REG - Guardian Metal Res. - Pilot Mountain Pre-Feasibility Progress Update

Guardian Metal ResourcesAnnouncement

06/05/2026 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260506:nRSF1347Da&default-theme=true

RNS Number : 1347D  Guardian Metal Resources PLC  06 May 2026

6 May 2026

Guardian Metal Resources plc

('Guardian Metal' or the 'Company')

Pilot Mountain Positive Pre-Feasibility Progress Update

Guardian Metal Resources plc (NYSE.A: GMTL, LON:GMET, OTCQB:GMTLF), a
strategic exploration company focused on tungsten in Nevada, USA, is pleased
to provide a Pre-Feasibility Study ("PFS") progress update on its 100%-owned
Pilot Mountain tungsten project ("Pilot Mountain" or the "Project") located in
Nevada, USA. The Company reports strong progress across all key PFS
workstreams which are progressing as planned.

The PFS is being supported by a U.S. Department of War $6.2m Defense
Production Act Title III investment(1) in Guardian Metal's wholly-owned
subsidiary, Golden Metal Resources (USA) LLC, and is led by Guardian Metal's
in-house team in collaboration with Samuel Engineering Inc., and a group of
specialist engineering and environmental firms.

Oliver Friesen, CEO of Guardian Metal, commented:

"We are very pleased to report strong progress at Pilot Mountain. Key PFS
workstreams are advancing very well, and upon completion, the Company will
move swiftly into both the mine permitting phase and commence workstreams to
support the Definitive Feasibility Study, marking the next significant step in
the Project's development.

"Alongside the strong engineering progress presented herein, encouraging
visual results from the Garnet Zone, Desert Scheelite Zone (East), and the
commencement of drilling at the Good Hope Zone continue to support the
Project's largely unrealised exploration potential.

"Guardian Metal continues to make the progress required to deliver the first
new hard-rock mined source of tungsten on U.S. soil in more than a decade."

 

PFS Highlights:

 •    Resource Evaluation Update: All drilling required to support the ongoing
      resource evaluation work at the Desert Scheelite and Garnet Zones has been
      completed. The final PFS results are expected to include the outcomes of the
      ongoing resource evaluation workstreams from both of these target zones.

 •    Mine Planning: The Project is currently being evaluated as a conventional
      open-pit operation, sourcing feed from both the Desert Scheelite and Garnet
      Zones. Mine design and optimisation are advancing in line with the planned PFS
      schedule.

 •    Permitting: The mine Plan of Operations, which will initiate the National
      Environmental Policy Act process upon submission to the Bureau of Land
      Management, is being drafted and developed in parallel with the PFS and is
      currently targeted for submission in August 2026.

 •    Metallurgy: Flowsheet development is well advanced, with preliminary test work
      results to date suggestive of a conventional flotation circuit capable of
      producing a scheelite concentrate. Workstreams relating to potential
      by-product recovery of silver and/or zinc are ongoing and also progressing
      well.

 •    Engineering: Siting studies are complete and the engineering team is advancing
      plant layout design, open-pit mine plans, and site infrastructure layouts. The
      process plant is currently expected to comprise a conventional flotation
      facility, with onsite temporary power generation currently expected for
      initial operations, with grid connection to follow thereafter.

 •    Hydrogeology: Phase I drilling and monitoring well installation is complete.
      Phase II, which includes additional monitoring wells, piezometers and a
      production well, has commenced and will provide the groundwater modelling data
      required for mine permitting.

 

Exploration Update

 •    Garnet Zone: Infill drilling at the Garnet Zone is complete. Several
      drillholes returned encouraging visual intersections of scheelite
      mineralisation, consistent with the style of tungsten mineralisation typically
      encountered at the Desert Scheelite Zone. Resource evaluation work is ongoing.

 •    Good Hope Zone: Initial holes GH26-01 and GH26-02 at the Good Hope target have
      been completed which returned encouraging visual scheelite mineralised
      intersections. Analytical results are pending.

 •    Gunmetal Zone: Several drill sites are now permitted and drill pad preparation
      is nearing completion. Drilling is expected to begin before the end of June
      2026, marking Guardian Metal's first ever drilling at this target zone, an
      area being evaluated for additional tungsten resources.

 •    Desert Scheelite Zone (East): The eastern strike extension of Desert Scheelite
      is under investigation through ongoing exploration and condemnation drilling.
      In particular, PMR26-077 was collared approximately 300m east of the expected
      eastern open-pit limit, and intersected visual scheelite mineralisation.
      Additional drillholes are planned  in the short term to further evaluate this
      target area. The main Desert Scheelite deposit remains open to the east, west
      and down dip, with further exploration drilling targeting these areas expected
      throughout Q2 and Q3 2026.

 •    Comprehensive Exploration Update: The Company intends to publish a
      comprehensive exploration update following PFS completion, incorporating
      results from all active target areas which is expected to demonstrate the
      continued potential for resource growth across the broader Pilot Mountain land
      package.

 

 

References

1              Company announcement, U.S. Department of Defense
Awards $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
(https://polaris.brighterir.com/public/guardian_metal_resources/news/rns/story/wvm0n3w)
)

 

COMPETENT PERSON STATEMENT

The technical information contained in this disclosure has been read and
approved by Mr Nick 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). The Directors of the Company are
responsible for this announcement.

 

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 U.S. Securities and Exchange
Commission. 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
(http://www.goldenmetalresources.com) or contact the following:

 Guardian Metal Resources plc                 Tel: +44 (0) 20 7583 8304

 Oliver Friesen (CEO)
 Cairn Financial Advisers LLP                 Tel: +44 (0) 20 7213 0880

 Nominated Adviser

 Sandy Jamieson/Jo Turner/Louise O'Driscoll
 Berenberg                                    Tel: +44 (0) 20 3207 7800

 Joint Broker and Financial Adviser

 Jennifer Lee/Ivan Briechle
 Tamesis Partners LLP                         Tel: +44 (0) 20 3882 2868

 Joint Broker

 Charlie Bendon/Richard Greenfield
 Tavistock                                    Tel: +44 (0) 7920 3150 /

                                              +44 (0) 7788 554035

 Financial PR                                 guardianmetal@tavistock.co.uk

 Emily Moss/Josephine Clerkin

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 U.S. 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 U.S. $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 March 20, 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 U.S. supply chain for this vital defense metal.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDFELLBQELEBBQ



            Copyright 2019 Regulatory News Service, all rights reserved