Guardian Metal Resources (LON: GMET), the pre-revenue tungsten exploration company advancing projects in Nevada, published audited results for the year to the 30th of June before the London market opened earlier today. The Group reported a net loss of $10.043m, nearly quadruple last year’s $2.711m, with no revenue.
GMET shares closed at 165.0p yesterday, within a 52-week range of 85p to 310p.
The wider loss reflects a step-up in corporate scale rather than deteriorating operations. Guardian Metal raised $89.3m in equity during the year, including an upsized initial public offering on NYSE American that brought in roughly $68.3m in March. That raise came with $2.189m of listing costs, and administrative expenses climbed to $8.362m from $2.719m the year before.
The spending funded the milestone underpinning the company’s investment case: completion of a pre-feasibility study at its Pilot Mountain project, backed by a $6.2m investment from the U.S. Department of War under a Title III programme supporting domestic critical-mineral supply. The study put Pilot Mountain’s after-tax net present value at $660.3m with a 59.6% internal rate of return, and the company is targeting first production in the fourth quarter of 2028.
Chief executive Oliver Friesen framed the results as evidence of the company’s rapid transition toward production.
This has been another transformational year for Guardian Metal Resources. We continue to establish ourselves as a leading US-focused tungsten developer at a time when the strategic importance of secure domestic critical mineral supply has never been clearer.
Oliver Friesen, Guardian Metal Resources
The fundraising leaves Guardian Metal with cash of $52.459m at year-end, up from $1.873m, giving at least 12 months of runway under its going-concern statement. That funding is earmarked for a definitive feasibility study and permitting work at Pilot Mountain, plus continued exploration at its Tempiute project, meaning the company remains reliant on tungsten price assumptions and permitting timelines rather than current earnings.