Guardian Metal Resources plc (GMET): Pilot Mountain pre-feasibility study

This situation live

GMET Guardian Metal Resources plc

£193m · 77.0p · −21% since the first step

23 Oct 2025 · Drilling under way, 16th hole in progress · +4% until the next step Guardian Metal is currently drilling hole TP25-016, which is the 16th diamond drillhole completed at Tempiute since drilling commenced early September for a total of 2,185m.

29 Oct 2025 · Drilling programme started late summer 2025 · +7% until the next step Since the acquisition, Guardian Metal advanced preparatory workstreams at Tempiute in support of a drilling programme that started late summer 2025.

19 Dec 2025 · PFS underway; maiden S-K 1300 resource filed · +60% until the next step The PFS study is expected to be completed by the end of H1 2026, and mine permit applications will be submitted promptly thereafter.

12 Feb 2026 · Drilling ongoing; assay results pending · +35% until the next step Drilling is ongoing to support an updated resource statement anticipated in 2026.

16 Mar 2026 · PFS advancing; IPO proceeds earmarked · −19% until the next step Guardian Metal intends to use the net proceeds from the offering primarily to advance development of its Pilot Mountain tungsten project, as well as to fund exploration and early-stage engineering wor

20 Mar 2026 · PFS advancing; IPO now priced, proceeds not detailed · +16% until the next step Guardian Metal has granted the underwriters a 45-day option to purchase up to an additional 666,660 ADSs.

17 Jun 2026 · Water and land rights secured; drilling ongoing · −16% until the next step The acquisition of Lincoln Estates represents a key derisking milestone as the Company continues to advance Tempiute across multiple active workstreams.

30 Jun 2026 · PFS completed; moving to permitting · −24% until the next step The PFS estimates first production in late 2028, subject to approval of the POO and a NEPA analysis in mid-2027.

14 Sep 2026 · PFS done; drilling extends mineralization, TSF relocated · +4% until the next step The drilling results achieved to date have prompted a relocation of the planned TSF, which requires a revised design but is not expected to materially affect project costs or timeline.

17 Sep 2026 · PFS complete; DFS and permitting advancing · +3% until the next step To our knowledge, Pilot Mountain is the only tungsten project in the US with a completed S-K 1300 compliant PFS, positioning us to target first production in Q4 2028.

21 Sep 2026 · Phase I done; Phase II 28 of 46 holes; rehabilitation decided · −53% since In parallel with the ongoing surface drilling, the Company has engaged an underground mining contractor to rehabilitate strategically located historical workings and drill stations, with works expecte

Project milestones

Pilot Mountain pre-feasibility study

Phase I done; Phase II 28 of 46 holes; rehabilitation decided

Every step · 11

23 Oct 2025 Drilling under way, 16th hole in progress – Guardian Metal is currently drilling hole TP25-016, which is the 16th diamond drillhole completed at Tempiute since drilling commenced early September for a... ↗
29 Oct 2025 Drilling programme started late summer 2025 – Since the acquisition, Guardian Metal advanced preparatory workstreams at Tempiute in support of a drilling programme that started late summer 2025. ↗
19 Dec 2025 PFS underway; maiden S-K 1300 resource filed – The PFS study is expected to be completed by the end of H1 2026, and mine permit applications will be submitted promptly thereafter. ↗
12 Feb 2026 Drilling ongoing; assay results pending – Drilling is ongoing to support an updated resource statement anticipated in 2026. ↗
16 Mar 2026 PFS advancing; IPO proceeds earmarked – Guardian Metal intends to use the net proceeds from the offering primarily to advance development of its Pilot Mountain tungsten project, as well as to fund... ↗
20 Mar 2026 PFS advancing; IPO now priced, proceeds not detailed – Guardian Metal has granted the underwriters a 45-day option to purchase up to an additional 666,660 ADSs. ↗
17 Jun 2026 Water and land rights secured; drilling ongoing – The acquisition of Lincoln Estates represents a key derisking milestone as the Company continues to advance Tempiute across multiple active workstreams. ↗
30 Jun 2026 PFS completed; moving to permitting – The PFS estimates first production in late 2028, subject to approval of the POO and a NEPA analysis in mid-2027. ↗
14 Sep 2026 PFS done; drilling extends mineralization, TSF relocated – The drilling results achieved to date have prompted a relocation of the planned TSF, which requires a revised design but is not expected to materially... ↗
17 Sep 2026 PFS complete; DFS and permitting advancing – To our knowledge, Pilot Mountain is the only tungsten project in the US with a completed S-K 1300 compliant PFS, positioning us to target first production... ↗
21 Sep 2026 Phase I done; Phase II 28 of 46 holes; rehabilitation decided – In parallel with the ongoing surface drilling, the Company has engaged an underground mining contractor to rehabilitate strategically located historical... ↗

What is happening

Guardian Metal Resources plc: Pilot Mountain pre-feasibility study – Phase I done; Phase II 28 of 46 holes; rehabilitation decided. ['Phase I done; Phase II 28 of 46 holes; rehabilitation decided']

In short: Drilling at Tempiute began in autumn 2025, and the company bought Lincoln Estates for US$1.3m on 17 Jun 2026, securing water rights and land. On 21 Sep 2026 it reported first Phase II assays (92.0m @ 0.34% WO3) and completed Phase I. It decided to rehabilitate the underground workings, with works expected from October 2026.
Announced: 23 Oct 2025 · Drilling under way, 16th hole in progress
Latest: 21 Sep 2026 · Phase I done; Phase II 28 of 46 holes; rehabilitation decided
Land: Approximately 841 acres, less than 10 miles from Tempiute, access off Highway 375
Transfer right: Right to assign or transfer beneficial interest in water rights within the service area, which includes Tempiute
Next milestone: Phase II assays; initial Mineral Resource estimate planned, no date given
Best intercept: TP26-046: 92.0m @ 0.34% WO3 from 102.5m, Phase II (true thickness not yet known)
Phase II progress: 28 of ~46 holes completed; assays from first four reported, 24 holes awaiting assay
Phase I: 41 regional holes completed; 20 intersected strong tungsten mineralization
Rehabilitation: Underground contractor engaged; works expected to start October 2026; adits ~200m from historical zones
Permitting: Assessing permits for mining a near-surface lode on patented claims

From the company's own announcements. Not investment advice.

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