Guardian Metal Resources has received a significant boost for its Nevada tungsten operations, securing a $6.2 million award from the U.S. Department of Defense alongside a successful $21 million equity fundraising round.
The award and fundraising are a major vote of confidence in Guardian’s ambitions in the US and pay testament to the firm’s execution of its strategy. In many respects, Guardian has achieved what the board of every junior miner dreams of, but few pull off.
The Defense Department funding, awarded to Guardian Metal’s wholly-owned subsidiary Golden Metal Resources, will accelerate development of the company’s flagship Pilot Mountain tungsten project in Nevada.
The award specifically supports the pre-feasibility study for the project as the U.S. pursues national security objectives to onshore critical metals production.
“I firstly want to extend my thanks to the U.S. Department of Defense and Defense Production Act Purchases team for their tireless effort to support the domestic critical minerals industry and the Pilot Mountain Project, in particular,” said Oliver Friesen, CEO of Guardian Metal.
“This Award is a step-change in our business, as we work towards our goal of supporting the U.S. industrial base with Mined in America tungsten.”
Guardian Metal has successfully raised approximately £15.6 million ($21 million) at 60p per shares. The fundraising was led by the company’s largest shareholder, UCAM Limited, which made a £10 million subscription, increasing its stake to around 28.7% of the company
The combined funding will be strategically deployed across Guardian Metal’s two flagship Nevada tungsten projects during the first half of 2026.
Fundraise proceeds will support ongoing Pilot Mountain Project drilling operations, metallurgical test work, engineering studies, and permitting activities. The Defense Department funding will enable an advanced pre-feasibility study incorporating both the Desert Scheelite deposit and recently completed drilling at the Garnet Zone.
The Tempiute Project will also be advanced through a drilling program to define an open pit resource, advance engineering work leveraging existing mine infrastructure, progress project permitting, and evaluate surface stockpiles from previous mining operations.
“Securing approximately US$27.2 million in total funding – through a combination of a U.S. government award and new equity subscriptions – represents a major milestone for Guardian Metal Resources,” Oliver Friesen said.
“This financing positions us to rapidly advance our co-flagship tungsten projects in Nevada , Pilot Mountain and Tempiute, and is a strong endorsement of our mission to establish a secure, Mined-in-America supply of Tungsten – a critically important defense metal.”
Guardian Metal Resources shares were 10% higher at 67p at the time of writing and have gained 130% so far in 2025.