Guardian Metal Resources is a pre-revenue, exploration-stage critical minerals company focused on tungsten, with two principal projects in Nevada. Its flagship asset, Pilot Mountain in Mineral County, is one of the largest known undeveloped tungsten deposits in the U.S., hosting an indicated mineral resource of approximately 8.7M tonnes at 0.206% WO₃, with silver, copper, zinc, and potentially gallium as by-products. A pre-feasibility study is in progress, partly funded by a $6.2M award from the U.S. Department of War under the Defense Production Act. Its second asset, Tempiute in Lincoln County, is a past-producing tungsten mine where Guardian holds an earn-in option to acquire up to 100% of the project and is currently drilling toward a maiden resource estimate. Guardian also holds four early-stage Nevada exploration properties across gold, silver, copper, and lithium. The company funds itself through equity issuances on AIM and NYSE American, and has approximately $65M in cash following its March 2026 U.S. IPO. If Pilot Mountain advances to production, Guardian plans to sell tungsten concentrate to U.S.-based downstream processors, and has signed a non-binding letter of intent with Global Tungsten & Powders in Pennsylvania regarding a potential offtake arrangement. The investment thesis rests on China's dominance of global tungsten supply, China's February 2025 export restrictions on tungsten intermediates, and U.S. policy interest in building a domestic critical minerals supply chain — Guardian argues Pilot Mountain could be the only near-term source of U.S.-mined tungsten.