Guardian Metal Resources (GMET) Registration filing summary

Company overview and business model

• U.S.-focused exploration-stage critical minerals company with a portfolio of tungsten and polymetallic projects in Nevada.

• Principal assets are the Pilot Mountain and Tempiute tungsten projects, both in historic mining districts with prior activity.

• Additional early-stage projects include gold, silver, copper, and lithium properties, providing exposure to broader critical minerals trends.

• No current mineral production or revenue; activities center on exploration, technical evaluation, and groundwork for permitting and development.

• Operations are conducted through U.S. subsidiaries, supported by independent consultants and qualified persons.

Financial performance and metrics

• No revenue generated; company remains in the exploration stage.

• Net loss for the six months ended December 31, 2025 was $5.2 million, compared to $1.1 million in the prior year period.

• Net loss for the fiscal year ended June 30, 2025 was $2.7 million, up from $1.4 million in the prior year.

• Cash and cash equivalents as of December 31, 2025 were $10.6 million; as of June 30, 2025, $1.9 million.

• Administrative expenses increased significantly due to advanced project work, public company costs, and inflation.

Use of proceeds and capital allocation

• Estimated net proceeds of $44.3 million (or $51.4 million if underwriters' option exercised) based on an assumed IPO price of $16.35 per ADS.

• $24.4 million allocated to Phase 1 work at Pilot Mountain (drilling, studies, permitting, pre-feasibility work).

• $8.5 million for Phase 2 work at Pilot Mountain (additional drilling, feasibility study, expanded permitting).

• $7.2 million for exploration and initial engineering at Tempiute and other projects.

• Remainder for general corporate purposes; management has broad discretion in allocation.