Defense Metals, a Canadian rare earth developer, has received a letter of intent worth US$250 million from Export Development Canada (EDC) for its Wicheeda rare earth project. The project, located in British Columbia, spans 29,158 acres and has a mine life of 15 years. According to the 2025 pre-feasibility study, the project is expected to produce an average annual total of 31,900 mt of total rare earth oxides (TREO) in concentrate, with approximately 5,200 mt of TREO in mixed rare earth carbonate. The capital cost of the project is US$2 billion, and the operating cost for Pr-Nd oxide in mixed rare earth carbonate is US$37.42/kg, equivalent to 268,600 yuan/mt in RMB.