REG - Guardian Metal Rsrc. - Interim Results
12/02/2026 07:00
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RNS Number : 6680S Guardian Metal Resources PLC 12 February 2026
12 February 2026
Guardian Metal Resources plc
Guardian Metal Resources plc ("GMET", "Guardian Metal" or the "Company")
Interim Results
Guardian Metal Resources plc (LON: GMET, OTCQB: GMTLF), the AIM listed metals
exploration and development company, announces its unaudited interim results
for the six-month period ended 31 December 2025 (the "Period").
KEY DEVELOPMENTS IN THE PERIOD TO 31 DECEMBER 2025
· Awarded US$6.2M from the U.S. Department of War 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 ("PFS") for the 100%-owned
Pilot Mountain tungsten Project in Nevada.
· Completion of a S-K 1300 Technical Summary Report and updated Mineral
Resource Estimate ("MRE") on Pilot Mountain, delivering a 16% increase in the
Open Pit Constrained Indicated Mineral Resources vs 2018 Scoping Study,
representing strong progress toward completing the PFS and ultimate goal of
onshoring U.S. mined tungsten production.
· Acquisition of additional mining claims in the Walker Lane Mineral
Belt, approximately 15km northwest of Pilot Mountain in Nevada, to form what
is to be known as the Pilot North Tungsten Project.
· Acquisition of staking of additional lode claims at Tempiute, which
include the historical Schofield open-pit mine and extending mineralised
strike length at Tempiute to approximately 3km.
· Rapid advancement of the Tempiute drilling programme with initial
visual results confirming tungsten mineralisation with results pending.
· Successfully completed a US$21 million equity fundraise to support
key workstreams across the Company's co-flagship Nevada-based tungsten
projects, Pilot Mountain and Tempiute.
· Guardian Metal became a member of the Defense Industrial Base
Consortium (DIBC) and the Cornerstone Program, strengthening its relationship
with the U.S. government as it focuses on leading the re-establishment of U.S.
domestic tungsten production.
· Appointment of Mr. Michael X. Schlumpberger as Non-Executive
Director, replacing Mr. Mick Billing.
KEY DEVELOPMENTS SINCE 31 DECEMBER 2025
· There have been no significant developments since 31 December 2025.
For further detail, please see note 13, 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 2026
Priority Exploration and Potential Exploration Projects
Exploration Interest Latest Position & Forward Plans
Pilot Mountain Resource and PFS-related drilling is ongoing at the project's Desert Scheelite
and Garnet zones with multiple drill rigs currently on site. The Company is
also reviewing other exploration targets within the project and will determine
optimal next steps with these exciting targets, many of which are expected to
be drilled in 2026, in due course. Multiple engineering workstreams are
advancing to support the completion of the PFS.
Tempiute
Drilling is ongoing to support an updated resource statement anticipated in
2026. In addition, a staged Environmental Site Assessment has commenced,
focused on areas of historical contained and dispersed mine tailings, in
addition to mineralized stockpiles from former operations. This work will
evaluate the current environmental conditions prior to undertaking any further
Company work. The mine tailings may represent a reprocessing and cleanup
opportunity to consider, given the scale of former production over 40
years.
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 finalising next steps and further updates covering this will be
communicated to the market in due course.
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.
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. The Directors of the Company are responsible for the contents of this
announcement.
For further information please visit Guardian Metal
https://www.guardianmetalresources.com/
(https://www.guardianmetalresources.com/) or contact:
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 /
Financial PR +44 (0) 7788 554035
Emily Moss/Josephine Clerkin guardianmetal@tavistock.co.uk (mailto:guardianmetal@tavistock.co.uk)
About Guardian Metal Resources
Guardian Metal Resources PLC (LON: GMET, OTCQX: 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 U.S.
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 has announced
plans to pursue a U.S. listing in the first half of 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 is well
positioned to play a leading role in re-establishing a secure, domestically
mined U.S. supply chain for this vital defense metal.
INTERIM MANAGEMENT REPORT 31 DECEMBER 2025
Financial Highlights
· Loss for the Period, attributable to owners of the parent of
US$5,198k (31 Dec 2024: US$1,087k), resulting in loss per share of $0.03 (31
Dec 2024: $0.01);
· Total assets of US$37,639k at the Period end (30 June 2025:
US$19,954k); and
· Net assets of US$34,743k at the Period end (30 June 2025:
US$18,178k).
Operational Highlights
During the period under review, the Company has made significant and rapid
progress advancing its co-flagship Nevada-based tungsten projects, Pilot
Mountain and Tempiute, in accordance with its mission to reshore U.S. mined
tungsten production before the end of the current U.S. Administration.
Pilot Mountain
During the period under review and with the support of the US$6.2m award from
the U.S. Department of War received in July 2025, of which the first
submission for reimbursement of costs has been submitted as at the date of
publication of this report, Guardian Metal has made demonstrable progress
advancing the development of Pilot Mountain. This culminated in the
publication of a S-K 1300 Technical Summary Report and updated Mineral
Resource Estimate ("MRE") on Pilot Mountain that delivered a 16% increase in
the Open Pit Constrained Indicated Mineral Resources vs the 2018 Scoping
Study, a notably strong outcome that importantly indicates a potential
suitability for open-pit mining and accelerated pathway to development. This
result reflected over 12 months of diligent drilling, proving the team's
ability to rapidly advance the asset and providing a foundation for further
resource growth with targeted drilling campaigns ongoing. Most importantly,
this represents strong progress towards completing the PFS, and the
realisation of the Company's objective to rebuild U.S. mined tungsten
production.
The Company continues to be encouraged by additional workstreams undertaken at
Pilot Mountain, which have indicated a much larger mineral system than
previously understood. Rock chip sampling from outcrop showed highly elevated
copper and molybdenum concentrations across the circa 1.5 km(2) Porphyry South
Zone, and delineated a sizeable area of >500 ppm Cu. Additionally, a
geological mapping and sampling programme of a 1km long section of the
'Breccia Ridge Zone' resulted in 15 rock chip assays revealing >1,000 ppm
Cu and up to 20,500 ppm (2.05 %) Cu. A subsequent three-dimensional induced
polarisation ("IP" or "3DIP") geophysical survey was completed over the
Porphyry South zone at Pilot Mountain, results of which revealed a strong
chargeable anomaly forming a well-defined halo around the magnetic high
feature, indicating a high abundance of sulphide mineralisation and high
Copper-Molybdenum potential. These results excitingly strengthen the case for
both a larger footprint and a complex multi-mineral system at depth, further
supporting the Company's conviction in the strategic potential of the project.
Tempiute
In October, the Company shared a progress update from the inaugural diamond
drilling programme that is currently underway at Tempiute. This update
confirmed consistent tungsten mineralisation, with every hole intersecting
scheelite-bearing skarn intervals of varying thicknesses beyond the historical
mined area. The Company also commenced concurrent geophysical, geochemical,
metallurgical and gallium studies, some of these surveys which are now
complete with results published, with the objective of expanding the Company's
understanding of the Project's potential. In parallel, important groundwork
was advanced, including upgrading existing infrastructure to prepare for the
next phase of growth.
Following its systematic evaluation of Tempiute, the Company identified
multiple zones of exposed tungsten mineralisation adjacent to the Company's
existing Tempiute landholding. Guardian Metal subsequently acquired these
mineralised zones through a direct purchase agreement comprising 18 Bureau of
Land Management ("BLM") unpatented Lode Mining Claims, one BLM Placer Claim
and three BLM Mill Site Claims. These additional claims cover the historical
Schofield open-pit mine and extend the mineralised strike length at Tempiute
to approximately 3km, another positive and powerful step towards unlocking the
full potential of the Tempiute district, with the purpose of re-establishing
U.S. tungsten production.
Pilot Mountain North
Recognising the geological potential of the Walker Lane Mineral Belt, Guardian
Metal acquired a total of 101 additional mining claims which encapsulate five
historical tungsten mines, to comprise the Pilot North Project, advantageously
located just 15km from the Pilot Mountain Project and sharing the same access
road. Each historical mine had extensive outcropping tungsten - copper bearing
skarns at the contact of granitic intrusions with limestones of the Luning
Formation, the same geology as Pilot Mountain. Initial assay results from 92
rock chip samples collected during geological fieldwork at Pilot North
returned very high-grade copper, silver, tungsten, and zinc, and strongly
anomalous lead, gallium and gold was returned from multiple areas within the
Project. These results provide an additional layer of evidence for the
potential of the Pilot North Project to complement that of Pilot Mountain.
Exploration
Whilst the Company remains resolutely focused on its ambition to lead the
reshoring of U.S. tungsten production, early-stage exploration was undertaken
across Guardian Metal's exploration assets by cost-effective means to further
enhance shareholder value.
At the Garfield Project, rock chip sampling of quartz-barite epithermal veins
from the Power Line zone returned high-grade gold-silver-copper. This work
prompted the staking of 42 BLM lode claims comprising the Freeze North zone,
where subsequent IP geophysical survey results have identified a chargeable
feature beneath the historical high-grade underground mines. These constitute
compelling drilling targets, developing potential exploration upside.
In recognition of the strong gold price environment, the Company has continued
to advance plans to unlock value from both the exciting epithermal gold
opportunity that exists at Garfield, as well as the Carlin-type gold
opportunity at the Company's Golconda project in Nevada.
Principal risks and uncertainties
The principal risks and uncertainties facing our business are monitored on an
ongoing basis. The Board of Directors (the "Board") have reviewed the
principal risks and uncertainties disclosed in the 2025 annual report and
concluded that they remain applicable for the second half of the financial
year. A detailed description of these risks and uncertainties is set out on
pages 6 to 7 of the 2025 annual report.
The Board
Changes in Board composition for the period under review are set out below:
M Billing, Non-Executive Director resigned on 11 November 2025
M Schlumpberger, Non-Executive Director was appointed on 11 November 2025
Directors' Responsibility Statement
We confirm that to the best of our knowledge:
- The condensed consolidated interim financial statements have been
prepared in accordance with International Accounting Standard 34, 'Interim
Financial Reporting', as adopted for use in the United Kingdom.
- Give a true and fair view of the assets, liabilities, financial
position and loss of the Group.
The Interim Management Report was approved by the Board, and the above
responsibility statement was signed on its behalf by:
Oliver Friesen, Chief Executive Officer
12 February 2026
GUARDIAN METAL RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
6 months 6 months Year
ended ended ended
31-Dec-25 31-Dec-24 30-Jun-25
(unaudited) (unaudited) (audited)
Note US$'000 US$'000 US$'000
Continuing operations
Other income - 2 2
Gross profit - 2 2
Administrative expenses 6 (4,792) (988) (2,719)
Loss from operating activities (4,792) (986) (2,717)
Finance income 21 - 6
Loss before taxation (4,771) (986) (2,711)
Taxation - - -
Loss for the period from continuing operations (4,771) (986) (2,711)
Items that will or may be reclassified to profit or loss
Exchange translation (427) (101) 908
Total other comprehensive (loss)/income (427) (101) 908
Total comprehensive loss for the period attributable to owners of the company (5,198) (1,087) (1,803)
Earnings per share from continuing operations attributable to the ordinary
equity holder of the parent:
Basic and diluted loss per share $ 7 (0.03) (0.01) (0.02)
GUARDIAN METAL RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
Note 31-Dec-25 31-Dec-24 30-Jun-25
(unaudited) (unaudited) (audited)
US$'000 US$'000 US$'000
Assets
Non-current assets
Intangible assets 9 26,807 12,347 17,906
Other non-current assets 25 - -
Total non-current assets 26,832 12,347 17,906
Current assets
Trade and other receivables 11 245 179 175
Cash and cash equivalents 10,562 2,489 1,873
Total current assets 10,807 2,668 2,048
Total assets 37,639 15,015 19,954
Liabilities
Current liabilities
Trade and other payables 12 2,896 368 1,776
Total current liabilities 2,896 368 1,776
Total liabilities 2,896 368 1,776
Net assets 34,743 14,647 18,178
Equity
Share capital 8 2,131 1,517 1,739
Share premium 8 37,613 13,667 17,557
Shares to be issued - 21 -
Capital contribution reserve 5,897 5,897 5,897
Share based payments reserve 1,639 168 324
Exchange reserve 675 93 1,102
Accumulated losses (13,212) (6,716) (8,441)
Total equity 34,743 14,647 18,178
GUARDIAN METAL RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
Share Share premium Shares to be issued US$'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$'000
Balance at 1 July 2024 (audited) 1,346 9,680 174 5,897 162 194 (5,730) 11,723
Loss for the period - - - - - - (986) (986)
Currency translation - - - - - (101) - (101)
Total comprehensive loss for the period - - - - - (101) (986) (1,087)
Issue of ordinary shares 171 3,987 (153) - - - - 4,005
Share-based payments - - - - 6 - - 6
Total transactions with owners 171 3,987 (153) - 6 - - 4,011
Balance at 31 December 2024 (unaudited) 1,517 13,667 21 5,897 168 93 (6,716) 14,647
Loss for the period - - - - - - (1,725) (1,725)
Currency translation - - - - - 1,009 - 1,009
Total comprehensive income/(loss) for the period - - - - - 1,009 (1,725) (716)
Issue of ordinary shares 222 4,019 (21) - - - - 4,220
Share issue costs - (129) - - - - - (129)
Share-based payments - - - - 156 - - 156
Total transactions with owners 222 3,890 (21) - 156 - - 4,247
Balance at 30 June 2025 (audited) 1,739 17,557 - 5,897 324 1,102 (8,441) 18,178
Loss for the period - - - - - - (4,771) (4,771)
Currency translation - - - - - (427) - (427)
Total comprehensive loss for the period - - - - - (427) (4,771) (5,198)
Issue of ordinary shares 392 21,323 - - - - - 21,715
Share issue costs - (1,267) - - - - - (1,267)
Share-based payments - - - - 1,315 - - 1,315
Total transactions with owners 392 20,056 - - 1,315 - - 21,763
Balance at 31 December 2025 (unaudited) 2,131 37,613 - 5,897 1,639 675 (13,212) 34,743
GUARDIAN METAL RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
Note 6 months 6 months Year
ended ended ended
31-Dec-25 31-Dec-24 30-Jun-25
(unaudited) (unaudited) (audited)
US$'000 US$'000 US$'000
Cash flows from operating activities
Loss for the period (4,772) (986) (2,711)
Adjustments for:
Share-based payment expense 1,315 6 162
Expenses settled in shares - 26 63
Foreign exchange differences (298) 1 444
(3,755) (953) (2,042)
Changes in working capital:
Decrease in trade and other receivables 31 60 40
Increase/(decrease) in trade and other payables 1,107 (467) 880
Net cash used in operating activities (2,617) (1,360) (1,122)
Cash flows from investing activities
Purchase of intangibles 9 (9,082) (3,131) (8,038)
Investment in financial assets (25) - -
Net cash used in investing activities (9,107) (3,131) (8,038)
Cash flows from financing activities
Proceeds from issue of share capital 8 21,715 3,979 8,091
Share issue costs 8 (1,267) - (123)
Net cash generated from financing activities 20,448 3,979 7,968
Net increase/(decrease) in cash and cash equivalents 8,724 (512) (1,192)
Cash and cash equivalents at beginning of period 1,873 3,033 3,033
Effect of foreign currency exchange rates (35) (32) 32
Cash and cash equivalents at end of period 10,562 2,489 1,873
NOTES TO THE CONSOLIDATED INTERIM REPORT FOR SIX MONTHS ENDED 31 DECEMBER 2025
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 C/O Orana Corporate LLP, 25 Eccleston Place, London,
United Kingdom, SW1W 9NF. The unaudited consolidated financial statements of
the Group as at and for the period ended 31 December 2025 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 U.S..
2. Basis of preparation
These condensed consolidated interim financial statements for the six months
ended 31 December 2025 include results of Guardian Metal Resources Plc (the
"Company") and its subsidiaries (the "Group") and have been prepared in
accordance with International Accounting Standard 34, 'Interim Financial
Reporting' ("IAS 34") as issued by the International Accounting Standards
Board ("IASB"), using the accounting policies set out in the Group's
consolidated financial statements for the year ended 30 June 2025.
The interim financial statements are presented in United States Dollar (US$)
and prepared on a historical cost basis, except for certain financial
instruments measured at fair value.
These condensed consolidated interim financial statements do not include all
the information and disclosures required in the annual financial statements
prepared in accordance with International Financial Reporting Standards
("IFRS") and should be read in conjunction with the Group's audited
consolidated financial statements for the year ended 30 June 2025.
IFRS as adopted in the United Kingdom is fully aligned with IFRS as issued by
the IASB for the periods presented. Accordingly, there are no differences
between IFRS as adopted in the United Kingdom and IFRS as issued by the IASB
that would affect the Group's condensed consolidated interim financial
statements.
The Board of Directors approved these condensed consolidated interim financial
statements on 12 February 2026.
(a) Statement of compliance
These condensed consolidated interim financial statements have been prepared
in accordance with IAS 34 'Interim Financial Reporting' as issued by the IASB.
They do not constitute statutory accounts as defined in Section 434 of the
Companies Act 2006. The 2025 interim financial report has not been audited.
Statutory accounts for the year ended 30 June 2025 have been delivered to the
Registrar of Companies. The auditors reported on those accounts and their
report was unqualified and did not contain a statement under s498(2) or (3) of
the Companies Act 2006.
(b) Accounting policies
The condensed consolidated interim financial statements have been prepared
using accounting policies consistent with those applied in the Group's audited
consolidated financial statements for the year ended 30 June 2025 and those
expected to be applied for the year ended 30 June 2026.
There have been no changes in accounting policies during the six-month period
ended 31 December 2025 that have had a material impact on the condensed
consolidated interim financial statements.
(c) Judgements and estimates
The preparation of the condensed consolidated interim financial statements
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 expenses. Actual results may differ from these
estimates.
In preparing these condensed consolidated interim financial statements, the
significant judgements and key sources of estimation uncertainty were
consistent with those disclosed in the Group's audited consolidated financial
statements for the year ended 30 June 2025, and there have been no material
changes during the six-month period ended 31 December 2025.
(d) Going concern
The condensed consolidated interim financial statements have been prepared on
a going concern basis. Although the Group's assets are not generating
revenues, the Directors have considered all available information, including
the Group's proven ability to raise additional equity funding from its
supportive shareholder base, and believe that the Group will have sufficient
resources to meet its committed and contractual expenditure for at least the
next 12 months from the reporting date. Accordingly, the Directors continue to
adopt the going concern basis of accounting in preparing the interim financial
statements for the period ended 31 December 2025.
(e) Seasonality
The Group's operations are not subject to significant seasonality or
cyclicality. Exploration expenditure is incurred based on planned work
programmes rather than seasonal factors.
3. Significant events during the period
During the six months ended 31 December 2025, the Group received a US$6.2
million award from the United States Department of War, acquired additional
mining claims forming the Pilot North Tungsten Project, and completed changes
to the Board of Directors. These events have been reflected in the condensed
consolidated interim financial statements. There were no other events or
transactions during the period that were material to the condensed
consolidated interim financial statements.
4. Financial risk management and financial instruments
Risks and uncertainties
The Group's activities expose it to a variety of financial risks, including
market risk (foreign exchange risk and equity price risk), credit risk and
liquidity risk.
The Board continually assesses and monitors the key financial risks of the
business. The key financial risks that could affect the Group's medium-term
performance and the factors that mitigate those risks have not substantially
changed from those set out in the Group's 2025 Annual Report and Financial
Statements, a copy of which is available from the Group's website:
https://www.guardianmetalresources.com/
(https://www.guardianmetalresources.com/) .
5. Adoption of new and revised standards and interpretations
The Group has adopted all recognition, measurement and disclosure requirements
of IFRS, including any new and revised standards and Interpretations of IFRS.
The adoption of these standards and amendments did not have any material
impact on the financial results or position of the Group.
Standards which are in issue but not yet effective:
At the date of authorisation of these financial statements, the following
Standards and Interpretation, which have not yet been applied in these
financial statements, were in issue but not yet effective.
Standard or Interpretation Description Effective date for annual accounting period beginning on or after
IFRS 18 Presentation and Disclosure in Financial Statements 1 January 2026
The Group has not early adopted any of the above standards and intends to
adopt them when they become effective.
6. Administrative expenses
Administrative expenses for the period ended 31 December 2025 of US$ 4,792k
(December 2024: US$ 988k) include a share-based payment charge of US$ 1,315k
(December 2024: US$ 6k) in relation to the Company's share options.
7. 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 2025 Period ended 31 December 2024 Year ended
30 June 2025
Weighted average number of ordinary shares (No.) 167,408,387 117,357,621 123,960,520
Loss attributable to ordinary shareholders (US$'000) 4,771 986 2,711
Basic loss per share ($) 0.03 0.01 0.02
8. Share Capital
Number of ordinary shares Share capital Share premium
No.
US$'000 US$'000
Balance at 31 December 2024 (Unaudited) 122,406,991 1,517 13,667
Expenses settled in shares 100,000 2 35
Shares issued in relation to acquisition 150,000 2 63
Issued for cash 16,781,980 218 3,921
Expenses relating to share issues - - (129)
Balance as at 30 June 2025 (Audited) 139,438,971 1,739 17,557
Expenses relating to share issues - - (1,267)
Issued for cash 29,059,996 392 21,323
Balance at 31 December 2025 (Unaudited) 168,498,967 2,131 37,613
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 2025, the Company received notice to
exercise warrants over 991,276 new ordinary shares of 1p each at an exercise
price of 10.75 pence per warrant share, raising $143,155 (£106,562), notice
to exercise warrants over 1,103,720 new ordinary shares of 1 pence each at an
exercise price of 17 pence per warrant, raising $252,063 (£187,632), and
notice to exercise warrants over 120,000 new ordinary shares of 1 pence each
at an exercise price of 37.50 pence per warrant, raising $60,533 (£45,000)
for the Company. In addition, the Company received notice to exercise options
over 800,000 new ordinary shares of 1 pence each at a price of 14 pence per
option, raising $148,347 (£112,000) for the Company, and notice to exercise
options over 100,000 new ordinary shares of 1 pence each at an exercise price
of 40 pence per option, raising $52,528 (£40,000) for the Company.
9. Intangibles
Pilot Mountain Project Tempiute Project Other Projects Total Prospecting and exploration rights
US$'000 US$'000 US$'000 US$'000
Balance at 01 July 2024 8,662 268 350 9,280
Additions 7,632 292 179 8,103
Effect of foreign exchange 470 - 53 523
Balance at 30 June 2025 16,764 560 582 17,906
Additions 5,510 3,261 311 9,082
Effect of foreign exchange (163) (3) (15) (181)
Balance at 31 December 2025 22,111 3,818 878 26,807
Intangible assets relate to exploration and evaluation project costs
capitalised as at 31 December 2025. Additions to project costs during the
period ended 31 December 2025 were in relation to projects in Nevada, USA. The
exploration projects comprise of the Pilot Mountain Project, Tempiute Project,
Pilot Mountain North Project, Golconda Summit Project, Stonewall Project and
Garfield 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.
At Pilot Mountain, activity during the period supported an accelerated
programme of resource definition, technical studies and development work,
culminating in the publication of an updated S-K 1300 compliant Technical
Summary Report and Mineral Resource Estimate. The updated estimate delivered a
material increase in open-pit constrained Indicated Mineral Resources relative
to the 2018 scoping study, strengthening the foundation for advancement of the
project toward completion of a Pre-Feasibility Study. Drilling, geological
interpretation and supporting technical work continued during the period in
line with the planned completion of the Pre-Feasibility Study in H1 2026.
At Tempiute, the Company commenced its inaugural diamond drilling programme,
which confirmed consistent scheelite-bearing skarn mineralisation beyond the
limits of historical mining. In parallel, geophysical, geochemical,
metallurgical and gallium-related studies were advanced, together with
preparatory site works and infrastructure upgrades, to support future resource
definition and development planning. During the period, the Company also
secured additional mineralised ground, extending the prospective strike length
of the project and enhancing its district-scale potential and advanced studies
to better understand the on-site historical tungsten mine tailings and
mineralised stockpiles.
The Pilot Mountain North Project, established through the acquisition of
additional mining claims within the Walker Lane Mineral Belt, advanced through
geological mapping, sampling and initial field evaluations. Results to date
support the potential for geological continuity with the Pilot Mountain system
and the project's strategic role within the Company's broader Nevada tungsten
development hub.
Limited, targeted exploration activity was also undertaken across the
Company's wider Nevada portfolio, including the Garfield and Golconda Summit
projects, with work focused on maintaining project tenure and selectively
advancing high-priority targets. No material activity was undertaken at
Stonewall during the period.
10. Capital Commitments
The Company has 100 per cent ownership of the Pilot Mountain, Pilot Mountain
North, Garfield and Stonewall, and Kibby Basin lithium projects, and an
earn-in option for up to 100 per cent of the Tempiute Project and up to 100
per cent of the Golconda Summit Project.
On 21 May 2021, the Company became the operator of the Golconda Summit Project
when it entered into an Assignment and Assumption Agreement with GR Silver
Mining and the Company was also assigned the Golconda Option Agreement to
earn-in up to 100 per cent. GR Silver Mining historically entered into the
Golconda Option Agreement to acquire 100 per cent title and interest with
Eureka Resources, a private Nevada based company. Under the terms of the
Assignment and Assumption Agreement, the Company has assumed the obligation to
pay the remaining liability of US$275,000 due under the Golconda Option
Agreement to Eureka Resources. Eureka Resources holds a 1 per cent net smelter
royalty over the Golconda Summit Project which can be bought back at any time
by the Company within one year after commencement of production for
US$1,000,000.
Annual payments of US$50,000 are payable by the Company on or before 11 August
of each of 2023, 2024, 2025, 2026 and 2027 and the Company holds an option to
purchase the leased claims for US$335,000, less the amount of annual payments
made. Guardian Metal is committed to approximately US$10,000 per annum for
vehicle management costs/claim related fees.
On 17 June 2021, Golden Metal Resources LLC acquired the Garfield and
Stonewall Projects from the Sunrise Resources Group. Under the terms of the
Acquisition Agreements, the Sunrise Resources Group retain a 2 per cent
royalty over the Garfield and Stonewall Projects. 1 per cent of each project
royalty may be repurchased by the Company for US$ 1,000,000 at any time.
Guardian Metal is committed to approximately US$32,000 per annum for vehicle
management costs/claim related fees in relation to Garfield, and approximately
US$4,000 per annum in relation to Stonewall.
On 1 November 2021, the Company acquired Black Fire Industrial Minerals Pty
Ltd from Thor Mining Plc in order to acquire the Pilot Mountain Project.
Certain mining claims within the Pilot Mountain Project are subject to a two
per cent royalty held Nevada Select Royalty based on actual proceeds from the
sale of minerals. In addition, Nevada Select Royalty is entitled to receive
non-refundable prepayments in respect of the Pilot Metals Royalty at a current
rate of US$40,000 per annum. Guardian Metal is committed to approximately
US$32,000 per annum for vehicle management costs/claim related fees.
In January 2025, the Company signed an option agreement to purchase 100 per
cent of the Tempiute Tungsten Project. During the term of the agreement, the
Company is committed to paying the owner US$25,000 every six months, which is
to be netted against the purchase price should the Company elect to exercise
its option. Further, the Company shall pay the owner US$25,000 on the fifth
anniversary of the deed and on each succeeding anniversary until the Company
commences commercial production of minerals from the property. Each payment
represents an advance payment of any royalties due to the owner. The agreement
allows the Company to terminate at any time without incurring additional
liabilities beyond payments accrued up to the termination date. As such, no
liability for future payments has been recognised in the financial statements.
The Company is not committed to any costs in relation to the Kibby Basin
Project.
11. Trade and other receivables
Period ended 31 December 2025 Period ended 31 December 2024 Year ended
30 June 2025
US$'000 US$'000 US$'000
VAT receivable 74 62 50
Other receivables 171 117 125
Trade and other receivables 245 179 175
12. Trade and other payables
Period ended 31 December 2025 Period ended 31 December 2024 Year ended
30 June 2025
US$'000 US$'000 US$'000
Trade payables 1,290 260 1,140
Other payables 707 18 65
Accrued expenses 899 90 571
Trade and other payables 2,896 368 1,776
13. Post balance sheet events
On 2 January 2026, Guardian Metal issued 229,249 new ordinary shares of 1.0p
each pursuant to the Company's STIP awards for 2025.
At the date of this interim report, the Company had 168,728,216 Ordinary
Shares in issue.
14. 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 C/O Orana Corporate Llp, 25 Eccleston Place, London,
United Kingdom, SW1W 9NF. 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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