U.S. Department of Defense Awards $6.2M to Golden Metal Resources for the Pilot Mountain Project

Rhea-AI Summary

Guardian Metal Resources (OTCQX:GMTLF) has secured a significant $6.2 million award from the U.S. Department of Defense under Title III of the Defense Production Act of 1950. The non-dilutive funding will accelerate the development of the company's flagship Pilot Mountain tungsten project in Nevada.

The funding will support the completion of a pre-feasibility study and environmental studies for what could become the only U.S. mined source of tungsten. The award contains no commercial covenants that would impair Guardian Metal's business operations or future tungsten concentrate sales to the industrial base.

Positive

• Secured significant $6.2M non-dilutive funding from U.S. Department of Defense
• Project positioned to become the only U.S. domestic source of mined tungsten
• No commercial covenants restricting business operations or future sales
• Strategic government support validates project importance for national security

Negative

• Project still in pre-feasibility study phase with no immediate revenue generation
• Success dependent on multiple regulatory approvals and third-party consents
• Significant technical and operational uncertainties remain as outlined in forward-looking statements

LONDON, July 23, 2025 /PRNewswire/ -- Guardian Metal Resources plc (AIM: GMET, OTCQX:GMTLF) is very pleased to announce that its wholly-owned subsidiary Golden Metal Resources (USA) LLC has been awarded US$6.2M from the U.S. Department of Defense to accelerate the development of its flagship Pilot Mountain tungsten project ("Pilot Mountain" or the "Project") in Nevada.

Highlights:

• Golden Metal Resources (USA) LLC, a wholly-owned subsidiary of Guardian Metal, has been awarded US$6.2M from the U.S. Department of Defense under Title III of the Defense Production Act of 1950 ("DPA Title III" or the "Award") to support the rapid advancement and pre-feasibility study for the Pilot Mountain tungsten Project.
• With this funding now secured, the Company plans on immediately advancing the pre-feasibility study for its Pilot Mountain tungsten project, on the way to its ultimate goal of playing a significant role in the U.S. onshoring efforts of critical metals to support U.S. national security and economic objectives.

Oliver Friesen, CEO of Guardian Metal, commented: 

"I firstly want to extend my thanks to the U.S. Department of Defense and Defense Production Act Purchases team for their tireless effort to support the domestic critical minerals industry and the Pilot Mountain Project, in particular. This Award is a step-change in our business, as we work towards our goal of supporting the U.S. industrial base with Mined in America tungsten.

"Now is the time for the U.S. to reestablish a reliable and secure domestic source of mined tungsten. With this substantial non-dilutive award secured, we move forward with further confidence in our business model and look forward to showing the market, industry and government the achievements these funds will enable."

J.T. Starzecki, Chairman of Guardian Metal, commented: 

"On behalf of the Guardian Metal organization, I commend the determined efforts of our team and the working relationship they have built with the U.S. Department of Defense in the pursuit of achieving our first major milestone for the company in 2025.

"This funding will unlock our ability to put forth a robust pre-feasibility study (PFS) which will detail the scope of Pilot Mountain and help us advance the Project towards our ultimate goal of being the newest domestic producer of this critical mineral."

US Government Funding to Advance the Pilot Mountain Tungsten Project

Funding through the DPA Title III program is designated for key workstreams associated with the Pilot Mountain pre-feasibility study which is currently in progress. In addition, a range of environmental studies will be undertaken and funded under the Award, supporting the pursuit of commercial production at Pilot Mountain, which would represent the only U.S. mined source of tungsten.

The DPA Title III award is non-dilutive to Guardian Metal shareholders and no commercial covenants are included in the Award that would impair Guardian Metal's current business, nor the future sale of tungsten concentrates to the industrial base. Guardian Metal's management team will lead the work and periodically report progress to the administrators of the Award.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018).

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company's or any third party's ability to execute and implement future plans, and the occurrence of unexpected events. 

Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

For further information visit www.guardianmetalresources.com or contact the following:

Guardian Metal Resources plc   Oliver Friesen (CEO)	Tel: +44 (0) 20 7583 8304
Cairn Financial Advisers LLP   Nominated Adviser   Sandy Jamieson/Jo Turner/Louise O'Driscoll	Tel: +44 20 7213 0880
Shard Capital Partners LLP   Broker   Damon Heath/Erik Woolgar	Tel: +44 (0) 20 7186 9000

 

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SOURCE Guardian Metal Resources

FAQ

What is the significance of the $6.2M Department of Defense award to Guardian Metal Resources (GMTLF)?

The award will fund the pre-feasibility study and environmental studies for the Pilot Mountain project, supporting the development of the only U.S. domestic source of mined tungsten, crucial for national security.

How will the Defense Production Act Title III funding impact Guardian Metal's shareholders?

The $6.2M funding is non-dilutive to shareholders and comes with no commercial covenants that would restrict the company's business operations or future tungsten sales.

What is the current development stage of Guardian Metal's Pilot Mountain tungsten project?

The project is currently in the pre-feasibility study phase, with the new funding designated to advance this study and conduct environmental assessments.

Why is the Pilot Mountain project important for U.S. national security?

The project aims to establish the first domestic U.S. source of mined tungsten, reducing dependency on foreign supplies and supporting national security objectives.

What are the next steps for Guardian Metal Resources' Pilot Mountain project?

The company will immediately advance the pre-feasibility study and conduct environmental studies, while periodically reporting progress to the Department of Defense.