A second tungsten project takes shape

Guardian Metal Resources (LSE:GMET) is best known for Pilot Mountain, its main tungsten development project in Nevada, but drilling results published on 21 September 2026 have put its second Nevada asset, Tempiute, in sharper focus.

About tungsten

Tungsten is a dense, very hard metal with a high melting point. It is used in cutting tools, armour-piercing ammunition, electronics and other industrial applications. The United States has relied heavily on imports, mostly from China, so domestic Supply has attracted government interest. The Investment by the US Department of War in a Guardian Subsidiary reflects that.

Who Guardian is

LSE:GMET is a London-based explorer and developer focused on tungsten, a metal used in defence, industrial tooling and electronics, for which the United States has relied heavily on imports. Its shares trade on AIM and in the US, where it files annual reports on Form 20-F. In July 2025 the US Department of War invested US$6.2m in a Guardian subsidiary to support a pre-feasibility study at Pilot Mountain, which the company published on 30 June 2026.

What the drilling found

Tempiute hosts a historical underground mine operated by Union Carbide until the 1980s. LSE:GMET's first phase of regional drilling comprised 41 diamond holes, of which 20 intersected solid tungsten mineralisation, suggesting the system extends beyond the old workings. A second, resource-focused phase of about 46 holes was 28 holes complete at the time of the announcement, with assays reported for four and 24 pending.

The standout intercept came from hole TP26-046, which returned 92.0 metres grading 0.34% tungsten trioxide from 102.5 metres, including 12.7 metres at 0.53%. Phase one hole TP25-021 returned 32.4 metres at 0.26%, including 1.7 metres at 2.00%. True thicknesses are not yet known.

Other phase-two holes returned narrower or lower-grade intervals: TP26-042 cut 20.2 metres at 0.21% from 210 metres, TP26-044 returned 23.9 metres at 0.22% and TP26-045 gave 5.2 metres at 0.28%. Drilling has concentrated on the South Thumb and Schofield zones, centred on the historical workings. The technical information was approved by Nicholas O'Reilly of Mining Analyst Consulting as competent person.

Chief executive Oliver Friesen described the results as an important step forward and said the objective was to demonstrate the scale of the mineralising system.

Why it matters

A second deposit would give Guardian an alternative or additional source of feed and could strengthen its position as a domestic US tungsten supplier. Encouraged by the early phase-two results, the company decided to rehabilitate the historical underground workings, with work due to start in October 2026, so that underground rigs can carry out closer-spaced drilling. The existing adit entrances lie about 200 metres from the mineralised zones, according to the announcement. It is also assessing permitting to mine a near-surface lode on patented mining claims.

Risks and limitations

Tempiute remains an exploration-stage property with no mineral resource or reserve, and Guardian has stated there is no assurance one will be defined. It has given no timetable for an initial resource estimate. Results so far cover only a handful of resource holes, and true widths are unknown, so the continuity and tonnage of the mineralisation cannot yet be judged. The company has not disclosed a budget or specific funding source for the underground rehabilitation or remaining drilling, and progress could compete with Pilot Mountain for Capital and management attention. Tungsten prices, permitting and US procurement policy are further external dependencies.

Interpreting the intercepts

Intercept grades are expressed as percentages of tungsten trioxide, the form in which tungsten content is usually reported. The standout hole, TP26-046, returned 92.0 metres at 0.34%, which gives about 31.3 metre-percent in total. Hole TP25-021, with 32.4 metres at 0.26%, gives about 8.4 metre-percent. The first of these is nearly four times the second in this measure, which shows the improvement in the phase-two results.

The narrower intervals, such as 20.2 metres at 0.21% and 23.9 metres at 0.22%, are consistent with the idea of a mineralised zone with variable thickness and grade. Because true thicknesses are not yet known, the drilled lengths may overstate or understate the real width.

Drilling progress

The first phase of 41 holes, with 20 intersecting solid tungsten mineralisation, shows a hit rate of about 49%. The second phase of about 46 holes had 28 completed, which is about 61%, with assays reported for four and 24 pending. A large number of assays remains to come, so the results published so far are a small share of the total programme.

Why rehabilitate the old workings

The adit entrances lie about 200 metres from the mineralised zones, so underground rigs could drill closer to the mineralisation than surface rigs, which allows closer-spaced drilling. Closer spacing is typically needed to define a resource with enough confidence to be classified as indicated or measured. Work was due to start in October 2026.

Pilot Mountain and the pre-feasibility study

The company's main project, Pilot Mountain, had a pre-feasibility study published on 30 June 2026, supported by US$6.2m from the US Department of War in July 2025. Tempiute is the second option. Having two Nevada projects would help the company if it is to become a domestic supplier, as it spreads geological and permitting risk across two sites. Tempiute remains at an earlier stage, without a resource, so it contributes optionality rather than near-term production.

Competent person and reporting standards

The results state that the technical information was approved by a named competent person, which is a requirement for reporting exploration results under international standards. Such rules are intended to make sure that results are presented fairly and that they are not described as resources until the necessary work has been done. Drilling results are indications of mineralisation and are not the same as a mineral resource or reserve.

As the second phase of drilling continues, further assays will either support or weaken the picture given by the first four reported holes, and the company will need enough closely spaced drilling before it can estimate a resource.

Next steps

The disclosed next steps are completing the remaining phase-two holes, reporting the 24 pending assays and advancing underground rehabilitation. Investors will look for those assays and any indication of when a maiden Tempiute resource might be attempted, alongside progress on Pilot Mountain.