Guardian Metal Resources PLC

Guardian Metal Resources PLC is a U.S.-focused exploration-stage critical minerals company with a portfolio of tungsten and polymetallic projects located in Nevada. Its principal assets are the advanced exploration-stage Pilot Mountain tungsten project, comprising 208 unpatented lode mining claims covering 17.2 km², and the Tempiute tungsten project, an exploration-stage asset with historical production consisting of 67 unpatented lode claims, 10 patented claims, 3 mill sites, and 2 placer claims covering 5.5 km². The company holds 100% interests through U.S. subsidiaries and earn-in options for up to 100% at Tempiute and Golconda. It does not operate producing mines and has generated no revenue from mineral production. For the six months ended December 31, 2025, the company reported a net loss of $4.8 million and cash of $10.6 million, with intangible assets of $26.8 million primarily related to exploration costs. The company is offering 3,058,100 ADSs (each representing five ordinary shares) at an assumed price of $16.35 per ADS, expecting net proceeds of $44.3 million (or $51.4 million if the underwriters' option for 458,720 additional ADSs is exercised). Proceeds will fund Phase 1 ($24.4 million) and Phase 2 ($8.5 million) work programs at Pilot Mountain including drilling, metallurgical testing, permitting, and pre-feasibility studies; $7.2 million for Tempiute and other exploration; and general corporate purposes. The company is going public to create a U.S. market for its ADSs, enhance visibility, and fund advancement of its Nevada tungsten projects toward feasibility amid strategic U.S. importance of domestic tungsten supply.

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