Guardian Metal Files Prospectus for Resale of 72.11 Million Shares
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 11 2026
0mins
Guardian Metal on May 6 filed a prospectus relating to the resale by selling shareholders, from time to time, of up to 72,111,177 ordinary shares, including in the form of American depositary shares. Each ADS represents five ordinary shares. Guardian Metal registered the resale shares on behalf of the selling shareholders, to be offered and sold from time to time.
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About GMTL
Guardian Metal Resources plc is a tungsten exploration and development company. The Company owns the co-flagship Pilot Mountain and Tempiute tungsten Projects. The Pilot Mountain 5,908-acre project is located 200 kilometers southeast of Reno and 20 kilometers east of Mina, Nevada. The Tempiute tungsten Project is located in south-central Nevada, less than 250 miles southeast of the Company's Pilot Mountain tungsten project. It holds a 100% interest in the North Pilot Project, royalty-free, through its wholly owned Nevada operating company, Golden Metal Resources LLC. It also owns 59 BLM Lode Mining Claims directly staked across the Pilot North tungsten-copper (W-Cu) Project area. The Pilot North is located approximately 15 kilometers northwest of the Company's co-flagship Pilot Mountain project. Its other projects include Golconda Summit Project, Garfield Project, Kibby Basin Project, and Stonewall Project. Golconda Summit Project is located 27 kilometers east of Winnemucca.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Surging Tungsten Prices: Since China added tungsten products to its export control list in February 2025, ammonium paratungstate (APT) prices have surged by 557%, with European benchmark prices expected to reach $2,250 per metric ton by March 2026, prompting Western governments to accelerate the search for non-Chinese tungsten supply sources.
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See More
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See More
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See More
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- Surging Tungsten Prices: Since China added tungsten products to its export control list in February 2025, ammonium paratungstate (APT) prices have surged by 557%, with European benchmark prices expected to reach $2,250 per metric ton by March 2026, prompting Western governments to accelerate the search for non-Chinese tungsten supply sources.
- Enhanced Policy Support: Canada's Bill C-15, which received Royal Assent on March 26, 2026, includes tungsten in the 30% Critical Mineral Exploration Tax Credit, applicable to flow-through agreements made between November 4, 2025, and March 31, 2027, further stimulating capital inflow into tungsten projects.
- Magno Project Potential: GoldHaven's Magno project in British Columbia has identified multiple tungsten-bearing targets, with 2025 surface sampling returning values up to 6,550 ppm tungsten, and drilling planned for 2026 aims to confirm historical data, enhancing the project's economic potential.
- Increased Market Attention: As the strategic importance of tungsten and other critical minerals rises, GoldHaven's Magno project is viewed as an ideal land package to meet Western buyers' needs, with drilling results over the next 12 months set to determine its market positioning.
See More
Guardian Metal Appoints New Independent Director
- New Board Member: Guardian Metal Resources plc announces the appointment of Dr. Mark Thorpe as an Independent Non-Executive Director, expected to provide crucial support for the company's Nevada tungsten projects, particularly in environmental and community engagement, aiding advancement through key development phases.
- Rich Industry Experience: Dr. Thorpe brings over 30 years of senior mining executive experience focused on sustainability, covering the entire mine life cycle from greenfield exploration to closure, which will provide Guardian Metal with valuable expertise and enhance its competitiveness in the tungsten market.
- Board Transition: Mark Burnett steps down from his role as Non-Executive Director on May 21, 2026, acknowledging his significant contributions over the past five years, marking an important leadership change aimed at further driving business growth.
- Clear Strategic Goals: Guardian Metal is committed to reshoring U.S. tungsten supply, and Dr. Thorpe's appointment is seen as a key step in achieving this objective, especially in the context of global geopolitical shifts and tightening Chinese export restrictions.
See More
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- Janus Living IPO: Janus Living (JAN) successfully raised $840 million at the high end of its pricing, achieving a market cap of $5.1 billion, with 36% of the offering backed by cornerstone investors, positioning the company to benefit from the aging population in its core markets despite climate risks.
- Swarmer's Strong Performance: Military drone software developer Swarmer (SWMR) raised $15 million and saw its stock surge over 500% on its first trading day and over 1000% on the second day, finishing the week up 634%, indicating robust demand in the drone software market.
- Guardian Metal Resources: Guardian Metal Resources (GMTL) raised $60 million with a market cap of $545 million, and while still in the early stages and unlikely to begin production for several years, its tungsten projects in Nevada hold potential long-term value.
- X-Energy IPO Pipeline: Nuclear tech company X-Energy (XE) has filed for a $100 million IPO, reflecting market demand for advanced nuclear reactors and fuel for electricity generation, thereby enhancing the diversity of the IPO market.
See More
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- Listing Milestone: Guardian Metal Resources plc officially debuted on NYSE American today under the ticker symbol 'GMTL', marking a significant advancement for the company in the U.S. market and is expected to enhance its position in the tungsten supply chain.
- Project Advancement: CEO Oliver Friesen stated that Guardian Metal will focus on advancing the Pilot Mountain and Tempiute projects, both of which hold significant positions in U.S. tungsten resources and are expected to contribute to domestic tungsten supply.
- Resource Advantage: The Pilot Mountain asset is considered one of the largest tungsten assets in the United States, with established resources and a history of technical studies, while Tempiute is a past-producing mine with existing infrastructure that can support future production.
- Market Outlook: As the U.S. increasingly focuses on critical mineral supply chains, Guardian Metal's listing will bolster its competitiveness in the tungsten market, particularly against the backdrop of growing global demand for tungsten.
See More
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- Fundraising Success: Guardian Metal Resources raised $60 million by offering 4.4 million ADSs at $13.50 each, exceeding its AIM-listed as-converted last closing price, indicating strong market confidence in its projects.
- Market Valuation: Following the offering, the company commands a fully-diluted market cap of $545 million, reflecting investor recognition of its potential and future growth in the tungsten sector, particularly within Nevada's mining landscape.
- Project Development: Current activities include engineering work to support a feasibility study at the Pilot Mountain tungsten project and ongoing exploration and resource-definition drilling at the Tempiute site, aimed at advancing project development.
- Listing Plans: Guardian Metal intends to list on the NYSE American under the symbol GMTL, with BMO Capital Markets and Cantor Fitzgerald acting as joint bookrunners, marking a significant step for the company into the capital markets.
See More
Guardian Metal Resources Prices Upsized IPO at $13.50 per ADS
- IPO Pricing and Size: Guardian Metal Resources has priced its upsized IPO at $13.50 per ADS, offering 4.44 million ADSs (equivalent to 22.22 million ordinary shares), with trading expected to commence on NYSE American on March 20, 2026, indicating market confidence in its stock.
- Funding Expectations: The IPO is projected to generate approximately $60 million in gross proceeds (before underwriting discounts and other expenses), which will provide financial support for the company's future growth and enhance its competitiveness in the small-cap materials sector.
- Underwriter's Option: The underwriters have a 45-day option to purchase up to 666,660 additional ADSs, providing the company with potential for further financing, thereby increasing market appeal for its stock.
- Market Performance: Ahead of the IPO, GMTLF (OTC) shares fell 8.84% to $2.99 on March 19, reflecting a cautious market sentiment towards small-cap stocks, which may impact investor confidence in the upcoming listing.
See More
