Guardian Metal’s FY25: Big step-up in funding, US backing, and Nevada tungsten progress
Guardian 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.
Key FY25 financial takeaways investors should know
| 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.
$6.2m DoD award and $21m equity raise: why this matters
Two items stand out:
- $6.2 million awarded by the United States Department of Defense under Title III of the Defense Production Act to advance Pilot Mountain. Government money in critical minerals is rarefied air – it validates the asset’s strategic relevance and lowers funding risk for key workstreams like the PFS and environmental studies.
- A post-year equity raise of $21,000,000 before costs. Combined with earlier warrant exercises of $4,455,305 (£3,414,479) and strategic fundraises of $3,677,988 (£2,904,075) during the year, Guardian Metal has materially strengthened its balance sheet.
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 PFS and Tempiute drilling: project progress in Nevada
Pilot Mountain – progressing toward economics and permits
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.
Tempiute (Emerson) – historical mine with modern potential
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.
Market backdrop: tungsten’s strategic moment
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.
Capital structure, liquidity and dilution
- Shares in issue at 30 June 2025: 139,438,971.
- Significant warrant activity delivered $4.46 million of cash during the year.
- Post year-end, further warrant exercises added smaller sums and increased the share count (the company disclosed 150,812,301 ordinary shares after 25 July 2025 exercises).
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.
US profile: OTCQX, institutional interest and government networks
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.
Management and governance updates
- Ben Hodges joined as Finance Director on 12 December 2024 and signed off these accounts.
- Board changes saw J.T. Starzecki move from Non-Executive Director to Executive Chairman in June 2025.
What I think: the good, the bad, and the catalyst map
Positives
- Funding runway: cash of $14.72 million at the announcement date and a disclosed runway to December 2026.
- Government validation: $6.2 million DoD award under the Defense Production Act is a strong vote of confidence.
- Execution on the ground: material progress at Pilot Mountain and the start of drilling at Tempiute; exploration spend up sharply to $8.04 million.
- Market tailwinds: China export restrictions underpin the strategic premium for tungsten projects in the US.
Watch-fors
- Delivery risk: PFS outcomes at Pilot Mountain and the maiden resource at Tempiute will set the tone for valuation in 2026.
- Dilution: equity raises and warrant exercises increase the share count – acceptable if matched by project de-risking.
- Permitting and timelines: baseline studies are done, but permitting is still a process. Any slippage could eat into the runway.
Upcoming catalysts to watch
- Pilot Mountain PFS progress updates funded by the DoD award.
- Tempiute drilling results and the maiden resource.
- Further US government and defence ecosystem engagements.
- Steps toward a US listing during H1 2026.
Bottom line
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.
