Guardian Metal Rises as High-Grade Tempiute Result Spurs Rehab Plan

Guardian Metal Resources (LON: GMET), an AIM-listed mineral explorer developing tungsten projects in Nevada, said this morning that Phase II drilling at its Tempiute project had intersected 92.0 metres grading 0.34% WO3, a measure of tungsten ore content.

The company said the strength of that result prompted an accelerated decision to begin rehabilitating historical underground workings at the site.

Shares in Guardian Metal traded at 168p in early indications following the announcement, up from Friday’s close of 162p, a rise of about 3.7%. That leaves the stock well below the 205p reached in late August and further below the 52-week high near 310p, against a 52-week low of 85p.

The 92.0m intersection, from hole TP26-046 at the Schofield zone, included higher-grade sections of 12.7m at 0.53% WO3 and 5.1m at 0.49% WO3, plus a separate shallower zone of 27.9m at 0.27% WO3. Assays from 24 further Phase II holes remain pending, out of 28 completed so far in a planned 46-hole campaign. Chief executive Oliver Friesen said the results reinforced confidence in advancing Tempiute toward an initial resource estimate.

Our objective is clear: demonstrate the scale of the mineralizing system at Tempiute, define an initial Mineral Resource estimate and evaluate the fastest responsible pathway to bringing Tempiute back into the U.S. tungsten supply chain.

Oliver Friesen, CEO, Guardian Metal Resources

No Mineral Resource has yet been estimated at Tempiute, so the drilling remains an early step rather than a defined deposit. Guardian Metal’s net loss widened to $4.79m for the six months to 31 December 2025, from $1.82m a year earlier, underlining the cash the company is burning while it advances the project.

China, Russia and North Korea together account for roughly 87-90% of global tungsten mine supply, the backdrop against which Western interest in a Nevada-based alternative has grown. Underground rehabilitation work at Tempiute, which involves repairing old mine tunnels to allow drill rigs back in, is expected to begin in October.