Interim Results

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/

In addition, a single page business overview is provided for investors through the following link:

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/ or contact:

 

Guardian Metal Resources plc Oliver Friesen (CEO)	Tel: +44 (0) 20 7583 8304
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 Emily Moss/Josephine Clerkin	Tel: +44 (0) 7920 3150 / +44 (0) 7788 554035 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 km² 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

 

   
 
 
 
Note 6 months
ended
31-Dec-25
(unaudited)
US$'000   6 months
ended
31-Dec-24
(unaudited)
US$'000   Year
ended
30-Jun-25
(audited)
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
(unaudited)
US$'000   31-Dec-24
(unaudited)
US$'000   30-Jun-25
(audited)
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
capital
US$'000   Share premium
US$'000   Shares to be issued US$'000   Capital contribution reserve
US$'000   Share based payment reserve
US$'000   Exchange reserve
US$'000   Accumulated losses
US$'000   Total equity
US$'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
ended
31-Dec-25
(unaudited)
US$'000   6 months
ended
31-Dec-24
(unaudited)
US$'000   Year
ended
30-Jun-25
(audited)
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