Feeding The Demand for Rare Earth Metals
Founder & CEO of Defense Metals Corp, Maximilian Sali shares how the company wants to be a source for rare earths in North America for the military.
“Defense Metals is a light rare earth project located in Prince George, British Columbia. We also hold a uranium package of ninety-four hundred hectares in the Athabasca Basin. A lot of the rare earths are used in military uses, magnets, electric vehicles, fighter jets and things that are very important to nations and nations abroad which is military uses and safety. Right now about 90 percent of the rare earths in the world come from China and with the U.S. and China trade tensions we want to be able to produce rare earths in North America to provide to the military. The key project is the Wicheeda Light Rare Earth Project located in Prince George. This is an advanced project that we acquired from a private company and we are in the works to test out the metallurgy of this project. We do have a main resource on the project and we are right now currently doing a pilot plant with SGS labs to produce a sailable oxide rare earth to sell to a third party. The other project is in the Athabasca Basin. The uranium assets are in early stage exploration and focus would be in the later part of 2019 to drill uranium targets. If you look at our market cap right now I think that our assets don’t reflect our market capital with a little bit more exploration and some worked on the properties, I think we can increase our market cap.” – Maximilian Sali, Founder & CEO of Defense Metals Corp.
More on Rare Earth Elements
The demand increase for rare earth elements are mainly from the use of permanent magnets in EVs and renewable energy generation. The demand for elements such as Neodymium, Praseodymium and Dysprosium are anticipated to have greater demand in the future. Defense Metals’ Wicheeda Property is an ideal opportunity for vertical integration, to support the rapidly growing market of rare earths and reduce the reliance on China.
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