An interactive breakdown of the investment case, projects, financials, directors, upcoming catalysts and risk factors for retail investors.
Tungsten is used in defence, aerospace, industrial tooling and other high-performance applications where its hardness, density and heat resistance make it difficult to substitute. China dominates global supply and has imposed export restrictions, pushing tungsten high up the US reshoring agenda. The global tungsten market is projected to rise from roughly US$1.86–5.5 billion in 2024 to over US$10 billion by 2033. Guardian is one of very few London-listed companies offering direct exposure to this theme through US-based assets in Nevada.
Pilot Mountain hosts a skarn-type Mineral Resource Estimate of 8,694,000 tonnes at 0.206% WO3 (Indicated) and 1,784,000 tonnes at 0.169% WO3 (Inferred) with silver, copper and zinc credits. An updated Technical Summary Report in December 2025 delivered a 16% increase in open-pit constrained indicated resources versus the 2018 scoping study. PFS targeted for completion by end of H1 2026. The project is heavily de-risked with substantial drilling, water rights, metallurgical work and environmental baseline studies all completed.
In July 2025, the US Department of War awarded US$6.2 million under Title III of the Defense Production Act to support the Pilot Mountain PFS. This is not just management arguing tungsten is important. A US government department has put money behind that view. Guardian has also joined the Defense Industrial Base Consortium and the Cornerstone Program, embedding itself within the domestic critical minerals and defence supply chain framework.
Tempiute is a past-producing Nevada tungsten operation with existing infrastructure valued at nearly $18m in 2003, historical mine workings and a growing mineralised footprint. Guardian has expanded its ground position to roughly 3km of mineralised strike length, including claims covering the historical Schofield open pit. An updated resource statement is being worked toward in 2026. Six high-grade stockpiles with historical tailings are being evaluated for near-term revenue potential.
Guardian entered 2026 with more than US$10m in cash. A $21m equity fundraise in 2025 strengthened the balance sheet. Around 61% of the company is represented by TR1 and strategic shareholders, including the Duquesne Family Office and Ucam. An LOI with US-based Global Tungsten & Powders on potential offtake adds a commercial angle to the development case.
Four assets in one of the world's highest-ranked mining jurisdictions, anchored by two tungsten development projects and supplemented by gold and copper exploration.
Nevada · Skarn-type deposit · PFS in progress · US$6.2m DoW award
Mineral Resource Estimate of 8,694,000 tonnes at 0.206% WO3 (Indicated) and 1,784,000 tonnes at 0.169% WO3 (Inferred) with Ag-Cu-Zn credits. December 2025 update delivered a 16% increase in open-pit constrained indicated resources versus the 2018 scoping study, pointing to open-pit development potential and scalability.
Substantial drilling completed across Desert Scheelite and Garnet zones. Water rights secured. Metallurgical work and environmental baseline studies completed. LOI signed with Global Tungsten & Powders on potential offtake. PFS targeted for H1 2026 completion, incorporating increased tungsten prices.
Management believes several at-surface zones remain underexplored. The Porphyry South target, identified via 3D IP geophysics, highlights a large sulphide-rich system with copper-molybdenum potential, adding a secondary commodity angle beyond the core tungsten story.
Six months ended 31 December 2025 (unaudited).
| Item | H1 FY26 |
|---|---|
| Loss for the period | (US$5.2m) |
| Total assets | US$37.6m |
| Net assets | US$34.7m |
| Cash at 31 Dec 2025 | >US$10m |
Loss increased from US$1.1m in the prior period, driven by higher exploration and corporate spend as the company accelerated work across Pilot Mountain and Tempiute. Total assets rose to US$37.6m following the $21m equity fundraise and the US$6.2m Department of War award.
Guardian entered 2026 with more than US$10m in cash, providing solid funding to continue advancing both Pilot Mountain and Tempiute without near-term dilution risk. The $21m fundraise in 2025 and the US$6.2m government award together underpin the current work programmes. The proposed US IPO (targeting approximately $50m gross proceeds) would further strengthen the balance sheet and fund Pilot Mountain PFS and development, Tempiute exploration and engineering, and general corporate purposes.
Around 61% of the company is represented by TR1 and strategic shareholders, including the Duquesne Family Office and Ucam. 168,728,216 ordinary shares of 1p each in issue as of 27 February 2026, with none held in treasury. The register is concentrated and supportive, with institutional and strategic holders representing the majority of the capital.
Awarded US$6.2m under Title III of the Defense Production Act in July 2025 to accelerate the Pilot Mountain PFS. This is direct government validation that the project matters strategically for US domestic tungsten supply.
Guardian is a member of the DIBC, connecting the company directly to US defence supply chain programmes and policymakers focused on reshoring critical mineral production.
Membership of the Cornerstone Program further strengthens Guardian's position within the US government's critical minerals framework, providing access to policy support and potential future funding.
Guardian has signed a Letter of Interest with GTP, a major US-based tungsten processor, covering potential offtake from Pilot Mountain. This adds commercial credibility and a route to market alongside the technical development work.
The Duquesne Family Office, Ucam and other strategic holders represent around 61% of the register. BMO Capital Markets is acting as book-running manager for the proposed NYSE American IPO. The shareholder base is concentrated, institutional and aligned with the long-term development story.
A clear run of catalysts ahead, with the next phase of value creation likely driven by execution rather than thematic re-rating.
Guardian's valuation now depends increasingly on delivering studies, drilling results and corporate milestones on time. The market has already priced in significant thematic upside, so slippage on the PFS, IPO timeline or drilling programme could weigh on the share price more than it would have at earlier stages.
Even strong strategic assets need to clear technical, permitting and economic hurdles before reaching production. Pilot Mountain and Tempiute may be well positioned, but there is still a long path from project advancement to cash flow. The PFS outcome is not guaranteed to support a positive development decision.
Tungsten prices have risen significantly, partly driving the re-rating. A reversal in tungsten pricing, a shift in US trade policy, or a relaxation of Chinese export restrictions could reduce the strategic premium currently applied to Guardian's assets.
The proposed US IPO targets approximately $50m in gross proceeds through the issuance of new ADSs. While this strengthens the balance sheet, it also creates dilution. Pricing, timing and market conditions at the point of listing could affect the terms achieved.
Guardian has already been a major stock market winner. At a £438m market cap, this is no longer a hidden early-stage story. The bar for positive surprises is higher than it was 12 months ago, and the shares carry less asymmetric upside than they did at earlier stages.