---
title: "Guardian Metal Reports Transformational Year as Pilot Mountain Advances Toward Production"
publisher: "Share Talk"
author: "sharetalk"
published: "2026-09-17T14:06:57+00:00"
modified: "2026-09-17T14:06:57+00:00"
date: 2026-09-17
canonical: "https://www.share-talk.com/guardian-metal-reports-transformational-year-as-pilot-mountain-advances-toward-production/"
category: "Mining"
categories: ["Mining"]
tags: ["drilling", "Exploration", "GMET", "Guardian Metal Resources", "Lithium", "Nevada", "Nickel", "Oliver Friesen", "Sayona Mining", "silver", "Silver Peak Project", "tungsten", "URANIUM", "USA"]
image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/09/5f66b20c-7df2-47d1-852e-8ca57de534f2.png?fit=1727%2C911&quality=80&ssl=1"
format: "news"
language: "en-GB"
---

# Guardian Metal Reports Transformational Year as Pilot Mountain Advances Toward Production

**Published:** September 17, 2026
**Author:** sharetalk
**Categories:** Mining
**Tags:** drilling, Exploration, GMET, Guardian Metal Resources, Lithium, Nevada, Nickel, Oliver Friesen, Sayona Mining, silver, Silver Peak Project, tungsten, URANIUM, USA
**Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/09/5f66b20c-7df2-47d1-852e-8ca57de534f2.png?fit=1727%2C911&quality=80&ssl=1)

---

**Guardian Metal Resources plc (NYSE-A: GMTL, LON: GMET)** has reported audited results for the year to **30 June 2026**, highlighting major progress at its US tungsten projects and a substantial strengthening of its funding position.

During the year, Guardian received a **US$6.2 million investment from the US Department of War** under the Defense Production Act to support development of its **Pilot Mountain Tungsten Project in Nevada** and completion of its Pre-Feasibility Study.

The subsequent PFS outlined an **after-tax NPV of US$660.3 million and IRR of 59.6%** using a base-case tungsten price of US$197,300 per tonne of WO₃. The company said this price assumption represented around a 35% discount to prevailing APT prices at the time of the study.

Guardian also upgraded Pilot Mountain’s resource during the year, with **97% of Indicated Resources converted into 11.8 million tonnes of Probable Reserves**.

The company raised a total of **US$89.3 million in equity**, including approximately **US$68.3 million from its NYSE American IPO**, providing additional capital to advance development.

Progress also continued at **Tempiute**, where Guardian expanded its land position, acquired **841 acres of property and 2,540 acre-feet of annual water rights**, and carried out further drilling across multiple skarn targets.

Chief executive **Oliver Friesen** said Guardian is targeting **first production from Pilot Mountain in the fourth quarter of 2028**, while continuing to advance Tempiute as a second potential source of US-mined tungsten.

For investors, the key milestones during the year were the completion of the PFS, conversion of resources into reserves, US government backing and the substantial capital raise. However, Pilot Mountain remains a development-stage project and the economic projections, production timetable and project value remain dependent on financing, permitting, construction, tungsten prices and successful execution.

---

**Original URL:** https://www.share-talk.com/guardian-metal-reports-transformational-year-as-pilot-mountain-advances-toward-production/
*Created by [WP Markdown Endpoint](https://wpmarkdownendpoint.com/)*