Guardian Metal (NYSE: GMTL) touts high-IRR Pilot Mountain tungsten PFS with US$660M NPV
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
Guardian Metal Resources released a positive pre-feasibility study for its Pilot Mountain tungsten project in Nevada, outlining strong economics and a clear path toward potential development. At the base case tungsten price of US$197,300 per tonne of WO₃, the study indicates after-tax free cash flow of US$1.058 billion, an after-tax NPV₈ of US$660.3 million, and a post-tax IRR of 59.6% with a one-year capital payback from first commercial production.
The plan envisages initial capex of US$288.7 million for a 4,000 tonnes-per-day open-pit operation producing about 1,990 tonnes of WO₃ in concentrate per year over an initial eight-year mine life, totaling 15,916 tonnes of recovered WO₃. Probable reserves total 11.8 million tonnes grading 0.171% WO₃, containing 20,275 tonnes of WO₃ and 3.5 million ounces of silver.
At the 12 June 2026 tungsten spot price of US$304,000 per tonne, NPV₈ rises to US$1.366 billion and IRR to 101.6%, with modeled after-tax free cash flow of US$2.088 billion and a six-month payback. The project is supported by a prior US$6 million U.S. Department of War Defense Production Act investment and targets first ore through the mill in Q4 2028, subject to permitting, financing, and a future construction decision.
Positive
- Pilot Mountain PFS indicates strong economics, with after-tax NPV₈ of US$660.3 million, IRR of 59.6%, and modeled after-tax free cash flow of US$1.058 billion at the base case tungsten price.
- Significant upside at spot tungsten prices, where after-tax NPV₈ increases to US$1.366 billion, IRR to 101.6%, and modeled after-tax free cash flow to US$2.088 billion, with a six‑month capital payback.
- Strategic government backing through a US$6 million Defense Production Act Title III investment supports the project’s role in restoring U.S. tungsten supply for defense and critical industries.
Negative
- Project remains contingent on key approvals and financing, including NEPA permitting, Mine Plan of Operations approval, and securing capital, and the company notes that no construction decision has been made and outcomes are not assured.
- Economic viability is sensitive to project execution and market conditions, with forward-looking statements emphasizing risks related to regulatory processes, technical factors, and potential changes in tungsten prices and geopolitical dynamics.
Insights
Pilot Mountain PFS shows high-margin tungsten project but depends on execution and permits.
Guardian Metal Resources outlines a conventional open-pit tungsten mine at Pilot Mountain with an after-tax NPV₈ of US$660.3 million and IRR of 59.6% at a base price of US$197,300 per tonne of WO₃. Initial capex is modeled at US$288.7 million, with a one-year payback from first commercial production, which is an unusually rapid capital recovery for a hard‑rock mining project.
The study assumes adjusted operating costs of US$54,622 per tonne of WO₃ in concentrate and all‑in sustaining costs of US$58,151 per tonne, against modeled revenues that also include silver and zinc by-product credits. Sensitivities show the project remains strongly cash-generative even at a 20% lower tungsten price, with after-tax NPV₈ of US$395 million and IRR of 41.3%, while upside at spot pricing more than doubles NPV.
Key dependencies are permitting under the National Environmental Policy Act, timely approval of the Mine Plan of Operations, securing project financing, and maintaining tungsten prices near the assumed levels. The company targets first ore through the mill in Q4 2028 and may consider a construction decision based on this PFS alone; future disclosures and the forthcoming S‑K 1300 Technical Report Summary will be important for understanding any changes in costs, schedule, or reserve estimates.
Pilot Mountain targets U.S. tungsten supply amid export controls and defense demand.
The PFS positions Pilot Mountain as a potential new U.S. tungsten mine, with 11.8 million tonnes of probable reserves containing 20,275 tonnes of WO₃ and 3.5 million ounces of silver. Management highlights that there has been no domestic U.S. primary tungsten production for over a decade, while China historically supplied about 80% of global primary tungsten and imposed export controls on raw materials in February 2025.
The project benefits from a prior US$6 million Defense Production Act Title III investment from the U.S. Department of War, reflecting strategic interest in securing critical minerals for the defense industrial base. The PFS assumes a base case tungsten price at a ~35% discount to the 12 June 2026 APT mid‑price, which the company describes as a conservative pricing framework.
Strategic impact will ultimately depend on permitting outcomes, the ability to build a domestic processing route for high‑grade concentrate, and future decisions on construction timing. The outlook section stresses perceived near- and medium-term tungsten supply tightness and suggests the company may proceed to production without a full feasibility study, although it explicitly notes no construction decision has yet been made and further technical, permitting, financing, and development work is ongoing.
Key Figures
After-tax NPV₈ (base case): US$660.3 million
Post-tax IRR (base case): 59.6%
After-tax free cash flow (base case): US$1.058 billion
+5 more
8 metrics
After-tax NPV₈ (base case)
US$660.3 million
At tungsten price US$197,300/t WO₃, 8% discount rate
Post-tax IRR (base case)
59.6%
Pilot Mountain PFS economics after tax
After-tax free cash flow (base case)
US$1.058 billion
Modeled over life of mine at base case price
Initial capital expenditure
US$288.7 million
Mine, mill, infrastructure with 15.7% contingency
All-in sustaining cost
US$58,151 per tonne WO₃
Net of by-products, contained in concentrate
After-tax NPV₈ at spot price
US$1.366 billion
At US$304,000/t WO₃, 12 June 2026 spot
Recoverable tungsten over mine life
15,916 tonnes WO₃
Modeled eight-year open-pit operation
Probable WO₃ reserves
20,275 tonnes WO₃
11.8 million tonnes at 0.171% WO₃
Key Terms
Pre-Feasibility Study, NPV 8, Defense Production Act (DPA) Title III, All-in sustaining cost (AISC), +2 more
6 terms
Pre-Feasibility Study financial
"Positive Pre-Feasibility Study Results for the Pilot Mountain Tungsten Project"
A pre-feasibility study is an initial assessment that evaluates whether a proposed project or investment idea is worth exploring further. It involves examining basic factors like costs, potential benefits, and possible challenges, similar to conducting a preliminary check before deciding to invest more time and resources. This helps investors determine if pursuing the project further is practical and likely to be successful.
NPV 8 financial
"At Base Case, Study Shows After-Tax NPV of US$660 and IRR of 59.6%"
Defense Production Act (DPA) Title III financial
"made possible by a U.S. Department of War $6 Defense Production Act (DPA) Title III investment"
All-in sustaining cost (AISC) financial
"AISC of US$58,151 per tonne of WO₃ contained in concentrate"
All-in sustaining cost (AISC) is a per-unit measure of what a mining operation spends to produce its commodity, including routine operating expenses plus the ongoing capital and maintenance needed to keep the operation running. Investors use AISC to compare true production costs across companies and judge profitability and cash flow resilience—think of it like the total cost per mile to operate a car, not just the fuel.
National Environmental Policy Act (NEPA) regulatory
"as part of federal National Environmental Policy Act (“NEPA”) permitting process"
A U.S. law that requires federal agencies to evaluate and disclose the environmental effects of major projects—like an inspection and public review process before a big build or permit is approved. It matters to investors because NEPA reviews can change project timelines, add costs, or require design changes; those outcomes affect the pace, risk and potential return on investments tied to projects needing federal approval.
Mineral Resource Estimate financial
"includes an updated Mineral Resource Estimate (“MRE”) covering two Project zones"
A mineral resource estimate is a calculated approximation of how much metal or mineral material likely exists in a particular deposit and where it sits underground, similar to estimating how many cookies are in a jar by peeking at the layers. It matters to investors because it provides a data-based starting point for judging a project's potential value, future production and risks, while not guaranteeing recoverable or profitable amounts.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
OF THE SECURITIES EXCHANGE ACT OF 1934
30 June, 2026
Commission File Number 001-43199
Guardian Metal Resources PLC
c/o Orana Corporate LLP
25 Eccleston Place
London SW1W 9NF
United Kingdom
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
|
Form 20-F ☒
|
Form 40-F ☐
|
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): ___
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): ____
Guardian
Metal Resources PLC
On June
30, 2026, Guardian Metal Resources PLC issued a press release
titled “Pilot Mountain Pre-Feasibility Study
Results”.
A copy
of the press release is attached hereto as Exhibit 99.1, a copy of
the consent of RESPEC Company, LLC is attached hereto as Exhibit
23.1, a copy of the consent of Samuel Engineering, Inc. is attached
hereto as Exhibit 23.2 and a copy of the consent of NewFields
Mining Design & Technical Services, LLC is attached hereto as
Exhibit 23.3.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on behalf by
the undersigned, thereunto duly authorized.
Guardian Metal Resources PLC
(Registrant)
|
Date:
30 June, 2026
|
|
By: /s/
Oliver Friesen
|
|
|
|
Name:
Oliver Friesen
|
|
|
|
Title:
Chief Executive Officer
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Exhibit Index
|
Exhibit
|
Description of Exhibit
|
|
99.1
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Pilot Mountain Pre-Feasibility Study Results dated 30 June,
2026
|
|
23.1
|
Consent
of RESPEC Company, LLC dated 30 June, 2026
|
|
23.2
|
Consent
of Samuel Engineering, Inc. dated 30 June, 2026
|
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23.3
|
Consent
of NewFields Mining Design & Technical Services, LLC dated 30
June, 2026
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30
June 2026
Guardian Metal Resources plc
('Guardian Metal' or the 'Company')
Positive Pre-Feasibility Study Results for the Pilot Mountain
Tungsten Project
PFS Completion marks a critical step toward restoring domestically
mined tungsten production in support of the U.S. defense industrial
base and national security priorities
At Base Case, Study Shows After-Tax NPV of US$660.3M and IRR of
59.6%
Guardian
Metal Resources plc (NYSE.A: GMTL, LON: GMET, OTCQB: GMTLF), a
strategic exploration company focused on tungsten in Nevada, USA,
is pleased to announce the results of the Pre-Feasibility Study
("PFS" or the “Study”) for the Pilot Mountain tungsten
project (“Pilot Mountain” or the
“Project”). The completion of the PFS marks a critical
step in the Company’s path towards the potential development
of the first new United States (“U.S.”) based tungsten
mining operation in over a decade.
The Study results indicate that utilizing a conventional open-pit
mining method and base case tungsten pricing*, the Project is
planned to produce 15,916 tonnes of WO3 over an 8-year
mine life, generating after-tax free cash flow of US$1.058 billion,
with a capital payback period of 1 year from first commercial
production. On an after-tax basis at base case tungsten pricing*,
this translates to a net present value (“NPV8") of US$660.3
million at an 8% discount rate and an internal rate of return
(“IRR”) of 59.6%. At the 12 June 2026 tungsten spot
price, the Project would generate after-tax free cash flow of
US$2.088 billion, with an IRR of 101.6%, an NPV8 of US$1.366
billion and a capital payback of 6 months from first commercial
production.
The PFS
was completed in accordance with S-K 1300 standards by a team of
U.S.-based specialist firms, led by Samuel Engineering, Inc. of
Denver, Colorado and RESPEC Company LLC (“RESPEC”) of
Reno, Nevada. The PFS includes an updated Mineral Resource Estimate
(“MRE”) covering two Project zones, Garnet and Desert
Scheelite, as well a Mineral Reserve Statement (“MRS”)
for the Project. The supporting technical analyses relating to the
updated MRE and MRS will be included in a S-K 1300 Technical Report
Summary currently being prepared by the Company.
The Pilot Mountain PFS was made possible by a U.S. Department of
War $6.2M Defense Production Act (DPA) Title III investment in
Guardian Metal's wholly-owned subsidiary, Golden Metal Resources
(USA) LLC in July 2025. The Company sincerely thanks the Assistant
Secretary of War for Industrial Base Policy, the Honorable Michael
P. Cadenazzi, who oversees the Department’s execution of its
DPA authorities, for their valued support of this milestone study,
which marks a critical step toward restoring domestic tungsten mine
production in support of the nation's defense industrial base and
national security priorities.
Currency
values are stated in U.S. dollars and are presented on a 100%
project basis. All tonnages are stated in metric
tonnes.
*Base case utilizes a tungsten price of US$197,300 per tonne of
WO3,
representing a ~35% discount to the mid-price for ammonium
paratungstate (“APT”) as quoted by Fastmarkets
MB-W-0001 of US$304,000 per tonne of WO3 as of 12 June
2026. The mid-price as of 26 June 2026 was US$307,500 per tonne of
WO3.
All prices are for APT with the study assuming a payable factor of
82% for tungsten concentrate.
Oliver Friesen, Chief Executive Officer of Guardian Metal,
commented:
“We
are delivering this Study at an inflection point: we believe that
the global tungsten market is undergoing an unprecedented
structural reset, and the world is waking up to the immense
importance of securing reliable, home-grown critical mineral
supply. The importance of tungsten for defense, technology,
aerospace, and national security has never been more apparent. We
believe that Pilot Mountain is the only tungsten Project in the
United States with a recently completed S-K 1300 compliant PFS,
positioning it as a unique opportunity for near-term U.S. mined
tungsten production.
“Against this backdrop, the Pilot Mountain PFS supports the
Project’s development potential to support U.S. critical
mineral and defense independence. We believe this firmly
establishes the Project as one of the more compelling tungsten
development opportunities in the Western world. The Study
demonstrates robust economics using conservative pricing
assumptions, with considerable upside at current tungsten prices
and from the Project’s exploration potential.
“The completed PFS is a testament to years of diligent work
by our fantastic operations and development team, and gives us and
our stakeholders great confidence as we advance the Project through
further engineering, permitting and development toward a future
construction decision. We look forward to sharing further updates
as we progress toward establishing the first new domestically mined
U.S. tungsten operation in over a decade, with production targeted
for Q4 2028.”
Marc Leduc, P.Eng., Operations Manager of Guardian Metal,
commented:
“This
PFS represents the culmination of years of detailed technical work,
and I am very proud of what our team has delivered. Tungsten is a
metal critically important to U.S. defense, national security and
reindustrialization, yet there has been no domestic production in
the country for over a decade. Pilot Mountain is a high-margin
Project that is uniquely positioned to fill a critical gap in the
U.S. tungsten supply chain.
“We are particularly encouraged by the simplicity of the
Project. We are proposing the use of conventional mining and
processing methods throughout, producing what we believe will be a
high-quality concentrate capable of being processed entirely within
the U.S.
“The Study outlines a robust operation with a payback period
of one year. Beyond the current resource base, we believe there is
meaningful exploration upside across a number of the Project's
other target areas, including but not limited to, the Tremor Zone,
Gunmetal, and Good Hope. We look forward to continuing to advance
those targets alongside the important permitting and development
work progressing on the Project’s Desert Scheelite and Garnet
deposits. We believe that we are well positioned to file our Mine
Plan of Operations in the near-term as we advance through the
National Environmental Policy Act permitting
process.”
PFS Highlights:
Economics, Pricing and Capex
|
●
|
After-tax NPV8 of US$660.3
million and Project IRR of 59.6%, with a capital payback period of
1 year generating after-tax free cash flow of US$1.058
billion*.
|
|
●
|
Expected low initial Project capital expenditure ("capex") of
US$288.7 million, with sustaining capital of US$33.9 million and
closure costs of US$22.3 million. Capex includes 15.7% contingency
(US$39.1 million) and US$34.3 million of preproduction
mining.
|
|
●
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In its first full year of operations, the Project is modeled to
generate US$348 million in Earnings Before Interest, Taxes,
Depreciation, and Amortization (“EBITDA”) at the base
case*.
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|
●
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As of the 12 June 2026 tungsten spot price of US$304,000 per tonne,
first year EBITDA is modeled to increase to US$569 million,
representing an uplift of approximately 64% from the EBITDA base
case price.
|
|
●
|
Also at the 12 June 2026 tungsten spot price, the Project generates
after-tax free cash flow of US$2.088 billion with a 101.6% IRR and
NPV8 of
US$1.366 billion and has a capital payback period of 6 months from
first commercial production.
|
|
●
|
Expected adjusted operating cost of US$54,622 per tonne of
WO3 in
concentrate (including royalties, transportation, refining along
with zinc and silver credits), with a targeted concentrate grade of
60% WO3.
|
Resource, Reserve and Production
|
●
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Mineral Resources increased to 21,600 tonnes of WO3 Indicated, with
Probable Mineral Reserves of 20,275 tonnes of WO3 (11,822,000
tonnes @ 0.171% WO3).
|
|
●
|
The operation plan calls for the construction of a 4,000 tonne per
day processing plant using flotation recovery methods to produce a
tungsten concentrate.
|
|
●
|
The ore will be mined from a conventional open-pit mine using
92-tonne haul trucks and large wheel loaders.
|
|
●
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The operation plan calls for the construction of a conventional
lined tailings storage facility which will meet the U.S. and
international standards for tailings management, including the
Nevada Administrative Code requirements and Canadian Dam
Association guidelines.
|
Timelines, Life of Mine, Permitting and Utilities
|
●
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The Project timelines contemplate an open-pit mining operation with
first ore through the mill in Q4 2028, with initial commissioning
tonnes marking the start of processing operations.
|
|
●
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Expected initial 8-year Life of Mine ("LoM") producing 15,916
tonnes of recovered WO3, with significant
opportunity to extend through ongoing exploration at the Tremor
Zone, Gunmetal, Good Hope, plus other unnamed target areas across
the Project.
|
|
●
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Work completed for the PFS supports the near-term filing of the
Mine Plan of Operations (“POO”) with the Bureau of Land
Management as part of federal National Environmental Policy Act
(“NEPA”) permitting process.
|
Investor Presentation:
As
previously announced, Guardian Metal will host a live investor
presentation via 6ix on 01 July 2026 at 11:00 ET / 16:00 BST to
discuss the PFS results and provide an update on the Company's
outlook, including next steps for the Pilot Mountain
Project.
The
presentation is open to all existing and potential shareholders.
Questions may be submitted ahead of the event via the registration
form or at any time during the event.
Investors
can sign up to 6ix for free and register for Guardian Metal's
presentation here: https://6ix.com/event/guardian-metal-resources-presents-pilot-mountain-pfs
PFS Summary Results with Price Sensitivities:
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Item (all after tax)
|
NPV8
|
IRR
|
After tax
Cash Flow
|
Payback
|
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(US$M)
|
(%)
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(US$M)
|
(years)
|
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Base Case US$197,300/t WO3
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$660
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59.6%
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$1,058
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1.00
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Spot US$304,000/t WO31
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$1,366
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101.6%
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$2,088
|
0.51
|
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Base -20% US$157,840/t WO3
|
$395
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41.3%
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$671
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1.31
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Base +20% US$236,760/t WO3
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$922
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76.0%
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$1,440
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0.71
|
Notes:
1.
APT mid-price as of 12 June 2026 as quoted by Fastmarkets
MB-W-0001. Latest price as of 26 June 2026 was
US$307,500/t.
Further Details:
The
following information is derived from the PFS. The PFS reflects a
pre-feasibility level assessment of the Project, with the accuracy
being plus 20% and minus 15% and is based on the assumptions and
parameters described herein. References to "will" or
“expected” reflect the planned development scenario,
subject to a positive construction decision and successful Project
financing.
The PFS
envisages initial capital expenditure of US$288.7 million to
construct a fully integrated mine, mill complex and associated
infrastructure, with a mill feed capacity of 1.4 million tonnes per
annum. The operation is designed to produce ~2,000 tonnes of
WO₃ in concentrate per annum, with the targeted concentrate
grade of greater than 60% WO₃ over the life of
mine.
Adjusted
operating costs are projected at US$54,622 per tonne of WO₃
contained in concentrate; AISC of US$58,151 per tonne of WO₃
contained in concentrate.
The
economic analysis presented in the PFS is based on the assumptions
and parameters used in the Study and should be read together with
the qualifications, assumptions, and risk factors described
elsewhere in this announcement.
The
Desert Scheelite and Garnet tungsten deposits are located
approximately 2 kilometers apart within a large land package
hosting multiple areas of tungsten mineralization. Known tungsten
intercepts proximal to the current resource areas provide
meaningful potential for further resource expansion.
The PFS
estimates first production in late 2028, subject to approval of the
POO and a NEPA analysis in mid-2027. The Study utilizes
conventional open-pit mining and processing methods, with mine
design incorporating environmental protection measures across all
phases of construction, operations, and closure. Grid power
connection is anticipated via a potential self-build powerline
option, with water supply to be sourced from wells, subject to
receipt of the required water rights.
Combined
production from two concurrent open pits is estimated at 15,916
tonnes of WO₃ in concentrate over the mine life, with a
life-of-mine stripping ratio of 12.6, a head grade of 0.171%
WO₃, and tungsten recovery from milling and flotation
estimated at 78.5%. Mining will utilize 92-tonne haul trucks, with
both contractor and owner fleet options evaluated in the PFS. The
base case assumes a contractor mining model with an owner's team
management structure.
Initial
mining of the Desert Scheelite pit will facilitate construction of
a modern, zero discharge lined tailings storage facility with a
rock embankment. Processing infrastructure will comprise primary
and secondary crushing, a two-stage grinding circuit, and a
flotation recovery plant. Tungsten will be recovered using an
industry-standard fatty acid flotation circuit, with sulfide
minerals, including silver, recovered ahead of the tungsten
recovery stage. Silver will be produced as part of a base metal
concentrate and marketed separately from the primary tungsten
product.
PFS Detailed Technical Results:
|
|
|
Desert
Scheelite
|
Garnet
Tungsten
|
Total Pilot Mountain
|
|
Study Production Statistics
|
Units
|
Mine
|
Mine
|
Project
|
|
Total
Ore Mined
|
million
tonnes
|
9.738
|
2.085
|
11.822
|
|
Total
Material Mined
|
million
tonnes
|
144.013
|
16.337
|
160.350
|
|
Stripping
Ratio
|
waste:
ore
|
13.8:1
|
6.8:1
|
12.6:1
|
|
Processing
Rate
|
tonnes
per day
|
|
|
4,000
|
|
Tungsten
Head Grade
|
%
|
0.182
|
0.120
|
0.171
|
|
Silver
Head Grade
|
Ag
g/t
|
10.68
|
2.78
|
9.28
|
|
Contained
Tungsten
|
Tonnes
WO3
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17,768
|
2,507
|
20,275
|
|
Contained
Silver
|
kOz
|
3,343
|
186
|
3,529
|
|
Tungsten
Recovery
|
%
|
78.5%
|
78.5%
|
78.5%
|
|
Silver
Recovery
|
%
|
60%
|
60%
|
60%
|
|
Total
Recoverable Tungsten 1
|
Tonnes
WO3
|
13,948
|
1,968
|
15,916
|
|
Total
Recoverable Silver
|
kOz
|
2,006
|
112
|
2,117
|
|
Average
Annual Tungsten Production
|
Tonnes
WO3
|
1,744
|
246
|
1,990
|
|
Average
Annual Silver Production 2
|
kOz
|
251
|
14
|
265
|
|
Capital
|
|
|
|
|
|
Initial
Capital
|
US$
million
|
|
|
$288.7
|
|
Sustaining
Capital
|
US$
million
|
|
|
$33.9
|
|
Life of
Mine Capital
|
US$
million
|
|
|
322.6
|
|
Contingency
(included)
|
US$
million
|
|
|
$39.1
|
|
Contingency
(included)
|
%
|
|
|
15.7%
|
|
Operating Costs
|
|
|
|
|
|
Adjusted
Operating Cost per Tonne of Ore 3
|
US$/t
ore
|
|
|
$73.54
|
|
Mining
|
US$/t
ore
|
|
|
$48.16
|
|
Processing
|
US$/t
ore
|
|
|
$24.86
|
|
G&A
|
US$/t
ore
|
|
|
$6.23
|
|
Other 4
|
US$/t
ore
|
|
|
$(5.71)
|
|
Adjusted
Operating Cost per tonne of WO3 3
|
US$/t
WO3 net
of by-products
|
|
|
$54,622
|
|
AISC
per Tonne of WO35
|
US$/t
WO3 net
of by-products
|
|
|
$58,151
|
|
Mine
Life (LoM)
|
years
|
|
|
8
|
|
Project Economics6
Base Case Pricing
|
|
|
|
|
|
Post-tax
NPV (8%)
|
US$
million
|
|
|
$660.3
|
|
Pre-tax
NPV (8%)
|
US$
million
|
|
|
$856.7
|
|
Post-tax
NPV (10%)
|
US$
million
|
|
|
$589.6
|
|
Pre-tax
NPV (10%)
|
US$
million
|
|
|
$767.5
|
|
Post-tax
NPV (15%)
|
US$
million
|
|
|
$446.6
|
|
Pre-tax
NPV (15%)
|
US$
million
|
|
|
$587.4
|
|
Post-tax
IRR
|
%
|
|
|
59.6%
|
|
Pre-tax
IRR
|
%
|
|
|
67.8%
|
|
Payback
Period
|
years
|
|
|
1.00
|
Notes:
1.
WO3
calculations are made assuming a saleable good quality tungsten
concentrate at >50% WO3 concentrate grade
for the U.S. market.
2.
Silver production is averaged over the Desert Scheelite mine life
only.
3.
Adjusted Operating Costs Include: On-site mining, processing and
general and administrative expenses (“G&A”),
royalties and production/excise taxes, permitting and community
cost related to current operations, third party smelting, refining
and transport costs, stockpiles and inventory write-downs,
site-based non-cash remuneration, and by-product
credits.
4.
Other category includes royalties, transport, production/excise
taxes, refining, and by-product credit.
5.
AISC includes: Adjusted Operating Costs (above) plus closure costs,
and sustaining capital.
6.
Project economics are presented for 100% of the
project.
Figure 1: PFS Production Profile (Produced WO3 Contained in
Concentrate)
Figure 2: PFS Post-tax Annual and Cumulative Cashflow Profile (grey
line cumulative after tax cashflow – right axis)
Figure 3: Project Sensitivity Analysis (Post-tax Base case
NPV8
with 10% Sensitivities)
Figure 4: Project Sensitivity Analysis (Post-tax Base Case IRR with
10% Sensitivities)
EBITDA Calculation at Base Case Price
|
Metric
|
Unit
|
US$
|
|
Production
|
|
|
|
Sold
WO3
|
tonnes
|
15,916
|
|
Sold
Zn
|
tonnes
|
20,037
|
|
Sold
Ag
|
ounces
|
2,117,414
|
|
|
|
|
|
Revenue
|
|
|
|
Total
Gross Revenue
|
$000
|
2,702,949
|
|
Total
Deductions
|
$000
|
(6,335)
|
|
Total
Receipts less deductions
|
$000
|
2,696,614
|
|
Private
Royalty (2%)
|
$000
|
(54,059)
|
|
Total Net Revenues
|
$000
|
2,642,555
|
|
|
|
|
|
Project Operating Costs
|
|
|
|
Mining
Cost
|
$000
|
(569,318)
|
|
Processing
Cost
|
$000
|
(293,902)
|
|
SG&A
Cost
|
$000
|
(73,282)
|
|
Total Operating Costs
|
$000
|
(936,902)
|
|
|
|
|
|
Project Capital Costs
|
|
|
|
Project
Development Capital
|
$000
|
(288,701)
|
|
Sustaining
Capital
|
$000
|
(33,929)
|
|
Closure
|
$000
|
(22,250)
|
|
Total Capital Cost and Closure
|
$000
|
(344,880)
|
|
|
|
|
|
EBITDA, Capital, Tax and Cashflow
|
|
|
|
EBITDA
|
$000
|
1,705,654
|
|
EBITDA-Capital
|
$000
|
1,360,773
|
|
Total
Taxes
|
$000
|
(302,684)
|
|
After
Tax Total Cashflow
|
$000
|
1,058,090
|
The
Mineral Reserve and Mineral Resource estimates summarized below are
derived from the PFS. The supporting technical analyses,
assumptions, and disclosures relating to such estimates are
expected to be included in a forthcoming Technical Report Summary
being prepared in accordance with S-K 1300.
Pilot Mountain Project Mineral Reserve Statement:
Probable Reserves total 11.8 million tonnes containing 20,275
tonnes of WO3 and 3.5 million
ounces silver as detailed below:
|
|
Average Grade
|
Contained Metal
|
||||||
|
Pit
|
Classif-ication
|
k Tonnes
|
WO3%
|
Ag g/t
|
Zn %
|
WO3
t
|
K oz Ag
|
Zn t
|
|
Desert Scheelite
|
Probable
|
9,738
|
0.182
|
10.68
|
0.30
|
17,768
|
3,343
|
28,813
|
|
Garnet
|
Probable
|
2,085
|
0.120
|
2.78
|
0.22
|
2,507
|
186
|
4,583
|
|
Total
|
Probable
|
11,822
|
0.171
|
9.28
|
0.28
|
20,275
|
3,529
|
33,396
|
Mineral Reserve Statement Notes:
1.
The effective date of Desert Scheelite and Garnet Mineral Reserve
Statement is 15 June 2026.
2.
The point of reference for Mineral Reserves is at the
crusher.
3.
Resource blocks were diluted to the selective mining unit (SMU) and
additional dilution was added for reporting of Reserves. The QP,
RESPEC, who is responsible for the statement of reserves believes
that the blocks can be reasonably mined at the SMU size. Desert
Scheelite SMU blocks were 5m by 2.5m by 5m in the X, Y, and Z
directions respectively. Garnet SMU blocks were 5m by 5m by 2.5m in
the X, Y, and Z directions respectively.
4.
Reserves are reported based on a 0.040% WO3 cutoff grade. The
cutoff grade was applied only to the WO3 grades. Silver
and tungsten are reported as the contained metal within the
Probable material processed.
5.
Rounding may result in apparent discrepancies between tonnages and
contained metal totals.
6.
Indicated material has been converted to Probable Reserves. The
resources do not contain any Measured material, so no Proven
reserves are reported. All Inferred resources are considered as
waste material.
7.
Reserves are reported by RESPEC.
8.
Reserves are reported based on US$115,000/t WO3, US$38.00/oz Ag,
and US$2,700/t Zn metal prices. Note that the final cashflow
analysis uses a higher WO3 price. The lower
price is reasonable with the reporting of reserves as RESPEC
considers material below the reporting cutoff grade to be
immaterial.
Pilot Mountain Project Mineral Resource Estimate:
Mineral Resources are reported inclusive of Mineral Reserves.
Indicated total 12.1 million tonnes containing 21,600 tonnes of
WO3 and
3.9 million ounces silver as detailed below:
|
|
Average Grade
|
Contained Metal
|
||||||
|
Pit
|
Classif-ication
|
k Tonnes
|
WO3
%
|
Ag g/t
|
Zn %
|
WO3
t
|
k oz Ag
|
Zn t
|
|
Desert Scheelite
|
Indicated
|
9,978
|
0.189
|
11.39
|
0.30
|
18,900
|
3,656
|
29,900
|
|
Inferred
|
1,933
|
0.158
|
11.48
|
0.29
|
3,000
|
713
|
5,500
|
|
|
Garnet
|
Indicated
|
2,158
|
0.127
|
3.18
|
0.23
|
2,700
|
221
|
5,000
|
|
Inferred
|
364
|
0.110
|
1.87
|
0.11
|
400
|
22
|
400
|
|
|
Total
|
Indicated
|
12,136
|
0.178
|
9.93
|
0.29
|
21,600
|
3,877
|
34,900
|
|
Inferred
|
2,297
|
0.150
|
9.96
|
0.26
|
3,400
|
735
|
5,900
|
|
Mineral Resource Estimate Notes:
1.
The effective date of Desert Scheelite and Garnet mineral resources
is 26 May 2026.
2.
The Mineral Resource estimate was calculated by RESPEC in metric
tonnes.
3.
The point of reference is in situ mineralization prior to
extraction by open pit mining methods.
4.
The average grades of the tabulations are comprised of the weighted
average of block-diluted grades within optimized pits.
5.
The Desert Scheelite and Garnet Mineral Resource cut-off grade of
0.04% WO₃ was selected by the authors. Operating assumptions
were applied to establish a theoretical pit limit, including a
WO₃ price of US$115,000/t, an average recovery of 75%
WO₃, a processing rate of 4,000 tonnes/day, US$3.50/t mining
cost for open pit, US$23.00/t processing cost, US$5.17/t processed
for G&A, and an 82% payability. Blocks outside the pit limit
are considered not economic at this time.
6.
The accessory metals Ag and Zn shown in the above table are the
quantities contained within the Mineral Resource envelope using the
cut-off grade established for the primary commodity (WO3). No independent
cut-off grade has been applied to these accessory metals. Reported
quantities of accessory metals are therefore considered by-products
of the primary metal resource and their value is contingent upon
the ability to economically extract the by-products along with the
primary commodity.
7.
The estimate of Mineral Resources may be materially affected by
geology, environmental, permitting, legal, title, taxation,
sociopolitical events, marketing, or other relevant
issues.
8.
Rounding as required by reporting guidelines may result in apparent
discrepancies between tonnes, grade, and contained metal
content.
9.
Mineral Resources are not Mineral Reserves and do not have
demonstrated economic viability. An Inferred Mineral Resource has a
lower level of confidence than an Indicated Mineral Resource and
cannot be converted to a Mineral Reserve. RESPEC reasonably expects
that continued exploration and delineation will upgrade the
majority of Inferred Mineral Resources to Indicated Mineral
Resources.
Outlook:
The
tungsten market has been fundamentally reshaped by the absence of
domestic U.S. primary mined supply and China's decision in February
2025 to control exports of tungsten raw materials, having
historically accounted for approximately 80% of global primary
supply.
Guardian
Metal is committed to advancing Pilot Mountain as rapidly as
possible, progressing detailed engineering and permitting
activities in parallel as it works towards a construction decision.
The Company is actively engaged with relevant government agencies
and participants across the tungsten value chain, reflecting its
view that the United States is facing a material near- and
medium-term tungsten supply shortage. In addition, the Company will
consider the best value of the Project for all stakeholders
including local, state and national communities through the
permitting and final designs.
Given
the severity of the current supply deficit, the prevailing price
environment, and strong modeled operating margin, the Company may
elect to make a construction decision based on the 2026 PFS,
potentially proceeding to production without completion of a full
feasibility study. However, no such decision has been made at this
time and further technical, permitting, financing, and development
work remains ongoing. Readers are cautioned to consider this
possibility when evaluating the Project and its associated
risks.
Project Ownership:
Guardian
Metal owns a 100% interest in Pilot Mountain through its U.S.
wholly-owned subsidiaries Pilot Metals Inc. and BFM Resources
Inc.
References
1 Company
announcement, U.S. Department of
Defense Awards US$6.2M to Golden Metal Resources for the Pilot
Mountain Project, dated 23 July 2025
(https://polaris.brighterir.com/public/guardian_metal_resources/news/rns/story/wvm0n3w)
Qualified Person
Scientific
and technical disclosure contained herein has been reviewed and
approved by independent third-party consulting firms—RESPEC,
Samuel Engineering, Inc., and NewFields Mining Design &
Technical Services, LLC (“NewFields”) —each a 'qualified person'
under Subpart 1300 of Regulation S-K. RESPEC has reviewed and
approved the disclosures relating to exploration results, and
Mineral Resource and Reserve estimations. Samuel Engineering, Inc.
has reviewed and approved the disclosures relating to metallurgical
testing, processing design, and economic analysis. NewFields has
reviewed and approved the disclosure related to the Tailings
Storage Facility. The findings and conclusions of the Study have
not yet been formalized and summarized into a Technical Report
Summary prepared in accordance with Subpart 1300 of Regulation S-K.
The Company is currently preparing an updated Technical Report
Summary reflecting the results of the Study and expects to file
such Technical Report Summary with the SEC in the near-term. This
announcement summarizes the principal findings and conclusions of
the PFS. Additional technical information, assumptions,
qualifications, and supporting analyses relating to the Mineral
Resource estimates, Mineral Reserve estimates and economic analysis
summarized herein are expected to be included in the forthcoming
Technical Report Summary.
Independent
Review Statements
The
technical information contained in this disclosure has been read
and approved by the U.S. Department of War and by Mr Nicholas
O'Reilly (MSc, DIC, MIMMM QMR, MAusIMM, FGS), who is a qualified
geologist and acts as the Competent Person under the AIM Rules -
Note for Mining and Oil & Gas Companies. Mr O'Reilly is a
Principal consultant working for Mining Analyst Consulting Ltd
which has been retained by Guardian Metal Resources plc to provide
technical support.
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).
Cautionary Note to Investors: Mineral Resources that are not
Mineral Reserves do not have demonstrated economic
viability.
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, including general economic, market
and business conditions, competition for qualified staff, the
regulatory process and actions, technical issues, new legislation,
potential delays or changes in plans, uncertainties resulting from
operating in a new political jurisdiction, uncertainties regarding
the results of exploration, the timing and granting of prospecting
rights, the timing and granting of regulatory and other third party
consents and approvals, Guardian Metal’s or any third
party’s ability to execute and implement future plans, and
the occurrence of unexpected events.
Forward-looking
statements are subject to risks and uncertainties, including those
described in the Company’s filings with the SEC. There can be
no assurance that the Project will be developed on the timetable
contemplated by the PFS, or at all, or that the economic outcomes
described in the PFS will ultimately be realized. Guardian Metal
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by
law.
This
announcement does not purport to be full or complete. No reliance
may or should be placed by any person for any purpose on the
information contained in this announcement or its accuracy,
fairness or completeness. The information in this announcement is
subject to change. For further
information visit www.guardianmetalresources.com
or contact the
following:
|
Guardian Metal Resources plc
Oliver Friesen (CEO)
|
Tel: +44 (0) 20 7583 8304
info@guardianmetalresources.com
|
|
Cairn Financial Advisers LLP
Nominated Adviser
Sandy Jamieson/Jo Turner/Louise O'Driscoll
|
Tel: +44 (0) 20 7213 0880
|
|
Berenberg
Joint Broker and Financial Adviser
Jennifer Lee/Ivan Briechle
|
Tel: +44 (0) 20 3207 7800
|
|
Tamesis Partners LLP
Joint Broker
Charlie Bendon/Richard Greenfield
|
Tel: +44 (0) 20 3882 2868
|
|
Tavistock
Financial PR in the UK
Emily Moss/Josephine Clerkin
|
Tel: +44 (0) 7920 3150 /
+44 (0) 7788 554035
guardianmetal@tavistock.co.uk
|
|
Edelman Smithfield
Financial PR in the US
|
guardianmetal@edelmansmithfield.com
|
About Guardian Metal Resources
Guardian
Metal Resources PLC (NYSE.A: GMTL, LON:GMET, OTCQB:GMTLF) is a
strategic mineral exploration company driving the revival of U.S.
mined tungsten production and strengthening America's defense metal
independence. The Company is advancing two co-flagship tungsten
projects, Pilot Mountain, one of the largest undeveloped tungsten
deposits in the United States and Tempiute, formerly America's
largest producing tungsten operation, both located in
Nevada, one of the top-rated mining jurisdictions in the
United States.
In July
2025, the U.S. Department of War (DoW) under Title III of
the Defense Production Act of 1950, as amended, invested
US$6.2M in Golden Metal Resources (USA) LLC,
a wholly-owned subsidiary of Guardian Metal Resources
PLC, to support the Pilot Mountain PFS. The Company completed a
U.S. listing on the NYSE American on 20 March
2026.
Tungsten
is a strategic metal critical to the defense, energy transition,
technology, and industrial sectors. In the context of shifting
geopolitical dynamics and tightening Chinese export restrictions,
Guardian Metal is well positioned to play a leading role in
re-establishing a secure, domestically mined US supply chain for
this vital defense metal.
FAQ
What did Guardian Metal Resources (GMTL) report in the Pilot Mountain PFS?
Guardian Metal reported a positive pre-feasibility study for Pilot Mountain, showing after-tax NPV₈ of US$660.3 million, IRR of 59.6%, and modeled after-tax free cash flow of US$1.058 billion at base case tungsten pricing for an eight-year open-pit operation.
What production profile does Guardian Metal forecast for Pilot Mountain?
The study models an eight-year life of mine producing 15,916 tonnes of recovered WO₃ in concentrate and 2.1 million ounces of silver, via a 4,000 tonnes-per-day open-pit operation using conventional mining and flotation processing methods at the Pilot Mountain project.
How much capital does Guardian Metal expect to spend on Pilot Mountain?
Initial capital expenditure is estimated at US$288.7 million, including a 15.7% contingency and preproduction mining. Additional sustaining capital of US$33.9 million and closure costs of US$22.3 million bring life-of-mine capital spending to approximately US$322.6 million for the project.
What are the key operating costs in the Guardian Metal Pilot Mountain PFS?
Adjusted operating costs are projected at US$73.54 per tonne of ore and US$54,622 per tonne of WO₃ in concentrate, including mining, processing, G&A, royalties, transportation, refining, and by-product credits. All-in sustaining cost is estimated at US$58,151 per tonne of WO₃ in concentrate.
What mineral reserves and resources did Guardian Metal report for Pilot Mountain?
Probable reserves total 11.8 million tonnes grading 0.171% WO₃, containing 20,275 tonnes of WO₃ and 3.5 million ounces of silver. Indicated resources total 12.1 million tonnes with 21,600 tonnes of WO₃ and 3.9 million ounces of silver, reported inclusive of reserves under S‑K 1300 standards.
When does Guardian Metal expect Pilot Mountain to start production?
The PFS contemplates first ore through the mill in Q4 2028, with initial commissioning tonnes marking the start of processing. This schedule depends on obtaining NEPA and Mine Plan of Operations approvals, completing financing, and making a positive construction decision, which has not yet occurred.
How is the Pilot Mountain project supported by the U.S. government?
In July 2025, the U.S. Department of War invested US$6 million under Defense Production Act Title III into a Guardian Metal subsidiary to support the Pilot Mountain PFS, reflecting strategic interest in domestic tungsten supply for the defense industrial base and related national security priorities.