Canadian rare earth developer Defense Metals has received a letter of intent worth US$250 million from Export Development Canada (EDC) for the Wicheeda rare earth project. The Wicheeda rare earth 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 achieve an average annual concentrate production of 31,900 mt (TREO), with approximately 5,200 mt of TREO in mixed rare earth carbonate. The project's capital cost is US$2 billion, and the operating cost for Pr-Nd oxide in mixed rare earth carbonate is US$37.42/kg.