Guardian Metal Resources (GMET) H1 2026 earnings summary

Executive summary

• Advanced co-flagship Nevada tungsten projects, Pilot Mountain and Tempiute, with significant drilling and technical progress toward U.S. tungsten production reshoring.

• Awarded $6.2M from the U.S. Department of War to accelerate Pilot Mountain's Pre-Feasibility Study; published updated resource estimate showing a 16% increase in indicated resources vs. 2018.

• Acquired additional claims at Pilot North and Tempiute, expanding mineralized zones and project scale.

• Raised $21M in equity to fund ongoing workstreams and exploration.

• No significant developments post-31 December 2025.

Financial highlights

• Loss for the period was $5.2M, up from $1.1M year-over-year; loss per share increased to $0.03 from $0.01.

• Total assets rose to $37.6M from $19.95M at 30 June 2025; net assets increased to $34.7M from $18.2M.

• Administrative expenses rose to $4.8M, including $1.3M in share-based payments.

• Cash and cash equivalents at period end were $10.6M, up from $1.9M at 30 June 2025.

• Net cash used in operating activities was $2.6M; $9.1M used in investing; $20.4M generated from financing.

Outlook and guidance

• Ongoing drilling and technical studies at Pilot Mountain and Tempiute to support Pre-Feasibility Study completion in H1 2026.

• Updated resource statement for Tempiute expected in 2026; environmental assessments underway.

• Plans to pursue a U.S. listing in H1 2026.