Guardian Metal Resources (GMET) investor relations material

Project overview and strategic context

• Pilot Mountain project in Nevada aims to reestablish domestic tungsten production, supporting U.S. national security and critical mineral supply chains.

• Tungsten is vital for defense, aerospace, and technology sectors, with global supply dominated by China, Russia, and North Korea.

• U.S. government initiatives and executive orders are streamlining permitting and supporting critical mineral projects, including tungsten.

• The project received a $6.2M Defense Production Act investment from the U.S. Department of War in July 2025.

• The project is the first U.S. tungsten mine development in nearly a decade, aiming to reduce reliance on foreign sources.

Project economics and financial highlights

• Pre-feasibility study (PFS) shows a post-tax NPV8 of $660.3M, IRR of 59.6%, and a one-year payback at base-case pricing.

• At spot tungsten prices, post-tax NPV8 rises to $1,366M and IRR to 101.6%, with payback in 0.51 years.

• Initial capital cost is $288.7M, with sustaining capital of ~$4M/year and a contingency of 15.7%.

• Life-of-mine (LOM) free cash flow is estimated at $1.06B, with average annual EBITDA of $206M.

• Project NPV is most sensitive to tungsten price, but remains robust across tested price bands.

Resource and reserve details

• Probable reserves total 11.8Mt containing 20,275t WO3 at 0.171% WO3 and 3.5Moz silver.

• Indicated resources are 12.1Mt with 21,600t WO3 at 0.178% WO3 and 3.9Moz silver, a 40% increase from December 2025.

• Average yearly WO3 production is 1,846t, with over 2,500t produced in the first year.

• Additional exploration zones (Tremor, Good Hope, Gunmetal) offer potential for resource growth and extended mine life.