Guardian Metal Resources PLC (AIM:GMET, OTCQX:GMTLF) has today announced a successful US$27.2 million raise, including a $6.2 million injection from the US Government (via a Department of Defense award).
In the market, it raised approximately £15.6 million (US$21 million) before expenses through the issue of 25.945 million new shares priced at 60p each.
The fundraising is led by UCAM Limited, which will hold around 28.7% of the enlarged share capital.
Proceeds will fund general corporate purposes and advance critical workstreams across the company’s pair of co-flagship projects – the Pilot Mountain and Tempiute tungsten projects in Nevada.
Guardian noted that the non-dilutive US Government award carries no commercial covenants and will be managed by Guardian Metal’s team.
"This funding will unlock our ability to put forth a robust pre-feasibility study (PFS), which will detail the scope of Pilot Mountain and help us advance the Project towards our ultimate goal of being the newest domestic producer of this critical mineral,” said Guardian chair J.T. Starzecki.
Oliver Friesen, Guardian chief executive, meanwhile, commented: “This financing positions us to rapidly advance our co-flagship tungsten projects.
“[It] is a strong endorsement of our mission to establish a secure, Mined-in-America supply of Tungsten - a critically important defense metal.”
At Pilot Mountain, proceeds will support ongoing and planned resource drilling, metallurgical test work, engineering studies and permitting, culminating in an advanced pre-feasibility study that incorporates both the Desert Scheelite and Garnet Zone deposits.
At Tempiute, meanwhile, the company will undertake drilling to define an open-pit resource, leverage existing mine infrastructure, progress permitting and evaluate surface stockpiles. These workstreams are all targeted for completion in H1 2026.