U.S. Listing Update

Further 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").

In 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").

UCAM 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.

This statement does not constitute an offer of any securities for sale.