Guardian Metal Resources plans to spin off its gold, silver and copper exploration assets into a separately listed company to reinforce its focus as a pure-play US tungsten developer.
The company, which is developing tungsten projects in Nevada, said it intends to float the new business on AIM by the second quarter of 2027, housing its non-core Garfield, Golconda Summit and Stonewall prospects.
Guardian Metal Resources shares rose 3% on the news.
Flagship tungsten assets
It will keep its flagship Pilot Mountain and Tempiute tungsten assets and related expansion projects as it focuses on the strategic strengths of building domestic US supply of a metal whose production is dominated by China.
Oliver Friesen, CEO of Guardian Metal, said: “Guardian Metal has made significant progress in advancing its U.S. tungsten development strategy. The Pilot Mountain pre-feasibility study has been completed and the definitive feasibility study is well underway, with mine permitting activities progressing in parallel. We also continue to engage with potential financing partners, government agencies and strategic counterparties as we advance our strategy to establish domestic U.S. tungsten production.”
“We continue to see excellent potential in our gold, silver and copper exploration assets, and we believe they would be better served as a standalone company with its own strategy, leadership and capital.”
Using the share price as a measure, Guardian has been one of the greatest success stories among London-listed early-stage mining companies in recent years, but shares have fallen around 75% from the highs. The spin could be a way of unlocking further value.