Business
U.S. Listing Update
Guardian Metal Resources PLC is progressing with its plans for a U.S. listing of American Depositary Shares and has granted its two largest shareholders, UCAM holding 28.1% and Duquesne holding 14.7%, a right of first refusal on new share issuances to maintain their pro rata holdings. The company's directors, after consulting with its Nominated Adviser, consider these terms fair and reasonable for shareholders, with the U.S. listing anticipated in the first half of 2026. Disclaimer*
About this update from Guardian Metal Resources Plc
[{"type":"text","content":"\n\n16 December 2025\nGuardian Metal Resources plc\n('Guardian Metal' or the 'Company')\nU.S. Listing Update\nFurther to the announcement dated 8 September 2025, Guardian Metal Resources PLC (LON: GMET), a tungsten exploration and development company, is making good progress with its plans to undertake an offering of American Depositary Shares (\"ADSs\"), with each ADS representing ordinary shares of the Company (\"Ordinary Shares\"), in the United States and complete a related listing on a U.S. securities exchange (\"U.S. Listing\").\nIn relation to the above, the Company has consulted with its two largest shareholders, UCAM Limited (\"UCAM\") and Duquesne Family Office LLC (\"Duquesne\") on the U.S. listing process. As part of these discussions, the Company has agreed that both UCAM and Duquesne should have the right to maintain their respective pro rata shareholdings in the Company by way of a right of first refusal in respect of any new issue of Ordinary Shares, whether in connection with the U.S. Listing or other fundraise by the Company, at the same price per Ordinary Share that is offered in the U.S. Listing or other fundraise, as applicable (\"Right of First Refusal\"). \nUCAM currently holds 47,411,352 Ordinary Shares, representing approximately 28.1% of the Company's issued share capital, and Duquesne currently holds 24,699,825 Ordinary Shares, representing approximately 14.7% of the Company's issued share capital. Accordingly, the granting of a Right of First Refusal by the Company to each of UCAM and Duquesne represent related party transactions pursuant to the AIM Rules for Companies. Having consulted with the Company's Nominated Adviser, Cairn Financial Advisers LLP, the Company's Directors consider the terms of the Right of First Refusal to be fair and reasonable insofar as the Company's shareholders are concerned.\nThis statement does not constitute an offer of any securities for sale.\nForward Looking Statements\nThis announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation...