Guardian Metal Resources plc has secured £19.9 million (US$27.2m) via an award and 0.8% discounted direct subscriptions for its Pilot Mountain and Tempiute tungsten projects in Nevada.
UCAM
The company was awarded $6.6m (£4.9m) from the US Department of Defense through the DPA Title III programme for Pilot Mountain.
Subscriptions from existing shareholders and other institutional investors, for a total 25,945,000 new ordinary shares of £0.01 each at £0.60 per share, raised £15.6m ($21m), before expenses.
Largest shareholder UCAM Ltd subscribed for 16,666,666 new ordinary shares, for £10m ($13.5m) before expenses.
Completion of the fundraise will increase UCAM’s interest in Guardian to approximately 28.7% of the issued share capital.
Should fewer than 18,651,568 shares be issued for the fundraise, UCAM’s subscription shares will be reduced to ensure the investor’s interest does not exceed 29.99% of the enlarged share capital.
Guardian said it held existing authorities to allot equity securities and would not need a general meeting to seek shareholder approval.
Admission of the 25,945,000 new ordinary shares will be in two tranches of 9,278,334 and 16,666,666.
Following first admission, Guardian’s shares in issue will total 148,717,305, each with one voting right. The company does not hold any shares in treasury.
On completion of UCAM’s subscription, Guardian will make a further announcement on the number of shares in issue.
Power Metal Resources plc has a 17.78% interest in Guardian, while UCAM owns 70% of its Canada uranium joint venture with Power Metal, called Fermi Exploration.
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Guardian will undertake resource drilling at Pilot Mountain as well as metallurgical test work, engineering studies and progress permitting ahead of an advanced pre-feasibility study incorporating the Desert Scheelite deposit and the Garnet Zone.
The company plans a drilling programme at Tempiute to define an open pit resource, to advance engineering work, progress project permitting, and further evaluation of surface stockpiles from the previous mine operations.
The work is expected to complete during the first half of 2026.