Mining Co. First Nations Group To Co-design RE Project

View Important Disclosures for this Article

A recently signed agreement in this regard “represents a significant step forward” in advancing this asset in British Columbia, noted a Noble Capital Markets report.


Defense Metals Corp. (DEFN:TSX.V; DFMTF:OTCQB; 35D:FSE) and the McLeod Lake Indian Band (MLIB) entered an agreement to collaborate on the design of the Wicheeda project in British Columbia, Mark Reichman, managing director and equity research analyst at Noble Capital Markets, reported in a January 18 research note. The MLIB is a First Nations community comprised of Tse’khene people.

“With this agreement, we think Defense Metals promotes a long-term and mutually beneficial relationship with the McLeod Lake Indian Band, which will also have a vested interest in the success of the Wicheeda rare earth project,” wrote Reichman.

268% Return Possible

Following the news, Noble Capital reiterated its target price of CA$0.70 per share on the Canadian explorer-developer, priced now at about CA$0.19 per share, Reichman noted.

These figures point to a notable potential return for investors: 268%.

Defense Metals is still rated Outperform, Reichman indicated and wrote this about the company’s flagship asset:

“In our view, the Wicheeda rare earth element project has several competitive advantages, including a mining-friendly location, an existing mineral resource with significant expansion potential, an open-pit project with favorable metallurgy and well-developed nearby infrastructure, and a strong technical team.”

Highlights of the Agreement

Reichman presented the key responsibilities of each entity as outlined in the co-design agreement.

Together, Defense Metals and the MLIB will develop work plans and budgets for Wicheeda.

As for Defense Metals, when conducting feasibility and environmental studies in the future, it will take into account the MLIB’s priorities and interests.

Also, the mining company will pay the MLIB a determined but undisclosed amount upfront. This money will help cover the cost of the band taking part in review activities related to Wicheeda and the cost of post-secondary training in a mining-related field for some of the band’s members.

Regarding the MLIB, it will invest CA$665,026 in Defense Metals via a private placement. This will involve the band purchasing 2,557,795 common Defense Metals shares at CA$0.26 apiece. The MLIB will make this transaction once the TSX Venture Exchange approves it.

Defense Metals will use the proceeds to advance Wicheeda.


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Important Disclosures:

  1. [Defense Metals Corp.] is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
  2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of [Defense Metals Corp.].
  3. [Doresa Banning] wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
  4.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

Disclosures for Noble Capital Markets, Defense Metals Corp., January 18, 2024

All statements or opinions contained herein that include the words “we”, “us”, or “our” are solely the responsibility of Noble Capital Markets, Inc. (“Noble”) and do not necessarily reflect statements or opinions expressed by any person or party affiliated with the company mentioned in this report. Any opinions expressed herein are subject to change without notice. All information provided herein is based on public and non-public information believed to be accurate and reliable, but is not necessarily complete and cannot be guaranteed. No judgment is hereby expressed or should be implied as to the suitability of any security described herein for any specific investor or any specific investment portfolio.

The decision to undertake any investment regarding the security mentioned herein should be made by each reader of this publication based on its own appraisal of the implications and risks of such decision. This publication is intended for information purposes only and shall not constitute an offer to buy/sell or the solicitation of an offer to buy/sell any security mentioned in this report, nor shall there be any sale of the security herein in any state or domicile in which said offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or domicile. This publication and all information, comments, statements or opinions contained or expressed herein are applicable only as of the date of this publication and subject to change without prior notice.

Past performance is not indicative of future results. Noble accepts no liability for loss arising from the use of the material in this report, except that this exclusion of liability does not apply to the extent that such liability arises under specific statutes or regulations applicable to Noble. This report is not to be relied upon as a substitute for the exercising of independent judgement. Noble may have published, and may in the future publish, other research reports that are inconsistent with, and reach different conclusions from, the information provided in this report. Noble is under no obligation to bring to the attention of any recipient of this report, any past or future reports. Investors should only consider this report as single factor in making an investment decision.

IMPORTANT DISCLOSURES This publication is confidential for the information of the addressee only and may not be reproduced in whole or in part, copies circulated, or discussed to another party, without the written consent of Noble Capital Markets, Inc. (“Noble”). Noble seeks to update its research as appropriate, but may be unable to do so based upon various regulatory constraints. Research reports are not published at regular intervals; publication times and dates are based upon the analyst’s judgement. Noble professionals including traders, salespeople and investment bankers may provide written or oral market commentary, or discuss trading strategies to Noble clients and the Noble proprietary trading desk that reflect opinions that are contrary to the opinions expressed in this research report. The majority of companies that Noble follows are emerging growth companies. Securities in these companies involve a higher degree of risk and more volatility than the securities of more established companies. The securities discussed in Noble research reports may not be suitable for some investors and as such, investors must take extra care and make their own determination of the appropriateness of an investment based upon risk tolerance, investment objectives and financial status.

Company Specific Disclosures The following disclosures relate to relationships between Noble and the company (the “Company”) covered by the Noble Research Division and referred to in this research report. The Company in this report is a participant in the Company Sponsored Research Program (“CSRP”); Noble receives compensation from the Company for such participation. No part of the CSRP compensation was, is, or will be directly or indirectly related to any specific recommendations or views expressed by the analyst in this research report. Noble intends to seek compensation for investment banking services and non-investment banking services (securities and non-securities related) within the next 3 months. Noble is not a market maker in the Company.


View Important Disclosures for this Article

A recently signed agreement in this regard “represents a significant step forward” in advancing this asset in British Columbia, noted a Noble Capital Markets report.


Defense Metals Corp. (DEFN:TSX.V; DFMTF:OTCQB; 35D:FSE) and the McLeod Lake Indian Band (MLIB) entered an agreement to collaborate on the design of the Wicheeda project in British Columbia, Mark Reichman, managing director and equity research analyst at Noble Capital Markets, reported in a January 18 research note. The MLIB is a First Nations community comprised of Tse’khene people.

“With this agreement, we think Defense Metals promotes a long-term and mutually beneficial relationship with the McLeod Lake Indian Band, which will also have a vested interest in the success of the Wicheeda rare earth project,” wrote Reichman.

268% Return Possible

Following the news, Noble Capital reiterated its target price of CA$0.70 per share on the Canadian explorer-developer, priced now at about CA$0.19 per share, Reichman noted.

These figures point to a notable potential return for investors: 268%.

Defense Metals is still rated Outperform, Reichman indicated and wrote this about the company’s flagship asset:

“In our view, the Wicheeda rare earth element project has several competitive advantages, including a mining-friendly location, an existing mineral resource with significant expansion potential, an open-pit project with favorable metallurgy and well-developed nearby infrastructure, and a strong technical team.”

Highlights of the Agreement

Reichman presented the key responsibilities of each entity as outlined in the co-design agreement.

Together, Defense Metals and the MLIB will develop work plans and budgets for Wicheeda.

As for Defense Metals, when conducting feasibility and environmental studies in the future, it will take into account the MLIB’s priorities and interests.

Also, the mining company will pay the MLIB a determined but undisclosed amount upfront. This money will help cover the cost of the band taking part in review activities related to Wicheeda and the cost of post-secondary training in a mining-related field for some of the band’s members.

Regarding the MLIB, it will invest CA$665,026 in Defense Metals via a private placement. This will involve the band purchasing 2,557,795 common Defense Metals shares at CA$0.26 apiece. The MLIB will make this transaction once the TSX Venture Exchange approves it.

Defense Metals will use the proceeds to advance Wicheeda.


Want to be the first to know about interesting Critical Metals investment ideas? Sign up to receive the FREE Streetwise Reports’ newsletter. Subscribe

Important Disclosures:

  1. [Defense Metals Corp.] is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
  2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of [Defense Metals Corp.].
  3. [Doresa Banning] wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
  4.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

Disclosures for Noble Capital Markets, Defense Metals Corp., January 18, 2024

All statements or opinions contained herein that include the words “we”, “us”, or “our” are solely the responsibility of Noble Capital Markets, Inc. (“Noble”) and do not necessarily reflect statements or opinions expressed by any person or party affiliated with the company mentioned in this report. Any opinions expressed herein are subject to change without notice. All information provided herein is based on public and non-public information believed to be accurate and reliable, but is not necessarily complete and cannot be guaranteed. No judgment is hereby expressed or should be implied as to the suitability of any security described herein for any specific investor or any specific investment portfolio.

The decision to undertake any investment regarding the security mentioned herein should be made by each reader of this publication based on its own appraisal of the implications and risks of such decision. This publication is intended for information purposes only and shall not constitute an offer to buy/sell or the solicitation of an offer to buy/sell any security mentioned in this report, nor shall there be any sale of the security herein in any state or domicile in which said offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or domicile. This publication and all information, comments, statements or opinions contained or expressed herein are applicable only as of the date of this publication and subject to change without prior notice.

Past performance is not indicative of future results. Noble accepts no liability for loss arising from the use of the material in this report, except that this exclusion of liability does not apply to the extent that such liability arises under specific statutes or regulations applicable to Noble. This report is not to be relied upon as a substitute for the exercising of independent judgement. Noble may have published, and may in the future publish, other research reports that are inconsistent with, and reach different conclusions from, the information provided in this report. Noble is under no obligation to bring to the attention of any recipient of this report, any past or future reports. Investors should only consider this report as single factor in making an investment decision.

IMPORTANT DISCLOSURES This publication is confidential for the information of the addressee only and may not be reproduced in whole or in part, copies circulated, or discussed to another party, without the written consent of Noble Capital Markets, Inc. (“Noble”). Noble seeks to update its research as appropriate, but may be unable to do so based upon various regulatory constraints. Research reports are not published at regular intervals; publication times and dates are based upon the analyst’s judgement. Noble professionals including traders, salespeople and investment bankers may provide written or oral market commentary, or discuss trading strategies to Noble clients and the Noble proprietary trading desk that reflect opinions that are contrary to the opinions expressed in this research report. The majority of companies that Noble follows are emerging growth companies. Securities in these companies involve a higher degree of risk and more volatility than the securities of more established companies. The securities discussed in Noble research reports may not be suitable for some investors and as such, investors must take extra care and make their own determination of the appropriateness of an investment based upon risk tolerance, investment objectives and financial status.

Company Specific Disclosures The following disclosures relate to relationships between Noble and the company (the “Company”) covered by the Noble Research Division and referred to in this research report. The Company in this report is a participant in the Company Sponsored Research Program (“CSRP”); Noble receives compensation from the Company for such participation. No part of the CSRP compensation was, is, or will be directly or indirectly related to any specific recommendations or views expressed by the analyst in this research report. Noble intends to seek compensation for investment banking services and non-investment banking services (securities and non-securities related) within the next 3 months. Noble is not a market maker in the Company.


, Mining Co. First Nations Group To Co-design RE Project

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