Guardian Metal Resources (LSE:GMET) rose 7% to 62p on Tuesday after confirming that an investment fund managed by Duquesne Family Office had acquired a 14.75% stake in the company.
It is the result of a share sale from Power Metal Resources, which exited its remaining holding of 24.69 million shares, £13.58 million, priced at 55p per share.
“I am delighted to welcome Duquesne as a major new shareholder, marking a strong endorsement of Guardian's position in the U.S. critical metals landscape," said chief executive, Oliver Friesen.
"With our co-flagship tungsten projects in Nevada now moving into a pivotal growth phase, we are focused on delivering significant value for both Duquesne and our broader shareholder base.”
In London, Guardian shares were changing hands at 62p, up 6.9%, having reached as high as 65p in earlier exchanges.