Defense Metals appoints adviser to review Wicheeda REE funding
TSX-V-listed Defense Metals has appointed HCF International Advisers to conduct a strategic funding review for the Wicheeda rare earth element (REE) project, in British Columbia.
The strategic funding review will assist Defense Metals in analysing potential options and strategic partnerships for the project beyond the completion of its preliminary feasibility study (PFS), expected in the second quarter.
“Following our PFS, as we navigate the dynamic landscape of the metals and mining sector, having HCF's expertise on board will be instrumental in evaluating and pursuing optimal funding and strategic partnership opportunities, especially in Europe,” said CEO Craig Taylor.
HCF is led by president and cofounder Guy de Sellier de Moranville and CEO and MD Sean Gorman. The London-based boutique advisory’s expertise in the financing of internationally recognised mining projects and, in particular, critical minerals, is evidenced by its involvement as financial adviser to projects in Canada, Africa and in particular to Arafura Rare Earths Limited on the financing of the Nolans project in Australia.
Defense Metals in November 2021 announced a positive preliminary economic assessment (PEA) for the Wicheeda project. The PEA envisages a 1.8-million-tonne-a-year openpit mining operation over a 19-year mine life.
Material from the Wicheeda deposit will be processed in a flotation concentrator to produce a flotation concentrate that will be further processed at the hydrometallurgical plant.
Average rare earth oxide production is estimated at 25 423 t/y.
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