Guardian Metal Resources (GMET) Registration filing summary

Company overview and business model

• Operates as a U.S.-focused exploration-stage critical minerals company with a portfolio of tungsten and polymetallic projects in Nevada, with Pilot Mountain as the flagship asset and Tempiute as a key secondary project.

• Holds 100% interest in Pilot Mountain and several other early-stage gold, silver, copper, and lithium properties, providing exposure to broader critical minerals trends.

• Tungsten is designated a critical mineral in the U.S. and EU, and the company aims to establish a domestic supply chain, leveraging recent U.S. government support and policy tailwinds.

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

Financial performance and metrics

• For the six months ended December 31, 2025, reported a net loss of $5.2 million, up from $1.1 million in the prior year period, mainly due to higher administrative and project costs.

• For the fiscal year ended June 30, 2025, net loss was $2.7 million, compared to $1.4 million in the prior year, reflecting increased corporate and technical activities.

• Cash and cash equivalents as of December 31, 2025, were $10.6 million, up from $1.9 million at June 30, 2025, following a $21 million private placement.

• Operating cash outflows for the six months ended December 31, 2025, were $2.6 million; investing outflows were $9.1 million, and financing inflows were $20.4 million.

• No revenue from mineral production; all financial statements prepared under IFRS.

Use of proceeds and capital allocation

• Net proceeds from the IPO are intended to fund Phase 1 and Phase 2 work at Pilot Mountain, including drilling, metallurgical testing, feasibility studies, permitting, and infrastructure.

• Additional funds will support exploration and initial engineering at Tempiute and other projects, as well as general corporate purposes.

• Management retains broad discretion over the use of proceeds, with a focus on advancing key assets toward feasibility and development.