REG - Guardian Metal Rsrc. - Interim Results
25/03/2025 15:45
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RNS Number : 1163C Guardian Metal Resources PLC 25 March 2025
25 March 2025
Guardian Metal Resources plc
Guardian Metal Resources plc ("GMET", "Guardian Metal" or the "Company")
Interim Results
Guardian Metal Resources plc (LON: GMET, OTCQB: GMTLF), a mineral exploration
company focused on tungsten within Nevada, USA, announces its unaudited
interim results for the six-month period ended 31 December 2024 (the
"Period").
KEY DEVELOPMENTS IN THE PERIOD TO 31 DECEMBER 2024
· Guardian Metal completed its name change from Golden Metal Resources
PLC.
· Strategic and operational appointments of a Company Strategic Advisor
and a U.S-based Operations Manager.
· Completed a strategic U.S. focused institutional fundraise of US
$2.75M.
· Induced polarisation (IP) and ground magnetic results confirm
significant porphyry deposit potential at both the Garfield and Pilot Mountain
projects - in particular, sizeable buried magnetic anomalies were identified
at Pilot Mountain's Porphyry West and Porphyry South Targets.
· New copper-gold-silver zone, subsequently named 'Freeze Zone',
discovered at Garfield Project which included results up to 15.56% and 9.58%
Cu-Equivalent with 7 of the 8 samples returning >1.75% Cu-Equivalent.
· Key water rights were purchased at Pilot Mountain representing a key
derisking step for the project's future development plans.
· Multiple visual drilling updates and inaugural analytical results
reported from the diamond drilling campaign and the Company's Pilot Mountain
Project which included the best ever drill intercept from the Project of 39.3m
@ 0.735% WO(3) (tungsten trioxide), 39.7g/t silver, 0.44% copper and 0.30 zinc
from drillhole PM24-012.
· Letter of Intent signed over the Tempiute Tungsten Project located in
Nevada.
· Board update announced including the appointment of J.T. Starzecki as
Non-Executive Chairman.
KEY DEVELOPMENTS SINCE 31 DECEMBER 2024
· Strategic £750,000 equity fundraise completed with strategic UK
institutional investor.
· Further copper-gold-silver bedrock discoveries at Garfield including
confirmation of antimony potential at the project's Pamlico Zone which
included select samples with overlimit antimony, gold, silver and lead
analytical results.
· Several U.S. Presidential Executive Orders were released supporting
the reshoring efforts of defence and critical metals supply chains back onto
U.S. soil.
· Very encouraging initial results of the industrial garnet processing
study at Pilot Mountain were reported which showcased an average of 58.3%
garnet across the 100kg split of the 300kg composite sample.
· Signed the Definitive Exploration Lease and option to acquire the
Tempiute Tungsten Project located in Nevada, U.S.
· Rock sample assay results confirmed a copper-molybdenum mineralised
hydrothermal breccia at the Company's Porphyry South target within the Pilot
Mountain Project with individual results up to 1.93% copper.
· Guardian Metal acknowledged and welcomed UCAM Ltd. as the Company's
largest shareholder following the completion of an off-market transaction.
· Golconda trenching results returned multiple high-grade at surface
intercepts of gold including 6.10m at 13.12g/t gold.
· The publication of a co-funded study on the tungsten demand within
nuclear fusion showcased the significant future demand required by this
cutting edge technology.
· Further very high-grade tungsten, copper, zinc and silver drilling
results received from the ongoing drilling campaign at the Company's Pilot
Mountain Project.
· The inaugural engineering review for Tempiute was published,
confirming significant usable in-place infrastructure across the recently
acquired project.
For further detail, please see note 7, Post balance sheet events.
GUARDIAN METAL INTERESTS AT TODAY'S DATE
The latest updated review of Guardian Metal's business interests is provided
in the Company's investor presentation which may be accessed here:
https://www.guardianmetalresources.com/investors/corporate-presentation/
(https://www.guardianmetalresources.com/investors/corporate-presentation/)
In addition, a single page business overview is provided for investors through
the following link:
https://www.guardianmetalresources.com/company/company-profile/
(https://www.guardianmetalresources.com/company/company-profile/)
LATEST POSITION OF GUARDIAN METAL'S INTERESTS AND TARGETED OBJECTIVES FOR 2025
Priority Exploration and Potential Exploration Projects
Exploration Interest Latest Position & Forward Plans
Pilot Mountain Resource drilling is ongoing at the project's Desert Scheelite Zone which will
be completed in short order. Following that, geotechnical drilling to support
the planned Pre-feasibility Study (PFS) will commence. The Company is also
reviewing other exploration targets within the project and will determine
optimal next steps with these exciting targets in due course.
Tempiute A definitive option agreement to acquire 100% of the project was recently
signed. An engineering review was completed highlighting the significant
in-place infrastructure. Sampling of the tailings facility will be underway
shortly with future development plans to be communicated to the market in due
course.
Garfield Multiple high-priority targets have been delineated which cover high-grade
copper-silver-gold results associated with porphyry, skarn and epithermal type
alteration and mineralisation.
The Company is reviewing all potential options going forward to ensure that
key next exploration steps can be completed, ideally with a suitable partner
to fund exploration.
Golconda Trenching work was completed and returned multiple high-grade gold intercepts.
The Company is reviewing internally the opportunity and deciding on planned
next steps in the context of record high gold pricing.
Kibby Basin High-priority drilling targets have been identified following detailed
historical data review completed over the entire Kibby Basin. The Company is
reviewing internally the opportunity and will determine next steps in due
course and communicate those to the market.
Stonewall No work has been completed on the Stonewall property since admission.
Potential remains for the discovery of further epithermal gold-silver
mineralisation at Stonewall.
FINANCIAL HIGHLIGHTS FOR THE PERIOD TO 31 DECEMBER 2024
· Loss for the Period, attributable to owners of the parent of
US$1,087k (31 Dec 2023: US$556k), resulting in loss per share of 0.008 pence
(2024: 0.01 pence);
· Total assets of US$15,015k at the Period end (30 June 2024:
US$12,549k); and
· Net assets of US$14,647k at the Period end (30 June 2024:
US$11,723k).
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.
For further information please visit Guardian Metal
https://www.guardianmetalresources.com/
(https://www.guardianmetalresources.com/) or contact:
Guardian Metal Resources plc
Oliver Friesen (Chief Executive Officer) + 44 (0) 20 7583 8304
Cairn Financial Advisors LLP (Nominated Advisor)
Sandy Jamieson/Jo Turner/Louise O'Driscoll +44 (0) 20 7213 0880
Shard Capital Partners LLP (Broker)
Damon Heath/Erik Woolgar +44 (0) 20 7186 9000
GUARDIAN METAL RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
6 months 6 months Year
ended ended ended
31-Dec-24 31-Dec-23 30-Jun-24
(unaudited) (unaudited) (audited)
Note US$'000 US$'000 US$'000
Continuing operations
Other income 2 - -
Gross profit 2 - -
Administrative expenses (988) (571) (1,376)
Loss from operating activities (986) (571) (1,376)
Loss before taxation (986) (571) (1,376)
Taxation - - -
Loss for the period from continuing operations (986) (571) (1,376)
Items that will or may be reclassified to profit or loss
Exchange translation (101) 15 (13)
Total other comprehensive income (101) 15 (13)
Total comprehensive (loss)/income for the period attributable to owners of the (1,087) (556) (1,389)
company
Earnings per share from continuing operations attributable to the ordinary
equity holder of the parent:
Basic and diluted loss per share (pence) 4 (0.008) (0.01) (0.02)
GUARDIAN METAL RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
Note 31-Dec-24 31-Dec-23 30-Jun-24
(unaudited) (unaudited) (audited)
US$'000 US$'000 US$'000
Assets
Non-current assets
Intangible assets 6 12,347 7,953 9,280
Total non-current assets 12,347 7,953 9,280
Current assets
Trade and other receivables 179 190 236
Cash and cash equivalents 2,489 759 3,033
Total current assets 2,668 949 3,269
Total assets 15,015 8,902 12,549
Liabilities
Current liabilities
Trade and other payables 368 239 826
Total current liabilities 368 239 826
Total liabilities 368 239 826
Net assets 14,647 8,663 11,723
Equity
Share capital 5 1,517 1,051 1,346
Share premium 13,667 6,254 9,680
Shares to be issued 5 21 - 174
Capital contribution reserve 5,897 5,897 5,897
Share based payments reserve 168 162 162
Exchange reserve 93 224 194
Accumulated losses (6,716) (4,925) (5,730)
Total equity 14,647 8,663 11,723
GUARDIAN METAL RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
Share Share premium Shares to be issued US$'000 Capital contribution reserve Share based payment reserve Exchange reserve Accumulated losses Total equity
US$'000
US$'000
US$'000
US$'000
capital US$'000 US$'000
US$'000
Balance at 1 July 2023 (audited) 1,043 6,195 - 5,897 51 207 (4,354) 9,039
Loss for the period - - - - - - (571) (571)
Currency translation - - - - - 17 - 17
Total comprehensive income/(expense) for the period - - - - - 17 (571) (554)
Issue of ordinary shares 8 59 - - - - - 67
Share-based payments - - - - 111 - - 111
Total transactions with owners 8 59 - - 111 - - 178
Balance at 31 December 2023 (unaudited) 1,051 6,254 - 5,897 162 224 (4,925) 8,663
Loss for the period - - - - - - (805) (805)
Currency translation - - - - - (30) - (30)
Total comprehensive income/(expense) for the period - - - - - (30) (805) (835)
Issue of ordinary shares 295 3,426 174 - - - - 3,895
Total transactions with owners 295 3,426 174 - - - - 3,895
Balance at 30 June 2024 (audited) 1,346 9,680 174 5,897 162 194 (5,730) 11,723
Loss for the period - - - - - - (986) (986)
Currency translation - - - - - (101) - (101)
Total comprehensive income/(expense) for the period - - - - - (101) (986) (1,087)
Issue of ordinary shares 171 3,987 (153) - - - - 4,005
Share-based payments - - - - 6 - - 6
Total transactions with owners 171 3,987 (153) - 6 - - 4,011
Balance at 31 December 2024 (unaudited) 1,517 13,667 21 5,897 168 93 (6,716) 14,647
GUARDIAN METAL RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
6 months 6 months Year
ended ended ended
31-Dec-24 31-Dec-23 30-Jun-24
(unaudited) (unaudited) (audited)
US$'000 US$'000 US$'000
Cash flows from operating activities
Loss for the period (986) (571) (1,376)
Adjustments for:
Share-based payment expense 6 113 111
Expenses settled in shares 26 67 142
Foreign exchange differences 1 (3) (3)
(953) (394) (1,126)
Changes in working capital:
Decrease in trade and other receivables 60 93 53
(Decrease)/increase in trade and other payables (467) (177) 415
Net cash used in operating activities (1,360) (478) (658)
Cash flows from investing activities
Purchase of intangibles (3,131) (139) (1,496)
Net cash used in investing activities (3,131) (139) (1,496)
Cash flows from financing activities
Proceeds from issue of share capital 3,979 - 3,876
Share issue costs - - (57)
Net cash generated from financing activities 3,979 - 3,819
Net (decrease)/increase in cash and cash equivalents (512) (617) 1,665
Cash and cash equivalents at beginning of period 3,033 1,371 1,371
Effect of foreign currency exchange rates (32) 5 (3)
Cash and cash equivalents at end of period 2,489 759 3,033
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT
1. Reporting entity
Guardian Metal Resources plc is a public company limited by shares which is
incorporated and domiciled in England and Wales. The address of the Company's
registered office is Salisbury House, London Wall, London, EC2M 5PS. The
unaudited consolidated financial statements of the Group as at and for the
period ended 31 December 2024 include the Company and its subsidiaries. The
Company is the parent company of Golden Metal Resources LLC, Pilot Metals Inc.
and BFM Resources Inc.; the subsidiaries are registered and domiciled in the
US. The Group is primarily involved in the exploration and exploitation of
mineral resources in the US.
2. Basis of preparation
(a) Statement of compliance
As permitted, IAS 34, 'Interim Financial Reporting' has not been applied in
this interim report. While the financial figures included in this half-year
report have been computed in accordance with international accounting
standards applicable to Interim periods, this half-yearly report does not
contain sufficient information to constitute an Interim Financial report as
that term is defined in IAS 34.
The financial information presented in this interim report has been prepared
using accounting policies that are expected to be applied in the preparation
of the financial statements for the year ending 30 June 2025.
These policies are in accordance with the recognition and measurement
principles of International Financial Reporting Standards, International
Accounting Standards, and Interpretations (collectively IFRS) issued by the
International Accounting Standards Board as endorsed for use in the United
Kingdom, and these principles are disclosed in the Financial Statements for
the year ended 30 June 2024.
The interim results have been prepared on a going concern basis. The financial
information in this interim report does not constitute statutory accounts
within the meaning of Section 435 of the Companies Act 2006. The 2024 interim
financial report has not been audited.
The Annual Report and Financial Statements for 2024 have been filed with the
Registrar of Companies. The Independent Auditors' Report on the Annual Report
and Financial Statements for 2024 was unqualified and did not contain a
statement under 498(2) or 498(3) of the Companies Act 2006.
The interim results were approved by the Board of directors on 25 March 2025.
(b) Judgements and estimates
Preparing the interim financial report requires management to make judgements,
estimates and assumptions that affect the application of accounting policies
and the reported amounts of assets and liabilities, income, and expense.
Actual results may differ from these estimates.
In preparing this consolidated interim financial report, significant
judgements made by management in applying the Group's accounting policies and
key sources of estimation uncertainty were the same as those that applied to
the consolidated financial statements as at and for the year ended 30 June
2024.
(c) Going concern
The interim financial report has been prepared on a going concern basis.
Although the Group's assets are not generating revenues, the directors
believe, having considered all available information, including the Company's
proven ability to raise further equity funds from its supportive shareholder
base, that the Group will have sufficient funds to meet its expected committed
and contractual expenditure for the foreseeable future. Thus, the directors
continue to adopt the going concern basis of accounting in preparing the
interim financial report for the period ended 31 December 2024.
3. Significant accounting policies
The accounting policies applied by the Group in this consolidated interim
financial report are the same as those applied by the Group in its
consolidated financial statements as at and for the year ended 30 June 2024.
4. Earnings per share
Basic loss per share
The calculation of basic and diluted loss per share is based on the loss
attributable to ordinary shareholders and a weighted average number of
ordinary shares in issue. The basic and diluted earnings per share are the
same given the loss for the year, making the outstanding share options and
warrants anti-dilutive.
Period ended 31 December 2024 Period ended 31 December 2023 Year ended
30 June 2024
Weighted average number of ordinary shares (No.) 117,357,621 85,507,128 89,803,058
Loss attributable to ordinary shareholders (US$'000) 986 571 1,376
Basic loss per share ($) 0.01 0.01 0.02
5. Share Capital
Number of ordinary shares Share capital Share premium
US$'000 US$'000
Balance at 31 December 2023 (Unaudited) 85,617,902 1,051 6,254
Issued for cash 24,214,315 295 3,426
Balance as at 30 June 2024 (Audited) 109,832,217 1,346 9,680
Expenses settled in shares 70,000 1 26
Issued for cash 12,504,774 170 3,961
Balance at 31 December 2024 (Unaudited) 122,406,991 1,517 13,667
The shares have attached to them full voting, dividend, and capital
distribution (including winding up) rights; they do not confer any rights of
redemption.
During the period ended 31 December 2024, the Company received notice to
exercise warrants over 100,000 new ordinary shares of 1p each at an exercise
price of 17 pence per warrant share, raising an additional $21,295 (£17,000)
for the Company. At the period-end date, the Company had received funds for
these warrants exercised, however the shares were issued post 31 December
2024, and therefore this amount is included in the shares to be issued line
within the Group statement of financial position.
At the date of this interim report, the Company had 127,049,429 Ordinary
Shares in issue.
6. Intangibles
Prospecting and exploration rights
US$'000
Cost
As at 01 July 2023 7,796
Additions 1,496
Effect of foreign exchange (12)
Balance at 30 June 2024 9,280
As at 01 July 2024 9,280
Additions 3,131
Effect of foreign exchange (64)
Balance at 31 December 2024 12,347
Intangible assets relate to exploration and evaluation project costs
capitalised as at 31 December 2024. Additions to project costs during the
period ended 31 December 2024 were in relation to projects in Nevada, USA. The
exploration projects comprise of the Pilot Mountain Project, Golconda Summit
Project, Stonewall Project, Garfield Project and Tempiute Project. The Group
is the operator of the Golconda Summit Project, and this is held under an
earn-in right from the mineral claim owner under an option agreement. Further
analysis of each project can be seen in the annual report for the year ending
30 June 2024 and all terms remain unchanged.
7. Post balance sheet events
On 9 January 2025, Guardian Metal completed a strategic raise of £750,000
through the issue of 2,500,000 new ordinary shares of 1.0p each, at a price of
£0.30 per share.
On 14 January 2025, Guardian Metal issued 100,000 new ordinary shares of 1.0p
each pursuant to the exercise of 100,000 warrants over ordinary shares raising
£17,000 for the Company. The subscription funds for this warrant exercise
were received prior to reporting date and have been recognised on the
statement of financial position as shares to be issued (refer to note 5 for
further details).
On 16 January 2025, Guardian Metal issued 100,000 new ordinary shares of 1.0p
each pursuant to the exercise of 100,000 warrants over ordinary shares at
£0.17 each raising £17,000 for the Company.
On 24 January 2025, Guardian Metal issued 233,823 new ordinary shares of 1.0p
each pursuant to the exercise of 233,823 warrants over ordinary shares at
£0.17 each raising £39,750 for the Company.
On 30 January 2025, Guardian Metal issued 931,873 new ordinary shares of 1.0p
each pursuant to the exercise of 931,873 warrants over ordinary shares at
£0.17 each raising £158,418 for the Company.
On 27 January 2025, Guardian Metal announced that it had signed the Definitive
Exploration Lease and Option to Purchase Agreement with Hinkinite Resources
for the Tempiute Tungsten Project. Pursuant to the terms of the Option
Agreement the Company issued 150,000 new ordinary shares to the vendors at a
deemed price of £0.35 per share.
On 6 February 2025, Guardian Metal issued 149,925 new ordinary shares of 1.0p
each pursuant to the exercise of 149,925 warrants over ordinary shares at
£0.17 each raising £25,487 for the Company.
On 19 February 2025, Guardian Metal issued 321,229 new ordinary shares of 1.0p
each pursuant to the exercise of 321,229 warrants over ordinary shares at
£0.17 each raising £54,609 for the Company.
On 20 February 2025, Guardian Metal's former group member Power Metal
Resources plc ("Power Metal"), announced the sale of 29,758,334 ordinary
shares in Guardian Metal and 986,352 warrants to UCAM Ltd ("UCAM"). The
Company welcomed UCAM as a new strategic investor. Following its purchase,
UCAM holds a 23.45% interest in the issued share capital of the Company and
Power Metal retains 24,699,825 ordinary shares representing 19.46% of the
issued share capital of the Company.
On 27 February 2025, Guardian Metal issued 125,588 new ordinary shares of 1.0p
each pursuant to the exercise of 125,588 warrants over ordinary shares at
£0.17 each raising £21,350 for the Company.
On 13 March 2025, Guardian Metal issued 30,000 new ordinary shares of 1.0p
each pursuant to the exercise of 30,000 warrants over ordinary shares at
£0.17 each raising £5,100 for the Company.
8. Availability of interim report
A copy of these results will be made available for inspection at the Company's
registered office during normal business hours on any weekday. The Company's
registered office is at is Salisbury House, London Wall, London, EC2M 5PS. A
copy can also be downloaded from the Company's website at
https://www.guardianmetalresources.com/
(https://www.guardianmetalresources.com/) . Guardian Metal Resources is
registered in England and Wales with registered number 13351178.
**Ends**
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