall operating costs. However, we were impacted by non-cash losses related to the remeasurement of warrants and derivative liabilities. On a non-GAAP basis, our net loss improved to $70.3 million from $98.3 million in 2023. This improvement was driven by reduction in engineering and R&D expenses and operating efficiencies as mentioned earlier. In Q4 2024, our GAAP net loss was $37.3 million compared to $38.5 million in Q3 2024 and $35.2 million in Q4 2023. The quarter over quarter improvement was primarily driven by lower non-cash losses related to remeasurement of warrants and derivative liabilities partially offset by higher cost of revenues associated with the production of the P7 vehicles. The year over year increase in net loss was primarily driven by non-cash losses from the re-measurement of warrants and derivative liabilities. Partially offset by increased non-recurring engineering development cost in Q4 2023, our non-GAAP net loss in Q4 was $19.8 million compared to $16.8 million in Q3 2024 and $32.2 million in Q4 2023. The quarter over quarter increase was largely driven by the higher cost of revenues associated with the production of P7 vehicles. The year of a real improvement was mainly attributed to higher non-recurring engineering development costs in Q4 2023 compared to Q4 2024. A reconciliation of GAAP to non-GAAP measures have been provided in the financial statements tables included in our earnings press release. We continue to narrow our free cash flow burden year over year thanks to the operational efficiencies and the completion of significant R&D efforts as part of our ongoing financial review, due to the recent changes in the macroeconomic environment entire situation negatively affecting our ability to bring our P7 to the market as planned and affecting our ability to raise that which directly impact our revenue forecast. Management has determined that there is essential doubt about our ability to continue as a going concern for the next 12 months. Our plans to alleviate these going concerns include temporarily pausing production and significantly reducing costs, adjusting headcount with a view to optimize the corporate structure to become more flexible in the face of industry uncertainty. We will announce details of this in the near future, but for now, investors should expect a significant reduction in operational expenses alongside the production pod. We'll be announcing Q1 results promptly, but our expected Q1 2025 cash and cash equivalent balance is approximately $79.6 million including credit facility of $80 million. And we remain committed to providing OEMs with differentiated technologies that we have custom built over there. I'll now turn it back over to Daniel for his closing comments before going to Q&A. Daniel Barel As you've heard today, we made meaningful progress in 2024 technologically, commercially, and financially. REE is and has always been a technology company. Our mission from day one has been to create a scalable, technology-driven mobility platform built on both software and hardware. We were never focused on becoming a traditional [OEM]. Today we are accelerating the next phase of that mission, enabling the future of mobility by partnering with OEMs, technology companies, and others to bring vehicles built on our proprietary SDV technology to market faster with better performance and with more efficient manufacturing. The critical question for in recent years has been identifying the most effective business model to bring our technology to the customer who need it most. We are seeing the answer through a path of developing our technology through less capital-intensive means, including licensing and partnership models. We embarked on a journey towards mass production in order to demonstrate our technology and its capabilities, and while this remains important, it is not the only path forward. Given the hindered uncertainty and risk in today's production environment, we've made a strategic decision to focus on our software technology. This decision is rooted in a commitment to being goods towards of capital. Preserving cash today allows us to preserve flexibility for tomorrow, ensuring we can adopt as market conditions evolve. Importantly, we are not resting on our laurels. Our technology can be deployed through less capital intensive means, including licensing and partnership models. We are actively advancing several commercial opportunities along these lines, and we remain confident in our ability to pursue potential long term profitable growth, even in the face of broader industry and trade headwinds. Our future lies in providing the software and intelligence that will drive tomorrow's vehicles. We envision that through recurring revenue and margin expansion, which is increasingly important in today's market. Through our software first approach, OEMs and technology companies can leverage our modular SDV technology to design and develop vehicles more quickly and cost effectively without the need for costly hardware design. We are gaining traction in the market, illustrating to OEMs and technology companies that we are here to be a solution for them, not another competitor. The growing interest in our SDV technology reflected in the expanding customer reservation and deepening engagement with OEM underscores the market validation of re strategy. We believe that these collaborations strengthen our credibility and positioned us as a reliable enabler of SDV innovation, giving OEMs and mobility technology providers the confidence that we can support their growing demand and requirements for the next generation of vehicles. The future of mobility is evolving, and so must the way vehicles are built. REE's role is to support OEMs and suppliers with a flexible platform that enables better performance, faster adaptability, and more efficient manufacturing. By doing so, re is helping others succeed while also building a more sustainable, scalable, and profitable business model for ourselves. We believe that this approach will allow REE to move faster to market and be more profitable. It's an essential advantage in today's economic climate. We believe our technology is matured and the customers demand is strong, and we are advancing into a more scalable and profitable phase of our growth, guided by our technology first model and commitment to supporting the industry's transition to software defined mobility. With that Operator, please open the line for questions. Thank you. Operator Thank you. (Operator Instructions) [Paul Frat], AGP Alliance Global partners. Paul Frat Yeah, good afternoon, Daniel, good afternoon. Hai, the first question I had was, can you talk about the conversion of the MOU to a definitive agreement. And do these changes potentially push out the timing of that finalization or have any impact on the MOU as you see it right now? Daniel Barel Hey, good morning, sorry. Thanks for the question. Regarding the MOU currently we don't see any change in the timeline that we've indicated, we have already started to receive payments from the MOU on services that we've been delivering and currently we believe that we're on track, as to what we previously announced in terms of timeline. Paul Frat Great and Hai, could you repeat the first quarter cash balance and ignore the credit facility? What is the actual cash that you had on the balance sheet at the end of the quarter? The first quarter that is. Hai Aviv Yeah, thanks for the question. So, it's $61 million excluding the credit facility for the end of the first quarter. Paul Frat And just if I may, if I could ask about, I know you want to, you don't have, you're going to release details on the restructuring and, your plan going forward, none of these potential changes impacted your run rate in the first quarter, am I correct? And secondly, can you talk about your cash burn, the. If you will, the starting point from what from which you're going to start to cut costs, can you, is it roughly $18 million to $20 million of cash burned in the first quarter that you're going to look to narrow? Can you talk about headcount at the end of the quarter and maybe give us a little flavor on, you talked about restructuring the leadership team. Can you talk about how that might shape or how that how that might change the leadership structure? Hai Aviv Sure. So as we said, we are taking immediate actions to reduce our cash burn, including parts of our production, discussions with our suppliers, and of course, significant reduction in our operating costs. We previously communicated that the anticipated operating expenses will be between $5 million to $6 million a month. We ended, as we said, the quarter with $61 million and going forward, we plan to reduce the operating expenses over time and to reach an operating expense of between $3 million to $4 million by the end of the year. Paul Frat Great. Thanks, thank you so much. That's helpful. Operator (Operator Instructions) [Paul Frat], AGP Alliance Global partners. Paul Frat Yes, sorry. Can, Daniel, can you talk about your, the reservations and whether these changes potentially, change the reservation book they're non-binding reservation to begin with, but have you seen any? Cancellations or do you anticipate any cancellations and then can you just talk about the path to first revenue or the rampant revenue can you just sort of highlight how much that might have shifted out into the future? Daniel Barel Sure, Regarding the reservation, of course, we're working with our customers, to assess the current production situation and it's basically, affecting everybody here in the industry. And it's we believe it's important to remain in open dialogue, in active dialogue and work collaboratively, to finding solutions for that. Our, the good news is, the costs, customers are telling us that, their interest in our product has increased given our SDV, our software defined vehicle, and not just because it's an EV, with great, of course, characteristics and offering, but the strongest sell point that we hear from our customers is that the software, defined vehicle technology that we have. Now we believe that the [$1 billion, close to $1 billion] dollar in reservation, which of course includes binding orders and capacity reservations such as the previous dimension and you and others, prove that there is a strong demand for our technology and due to the fact that we're temporarily posing production, it's a little bit too early to say, when we're going to be resuming production and therefore to assess, when we're going to be ramping up deliveries and, generating revenue from deliveries. With that being said, we've always said that we are a tech company and technology, in, it's in our core and We are, we're very excited by the fact that, we currently believe that the, our technology is mature and we have demand for that that the software defined technology, the software itself, and that actually allows us to move our focus in the interim as we evaluate the macroeconomic conditions and tariffs. We will be focusing more and more on our software business and it's worth mention also regarding the MOU that there is a good portion there that is also related to that. And we believe that we would be having great products to the market around our software, in the meantime, where our goal is to generate revenue from software and software related business in the interim as we continue to assess. Paul Frat Great Thank You Operator Thank you. I would now like to turn the conference back to Daniel Barel for closing remarks. Daniel Barel Thank you and thank you everybody for taking the time today. I think we're seeing as we said, some challenging times in the industry, and I'm very proud of [Teamie] and their accomplishment not only in 2024, but the way they have and are handling the current situations in 2025. I see an amazing team of people, that gives me a lot of confidence that they're able to manage your current situation well and, to generate strong and significant, value for our shareholders. And with that, I want to thank everybody again, for the time today. Thank you.
Yahoo
14-04-2025
- Business
- Yahoo
China's rare earth exports stall amid trade restrictions
Shipments of seven rare earth elements (REEs) that were recently added to China's export control list have stopped, potentially leading to international shortages, reported Reuters, citing three sources. The REEs including yttrium, dysprosium and terbium, which have been added to the export control list, are essential to modern technology. Exporters of these critical materials used in defence, energy and automotive industries are facing delays as they navigate the new licensing requirements. The restrictions were in response to US tariff hikes and have left exporters awaiting licences from the Ministry of Commerce, a process that lacks transparency and can take several weeks to months. The halt in exports is particularly concerning as it could lead to the depletion of stockpiles if the situation persists beyond two months. This would be especially problematic for US clients amidst the intensifying trade war. "When asked by my clients when their cargoes will be able to leave China, we give them an estimated time of 60 days but it may actually take longer than that," disclosed a China rare earth trader, who preferred to remain anonymous due to the sensitivity of the issue. China, accounting for around 90% of the world's rare earth production, is demonstrating its ability to leverage this dominance as a geopolitical tool, according to the report. Nevertheless, this move may also erode China's market position in the long term by prompting buyers to seek alternative sources to speed up diversification efforts. Some Chinese sellers have already invoked force majeure to avoid penalties for non-delivery, as cargoes at ports have been barred from leaving without customs clearance. The exact number of affected shipments remains uncertain. "China's rare earth exports stall amid trade restrictions" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
04-03-2025
- Business
- Yahoo
Defense Metals secures funding for Wicheeda rare earth project in Canada
Defense Metals has secured up to C$853,825 ($591,176) from Natural Resources Canada's Critical Minerals Infrastructure Fund. This funding is aimed at supporting the advancement of infrastructure for the Wicheeda Rare Earth Element deposit north-east of Prince George, British Columbia. The project is expected to enhance the supply of critical rare earth elements (REEs) in North America. The funding will be used for an economic study to evaluate the construction of a 46km transmission line connecting Wicheeda to the provincial hydroelectric power grid. Minister of Energy and Natural Resources Canada Jonathan Wilkinson said: 'Developing Canada's abundant critical minerals drives economic opportunity and creates hundreds of high-paying jobs. The funding provided to Defense Metals for its Wicheeda Rare Earth Element Project will help advance the development of the necessary infrastructure to expand British Columbia's sustainable critical minerals production.' The proposed transmission line will ensure a reliable and sustainable power supply for the project and reduce reliance on alternative energy sources. The study will encompass powerline engineering, environmental studies, archaeological assessments and indigenous engagement. This initiative builds on the recently completed pre-feasibility study (PFS), which confirmed the Wicheeda Project's economic viability. Defense Metals CEO Mark Tory said: 'We are very grateful for this important endorsement from Natural Resources Canada and its Critical Minerals Infrastructure Fund. This funding is the first step to advancing crucial infrastructure for the Wicheeda Project, the only rare earth project in Canada with current proven and probable reserves. 'As North America's most advanced rare earth developer, we are bridging the critical minerals supply gap by positioning Wicheeda as a key future supplier of these essential rare earth materials.' Defense Metals and MLIB, an equity partner in the project, have a co-design agreement, integrating indigenous perspectives into the project assessment and development. In September 2024, Defense Metals signed a memorandum of understanding with the Saskatchewan Research Council to strengthen the REEs supply chain in Canada. "Defense Metals secures funding for Wicheeda rare earth project in Canada" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
