Pilot Mountain: Industrial Garnet Results

Guardian Metal Resources plc (LON:GMET, OTCQX:GMTLF), a strategic mineral exploration and development company focused on tungsten in Nevada, USA, is pleased to announce the initial results of the industrial garnet processing study at the Company's 100% owned flagship Pilot Mountain Project ("Pilot Mountain" or the "Project") located within the prolific Walker Lake Mineral Belt in Nevada, USA.

As part of multiple project development steps that are currently progressing in parallel, the metallurgical processing characterisation study on a composite bulk sample of industrial garnet has been completed by SGS Canada Inc. at its laboratory in Ontario, Canada. The 300kg bulk sample consisted of approximately 118m of half-core samples taken from six historical drillholes.

Following the announcements on 8 February 20241, which first introduced the garnet potential at Pilot Mountain, and 9 July 20242, which marked the commencement of the garnet metallurgical programme, the processing characterisation results are outlined below.

Garnet Analysis Highlights:

§ Initial processing characterisation results based on a 100kg split of the 300kg composite sample returned combined size fractions comprising 58.3% garnet and 0.37% scheelite (CaW04) by mass. This result far exceeds the Company's initial expectations.

§ Given the current Mineral Resource estimate ("MRE") tonnage of 12.53Mt and assuming a homogeneous garnet distribution across the Project, the characterisation results offer strong potential for a significant garnet resource to be established at Pilot Mountain.

§ Successful garnet liberation was shown to be 58.5% by mass at the relatively coarse 425 µm grind size highlighting the possibility of the following downstream cost savings:

o Reduced comminution (grinding) costs;

o Savings related to reduced power requirements and reagents in flotation; and

o Smaller tailings dam requirements.

§ Garnets are relatively heavy, with a higher specific gravity compared to other silicates and carbonates, with the study showing potential for removal of garnets (along with sulphides and scheelite) via gravity separation, followed by magnetic separation to then separate garnet from scheelite.

§ Historical studies report that the dominant form of industrial garnet at Pilot Mountain is the mineral species andradite with a lesser proportion reported as being the grossular garnet species 3,4. This will be confirmed by further characterisation studies.

§ Industrial garnet imported into the USA in 2023 traded at an average price of US$190/tonne with US domestic garnet trading at a premium price of US$220/tonne. Over the last 2 years, the USA imported >65% of its garnet requirements for industrial use.5

§ Given the significant proportion of garnet identified in the sample and the very good liberation noted for scheelite and garnet at a relatively coarse grind size, the Company has instructed SGS to immediately continue gravity and magnetic separation tests of the remainder of the bulk sample material.

§ Marketing and further characterisation studies have been actioned by the Company's technical and marketing team which will aid in the determination of the suitability of Pilot Mountain garnets (and potential pricing) for various industrial applications.

Oliver Friesen, CEO of Guardian Metal, commented:

"We have been eagerly awaiting the results from the garnet processing characterisation studies and are extremely pleased with the data presented thus far from our metallurgical partners. While tungsten is without a doubt the main commodity of interest at Pilot Mountain, in a production scenario all potential revenue generating, as well as cost saving, opportunities need to be closely evaluated. Based on the above data it appears that the garnet opportunity could be material to the Project going forward.

"We are working closely with our technical and marketing team to now answer the next set of questions presented following the very successful characterisation and liberation results presented today."

3: The Development of Separation Technology from the Pilot Mountain Tungsten Project, Nevada, USA (2013). Zhang, J., Liu, Jianguo., Liang, D., Hong, Q.

4: Report on Laboratory Test on W03-Cu-Zn Ore Samples from the Pilot Mountain Tungsten Project, USA (2019).

5: United States Geological Survey (USGS), Mineral Commodity Summaries 2024.

6: https://www.marknteladvisors.com/research-library/global-abrasives-market.html

The Directors of the Company are responsible for the contents of this announcement.