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Guardian Metal Resources PLC on Tuesday reported positive results from a pre-feasibility study for its Pilot Mountain tungsten project in Nevada, saying the project could become the first new US tungsten mine in more than a decade. Shares in the company were 6.8% lower at 205.00 pence in London on Tuesday morning. The study estimated an after-tax net present value of $660.3 million and an internal rate of return of 59.6%, based on a conservative tungsten price assumption of $197,300 per tonne of tungsten trioxide. The project is expected to generate $1.06 billion in after-tax free cash flow over an initial eight-year mine life, with capital payback one year after first commercial production. Guardian Metal said the project would require initial capital expenditure of $288.7 million and is targeting first ore production in the fourth quarter of 2028. The London-based miner focused on tungsten exploration in Nevada said ore reserves increased 62% to 20,275 tonnes of tungsten trioxide, while indicated mineral resources rose to 21,600 tonnes. At spot tungsten prices of $304,000 per tonne, the project’s after tax net present value would increase to $1.37 billion, with an internal rate of return of 102% and capital payback reduced to around six months. Chief Executive Oliver Friesen said the study marks ‘a critical step toward restoring domestic tungsten mine production in support of the nation’s defence industrial base and national security priorities.’ Guardian Metal said the project benefited from a $6.2 million investment under the US Defense Production Act in July 2025 and is now preparing to file its mine plan as part of the federal permitting process. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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