The McLeod Lake Indian Band is taking a one per cent stake in Defense Metals Corp. (TSX-V:DEFN), the junior miner developing the Wicheeda rare earths project.
“McLeod Lake Indian Band, recognizing the significant potential of the Wicheeda Project, has purchased a meaningful equity stake in Defense Metals,” Defense Metals said in a press release.
The McLeod Lake Indian Band now owns 2.6 million shares in the company – one per cent of total shares outstanding.
The band has also signed a “co-design” agreement with Defense Metals.
“The agreement emphasizes a joint planning approach, empowering MLIB to play an integral part in the design and decision-making process in the technical, social, engineering and environmental aspects of the Wicheeda project,” the company said in a press release.
“The collaboration between Defense Metals and McLeod Lake Indian Band demonstrates how early-stage consultation with First Nations can bring important projects to life in a way that benefits everyone,” said Josie Osborne, B.C. minister of Energy, Mines and Low Carbon Engineering.
The Wicheeda project is a light rare earths deposit about 80 kilometres northeast of Prince George.
Rare earths are critical to many high-tech applications, including magnets, lasers, sensors, fibre optics and batteries.
