Guardian Metal Resources plc ended the financial year on June 30, 2026, with cash balances surging to $52.459 million, compared to $1.873 million at the close of the previous period, bolstered by total equity fundraisings of US$89.3 million.

The capital inflow featured an upsized Initial Public Offering on the NYSE American that raised gross proceeds of approximately US$68.3 million on March 20, 2026, alongside a US$6.2 million investment from the U.S. Department of War under Title III of the Defense Production Act. That government funding directly supported the completion of the Pre-Feasibility Study for the company’s flagship Pilot Mountain tungsten project in Nevada.

The study delivered an after-tax net present value of US$660.3 million and an internal rate of return of 59.6%, based on a base case tungsten price of US$197,300 per tonne of WO₃. The evaluation outlines eight years of initial production generating 15,916 tonnes of tungsten trioxide, backed by Probable Reserves totaling 11.8 million tonnes containing 20,275 tonnes of WO₃ following the conversion of 97% of Indicated Resources.

“At Pilot Mountain, we achieved two of the most significant milestones in the Project's history: the publication of our maiden Mineral Resource Estimate (MRE), which we have since updated, followed by a positive Pre-Feasibility Study (PFS). The PFS was funded by a $6.2 million investment from the Department of War in July 2025, and we greatly value the Department's continued support, which underscores the Pilot Mountain project's strategic importance to US critical minerals supply. To our knowledge, Pilot Mountain is the only tungsten project in the US with a completed S-K 1300 compliant PFS, positioning us to target first production in Q4 2028. We have also made meaningful progress at Tempiute, advancing our mission to restore reliable domestic tungsten supply through our two Nevada-based projects.” — Oliver Friesen, Chief Executive Officer

Guardian Metal is advancing Pilot Mountain alongside Tempiute, a former major tungsten producer in Nevada where the company expanded its footprint by acquiring 841 acres of freehold land and 2,540 acre-feet of annual water rights from Lincoln Estates Group LLC. Diamond drilling at Tempiute confirmed the continuity of multiple stacked skarn zones outside historical underground workings, while technical assessments evaluate legacy tailings for potential near-term recovery.

The company is progressing ongoing Definitive Feasibility Study and permitting programmes at Pilot Mountain while maintaining a targeted start of commercial production in the fourth quarter of 2028.

Read the full announcement: Guardian Metal Resources PLC Announces Audited Financial Results for the Year Ended 30 June 2026