Guardian Metal Resources PLC has confirmed that as of June 30, 2026, the total number of voting rights in the company stands at 194,807,981. This figure comprises 194,807,981 ordinary shares of £0.01 each in issue, with none held in treasury. The disclosure was made in accordance with the Financial Conduct Authority's (FCA) Disclosure and Transparency Rules and serves as the denominator for shareholders to calculate notification thresholds.

Separately, UCAM Limited has reduced its voting rights in Guardian Metal Resources PLC to 21.99%, down from a previous 24.34%. The threshold was crossed on June 26, 2026, and the issuer was notified on June 29, 2026. The filing, submitted to the FCA, details the resulting situation on the date the threshold was crossed due to an acquisition or disposal of voting rights.

Voting Rights Breakdown

The following table outlines the changes in UCAM Limited's holdings:

Share Details

The voting rights are attached to shares with the ISIN code GB00BPQY8R36. The total number of voting rights held in the issuer by UCAM Limited is 42,841,325. UCAM Limited, based in London, United Kingdom, is not controlled by any natural person or legal entity and does not control any other undertakings holding an interest in the issuer.

Guardian Metal Resources PLC is a U.S.-focused exploration-stage company focused on tungsten in Nevada, United States. Its principal tungsten asset is the Pilot Mountain project, followed by the Tempiute project. The notification was completed in London, United Kingdom, on June 29, 2026. This information was provided by RNS, the news service of the London Stock Exchange.

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.

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.