Guardian Metal Resources (GMET) H2 2025 earnings summary

Executive summary

• Advanced Pilot Mountain Project with significant progress on pre-feasibility and permitting workstreams, reinforcing its strategic role in U.S. tungsten supply.

• Acquired option to purchase the historical Tempiute tungsten mine, establishing a second co-flagship asset in Nevada and expanding exploration potential.

• Strengthened U.S. capital markets presence through OTCQX upgrade, institutional research coverage, and multiple successful financings.

• Rebranded to reflect focus on tungsten and U.S. defense metal reshoring; joined DARPA-sponsored Critical Minerals Forum.

Financial highlights

• Reported a net loss of $2,711,000 for the year ended 30 June 2025, compared to a loss of $1,376,000 in the prior year.

• Administrative expenses rose to $2,719,000 (2024: $1,376,000); capitalized exploration expenses increased to $8,103,000 (2024: $1,964,000).

• Cash used in operations totaled $1,122,000; investment in mining assets was $8,038,000 (2024: $1,496,000).

• Cash balance at 30 June 2025 was $1,873,000 (2024: $3,033,000); post-year-end cash balance rose to $14,720,000 after major fundraising.

• Raised $4.46M from warrant exercises and $3.68M from strategic share issues during the year.

Outlook and guidance

• Priorities include advancing Pilot Mountain and Tempiute through technical and economic studies, supported by recent financing and partnerships.

• Plans to pursue a U.S. listing and further strengthen relationships with U.S. government and industry.