Defense Metals Corp. (TSXV:DEFN) has appointed Len Clough to its board of directors.
“Len Clough brings a wealth of capital markets experience to Defense Metals and we look forward to working with him as we continue to advance the Wicheeda Rare Earth Elements project,” CEO, Craig Taylor, said.
Mr Clough began his career at RBC Dominion Securities in 1998 and spent 13 years in investment management. In 2013, he founded Toro Pacific Management, a capital markets advisory firm focusing on high growth, early stage companies looking to access the Canadian capital markets.
Mr Clough has extensive public company management experience and has worked in senior management roles including CEO and as a director of several issuers. Toro Pacific Management has an extensive financial network and has been directly involved in the capital formation exceeding CA$100M in aggregate across various sectors.
“It is with great pleasure that I join Defense Metals Corp. at such a significant point of inflection. With rare earth elements being so integral to the new era of electrification, I see a great opportunity with the Wicheeda Rare Earth Elements Project, especially as the Western world looks to diversify its REE sources away from China,” Mr Clough said.
He thanked Max Sali, who did not seek re-election at the recently held annual general and special meeting of shareholders, for his services and contribution to Defense Metals since inception.
About the Wicheeda REE Property
The wholly owned 4,244-hectare Wicheeda REE Project, located approximately 80km northeast of the city of Prince George, British Columbia, is readily accessible by all-weather gravel roads and is near infrastructure, including power transmission lines, the CN railway, and major highways.
The Wicheeda REE Project yielded a robust 2021 preliminary economic assessment technical report (PEA) that demonstrated an after-tax net present value (NPV@8%) of CA$517M, and 18% IRR. A unique advantage of the Wicheeda REE Project is the production of a saleable high-grade flotation-concentrate. The PEA contemplates a 1.8Mtpa (million tonnes per year) mill throughput open pit mining operation with 1.75:1 (waste:mill feed) strip ratio over a 19 year mine (project) life producing and average of 25,423t (tonnes) REO annually. A Phase 1 initial pit strip ratio of 0.63:1 (waste:mill feed) would yield rapid access to higher grade surface mineralization in year 1 and payback of CA$440M initial capital within five years.
For further information please visit: https://www.defensemetals.com
