Guardian Metal Resources (GMET) H2 2024 earnings summary

Executive summary

• Achieved key milestones in project development, capital raising, and U.S. market expansion, including OTCQB and OTCQX listings and successful fundraises in March and June 2024.

• Advanced exploration at flagship Pilot Mountain, Garfield, and Golconda Summit projects, with significant mineralisation discoveries and new drilling campaigns.

• Rebranded as Guardian Metal Resources, reinforcing commitment to U.S. defence metal reshoring, especially tungsten.

Financial highlights

• Total comprehensive loss of US$1,389k for the year ended 30 June 2024, compared to US$695k loss in 2023.

• Administrative expenses increased to US$1,376k (2023: US$878k); capitalised exploration expenses rose to US$1,484k (2023: US$556k).

• Cash and cash equivalents at year-end were US$3,033k, up from US$1,371k in 2023.

• Raised £750,000 at 15p/share in March and £506,250 at 22.5p/share in June 2024; further £2.15m raised post year-end.

Outlook and guidance

• Focus remains on advancing exploration and development at Pilot Mountain, leveraging strengthened financial position and U.S. market presence.

• Anticipates continued growth driven by demand for critical military minerals, especially tungsten.

• Additional opportunities in western USA under review for portfolio expansion.