Defense Metals provides timeline for new CEO appointment
The search for a new CEO for Vancouver-based Defense Metals, the developer of the Whicheeda rare earth elements (REE) project in British Columbia, remains under way.
Executive chairperson and acting CEO Guy de Selliers said on Friday that a new CEO would be in place by the first quarter of 2025, noting that executive search firm Johnson Partners had identified a number of highly qualified candidates.
“We are pleased with the positive response to our CEO search,” he said.
De Selliers stepped in as acting CEO when Craig Taylor resigned with immediate effect in August.
Further, Defense Metals has announced the successful closing of a previously announced nonbrokered bridge financing of secured convertible notes, raising C$4-million in gross proceeds.
The funds will be used to complete the prefeasibility study (PFS) for the Whicheeda REE project, to carry out scenario analyses and to evaluate possible optimisation processes.
The PFS will be substantially completed by the end of the year, with the final results published in the first quarter of 2025. The PFS is being led by Hatch, with metallurgical oversight provided by rare earth processing expert John Goode.
Following the completion of the PFS, Defense plans to immediately launch into the definitive feasibility study, with financing expected to take place in the first quarter.
“We are encouraged by the progress we are making at this pivotal stage for Defense Metals. The successful completion of a fully subscribed financing is a testament to the quality of the Wicheeda project, which is by all accounts one of the very best undeveloped rare earth mining projects in North America. Our fruitful collaboration with Hatch, who played a lead engineer role on Arafura's Nolan's project, is helping us advance swiftly toward completing our PFS,” said De Selliers.
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