Guardian Metal Resources (GMET) Investor update summary

Strategy and milestones

• Recast as a hub-and-spoke plan: Pilot Mountain would be the central processing hub, with Tempiute and potential nearby deposits supplying feed; goals include higher output, improved grade and mine life, and shorter payback.

• Tempiute first mining is targeted for Q4 2027, with processing elsewhere; Pilot Mountain commissioning and first production are targeted for Q4 2028.

• DFS is targeted for Q2 2027, including sensitivities for throughput and grade; a Tempiute maiden resource estimate is also targeted for Q2 2027.

• Mine plan of operations submitted; permitting discussions with BLM and state offices are underway. Q3 2027 targets include permit approvals, financing, EPC execution, FID and construction start.

Tempiute development

• Montana toll-mill testing of legacy stockpile material is underway, with market updates targeted before year-end; tailings drilling is complete and assays are pending.

• Rehabilitation is expected to start imminently; two rigs are drilling at Tempiute, with work focused on the South Thumb and Schofield areas for an initial resource and early mining plans.

• Longer-term studies are assessing ore sorting and gravity separation to make a pre-concentrate, reduce shipped tonnage and increase grade before feed reaches Pilot Mountain.

Financing and commercial progress

• Cash was $52.5m at the last reported accounts, following a $68.3m U.S. IPO; management said the balance supports advancing the DFS, permitting and development work.

• Financing sequence prioritizes project debt, then offtake and other funding, with equity sized last; 70%–80% project debt is a target range, and lenders may seek 40%–60% of early production under offtake.

• Discussions are underway with EXIM, OSC, Department of Commerce, DPA Title III, potential offtakers and defense primes; strategic partners are being considered to limit dilution.

• Commercial discussions are progressing with defense primes and domestic processors; DFS, permitting and customer development are intended to support executable financing terms.