Guardian Metal advances Nevada tungsten projects with US government funding

Guardian Metal Resources has reported audited financial results for the year ending June 30, 2026, highlighting significant progress on its tungsten projects in Nevada, USA. A key development was the receipt of a US$6.2 million investment from the U.S. Department of War under the Defense Production Act to support the Pilot Mountain Tungsten Project and its Pre-Feasibility Study (PFS).

The completed PFS for Pilot Mountain indicated an after-tax NPV of US$660.3 million and an IRR of 59.6% based on a tungsten price of US$197,300 per tonne of WO3. Additionally, the company upgraded its resources, converting 97% of Indicated Resources into 11.8 million tonnes of Probable Reserves. To fund these developments, Guardian raised US$89.3 million in equity, including approximately US$68.3 million from an IPO on the NYSE American.

At the Tempiute site, the company expanded its land position by acquiring 841 acres and 2,540 acre-feet of annual water rights. Chief Executive Oliver Friesen stated that the company is targeting first production from Pilot Mountain in the fourth quarter of 2028.