Oliver Friesen, CEO of Guardian Metal Resources plc, delves into the exciting advancements in tungsten mining in Nevada. He highlights a recent $6.2 million grant from the U.S. Department of Defense, aimed at accelerating the Pilot Mountain Tungsten Project. The conversation explores the project's potential to bolster domestic tungsten production, addressing national security concerns. Friesen also discusses upcoming drilling initiatives and the importance of diversifying resources, with strategic plans to produce multiple mineral concentrates.
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insights INSIGHT
DoD $6.2M Validates U.S. Tungsten Push
DoD awarded Guardian Metal $6.2M to speed Pilot Mountain's PFS.
Oliver Friesen says this makes them the only U.S.-focused tungsten firm with DPA Title III support.
insights INSIGHT
Strong Balance Sheet: $21M Capital Raise
Guardian raised about US$21M at a small discount with no warrants.
Oliver Friesen says that cash plus the DoD award funds Pilot Mountain PFS.
insights INSIGHT
Pilot Mountain Is The Largest US Resource
Pilot Mountain hosts the largest tungsten deposit in the U.S., per Oliver Friesen.
The team is accelerating a PFS to convert that resource into domestic supply.
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Oliver Friesen, CEO of Guardian Metal Resources plc (LON:GMET, OTCQX:GMTLF), joins me for an exploration and development update at their 2 key projects focused on tungsten and critical minerals in Nevada, USA. We also review that the US government, through the Department of Defense (DoD) has awarded the Company $6.2Million in funds under Title III of the Defense Production Act of 1950 ("DPA Title III") to support the rapid advancement and pre-feasibility study for the Pilot Mountain Tungsten Project.
We start off discussing how these incoming DoD funds through DPA Title III, in concert with the recent capital raise of approximately US$21.0 million, will be utilized at their 100% owned Pilot Mountain Tungsten Project. This is a skarn-type deposit which hosts a Mineral Resource Estimate (MRE) of 12.53Mt at 0.27% tungsten with significant copper, silver, zinc, and gallium credits. This project is located on BLM Land, which is advantageous for expedited permitting and development work. The next key milestone will be incorporating some of their recent engineering and geotechnical drilling work into a coming Pre-Feasibility Study (PFS) later this year. Additionally, the exploration team will be drilling a satellite target and other regional targets, which could expand and compliment the known resources in a meaningful way.
Next we discuss the other dual-flagship Tempiute Tungsten Project, which is a past-producing skarn-type tungsten-zinc-copper-silver mine and processing center, with valuable existing infrastructure in place. In addition to more drilling underway this year to produce and updated Resource Estimate by early 2026, the company has been sampling and drilling the historic tailings and at surface stockpiles with an eye towards getting those processed in a nearby toll-milling scenario to expedite domestic production of tungsten in the US.
If you have questions for Oliver regarding Guardian Metal Resources, then please email those into me at Shad@kereport.com.
The KE Report