Vancouver – Defense Metals Corp. today announced that it has entered into a non-binding memorandum of understanding with Hanwha Ocean Co. Ltd and its affiliate Hanwha Corporation, signed on May 25, 2026, to explore a strategic collaboration involving the future supply of rare earth elements (“REEs”) and potential investment opportunities.
Defense Metals is a company focused on the development of its wholly owned Wicheeda Rare Earth Project (the “Wicheeda Project”), located near Prince George, British Columbia, Canada. Hanwha is a South Korean global premium specialized shipbuilding and offshore contractor in the design, construction, maintenance and marketing of all types of vessels, offshore platforms, drilling rigs, floating oil production units, and submarines.
Under the terms of the MOU, the parties intend to evaluate the framework for a potential long-term offtake agreement pursuant to which Defense Metals could supply certain rare earth materials produced from the Company’s Wicheeda Project to support Hanwha and its affiliate’s manufacturing and supply chain requirements. The parties will also explore the possibility of a strategic investment by Hanwha or any of its affiliates in Defense Metals, subject to further due diligence, negotiation, and the execution of definitive agreements.
The contemplated collaboration reflects the growing demand for secure and reliable domestic sources of critical minerals used in advanced industrial applications, including defense and maritime technologies.
“This MOU is an important step in advancing a made-in-Canada critical minerals supply chain supporting strategically important defense and maritime industries,” Mark Tory, CEO of Defense Metals, said. “Rare earth elements are increasingly recognized as foundational materials for next-generation defense technologies and advanced manufacturing. We believe collaboration with a global premium naval vessel manufacturer position both organizations to contribute to a more secure and resilient domestic supply ecosystem while supporting long-term industrial development in Canada.”
A spokesperson for Hanwha, said “Hanwha is focused on ensuring resilient and reliable access to the critical materials required for Canada’s evolving naval defense, and overall maritime capabilities. As Canada continues to modernize its naval defense fleet, establishing strategic relationships within the Canadian critical minerals sector has become increasingly important for us. This MOU provides a framework to evaluate a potential long-term partnership that could support supply chain security while we work closely with the government of Canada on a path to update and upgrade parts of their naval defense arsenal.”
The MOU establishes a framework for ongoing discussions between the parties regarding commercial terms, technical evaluation, supply requirements, and potential investment parameters. There can be no assurance that the parties will enter into a definitive agreement or complete any transaction contemplated by the MOU.
Rare earth elements are critical components in a range of high-performance applications, including naval propulsion systems, advanced electronics, communications systems, and other defense-related technologies.
Photo : Jung Jae Hyo – VP Hanwha Corporation (left), Mark Tory – President and CEO Defense Metals (centre), and Jeong Sung Kyun – VP Hanwha Ocean Co. Ltd (right)