Guardian Metal Resources has filed with the SEC to raise up to $50 million in a US initial public offering, positioning itself as a tungsten-focused exploration play amid rising demand for critical minerals. The London-based company plans to list on the NYSE American under ticker GMTL, expanding beyond its current AIM listing. The offering comes at a time when Western governments are prioritizing domestic supply chains for strategic metals.

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Guardian Metal Resources is seeking to raise up to $50 million through a US IPO to advance its Nevada-based tungsten projects. The company aims to fund feasibility studies, resource definition drilling, and broader exploration efforts. With tungsten classified as a critical mineral essential for defense and industrial applications, the IPO taps into a strategic sector attracting growing investor attention.

Company Background

Founded in 2021 and headquartered in London, Guardian Metal Resources is an exploration-stage mining company focused primarily on tungsten deposits in Nevada.

Its flagship assets include the Pilot Mountain and Tempiute tungsten properties, both located in historic mining districts with prior third-party production. Beyond tungsten, the company holds early-stage exploration interests in copper, gold, silver, and lithium—metals linked to electrification and energy transition themes.

Current operational priorities include engineering studies to support a feasibility assessment at Pilot Mountain and ongoing drilling campaigns at Tempiute to expand and define mineral resources.

As an exploration-stage company, Guardian does not yet generate operating revenue, making its valuation and investment case heavily dependent on resource potential and project advancement milestones.

IPO Details

Guardian Metal Resources plans to list on the NYSE American under ticker GMTL while maintaining its AIM listing under GMET. The company initially filed confidentially with the SEC on December 17, 2025.

The IPO seeks to raise up to $50 million, with BMO Capital Markets serving as sole bookrunner. Pricing terms, share count, and valuation metrics have not yet been disclosed.

Proceeds are expected to fund feasibility studies, exploration drilling, and general corporate purposes.

Market Context & Opportunities

Tungsten is a critical mineral used in aerospace, defense systems, semiconductors, and high-performance industrial tools. With China historically dominating global tungsten supply, Western governments—including the United States—have emphasized domestic resource development to reduce geopolitical dependency.

Nevada’s established mining infrastructure and regulatory framework provide a supportive jurisdiction for mineral development. If Guardian successfully advances Pilot Mountain into a bankable feasibility stage, it could position itself as a rare US-based tungsten development story.

Investor appetite for critical minerals has strengthened in recent years, particularly for projects aligned with supply chain security and energy transition priorities.

Risks & Challenges

As an exploration-stage company, Guardian faces significant execution risk. Resource estimates, feasibility results, permitting timelines, and financing needs remain uncertain. Mining development is capital-intensive and subject to commodity price volatility.

The company also operates without current revenue, meaning shareholder value depends on successful exploration outcomes and favorable tungsten pricing dynamics.

Additionally, market conditions for small-cap mining IPOs can fluctuate significantly, particularly in periods of risk-off sentiment.

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Guardian Metal Resources’ planned $50 million IPO places it at the intersection of critical minerals policy and early-stage resource development. The central question is whether its Nevada tungsten assets can evolve into economically viable projects that attract long-term institutional support—or whether the offering will remain an exploratory bet in a capital-intensive and highly cyclical industry.