Guardian Metal Resources (GMET) H2 2026 earnings summary

Executive summary

• Advanced two Nevada tungsten projects, completing the Pilot Mountain Pre-Feasibility Study (PFS) on time and within budget, and expanded the team and U.S. presence through a NYSE American listing and significant fundraising.

• Secured $6.2 million from the U.S. Department of War for Pilot Mountain, completed an upsized IPO raising $68.3 million, and acquired key land and water rights at Tempiute.

• Focused on responsible mining, environmental stewardship, and stakeholder engagement, with a strengthened leadership team and robust governance.

Financial highlights

• Reported a net loss of $10.043 million for FY2026, compared to a $2.711 million loss in FY2025.

• Cash balance at year-end was $52.459 million, up from $1.873 million the previous year.

• Raised $89.3 million in equity, including $68.3 million from the NYSE IPO.

• Capitalized $27.495 million in exploration expenses, up from $8.103 million in FY2025.

• Investment in mining assets totaled $26.470 million, up from $8.038 million in FY2025.

Outlook and guidance

• Focus shifting to permitting and a Definitive Feasibility Study for Pilot Mountain, with ongoing exploration at Good Hope, Gunmetal, and Tremor zones.

• Continued development and exploration at Tempiute, including a pilot program for tungsten recovery in partnership with the Montana Mining Association.

• Well-funded to progress strategic objectives, with a strong balance sheet and U.S. capital markets presence.