Issue of Shares and Options and Directors Dealings

About this update from Guardian Metal Resources

24 December 2025 Guardian Metal Resources plc ('Guardian Metal' or the 'Company') Issue of Shares under STIP, Grant of Options and Directors' Dealings   Guardian Metal Resources plc (LON:GMET   OTCQB:GMTLF ), a strategic mineral exploration and development company focused on Nevada, US ,  announces that as part of the Company's STIP awards for 2025, the Company is issuing 229,249 new ordinary shares ("STIP Shares")  to directors who are participants in the scheme. The Company has also granted options over 3,850,000 new ordinary shares  of 1 pence each in the Company("Ordinary Shares")  to certain Directors, employees and consultants to subscribe for new Ordinary Shares at an exercise price of approximately £1.31 (based on +20% of 30 day VWAP to 23 December 2025)  with a life to expiry of 3 years from their vesting date, 50 per cent of which will vest immediately and 50 per cent with a vesting date of 24 December 2026  (the "Options"). STIP Shares A total of 229,249 new ordinary shares have been granted to Guardian Metal board directors (the "STIP Shares") at a value of approximately £1.05 per share, based on the 30-day VWAP on close of trading on 19 December 2025. The STIP Shares, along with a summary of existing ordinary shares held are outlined in the table below:   Director Existing Ordinary Shares held STIP Shares Issued Number of Shares held post STIP %age of Enlarged Issued Share Capital Oliver Friesen 973,814 86,743 1,060,557 0.63% J.T. Starzecki Nil 107,906 107,906 0.06% Mark Burnett 386,939 11,953 398,892 0.24% Ben Hodges 115,010 22,647 137,657 0.08%   229,249   Grant of Options Details on the grant of options are provided below and recognise the immense contribution made by the team to the rapid development of the Company and the strategic current value of its broad-spectrum natural resource focused exploration and development portfolio. A portion (£250,000) of the options granted to Oliver Friesen are covered under the UK's Enterprise Management Incentive (EMI) scheme. This does not impact the overall number of new options granted, rather provides a one-time tax advantage for him under the scheme. 2,225,000 of the Options have been granted to Guardian Metal board directors (the "Director Options"). The Director Options, along with a summary of existing options held are outlined in the tables below. In addition, a new pool totalling 1.625 million Options has been granted to Guardian Metal employees and advisors, to be allocated in line with the Board's instructions to non-Board team members, and with the same terms as the Director Options.   Existing options held by Directors Director Existing options held Exercise price (p) Expiry Oliver Friesen 2,104,859 10.75 03.05.26 Oliver Friesen 500,000 14.00 21.12.26 J.T. Starzecki 500,000 14.00 21.12.26 Mark Burnett 500,000 14.00 21.12.26 Ben Hodges Nil Michael Schlumpberger Nil Total Existing options held 3,604,859 Director Options Granted Director Options Granted Total Options Held Oliver Friesen 625,000 3,229,859 J.T. Starzecki 500,000 1,000,000 Mark Burnett 400,000 900,000 Ben Hodges 400,000 400,000 Michael Schlumpberger 300,000 300,000 Total 2,225,000 5,829,859   The relevant PDMR disclosures are included below.   ADMISSION AND TOTAL VOTING RIGHTS Application will be made for the 229,249 STIP Shares to be admitted to trading on AIM which is expected to occur on or around 2 January 2026 (" Admission"). The STIP Shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM. Following Admission, the Company's issued share capital will comprise 168,728,216 ordinary shares of 1p each. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.   For further information visit  www.guardianmetalresources.com  or contact the following: Guardian Metal Resources plc Oliver Friesen (CEO) Tel: +44 (0) 20 7583 8304 Cairn Financial Advisers LLP Nominated Adviser Sandy Jamieson/Jo Turner/Louise O'Driscoll Tel: +44 (0) 20 7213 0880 Berenberg Joint Broker and Financial Adviser Jennifer Lee/Ivan Briechle Tel: +44 (0) 20 3207 7800 Tamesis Partners LLP Joint Broker Charlie Bendon/Richard Greenfield Tel: +44 (0) 20 3882 2868 Tavistock Financial PR Emily Moss/Josephine Clerkin Tel: +44 (0) 7920 3150 / +44 (0) 7788 554035 [email protected]   About Guardian Metal Resources  Guardian Metal Resources PLC (LON: GMET, OTCQX: GMTLF) is a strategic mineral exploration company driving the revival of U.S. mined tungsten production and strengthening America's defense metal independence. The Company is advancing two co-flagship tungsten projects, Pilot Mountain, one of the largest undeveloped tungsten deposits in the U.S. and Tempiute, formerly America's largest producing tungsten operation, both located in Nevada, one of the top-rated mining jurisdictions in the U.S.  In July 2025, the U.S. Department of War (DoW) under Title III of the Defense Production Act of 1950, as amended, invested US$6.2M in Golden Metal Resources (USA) LLC, a wholly-owned subsidiary of Guardian Metal Resources PLC, to support the Pilot Mountain PFS. The Company has announced plans to pursue a U.S. listing in the first half of 2026.  Tungsten is a strategic metal critical to the defense, energy transition, technology, and industrial sectors. In the context of shifting geopolitical dynamics and tightening Chinese export restrictions, Guardian is well positioned to play a leading role in re-establishing a secure, domestically mined U.S. supply chain for this vital defense metal.   PDMR DISCLOSURE The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail on the director's share dealings.   PDMR - STIP Shares Details of the person discharging managerial responsibilities / person closely associated   Name       1.   Oliver Friesen 2.   J.T. Starzecki 3.   Mark Burnett 4.   Ben Hodges     Reason for the notification   Position/status       1.   Chief Executive Officer 2.   Executive Chairman 3.   Non-Executive Director 4.   Finance Director     Initial notification /Amendment       Initial Notification Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor   Name       Guardian Metal Resources plc     LEI                     213800J4SKZAMUEPGW34 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted     Description of the financial instrument, type of instrument ordinary shares of 1p each Identification code ISIN: GB00BPQY8R36 Nature of the transaction       Issue of Shares   Price(s) and volume(s) Price(s) Volume(s) 1.   105.31p 2.   105.31p 3.   105.31p 4.   105.31p     86,743 107,906 11,953 22,647   Aggregated information - Aggregated volume 229,249 - Price 105.31p Date of the transaction     24 December 2025 Place of the transaction     Off Market   PDMR - Options     1   Details of the person discharging managerial responsibilities / person closely associated   a)   Name       5.   Oliver Friesen 6.   J.T. Starzecki 7.   Mark Burnett 8.   Ben Hodges 9.   Michael Schlumpberger     2   Reason for the notification   a)   Position/status       5.   Chief Executive Officer 6.   Executive Chairman 7.   Non-Executive Director 8.   Finance Director 9.   Non-Executive Director   b)   Initial notification /Amendment       Initial Notification 3   Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor   a)   Name       Guardian Metal Resources plc     b)   LEI                     213800J4SKZAMUEPGW34 4   Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted     a)   Description of the financial instrument, type of instrument ordinary shares of 1p each Identification code ISIN: GB00BPQY8R36 b)   Nature of the transaction       Issue of Options   c)   Price(s) and volume(s) Price(s) Volume(s) 5.   131.37p 6.   131.37p 7.   131.37p 8.   131.37p 9.   131.37p   625,000 500,000 400,000 400,000 300,000   d)   Aggregated information - Aggregated volume 2,225,000 - Price 131.37p e)   Date of the transaction     24 December 2025 f)   Place of the transaction     Off Market    

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