Interim Results
Summary by AI BETAClose X
12 February 2026
Guardian Metal Resources plc
Guardian Metal Resources plc ("GMET", "Guardian Metal" or the "Company")
Interim Results
Guardian Metal Resources plc (LON: GMET, OTCQB: GMTLF), the AIM listed metals exploration and development company, announces its unaudited interim results for the six-month period ended 31 December 2025 (the "Period").
KEY DEVELOPMENTS IN THE PERIOD TO 31 DECEMBER 2025
· Awarded US$6.2M from the U.S. Department of War under Title III of the Defense Production Act of 1950 ("DPA Title III" or the "Award") to support the rapid advancement and Pre-Feasibility Study ("PFS") for the 100%-owned Pilot Mountain tungsten Project in Nevada.
· Completion of a S-K 1300 Technical Summary Report and updated Mineral Resource Estimate ("MRE") on Pilot Mountain, delivering a 16% increase in the Open Pit Constrained Indicated Mineral Resources vs 2018 Scoping Study, representing strong progress toward completing the PFS and ultimate goal of onshoring U.S. mined tungsten production.
· Acquisition of additional mining claims in the Walker Lane Mineral Belt, approximately 15km northwest of Pilot Mountain in Nevada, to form what is to be known as the Pilot North Tungsten Project.
· Acquisition of staking of additional lode claims at Tempiute, which include the historical Schofield open-pit mine and extending mineralised strike length at Tempiute to approximately 3km.
· Rapid advancement of the Tempiute drilling programme with initial visual results confirming tungsten mineralisation with results pending.
· Successfully completed a US$21 million equity fundraise to support key workstreams across the Company's co-flagship Nevada-based tungsten projects, Pilot Mountain and Tempiute.
· Guardian Metal became a member of the Defense Industrial Base Consortium (DIBC) and the Cornerstone Program, strengthening its relationship with the U.S. government as it focuses on leading the re-establishment of U.S. domestic tungsten production.
· Appointment of Mr. Michael X. Schlumpberger as Non-Executive Director, replacing Mr. Mick Billing.
KEY DEVELOPMENTS SINCE 31 DECEMBER 2025
· There have been no significant developments since 31 December 2025.
For further detail, please see note 13, 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:
https://www.guardianmetalresources.com/investors/corporate-presentation/
In addition, a single page business overview is provided for investors through the following link:
https://www.guardianmetalresources.com/company/company-profile/
LATEST POSITION OF GUARDIAN METAL'S INTERESTS AND TARGETED OBJECTIVES FOR 2026
Priority Exploration and Potential Exploration Projects
|
Exploration Interest |
Latest Position & Forward Plans |
|
Pilot Mountain
|
Resource and PFS-related drilling is ongoing at the project's Desert Scheelite and Garnet zones with multiple drill rigs currently on site. The Company is also reviewing other exploration targets within the project and will determine optimal next steps with these exciting targets, many of which are expected to be drilled in 2026, in due course. Multiple engineering workstreams are advancing to support the completion of the PFS. |
|
Tempiute |
Drilling is ongoing to support an updated resource statement anticipated in 2026. In addition, a staged Environmental Site Assessment has commenced, focused on areas of historical contained and dispersed mine tailings, in addition to mineralized stockpiles from former operations. This work will evaluate the current environmental conditions prior to undertaking any further Company work. The mine tailings may represent a reprocessing and cleanup opportunity to consider, given the scale of former production over 40 years. |
|
Garfield |
Multiple high-priority targets have been delineated, which cover high-grade copper-silver-gold results associated with porphyry, skarn and epithermal type alteration and mineralisation. The Company is finalising next steps and further updates covering this will be communicated to the market in due course. |
|
Golconda |
Trenching work was completed and returned multiple high-grade gold intercepts. The Company is reviewing internally the opportunity and deciding on planned next steps in the context of record high gold pricing. |
|
Kibby Basin |
High-priority drilling targets have been identified following detailed historical data review completed over the entire Kibby Basin. The Company is reviewing internally the opportunity and will determine next steps in due course and communicate those to the market. |
|
Stonewall |
No work has been completed on the Stonewall property since admission. Potential remains for the discovery of further epithermal gold-silver mineralisation at Stonewall. |
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. The Directors of the Company are responsible for the contents of this announcement.
For further information please visit Guardian Metal https://www.guardianmetalresources.com/ or contact:
|
Guardian Metal Resources plc Oliver Friesen (CEO) |
Tel: +44 (0) 20 7583 8304 |
|
Cairn Financial Advisers LLP Nominated Adviser Sandy Jamieson/Jo Turner/Louise O'Driscoll |
Tel: +44 (0) 20 7213 0880 |
|
Berenberg Joint Broker and Financial Adviser Jennifer Lee/Ivan Briechle |
Tel: +44 (0) 20 3207 7800 |
|
Tamesis Partners LLP Joint Broker Charlie Bendon/Richard Greenfield |
Tel: +44 (0) 20 3882 2868 |
|
Tavistock Financial PR Emily Moss/Josephine Clerkin |
Tel: +44 (0) 7920 3150 / +44 (0) 7788 554035 |
About Guardian Metal Resources
Guardian Metal Resources PLC (LON: GMET, OTCQX: GMTLF) is a strategic mineral exploration company driving the revival of U.S. mined tungsten production and strengthening America's defense metal independence. The Company is advancing two co-flagship tungsten projects, Pilot Mountain, one of the largest undeveloped tungsten deposits in the U.S. and Tempiute, formerly America's largest producing tungsten operation, both located in Nevada, one of the top-rated mining jurisdictions in the U.S.
In July 2025, the U.S. Department of War (DoW) under Title III of the Defense Production Act of 1950, as amended, invested US$6.2M in Golden Metal Resources (USA) LLC, a wholly-owned subsidiary of Guardian Metal Resources PLC, to support the Pilot Mountain PFS. The Company has announced plans to pursue a U.S. listing in the first half of 2026.
Tungsten is a strategic metal critical to the defense, energy transition, technology, and industrial sectors. In the context of shifting geopolitical dynamics and tightening Chinese export restrictions, Guardian is well positioned to play a leading role in re-establishing a secure, domestically mined U.S. supply chain for this vital defense metal.
INTERIM MANAGEMENT REPORT 31 DECEMBER 2025
Financial Highlights
· Loss for the Period, attributable to owners of the parent of US$5,198k (31 Dec 2024: US$1,087k), resulting in loss per share of $0.03 (31 Dec 2024: $0.01);
· Total assets of US$37,639k at the Period end (30 June 2025: US$19,954k); and
· Net assets of US$34,743k at the Period end (30 June 2025: US$18,178k).
Operational Highlights
During the period under review, the Company has made significant and rapid progress advancing its co-flagship Nevada-based tungsten projects, Pilot Mountain and Tempiute, in accordance with its mission to reshore U.S. mined tungsten production before the end of the current U.S. Administration.
Pilot Mountain
During the period under review and with the support of the US$6.2m award from the U.S. Department of War received in July 2025, of which the first submission for reimbursement of costs has been submitted as at the date of publication of this report, Guardian Metal has made demonstrable progress advancing the development of Pilot Mountain. This culminated in the publication of a S-K 1300 Technical Summary Report and updated Mineral Resource Estimate ("MRE") on Pilot Mountain that delivered a 16% increase in the Open Pit Constrained Indicated Mineral Resources vs the 2018 Scoping Study, a notably strong outcome that importantly indicates a potential suitability for open-pit mining and accelerated pathway to development. This result reflected over 12 months of diligent drilling, proving the team's ability to rapidly advance the asset and providing a foundation for further resource growth with targeted drilling campaigns ongoing. Most importantly, this represents strong progress towards completing the PFS, and the realisation of the Company's objective to rebuild U.S. mined tungsten production.
The Company continues to be encouraged by additional workstreams undertaken at Pilot Mountain, which have indicated a much larger mineral system than previously understood. Rock chip sampling from outcrop showed highly elevated copper and molybdenum concentrations across the circa 1.5 km2 Porphyry South Zone, and delineated a sizeable area of >500 ppm Cu. Additionally, a geological mapping and sampling programme of a 1km long section of the 'Breccia Ridge Zone' resulted in 15 rock chip assays revealing >1,000 ppm Cu and up to 20,500 ppm (2.05 %) Cu. A subsequent three-dimensional induced polarisation ("IP" or "3DIP") geophysical survey was completed over the Porphyry South zone at Pilot Mountain, results of which revealed a strong chargeable anomaly forming a well-defined halo around the magnetic high feature, indicating a high abundance of sulphide mineralisation and high Copper-Molybdenum potential. These results excitingly strengthen the case for both a larger footprint and a complex multi-mineral system at depth, further supporting the Company's conviction in the strategic potential of the project.
Tempiute
In October, the Company shared a progress update from the inaugural diamond drilling programme that is currently underway at Tempiute. This update confirmed consistent tungsten mineralisation, with every hole intersecting scheelite-bearing skarn intervals of varying thicknesses beyond the historical mined area. The Company also commenced concurrent geophysical, geochemical, metallurgical and gallium studies, some of these surveys which are now complete with results published, with the objective of expanding the Company's understanding of the Project's potential. In parallel, important groundwork was advanced, including upgrading existing infrastructure to prepare for the next phase of growth.
Following its systematic evaluation of Tempiute, the Company identified multiple zones of exposed tungsten mineralisation adjacent to the Company's existing Tempiute landholding. Guardian Metal subsequently acquired these mineralised zones through a direct purchase agreement comprising 18 Bureau of Land Management ("BLM") unpatented Lode Mining Claims, one BLM Placer Claim and three BLM Mill Site Claims. These additional claims cover the historical Schofield open-pit mine and extend the mineralised strike length at Tempiute to approximately 3km, another positive and powerful step towards unlocking the full potential of the Tempiute district, with the purpose of re-establishing U.S. tungsten production.
Pilot Mountain North
Recognising the geological potential of the Walker Lane Mineral Belt, Guardian Metal acquired a total of 101 additional mining claims which encapsulate five historical tungsten mines, to comprise the Pilot North Project, advantageously located just 15km from the Pilot Mountain Project and sharing the same access road. Each historical mine had extensive outcropping tungsten - copper bearing skarns at the contact of granitic intrusions with limestones of the Luning Formation, the same geology as Pilot Mountain. Initial assay results from 92 rock chip samples collected during geological fieldwork at Pilot North returned very high-grade copper, silver, tungsten, and zinc, and strongly anomalous lead, gallium and gold was returned from multiple areas within the Project. These results provide an additional layer of evidence for the potential of the Pilot North Project to complement that of Pilot Mountain.
Exploration
Whilst the Company remains resolutely focused on its ambition to lead the reshoring of U.S. tungsten production, early-stage exploration was undertaken across Guardian Metal's exploration assets by cost-effective means to further enhance shareholder value.
At the Garfield Project, rock chip sampling of quartz-barite epithermal veins from the Power Line zone returned high-grade gold-silver-copper. This work prompted the staking of 42 BLM lode claims comprising the Freeze North zone, where subsequent IP geophysical survey results have identified a chargeable feature beneath the historical high-grade underground mines. These constitute compelling drilling targets, developing potential exploration upside.
In recognition of the strong gold price environment, the Company has continued to advance plans to unlock value from both the exciting epithermal gold opportunity that exists at Garfield, as well as the Carlin-type gold opportunity at the Company's Golconda project in Nevada.
Principal risks and uncertainties
The principal risks and uncertainties facing our business are monitored on an ongoing basis. The Board of Directors (the "Board") have reviewed the principal risks and uncertainties disclosed in the 2025 annual report and concluded that they remain applicable for the second half of the financial year. A detailed description of these risks and uncertainties is set out on pages 6 to 7 of the 2025 annual report.
The Board
Changes in Board composition for the period under review are set out below:
M Billing, Non-Executive Director resigned on 11 November 2025
M Schlumpberger, Non-Executive Director was appointed on 11 November 2025
Directors' Responsibility Statement
We confirm that to the best of our knowledge:
- The condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted for use in the United Kingdom.
- Give a true and fair view of the assets, liabilities, financial position and loss of the Group.
The Interim Management Report was approved by the Board, and the above responsibility statement was signed on its behalf by:
Oliver Friesen, Chief Executive Officer
12 February 2026
GUARDIAN METAL RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
|
|
Note |
6 months ended 31-Dec-25 (unaudited) US$'000 |
|
6 months ended 31-Dec-24 (unaudited) US$'000 |
|
Year ended 30-Jun-25 (audited) US$'000 |
|
Continuing operations |
|
|
|
|
|
|
|
Other income |
|
- |
|
2 |
|
2 |
|
Gross profit |
|
- |
|
2 |
|
2 |
|
|
|
|
|
|
|
|
|
Administrative expenses |
6 |
(4,792) |
|
(988) |
|
(2,719) |
|
Loss from operating activities |
|
(4,792) |
|
(986) |
|
(2,717) |
|
|
|
|
|
|
|
|
|
Finance income |
|
21 |
|
- |
|
6 |
|
Loss before taxation |
|
(4,771) |
|
(986) |
|
(2,711) |
|
|
|
|
|
|
|
|
|
Taxation |
|
- |
|
- |
|
- |
|
Loss for the period from continuing operations |
|
(4,771) |
|
(986) |
|
(2,711) |
|
|
|
|
|
|
|
|
|
Items that will or may be reclassified to profit or loss |
|
|
|
|
|
|
|
Exchange translation |
|
(427) |
|
(101) |
|
908 |
|
Total other comprehensive (loss)/income |
|
(427) |
|
(101) |
|
908 |
|
|
|
|
|
|
|
|
|
Total comprehensive loss for the period attributable to owners of the company |
|
(5,198) |
|
(1,087) |
|
(1,803) |
|
|
|
|
|
|
|
|
|
Earnings per share from continuing operations attributable to the ordinary equity holder of the parent: |
|
|
|
|
|
|
|
Basic and diluted loss per share $ |
7 |
(0.03) |
|
(0.01) |
|
(0.02) |
GUARDIAN METAL RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
|
|
Note |
31-Dec-25 (unaudited) US$'000 |
|
31-Dec-24 (unaudited) US$'000 |
|
30-Jun-25 (audited) US$'000 |
|
Assets |
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
Intangible assets |
9 |
26,807 |
|
12,347 |
|
17,906 |
|
Other non-current assets |
|
25 |
|
- |
|
- |
|
Total non-current assets |
|
26,832 |
|
12,347 |
|
17,906 |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Trade and other receivables |
11 |
245 |
|
179 |
|
175 |
|
Cash and cash equivalents |
|
10,562 |
|
2,489 |
|
1,873 |
|
Total current assets |
|
10,807 |
|
2,668 |
|
2,048 |
|
|
|
|
|
|
|
|
|
Total assets |
|
37,639 |
|
15,015 |
|
19,954 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Trade and other payables |
12 |
2,896 |
|
368 |
|
1,776 |
|
Total current liabilities |
|
2,896 |
|
368 |
|
1,776 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
2,896 |
|
368 |
|
1,776 |
|
|
|
|
|
|
|
|
|
Net assets |
|
34,743 |
|
14,647 |
|
18,178 |
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
Share capital |
8 |
2,131 |
|
1,517 |
|
1,739 |
|
Share premium |
8 |
37,613 |
|
13,667 |
|
17,557 |
|
Shares to be issued |
|
- |
|
21 |
|
- |
|
Capital contribution reserve |
|
5,897 |
|
5,897 |
|
5,897 |
|
Share based payments reserve |
|
1,639 |
|
168 |
|
324 |
|
Exchange reserve |
|
675 |
|
93 |
|
1,102 |
|
Accumulated losses |
|
(13,212) |
|
(6,716) |
|
(8,441) |
|
Total equity |
|
34,743 |
|
14,647 |
|
18,178 |
GUARDIAN METAL RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
|
|
Share capital |
|
Share premium |
|
Shares to be issued US$'000 |
|
Capital contribution reserve |
|
Share based payment reserve |
|
Exchange reserve |
|
Accumulated losses US$'000 |
|
Total equity US$'000 |
|
Balance at 1 July 2024 (audited) |
1,346 |
|
9,680 |
|
174 |
|
5,897 |
|
162 |
|
194 |
|
(5,730) |
|
11,723 |
|
Loss for the period |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(986) |
|
(986) |
|
Currency translation |
- |
|
- |
|
- |
|
- |
|
- |
|
(101) |
|
- |
|
(101) |
|
Total comprehensive loss for the period |
- |
|
- |
|
- |
|
- |
|
- |
|
(101) |
|
(986) |
|
(1,087) |
|
Issue of ordinary shares |
171 |
|
3,987 |
|
(153) |
|
- |
|
- |
|
- |
|
- |
|
4,005 |
|
Share-based payments |
- |
|
- |
|
- |
|
- |
|
6 |
|
- |
|
- |
|
6 |
|
Total transactions with owners |
171 |
|
3,987 |
|
(153) |
|
- |
|
6 |
|
- |
|
- |
|
4,011 |
|
Balance at 31 December 2024 (unaudited) |
1,517 |
|
13,667 |
|
21 |
|
5,897 |
|
168 |
|
93 |
|
(6,716) |
|
14,647 |
|
Loss for the period |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(1,725) |
|
(1,725) |
|
Currency translation |
- |
|
- |
|
- |
|
- |
|
- |
|
1,009 |
|
- |
|
1,009 |
|
Total comprehensive income/(loss) for the period |
- |
|
- |
|
- |
|
- |
|
- |
|
1,009 |
|
(1,725) |
|
(716) |
|
Issue of ordinary shares |
222 |
|
4,019 |
|
(21) |
|
- |
|
- |
|
- |
|
- |
|
4,220 |
|
Share issue costs |
- |
|
(129) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(129) |
|
Share-based payments |
- |
|
- |
|
- |
|
- |
|
156 |
|
- |
|
- |
|
156 |
|
Total transactions with owners |
222 |
|
3,890 |
|
(21) |
|
- |
|
156 |
|
- |
|
- |
|
4,247 |
|
Balance at 30 June 2025 (audited) |
1,739 |
|
17,557 |
|
- |
|
5,897 |
|
324 |
|
1,102 |
|
(8,441) |
|
18,178 |
|
Loss for the period |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(4,771) |
|
(4,771) |
|
Currency translation |
- |
|
- |
|
- |
|
- |
|
- |
|
(427) |
|
- |
|
(427) |
|
Total comprehensive loss for the period |
- |
|
- |
|
- |
|
- |
|
- |
|
(427) |
|
(4,771) |
|
(5,198) |
|
Issue of ordinary shares |
392 |
|
21,323 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
21,715 |
|
Share issue costs |
- |
|
(1,267) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(1,267) |
|
Share-based payments |
- |
|
- |
|
- |
|
- |
|
1,315 |
|
- |
|
- |
|
1,315 |
|
Total transactions with owners |
392 |
|
20,056 |
|
- |
|
- |
|
1,315 |
|
- |
|
- |
|
21,763 |
|
Balance at 31 December 2025 (unaudited) |
2,131 |
|
37,613 |
|
- |
|
5,897 |
|
1,639 |
|
675 |
|
(13,212) |
|
34,743 |
GUARDIAN METAL RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
|
|
Note |
6 months ended 31-Dec-25 (unaudited) US$'000 |
|
6 months ended 31-Dec-24 (unaudited) US$'000 |
|
Year ended 30-Jun-25 (audited) US$'000 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
Loss for the period |
|
(4,772) |
|
(986) |
|
(2,711) |
|
Adjustments for: |
|
|
|
|
|
|
|
Share-based payment expense |
|
1,315 |
|
6 |
|
162 |
|
Expenses settled in shares |
|
- |
|
26 |
|
63 |
|
Foreign exchange differences |
|
(298) |
|
1 |
|
444 |
|
|
|
(3,755) |
|
(953) |
|
(2,042) |
|
Changes in working capital: |
|
|
|
|
|
|
|
Decrease in trade and other receivables |
|
31 |
|
60 |
|
40 |
|
Increase/(decrease) in trade and other payables |
|
1,107 |
|
(467) |
|
880 |
|
Net cash used in operating activities |
|
(2,617) |
|
(1,360) |
|
(1,122) |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
Purchase of intangibles |
9 |
(9,082) |
|
(3,131) |
|
(8,038) |
|
Investment in financial assets |
|
(25) |
|
- |
|
- |
|
Net cash used in investing activities |
|
(9,107) |
|
(3,131) |
|
(8,038) |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
Proceeds from issue of share capital |
8 |
21,715 |
|
3,979 |
|
8,091 |
|
Share issue costs |
8 |
(1,267) |
|
- |
|
(123) |
|
Net cash generated from financing activities |
|
20,448 |
|
3,979 |
|
7,968 |
|
|
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
8,724 |
|
(512) |
|
(1,192) |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
|
1,873 |
|
3,033 |
|
3,033 |
|
Effect of foreign currency exchange rates |
|
(35) |
|
(32) |
|
32 |
|
Cash and cash equivalents at end of period |
|
10,562 |
|
2,489 |
|
1,873 |
NOTES TO THE CONSOLIDATED INTERIM REPORT FOR SIX MONTHS ENDED 31 DECEMBER 2025
1. 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 C/O Orana Corporate LLP, 25 Eccleston Place, London, United Kingdom, SW1W 9NF. The unaudited consolidated financial statements of the Group as at and for the period ended 31 December 2025 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 U.S..
2. Basis of preparation
These condensed consolidated interim financial statements for the six months ended 31 December 2025 include results of Guardian Metal Resources Plc (the "Company") and its subsidiaries (the "Group") and have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting' ("IAS 34") as issued by the International Accounting Standards Board ("IASB"), using the accounting policies set out in the Group's consolidated financial statements for the year ended 30 June 2025.
The interim financial statements are presented in United States Dollar (US$) and prepared on a historical cost basis, except for certain financial instruments measured at fair value.
These condensed consolidated interim financial statements do not include all the information and disclosures required in the annual financial statements prepared in accordance with International Financial Reporting Standards ("IFRS") and should be read in conjunction with the Group's audited consolidated financial statements for the year ended 30 June 2025.
IFRS as adopted in the United Kingdom is fully aligned with IFRS as issued by the IASB for the periods presented. Accordingly, there are no differences between IFRS as adopted in the United Kingdom and IFRS as issued by the IASB that would affect the Group's condensed consolidated interim financial statements.
The Board of Directors approved these condensed consolidated interim financial statements on 12 February 2026.
(a) Statement of compliance
These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' as issued by the IASB. They do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The 2025 interim financial report has not been audited.
Statutory accounts for the year ended 30 June 2025 have been delivered to the Registrar of Companies. The auditors reported on those accounts and their report was unqualified and did not contain a statement under s498(2) or (3) of the Companies Act 2006.
(b) Accounting policies
The condensed consolidated interim financial statements have been prepared using accounting policies consistent with those applied in the Group's audited consolidated financial statements for the year ended 30 June 2025 and those expected to be applied for the year ended 30 June 2026.
There have been no changes in accounting policies during the six-month period ended 31 December 2025 that have had a material impact on the condensed consolidated interim financial statements.
(c) Judgements and estimates
The preparation of the condensed consolidated interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.
In preparing these condensed consolidated interim financial statements, the significant judgements and key sources of estimation uncertainty were consistent with those disclosed in the Group's audited consolidated financial statements for the year ended 30 June 2025, and there have been no material changes during the six-month period ended 31 December 2025.
(d) Going concern
The condensed consolidated interim financial statements have been prepared on a going concern basis. Although the Group's assets are not generating revenues, the Directors have considered all available information, including the Group's proven ability to raise additional equity funding from its supportive shareholder base, and believe that the Group will have sufficient resources to meet its committed and contractual expenditure for at least the next 12 months from the reporting date. Accordingly, the Directors continue to adopt the going concern basis of accounting in preparing the interim financial statements for the period ended 31 December 2025.
(e) Seasonality
The Group's operations are not subject to significant seasonality or cyclicality. Exploration expenditure is incurred based on planned work programmes rather than seasonal factors.
3. Significant events during the period
During the six months ended 31 December 2025, the Group received a US$6.2 million award from the United States Department of War, acquired additional mining claims forming the Pilot North Tungsten Project, and completed changes to the Board of Directors. These events have been reflected in the condensed consolidated interim financial statements. There were no other events or transactions during the period that were material to the condensed consolidated interim financial statements.
4. Financial risk management and financial instruments
Risks and uncertainties
The Group's activities expose it to a variety of financial risks, including market risk (foreign exchange risk and equity price risk), credit risk and liquidity risk.
The Board continually assesses and monitors the key financial risks of the business. The key financial risks that could affect the Group's medium-term performance and the factors that mitigate those risks have not substantially changed from those set out in the Group's 2025 Annual Report and Financial Statements, a copy of which is available from the Group's website: https://www.guardianmetalresources.com/.
5. Adoption of new and revised standards and interpretations
The Group has adopted all recognition, measurement and disclosure requirements of IFRS, including any new and revised standards and Interpretations of IFRS. The adoption of these standards and amendments did not have any material impact on the financial results or position of the Group.
Standards which are in issue but not yet effective:
At the date of authorisation of these financial statements, the following Standards and Interpretation, which have not yet been applied in these financial statements, were in issue but not yet effective.
|
Standard or Interpretation |
Description |
Effective date for annual accounting period beginning on or after |
|
IFRS 18 |
Presentation and Disclosure in Financial Statements |
1 January 2026 |
The Group has not early adopted any of the above standards and intends to adopt them when they become effective.
6. Administrative expenses
Administrative expenses for the period ended 31 December 2025 of US$ 4,792k (December 2024: US$ 988k) include a share-based payment charge of US$ 1,315k (December 2024: US$ 6k) in relation to the Company's share options.
7. 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.
|
|
Period ended 31 December 2025 |
|
Period ended 31 December 2024 |
|
Year ended |
|
Weighted average number of ordinary shares (No.) |
167,408,387 |
|
117,357,621 |
|
123,960,520 |
|
Loss attributable to ordinary shareholders (US$'000) |
4,771 |
|
986 |
|
2,711 |
|
Basic loss per share ($) |
0.03 |
|
0.01 |
|
0.02 |
8. Share Capital
|
|
Number of ordinary shares |
|
Share capital US$'000 |
|
Share premium US$'000 |
|
Balance at 31 December 2024 (Unaudited) |
122,406,991 |
|
1,517 |
|
13,667 |
|
Expenses settled in shares |
100,000 |
|
2 |
|
35 |
|
Shares issued in relation to acquisition |
150,000 |
|
2 |
|
63 |
|
Issued for cash |
16,781,980 |
|
218 |
|
3,921 |
|
Expenses relating to share issues |
- |
|
- |
|
(129) |
|
Balance as at 30 June 2025 (Audited) |
139,438,971 |
|
1,739 |
|
17,557 |
|
Expenses relating to share issues |
- |
|
- |
|
(1,267) |
|
Issued for cash |
29,059,996 |
|
392 |
|
21,323 |
|
Balance at 31 December 2025 (Unaudited) |
168,498,967 |
|
2,131 |
|
37,613 |
The shares have attached to them full voting, dividend, and capital distribution (including winding up) rights; they do not confer any rights of redemption.
During the period ended 31 December 2025, the Company received notice to exercise warrants over 991,276 new ordinary shares of 1p each at an exercise price of 10.75 pence per warrant share, raising $143,155 (£106,562), notice to exercise warrants over 1,103,720 new ordinary shares of 1 pence each at an exercise price of 17 pence per warrant, raising $252,063 (£187,632), and notice to exercise warrants over 120,000 new ordinary shares of 1 pence each at an exercise price of 37.50 pence per warrant, raising $60,533 (£45,000) for the Company. In addition, the Company received notice to exercise options over 800,000 new ordinary shares of 1 pence each at a price of 14 pence per option, raising $148,347 (£112,000) for the Company, and notice to exercise options over 100,000 new ordinary shares of 1 pence each at an exercise price of 40 pence per option, raising $52,528 (£40,000) for the Company.
9. Intangibles
|
|
Pilot Mountain Project |
Tempiute Project |
Other Projects |
Total Prospecting and exploration rights |
|
|
US$'000 |
US$'000 |
US$'000 |
US$'000 |
|
Balance at 01 July 2024 |
8,662 |
268 |
350 |
9,280 |
|
Additions |
7,632 |
292 |
179 |
8,103 |
|
Effect of foreign exchange |
470 |
- |
53 |
523 |
|
Balance at 30 June 2025 |
16,764 |
560 |
582 |
17,906 |
|
Additions |
5,510 |
3,261 |
311 |
9,082 |
|
Effect of foreign exchange |
(163) |
(3) |
(15) |
(181) |
|
Balance at 31 December 2025 |
22,111 |
3,818 |
878 |
26,807 |
Intangible assets relate to exploration and evaluation project costs capitalised as at 31 December 2025. Additions to project costs during the period ended 31 December 2025 were in relation to projects in Nevada, USA. The exploration projects comprise of the Pilot Mountain Project, Tempiute Project, Pilot Mountain North Project, Golconda Summit Project, Stonewall Project and Garfield 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.
At Pilot Mountain, activity during the period supported an accelerated programme of resource definition, technical studies and development work, culminating in the publication of an updated S-K 1300 compliant Technical Summary Report and Mineral Resource Estimate. The updated estimate delivered a material increase in open-pit constrained Indicated Mineral Resources relative to the 2018 scoping study, strengthening the foundation for advancement of the project toward completion of a Pre-Feasibility Study. Drilling, geological interpretation and supporting technical work continued during the period in line with the planned completion of the Pre-Feasibility Study in H1 2026.
At Tempiute, the Company commenced its inaugural diamond drilling programme, which confirmed consistent scheelite-bearing skarn mineralisation beyond the limits of historical mining. In parallel, geophysical, geochemical, metallurgical and gallium-related studies were advanced, together with preparatory site works and infrastructure upgrades, to support future resource definition and development planning. During the period, the Company also secured additional mineralised ground, extending the prospective strike length of the project and enhancing its district-scale potential and advanced studies to better understand the on-site historical tungsten mine tailings and mineralised stockpiles.
The Pilot Mountain North Project, established through the acquisition of additional mining claims within the Walker Lane Mineral Belt, advanced through geological mapping, sampling and initial field evaluations. Results to date support the potential for geological continuity with the Pilot Mountain system and the project's strategic role within the Company's broader Nevada tungsten development hub.
Limited, targeted exploration activity was also undertaken across the Company's wider Nevada portfolio, including the Garfield and Golconda Summit projects, with work focused on maintaining project tenure and selectively advancing high-priority targets. No material activity was undertaken at Stonewall during the period.
10. Capital Commitments
The Company has 100 per cent ownership of the Pilot Mountain, Pilot Mountain North, Garfield and Stonewall, and Kibby Basin lithium projects, and an earn-in option for up to 100 per cent of the Tempiute Project and up to 100 per cent of the Golconda Summit Project.
On 21 May 2021, the Company became the operator of the Golconda Summit Project when it entered into an Assignment and Assumption Agreement with GR Silver Mining and the Company was also assigned the Golconda Option Agreement to earn-in up to 100 per cent. GR Silver Mining historically entered into the Golconda Option Agreement to acquire 100 per cent title and interest with Eureka Resources, a private Nevada based company. Under the terms of the Assignment and Assumption Agreement, the Company has assumed the obligation to pay the remaining liability of US$275,000 due under the Golconda Option Agreement to Eureka Resources. Eureka Resources holds a 1 per cent net smelter royalty over the Golconda Summit Project which can be bought back at any time by the Company within one year after commencement of production for US$1,000,000.
Annual payments of US$50,000 are payable by the Company on or before 11 August of each of 2023, 2024, 2025, 2026 and 2027 and the Company holds an option to purchase the leased claims for US$335,000, less the amount of annual payments made. Guardian Metal is committed to approximately US$10,000 per annum for vehicle management costs/claim related fees.
On 17 June 2021, Golden Metal Resources LLC acquired the Garfield and Stonewall Projects from the Sunrise Resources Group. Under the terms of the Acquisition Agreements, the Sunrise Resources Group retain a 2 per cent royalty over the Garfield and Stonewall Projects. 1 per cent of each project royalty may be repurchased by the Company for US$ 1,000,000 at any time. Guardian Metal is committed to approximately US$32,000 per annum for vehicle management costs/claim related fees in relation to Garfield, and approximately US$4,000 per annum in relation to Stonewall.
On 1 November 2021, the Company acquired Black Fire Industrial Minerals Pty Ltd from Thor Mining Plc in order to acquire the Pilot Mountain Project. Certain mining claims within the Pilot Mountain Project are subject to a two per cent royalty held Nevada Select Royalty based on actual proceeds from the sale of minerals. In addition, Nevada Select Royalty is entitled to receive non-refundable prepayments in respect of the Pilot Metals Royalty at a current rate of US$40,000 per annum. Guardian Metal is committed to approximately US$32,000 per annum for vehicle management costs/claim related fees.
In January 2025, the Company signed an option agreement to purchase 100 per cent of the Tempiute Tungsten Project. During the term of the agreement, the Company is committed to paying the owner US$25,000 every six months, which is to be netted against the purchase price should the Company elect to exercise its option. Further, the Company shall pay the owner US$25,000 on the fifth anniversary of the deed and on each succeeding anniversary until the Company commences commercial production of minerals from the property. Each payment represents an advance payment of any royalties due to the owner. The agreement allows the Company to terminate at any time without incurring additional liabilities beyond payments accrued up to the termination date. As such, no liability for future payments has been recognised in the financial statements.
The Company is not committed to any costs in relation to the Kibby Basin Project.
11. Trade and other receivables
|
|
Period ended 31 December 2025 |
|
Period ended 31 December 2024 |
|
Year ended |
|
|
US$'000 |
|
US$'000 |
|
US$'000 |
|
VAT receivable |
74 |
|
62 |
|
50 |
|
Other receivables |
171 |
|
117 |
|
125 |
|
Trade and other receivables |
245 |
|
179 |
|
175 |
12. Trade and other payables
|
|
Period ended 31 December 2025 |
|
Period ended 31 December 2024 |
|
Year ended |
|
|
US$'000 |
|
US$'000 |
|
US$'000 |
|
Trade payables |
1,290 |
|
260 |
|
1,140 |
|
Other payables |
707 |
|
18 |
|
65 |
|
Accrued expenses |
899 |
|
90 |
|
571 |
|
Trade and other payables |
2,896 |
|
368 |
|
1,776 |
13. Post balance sheet events
On 2 January 2026, Guardian Metal issued 229,249 new ordinary shares of 1.0p each pursuant to the Company's STIP awards for 2025.
At the date of this interim report, the Company had 168,728,216 Ordinary Shares in issue.
14. 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 C/O Orana Corporate Llp, 25 Eccleston Place, London, United Kingdom, SW1W 9NF. 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.
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