Guardian Metal Resources PLC announced on July 31, 2026, that it has 194,807,981 ordinary shares in issue, establishing the total voting rights for the company. The disclosure confirms that none of these shares are held in treasury, meaning the entire issued share capital carries voting power. This data is critical for shareholders who must calculate their percentage interest to determine if they are required to notify the company of their holdings or any changes under the Financial Conduct Authority's (FCA) Disclosure and Transparency Rules.

The announcement was made by the Directors of Guardian Metal Resources PLC to ensure compliance with regulatory reporting standards. The figure of 194,807,981 serves as the definitive denominator for these calculations, providing clarity for investors managing large positions in the London-listed exploration-stage company. Guardian Metal Resources operates primarily in the United States, focusing on tungsten exploration through its Pilot Mountain and Tempiute projects in Nevada.

Share Capital Structure

The following table outlines the share capital details disclosed by Guardian Metal Resources PLC:

Regulatory Context

Under the FCA's Disclosure and Transparency Rules, shareholders must monitor their stake relative to the total voting rights. When a shareholder's interest crosses specific thresholds, they are obligated to disclose this information to the company. By explicitly stating that no shares are held in treasury, Guardian Metal Resources ensures that the number of issued shares equals the number of voting rights, simplifying compliance calculations for investors.

Corporate Advisors

Guardian Metal Resources PLC is supported by a range of financial and advisory partners. Cairn Financial Advisers LLP acts as the Nominated Adviser, while Berenberg serves as Joint Broker and Financial Adviser. Tamesis Partners LLP also acts as a Joint Broker. For public relations, Tavistock handles communications in the United Kingdom, and Edelman Smithfield manages financial PR in the United States.

What the Numbers Show

The static nature of the share count, with zero treasury shares, indicates a straightforward capital structure without complex buyback programs or restricted share pools affecting voting power at this time. For an exploration-stage company like Guardian Metal Resources, maintaining a clear and unencumbered share register can be important for transparency and potential future capital raises or partnerships. The absence of treasury shares means all issued equity is actively held by external investors, directly linking market trading activity to the reported voting rights total.

Guardian Metal Resources PLC has announced that its directors have increased their shareholdings, acquiring ordinary shares and American Depositary Shares (ADSs). Chief Executive Officer Oliver Friesen purchased 20,000 ordinary shares at 148p each on AIM for a total cost of £29,749.50. Non-Executive Director Michael Schlumpberger and Executive Chairman Jason Thomas Starzecki acquired 500 and 1,100 ADSs respectively on the NYSE at prices of $10.01 and $9.54 per ADS. Each ADS represents five ordinary shares of 1 pence in the company.

Following these transactions on July 17, 2026, Friesen holds 1,100,657 ordinary shares, representing 0.565% of the issued share capital. Schlumpberger holds 2,500 ordinary shares (0.001%), and Starzecki holds 150,656 ordinary shares (0.077%). The company noted that certain options exercisable within 60 days of the announcement would further increase the directors' economic interests.

Prior to these purchases, Guardian Metal Resources PLC implemented previously approved share option arrangements, granting a total of 681,817 new share options to certain directors. These grants followed the end of a closed trading period on July 14, 2026, under UK Market Abuse Regulation (MAR).

Grant of Options to Non-Executive Directors

Non-Executive Director Mark Thorpe was granted an option over 400,000 ordinary shares at an exercise price of £2.55 per share. The options have a three-year life, with 100,000 shares vesting immediately and the remaining 300,000 vesting on November 21, 2026. Non-Executive Director Michael Schlumpberger received an option over 100,000 ordinary shares at an exercise price of £1.31 per share, with 50% vesting immediately and the remaining 50% vesting on December 24, 2026.

Grant and Extension of Options for CEO

Chief Executive Officer Oliver Friesen was granted an Enterprise Management Incentive (EMI) option over 181,817 ordinary shares at an exercise price of 10.75p per share. Additionally, the exercise period of the original 2,104,859 options granted to Friesen on May 3, 2023, was extended by five years to May 3, 2031. The company determined these actions were necessary to restore Friesen to the economic position intended by the original EMI Option Deed after the original options did not qualify for tax-advantaged treatment.