Half-year Results

Guardian Metal Resources plc (LON: GMET, OTCQB: GMTLF), a mineral exploration company focused on tungsten within Nevada, USA, announces its unaudited interim results for the six-month period ended 31 December 2024 (the "Period").

KEY DEVELOPMENTS IN THE PERIOD TO 31 DECEMBER 2024

• Guardian Metal completed its name change from Golden Metal Resources PLC.
• Strategic and operational appointments of a Company Strategic Advisor and a U.S-based Operations Manager.
• Completed a strategic U.S. focused institutional fundraise of US $2.75M.
• Induced polarisation (IP) and ground magnetic results confirm significant porphyry deposit potential at both the Garfield and Pilot Mountain projects - in particular, sizeable buried magnetic anomalies were identified at Pilot Mountain's Porphyry West and Porphyry South Targets.
• New copper-gold-silver zone, subsequently named 'Freeze Zone', discovered at Garfield Project which included results up to 15.56% and 9.58% Cu-Equivalent with 7 of the 8 samples returning >1.75% Cu-Equivalent.
• Key water rights were purchased at Pilot Mountain representing a key derisking step for the project's future development plans.
• Multiple visual drilling updates and inaugural analytical results reported from the diamond drilling campaign and the Company's Pilot Mountain Project which included the best ever drill intercept from the Project of 39.3m @ 0.735% WO3 (tungsten trioxide), 39.7g/t silver, 0.44% copper and 0.30 zinc from drillhole PM24-012.
• Letter of Intent signed over the Tempiute Tungsten Project located in Nevada.
• Board update announced including the appointment of J.T. Starzecki as Non-Executive Chairman.

KEY DEVELOPMENTS SINCE 31 DECEMBER 2024

• Strategic £750,000 equity fundraise completed with strategic UK institutional investor.
• Further copper-gold-silver bedrock discoveries at Garfield including confirmation of antimony potential at the project's Pamlico Zone which included select samples with overlimit antimony, gold, silver and lead analytical results.
• Several U.S. Presidential Executive Orders were released supporting the reshoring efforts of defence and critical metals supply chains back onto U.S. soil.
• Very encouraging initial results of the industrial garnet processing study at Pilot Mountain were reported which showcased an average of 58.3% garnet across the 100kg split of the 300kg composite sample.
• Signed the Definitive Exploration Lease and option to acquire the Tempiute Tungsten Project located in Nevada, U.S.
• Rock sample assay results confirmed a copper-molybdenum mineralised hydrothermal breccia at the Company's Porphyry South target within the Pilot Mountain Project with individual results up to 1.93% copper.
• Guardian Metal acknowledged and welcomed UCAM Ltd. as the Company's largest shareholder following the completion of an off-market transaction.
• Golconda trenching results returned multiple high-grade at surface intercepts of gold including 6.10m at 13.12g/t gold.
• The publication of a co-funded study on the tungsten demand within nuclear fusion showcased the significant future demand required by this cutting edge technology.
• Further very high-grade tungsten, copper, zinc and silver drilling results received from the ongoing drilling campaign at the Company's Pilot Mountain Project.
• The inaugural engineering review for Tempiute was published, confirming significant usable in-place infrastructure across the recently acquired project.

For further detail, please see note 7, Post balance sheet events.

GUARDIAN METAL INTERESTS AT TODAY'S DATE

The latest updated review of Guardian Metal's business interests is provided in the Company's investor presentation which may be accessed here:

In addition, a single page business overview is provided for investors through the following link:

LATEST POSITION OF GUARDIAN METAL'S INTERESTS AND TARGETED OBJECTIVES FOR 2025

Priority Exploration and Potential Exploration Projects

FINANCIAL HIGHLIGHTS FOR THE PERIOD TO 31 DECEMBER 2024

• Loss for the Period, attributable to owners of the parent of US$1,087k (31 Dec 2023: US$556k), resulting in loss per share of 0.008 pence (2024: 0.01 pence);
• Total assets of US$15,015k at the Period end (30 June 2024: US$12,549k); and
• Net assets of US$14,647k at the Period end (30 June 2024: US$11,723k).

For further information please visit Guardian Metal https://www.guardianmetalresources.com/ or contact:

Guardian Metal Resources plc

Items that will or may be reclassified to profit or loss

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT

Reporting entity

Guardian Metal Resources plc is a public company limited by shares which is incorporated and domiciled in England and Wales. The address of the Company's registered office is Salisbury House, London Wall, London, EC2M 5PS. The unaudited consolidated financial statements of the Group as at and for the period ended 31 December 2024 include the Company and its subsidiaries. The Company is the parent company of Golden Metal Resources LLC, Pilot Metals Inc. and BFM Resources Inc.; the subsidiaries are registered and domiciled in the US. The Group is primarily involved in the exploration and exploitation of mineral resources in the US.

• Basis of preparation
• Statement of compliance

The financial information presented in this interim report has been prepared using accounting policies that are expected to be applied in the preparation of the financial statements for the year ending 30 June 2025.

These policies are in accordance with the recognition and measurement principles of International Financial Reporting Standards, International Accounting Standards, and Interpretations (collectively IFRS) issued by the International Accounting Standards Board as endorsed for use in the United Kingdom, and these principles are disclosed in the Financial Statements for the year ended 30 June 2024.

The Annual Report and Financial Statements for 2024 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statements for 2024 was unqualified and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

The interim results were approved by the Board of directors on 25 March 2025.

Judgements and estimates

In preparing this consolidated interim financial report, significant judgements made by management in applying the Group's accounting policies and key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 30 June 2024.

• Going concern
• Significant accounting policies

The accounting policies applied by the Group in this consolidated interim financial report are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 30 June 2024.

Earnings per share

Basic loss per share

The calculation of basic and diluted loss per share is based on the loss attributable to ordinary shareholders and a weighted average number of ordinary shares in issue. The basic and diluted earnings per share are the same given the loss for the year, making the outstanding share options and warrants anti-dilutive.

During the period ended 31 December 2024, the Company received notice to exercise warrants over 100,000 new ordinary shares of 1p each at an exercise price of 17 pence per warrant share, raising an additional $21,295 (£17,000) for the Company. At the period-end date, the Company had received funds for these warrants exercised, however the shares were issued post 31 December 2024, and therefore this amount is included in the shares to be issued line within the Group statement of financial position.

At the date of this interim report, the Company had 127,049,429 Ordinary Shares in issue.

Intangibles

Prospecting and exploration rights US$'000

Cost

Intangible assets relate to exploration and evaluation project costs capitalised as at 31 December 2024. Additions to project costs during the period ended 31 December 2024 were in relation to projects in Nevada, USA. The exploration projects comprise of the Pilot Mountain Project, Golconda Summit Project, Stonewall Project, Garfield Project and Tempiute Project. The Group is the operator of the Golconda Summit Project, and this is held under an earn-in right from the mineral claim owner under an option agreement. Further analysis of each project can be seen in the annual report for the year ending 30 June 2024 and all terms remain unchanged.

Post balance sheet events

On 9 January 2025, Guardian Metal completed a strategic raise of £750,000 through the issue of 2,500,000 new ordinary shares of 1.0p each, at a price of £0.30 per share.

On 14 January 2025, Guardian Metal issued 100,000 new ordinary shares of 1.0p each pursuant to the exercise of 100,000 warrants over ordinary shares raising £17,000 for the Company. The subscription funds for this warrant exercise were received prior to reporting date and have been recognised on the statement of financial position as shares to be issued (refer to note 5 for further details).

On 16 January 2025, Guardian Metal issued 100,000 new ordinary shares of 1.0p each pursuant to the exercise of 100,000 warrants over ordinary shares at £0.17 each raising £17,000 for the Company.

On 24 January 2025, Guardian Metal issued 233,823 new ordinary shares of 1.0p each pursuant to the exercise of 233,823 warrants over ordinary shares at £0.17 each raising £39,750 for the Company.

On 30 January 2025, Guardian Metal issued 931,873 new ordinary shares of 1.0p each pursuant to the exercise of 931,873 warrants over ordinary shares at £0.17 each raising £158,418 for the Company.

On 27 January 2025, Guardian Metal announced that it had signed the Definitive Exploration Lease and Option to Purchase Agreement with Hinkinite Resources for the Tempiute Tungsten Project. Pursuant to the terms of the Option Agreement the Company issued 150,000 new ordinary shares to the vendors at a deemed price of £0.35 per share.

On 6 February 2025, Guardian Metal issued 149,925 new ordinary shares of 1.0p each pursuant to the exercise of 149,925 warrants over ordinary shares at £0.17 each raising £25,487 for the Company.

On 19 February 2025, Guardian Metal issued 321,229 new ordinary shares of 1.0p each pursuant to the exercise of 321,229 warrants over ordinary shares at £0.17 each raising £54,609 for the Company.

On 20 February 2025, Guardian Metal's former group member Power Metal Resources plc ("Power Metal"), announced the sale of 29,758,334 ordinary shares in Guardian Metal and 986,352 warrants to UCAM Ltd ("UCAM"). The Company welcomed UCAM as a new strategic investor. Following its purchase, UCAM holds a 23.45% interest in the issued share capital of the Company and Power Metal retains 24,699,825 ordinary shares representing 19.46% of the issued share capital of the Company.

On 27 February 2025, Guardian Metal issued 125,588 new ordinary shares of 1.0p each pursuant to the exercise of 125,588 warrants over ordinary shares at £0.17 each raising £21,350 for the Company.

On 13 March 2025, Guardian Metal issued 30,000 new ordinary shares of 1.0p each pursuant to the exercise of 30,000 warrants over ordinary shares at £0.17 each raising £5,100 for the Company.

Availability of interim report

A copy of these results will be made available for inspection at the Company's registered office during normal business hours on any weekday. The Company's registered office is at is Salisbury House, London Wall, London, EC2M 5PS. A copy can also be downloaded from the Company's website at https://www.guardianmetalresources.com/. Guardian Metal Resources is registered in England and Wales with registered number 13351178.