Thank you, Mr. Chair and members of the committee, for the opportunity to speak with you today.
My name is Mark Tory. I'm president and CEO of Defense Metals Corporation. I have over 30 years of experience in the resources industry and nearly 11 years in rare earths. I moved to Canada in January of this year just to take this role.
Defense Metals is a Canadian company focused on developing rare earth elements, REE. Our flagship project is the 100%-owned Wicheeda rare earth element project, which is about 80 kilometres from Prince George in British Columbia.
Wicheeda is one of the most advanced high-grade rare earth projects in North America, and outside of MP Materials, which is an operating rare earth mine in the U.S., it is the only North American rare earth company with reserves, not just resources.
An April 2025 prefeasibility study, PFS, confirmed our strong economics and world-class mineralogy. Our rare earth concentrate is among the highest grades globally, with excellent recoveries. The deposit is rich in neodymium and praseodymium, which are two essential elements used in the permanent magnets in electric vehicle motors, as well as in wind turbines, military applications, clean tech and robotics.
One of our advantages is our location and the infrastructure around it. We're accessible by road, we're near rail, we have hydro power and gas lines, and we're not too far from the port of Prince Rupert. We also have a skilled local workforce in the Prince George region.
Our project is ready now for the next step, which is the definitive feasibility study, DFS. We have completed the PFS and we've done the hydrometallurgical pilot plant test work, with product sampling. We're in commercial discussions with numerous downstream processors. With proper support, we hope to keep 100% of the value chain in Canada, including all hydrometallurgical separation. We've signed an MOU with a European processor to buy a significant share of Wicheeda's future production.
Indigenous partnership is at the heart of our project. We signed a codesign agreement with the Mcleod Lake Indian Band in 2023, and in 2024 the McLeod Lake Indian Band became an equity partner, acquiring 2.6 million shares in Defense Metals. This is a real and growing partnership and a model for economic reconciliation.
We also have strong support from the Province of British Columbia. The B.C. Minister of Mining has written in support of our critical minerals infrastructure fund application, and the premier has been engaged and vocally supportive. Overall, the government has recognized the project as one of very high interest, and the project is seen as vital to B.C.'s clean economy and reconciliation goals.
Our ask today is clear and time sensitive. Companies in our situation need investment to complete critical work, such as the DFS. This funds key engineering, permitting, environmental and technical studies, and without this step Canadian projects risk delay while allies and competitors move ahead.
Price floors, as are being contemplated, are also a good policy. This will help protect against unfair Chinese competition and their attempts to quash our industry until a market pricing system is in place outside of China. These price floors would improve project economics, helping the full investment decision, and attract external investment.
China currently controls over 70% of global rare earths and over 90% of the downstream industries. They've imposed new export restrictions, and Canada has named rare earths as a critical mineral priority. Now we need action. Wicheeda is Canada's opportunity to build a domestic REE supply chain from mine to magnet. We're ready to lead this effort with our partners, but we can't do it alone and we need the federal government working with our allies to make it happen.
Thank you.