Acquisition of Lincoln Estates & Water Rights
Guardian Metal Resources plc has acquired Lincoln Estates Group LLC for US$1.3 million in cash, securing 841 acres of real property and 2,540 acre-feet of annual water rights located near its Tempiute Tungsten Project. This acquisition is considered a key milestone that materially de-risks and supports the accelerated advancement of the Tempiute Project, enhancing its development potential and contributing to Guardian Metal's goal of building a resilient U.S. domestic tungsten supply chain.
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Guardian Metal Resources plc (NYSE.A: GMTL, LON: GMET, OTCQB: GMTLF), a strategic mineral exploration company focused on tungsten in Nevada, USA, is pleased to announce the acquisition of Lincoln Estates Group LLC ("Lincoln Estates") which includes 841 acres of real property as well as 2,540 acre-feet of annual water rights. Lincoln Estates is located less than 10 miles from the Company's Tempiute Tungsten Project ("Tempiute" or the "Project"), located in south-central Nevada less than 250 miles (402 km) southeast of the Company's Pilot Mountain Tungsten Project. Tempiute, formerly known as the Emerson Tungsten Mine, is a significant past producing tungsten mine, which was originally discovered in 1916 and most recently operated during the 1980s.
Securing water and land rights marks an important milestone for the Project as its various workstreams advance. Combined with Tempiute's existing infrastructure, this acquisition enhances the Project's development potential and advance Guardian Metal's goal of building a resilient U.S. domestic tungsten supply chain, reducing reliance on foreign sources while reinforcing economic and defense security.
Acquisition Highlights:
| • | 2,540 acre-feet per annum of water rights across three permits currently banked with the Lincoln County Water District. |
| • | Approximately 841 acres of real property rights that are zoned for mixed use, commercial, industrial, and single family. |
| • | Direct access off Highway 375, the same access highway for Tempiute. |
| • | Guardian Metal retains the right to assign and/or transfer the beneficial interest in the water rights for use within the service area, which includes Tempiute. |
| • | The acquisition of Lincoln Estates represents a key derisking milestone as the Company continues to advance Tempiute across multiple active workstreams. |
Oliver Friesen, CEO of Guardian Metal, commented:
"We believe securing these water and property rights materially de-risks and supports the accelerated advancement of the Tempiute Tungsten Project. These rights, together with the substantial infrastructure remaining from Tempiute's last period of operation in the 1980s, further strengthen the Project's foundation for redevelopment.
Our on-site team continues to make meaningful progress across multiple workstreams, and this acquisition secures a range of strategic opportunities that will facilitate the next stages of project exploration and development. We look forward to providing further updates as these workstreams advance, including ongoing resource-focused drilling."
Commercial Terms:
The total purchase price for 100% ownership of Lincoln Estates is US$1.3 million, payable in cash, completed through Golden Metal Resources, LLC, one of the Company's wholly-owned U.S. subsidiaries.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.