Guardian Metal reports robust Pilot Mountain PFS economics
Guardian Metal Resources PLC announced the results of the Pre-Feasibility Study (PFS) for the Pilot Mountain Tungsten Project, detailing an after-tax Net Present Value (NPV) of US$660.3 million and an Internal Rate of Return (IRR) of 59.6% at base case pricing. The study outlines a plan to produce 15,916 tonnes of WO3 over an 8-year mine life, targeting first production in Q4 2028. The project is supported by a U.S. Department of War investment of US$6.2M under the Defense Production Act Title III, awarded to Golden Metal Resources (USA) LLC in July 2025.
*this image is generated using AI for illustrative purposes only.
Guardian Metal Resources PLC announced the results of the Pre-Feasibility Study (PFS) for the Pilot Mountain Tungsten Project, detailing an after-tax Net Present Value (NPV) of US$660.3 million and an Internal Rate of Return (IRR) of 59.6% at base case pricing. The study outlines a plan to produce 15,916 tonnes of WO3 over an 8-year mine life, targeting first production in Q4 2028. The project is supported by a U.S. Department of War investment of US$6.2M under the Defense Production Act Title III, awarded to Golden Metal Resources (USA) LLC in July 2025.
Economic Highlights and Production Plan
The PFS, completed in accordance with S-K 1300 standards by Samuel Engineering, Inc. and RESPEC Company LLC, projects an initial capital expenditure of US$288.7 million. At the base case tungsten price of US$197,300 per tonne of WO3, the operation is expected to generate after-tax free cash flow of US$1.058 billion with a capital payback period of 1 year. Using the spot price of US$304,000 per tonne as of June 12, 2026, the after-tax free cash flow rises to US$2.088 billion, with an IRR of 101.6% and a payback period of 6 months.
Operational and Resource Details
The project utilizes a conventional open-pit mining method with a 4,000 tonne per day processing plant. Probable Mineral Reserves total 11,822,000 tonnes at a grade of 0.171% WO3, containing 20,275 tonnes of WO3. The operation plan includes the construction of a lined tailings storage facility meeting U.S. and international standards. The company anticipates filing the Mine Plan of Operations with the Bureau of Land Management as part of the National Environmental Policy Act permitting process.
| Metric | Base Case | Spot Price (June 12, 2026) |
|---|---|---|
| Tungsten Price (US$/t WO3) | US$197,300 | US$304,000 |
| After-tax NPV8 (US$M) | US$660.3 | US$1,366 |
| IRR (%) | 59.6% | 101.6% |
| After-tax Free Cash Flow (US$M) | US$1,058 | US$2,088 |
| Payback Period (years) | 1.00 | 0.51 |
Investor Presentation
Guardian Metal will host a live investor presentation via 6ix on July 1, 2026, at 11:00 ET / 16:00 BST to discuss the PFS results. The event is open to all existing and potential shareholders, who may submit questions ahead of the event.
What specific milestones must be achieved to secure the remaining funding required for the US$288.7 million initial capital expenditure?
How might the National Environmental Policy Act permitting process impact the targeted timeline for first production in Q4 2028?
What strategies are in place to mitigate the risk of tungsten price volatility between now and the start of commercial production?
16
Access Market Heat-map & Insights 
Create, Save & Share your Screener 
Use 200+ Screening Filters 
