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Guardian Metal secures $6.2M DOD award and $21M funding to advance Nevada tungsten projects, with cash until Dec 2026.
This article covers information on Guardian Metal Resources PLC.
LON:GMETGuardian Metal Resources has released audited results for the year ended 30 June 2025. The headline story is not the loss – which is expected for a pre-revenue explorer – but the scale-up in project spend, the $6.2 million US Department of Defense award, and a $21.0 million fundraise after year end. Together, these moves put the company on a much stronger footing to advance its Nevada tungsten hub.
Management says Pilot Mountain’s pre-feasibility study (a PFS is the first full economic study) and a maiden resource at Tempiute are both now fully funded. Cash flow forecasts reviewed by the board show working capital through to December 2026.
| Metric | FY25 | FY24 |
|---|---|---|
| Loss for the year | $2,711,000 | $1,376,000 |
| Administrative expenses | $2,719,000 | $1,376,000 |
| Cash used in operations | $1,122,000 | $658,000 |
| Investment in mining assets | $8,038,000 | $1,496,000 |
| Cash at 30 June 2025 | $1,873,000 | $3,033,000 |
| Cash at the date of announcement | $14,720,000 | not disclosed |
| Intangible assets (exploration & evaluation) | $17,906,000 | $9,280,000 |
| Net assets | $18,178,000 | $11,723,000 |
| Basic and diluted loss per share (pence) | (0.02) | (0.02) |
The higher loss reflects a deliberate ramp-up in project activity. Capitalised spend on the projects jumped to $8.04 million, which is material for a company at this stage and aligns with the permitting, drilling and study programmes described.
Two items stand out:
At 29 October 2025, cash sat at $14,720,000. That’s a huge improvement from $1,873,000 at 30 June 2025 and gives the team real runway to deliver milestones without constant return trips to the market.
Pilot Mountain remained the core focus. Resource and geotechnical drilling supported pit design and mine planning. Baseline environmental and technical studies – essential for permitting – were completed. With US reshoring efforts intensifying, management argues Pilot Mountain’s strategic importance has “increased substantially”.
Importantly, the work is now co-funded by the DoD award, which should accelerate the PFS timetable and reduce equity dependence for this phase.
Guardian Metal secured an option over the historical Tempiute tungsten mine in January 2025 and kicked off a drilling programme in late summer 2025. The asset brings historical production, existing infrastructure and fresh exploration upside. The company subsequently expanded the land position to include the historical Schofield open pit for US$40k, extending mineralised strike to approximately 3 km and – notably – held royalty-free.
The strategy is clear: Pilot Mountain plus Tempiute as co-flagships to deliver scale for a Nevada tungsten hub.
On 4 February 2025, China imposed export restrictions on certain tungsten products. That tightened global supply and pushed prices higher. At the same time, US recognition of tungsten’s role in defence, energy transition and advanced technologies has grown. This is the right commodity, in the right jurisdiction, at a time when Western governments are actively supporting supply chain security.
Dilution is the obvious trade-off for a junior with no revenue. The counterpoint is the step-change in net assets to $18,178,000 and the funded path through December 2026. For a pre-revenue developer, that’s a good compromise if the capital is deployed into value-creating drilling, engineering and permitting – which, judging by the $8.04 million of E&E additions, is exactly where it went.
Guardian Metal upgraded to OTCQX in June 2024, and during FY25 saw Maxim Group initiate research coverage alongside increased engagement from US funds. The company joined a DARPA-sponsored Critical Minerals Forum and, after year end, became a member of the Defense Industrial Base Consortium and the Cornerstone Program. It also plans a USA listing with an offering expected in H1 2026. All of this aligns the capital markets footprint with the operational footprint in Nevada.
Guardian Metal used FY25 to level up: heavier investment into the assets, a major government grant, and a sizeable equity raise. Losses widened, but for the right reasons. If the team converts this funding into a robust PFS at Pilot Mountain and a credible resource at Tempiute, the company will have earned its place as a leading Western tungsten developer.
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