Guardian Metal Resources PLC Announces Pilot Mountain Pre-Feasibility Study Results

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Positive Pre-Feasibility Study Results for the Pilot Mountain Tungsten Project PFS Completion marks a critical step toward restoring domestically mined tungsten production in support of the U.S. defense industrial base and national security priorities At Base Case, Study Shows After-Tax NPV of US$660.3M and IRR of 59.6% LONDON, UK / ACCESS Newswire / June 30, 2026 / Guardian Metal Resources plc (NYSE.A:GMTL)(LON:GMET)(OTCQB:GMTLF), a strategic exploration company focused on tungsten in Nevada, USA, is pleased to announce the results of the Pre-Feasibility Study ("PFS" or the "Study") for the Pilot Mountain tungsten project ("Pilot Mountain" or the "Project"). The completion of the PFS marks a critical step in the Company's path towards the potential development of the first new United States ("U.S.") based tungsten mining operation in over a decade. The Study results indicate that utilizing a conventional open-pit mining method and base case tungsten pricing*, the Project is planned to produce 15,916 tonnes of WO3 over an 8-year mine life, generating after-tax free cash flow of US$1.058 billion, with a capital payback period of 1 year from first commercial production. On an after-tax basis at base case tungsten pricing*, this translates to a net present value ("NPV8") of US$660.3 million at an 8% discount rate and an internal rate of return ("IRR") of 59.6%. At the 12 June 2026 tungsten spot price, the Project would generate after-tax free cash flow of US$2.088 billion, with an IRR of 101.6%, an NPV8 of US$1.366 billion and a capital payback of 6 months from first commercial production. The PFS was completed in accordance with S-K 1300 standards by a team of U.S.-based specialist firms, led by Samuel Engineering, Inc. of Denver, Colorado and RESPEC Company LLC ("RESPEC") of Reno, Nevada. The PFS includes an updated Mineral Resource Estimate ("MRE") covering two Project zones, Garnet and Desert Scheelite, as well a Mineral Reserve Statement ("MRS") for the Project. The supporting technical analyses relating to the updated MRE and MRS will be included in a S-K 1300 Technical Report Summary currently being prepared by the Company. The Pilot Mountain PFS was made possible by a U.S. Department of War $6.2M Defense Production Act (DPA) Title III investment in Guardian Metal's wholly-owned subsidiary, Golden Metal Resources (USA) LLC in July 2025. The Company si...

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