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