Desk · Economic studies · NdPr / LREE
TSXV:DEFN · DFMTF · OTCQB
Defense Metals
Wicheeda carbonatite, British Columbia. PFS-level NdPr project with infrastructure near Prince George. Name is the tell; financing is the work.
Quiet
Pulse Timeline
Isoelectric line is the baseline Pulse. Spike height is catalyst strength. Wide gaps or a flat line = stalled progress / life support.
- 1) 12-01 FS
Lead II · 25 mm/s · Pulse 10 mm/mV · snapshot 2026-08-22
Life support
Isoelectric. No material beat in the window. A listing is not vitality.
- Last beat
- —
- Beats / 90d
- 0
- Recent gap
- —
0 beats in 180d
- — No dated beat in the trailing window.
- — Next: FS decision / offtake (101d).
Trading
- Last
- C$0.220
- 1d
- +4.8%
- Mkt cap
- $55M
- Volume
- 1.1M
- 52-week
- C$0.08 – C$0.40
- 1m
- —
- 3m
- —
- 1y
- —
Shares — · EV / MagREO $2.0M/kt · snapshot, not a live tape
Company & people
HQ
Vancouver, BC
Focus
NdPr / LREE · Hard rock
CEO Mark Tory
- Mark Tory, CEO
Mine / project
Flagship
Wicheeda
Location
Prince George region, British Columbia · Canada
Deposit
Carbonatite
Resource
PFS-complete carbonatite, ~2% TREO-class, NdPr-dominant. Road, rail, hydro nearby.
Desk basket
2% TREO · 28 kt MagREO (desk)
Radioactivity
Moderate — typical monazite / carbonatite
Capital, loans, grants & support
None the desk is willing to count yet.
The Pulse
The name does marketing the asset has not yet earned. Wicheeda is a real BC carbonatite with a PFS. Pulse is offtake and a FS/financing path, not another rebrand.
TSXV + OTCQB. A US offtake would be the first honest Nasdaq-path print.
Next: 1 Dec 2026 — FS decision / offtake
Nasdaq path
Home listing is not Nasdaq. Bid price, registration, and a real asset gate are.
- 01 · DoneTSXV listing
Primary listing DEFN. Wicheeda is a real BC carbonatite with a PFS. The name is doing marketing the asset has not earned.
- 02 · DoneOTCQB (DFMTF)
US venture tape is live. Last ~US$0.10.
- 03 · LiveDTC eligibility
OTCQB usually implies DTC. Confirm on a failed ticket, not a press release.
- 04 · GapUS holder tape
No US offtake. “Defense” in the name is not a DoD contract.
- 05 · NextFS / offtake1 Dec 2026
PFS is done. A US offtake would be the first honest Nasdaq-path print.
- 06 · GapSEC registration
No 40-F. OTCQB + 12g3-2-style access is not Exchange Act registration.
- 07 · GapNasdaq $4 bid
Last ~C$0.22 / DFMTF ~US$0.10. ~40× below. A reverse split of this name would be a confession.
- 08 · GapNasdaq application
Not on the table. Financing and offtake first.
Catalysts
FS decision / offtake
Desk note
Stays on this device. Not the press release.
Pulse = Catalyst proximity + government/strategic support + Nasdaq-path / listing signals + valuation & execution + stage progress. Method