Business Context and Reporting Period
Company: Guardian Metal Resources PLC (GMTL/GMET/GMTLF)
Reporting Date: June 30, 2026
Subject: Announcement of Pre-Feasibility Study (PFS) results for the Pilot Mountain Tungsten Project in Nevada, USA.
Context: The PFS marks a critical step toward restoring domestic U.S. tungsten production, supported by a $6.2M U.S. Department of War Defense Production Act investment received in July 2025. The project aims to be the first new U.S. tungsten mine in over a decade.
Key Financial Metrics and Project Economics
Base Case Economics (Tungsten Price: $197,300/t WO3):
- After-Tax NPV (8%): $660.3 million
- After-Tax IRR: 59.6%
- After-Tax Free Cash Flow: $1.058 billion
- Capital Payback Period: 1.0 year from first commercial production
- First Year EBITDA: $348 million
Spot Price Scenario (Tungsten Price: $304,000/t WO3 as of June 12, 2026):
- After-Tax NPV (8%): $1.366 billion
- After-Tax IRR: 101.6%
- After-Tax Free Cash Flow: $2.088 billion
- Capital Payback Period: 0.51 years (6 months)
- First Year EBITDA: $569 million
Capital and Operating Costs:
- Initial Capital Expenditure (Capex): $288.7 million (includes 15.7% contingency)
- Sustaining Capital: $33.9 million
- Closure Costs: $22.3 million
- Adjusted Operating Cost: $54,622 per tonne of WO3 (net of by-products)
- All-In Sustaining Cost (AISC): $58,151 per tonne of WO3
Material Changes and Project Specifications
Production Profile:
- Mine Life: 8 years (initial)
- Total Production: 15,916 tonnes of WO3 concentrate
- By-Products: 2,117,000 ounces of Silver and 20,037 tonnes of Zinc
- Processing Capacity: 4,000 tonnes per day
- Head Grade: 0.171% WO3
- Recovery Rate: 78.5% for Tungsten
Resource and Reserve Updates:
- Indicated Mineral Resources: 21,600 tonnes WO3 (12.1 million tonnes @ 0.178% WO3)
- Probable Mineral Reserves: 20,275 tonnes WO3 (11.8 million tonnes @ 0.171% WO3)
- Methodology: Study completed in accordance with S-K 1300 standards by RESPEC, Samuel Engineering, and NewFields.
Guidance, Outlook, and Risks
Timeline and Next Steps:
- Target First Production: Q4 2028
- Permitting: Company plans to file Mine Plan of Operations (POO) with the Bureau of Land Management for NEPA permitting in the near term.
- Construction Decision: Management may consider proceeding to construction based on the 2026 PFS without a full Feasibility Study due to supply deficits and strong margins, though no decision has been made.
Market Outlook:
Management cites a structural reset in the global tungsten market driven by U.S. supply absence and Chinese export controls (Feb 2025). The project is positioned to address a material near- and medium-term supply shortage.
Risks and Contingencies:
- Forward-Looking Statements: No assurance that the project will be developed on the contemplated timetable or that economic outcomes will be realized.
- Permitting: Subject to NEPA analysis and approval of the POO.
- Financing: Development is subject to a positive construction decision and successful project financing.
- Technical Accuracy: PFS accuracy is estimated at +/- 20% / -15%.
Investor Verification Checklist
- Verify the upcoming filing of the S-K 1300 Technical Report Summary for full technical disclosure.
- Monitor the status of the Mine Plan of Operations (POO) filing and NEPA permitting timeline.
- Confirm the company's capital position and financing strategy to fund the $288.7M initial Capex.
- Track tungsten spot prices (APT) and their impact on the project's IRR and NPV sensitivities.
- Review the potential for resource expansion in the Tremor Zone, Gunmetal, and Good Hope targets.