U.S. Department of Defense Awards $6.2M to Golden Metal Resources for the Pilot Mountain Project
Guardian Metal Resources plc (AIM: GMET, OTCQX:GMTLF) is very pleased to announce that its wholly-owned subsidiary Golden Metal Resources (USA) LLC has been awarded US$6.2M from the U.S. Department of Defense to accelerate the development of its flagship Pilot Mountain tungsten project (“Pilot Mountain” or the “Project”) in Nevada.
Highlights:
§ Golden Metal Resources (USA) LLC, a wholly-owned subsidiary of Guardian Metal, has been awarded US$6.2M from the U.S. Department of Defense 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 for the Pilot Mountain tungsten Project.
§ With this funding now secured, the Company plans on immediately advancing the pre-feasibility study for its Pilot Mountain tungsten project, on the way to its ultimate goal of playing a significant role in the U.S. onshoring efforts of critical metals to support U.S. national security and economic objectives.
Oliver Friesen, CEO of Guardian Metal, commented:
“I firstly want to extend my thanks to the U.S. Department of Defense and Defense Production Act Purchases team for their tireless effort to support the domestic critical minerals industry and the Pilot Mountain Project, in particular. This Award is a step-change in our business, as we work towards our goal of supporting the U.S. industrial base with Mined in America tungsten.
“Now is the time for the U.S. to reestablish a reliable and secure domestic source of mined tungsten. With this substantial non-dilutive award secured, we move forward with further confidence in our business model and look forward to showing the market, industry and government the achievements these funds will enable.”
J.T. Starzecki, Chairman of Guardian Metal, commented:
“On behalf of the Guardian Metal organization, I commend the determined efforts of our team and the working relationship they have built with the U.S. Department of Defense in the pursuit of achieving our first major milestone for the company in 2025.
“This funding will unlock our ability to put forth a robust pre-feasibility study (PFS) which will detail the scope of Pilot Mountain and help us advance the Project towards our ultimate goal of being the newest domestic producer of this critical mineral.”
US Government Funding to Advance the Pilot Mountain Tungsten Project
Funding through the DPA Title III program is designated for key workstreams associated with the Pilot Mountain pre-feasibility study which is currently in progress. In addition, a range of environmental studies will be undertaken and funded under the Award, supporting the pursuit of commercial production at Pilot Mountain, which would represent the only U.S. mined source of tungsten.
The DPA Title III award is non-dilutive to Guardian Metal shareholders and no commercial covenants are included in the Award that would impair Guardian Metal’s current business, nor the future sale of tungsten concentrates to the industrial base. Guardian Metal’s management team will lead the work and periodically report progress to the administrators of the Award.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018).
For further information visit www.guardianmetalresources.com or contact the following:
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Guardian Metal Resources plc Oliver Friesen (CEO) |
Tel: +44 (0) 20 7583 8304 |
