18 November 2024
RNS Reach
Guardian Metal Resources
plc
('Guardian Metal' or the
'Company')
Tungsten Export Restrictions;
Project Progress
Guardian Metal Resources plc
(LON:GMET, OTCQX:GMTLF), a mineral exploration company focused on
tungsten within Nevada, USA, is pleased to advise shareholders of
important developments potentially impacting the Company's tungsten
interests namely the 100% owned flagship Pilot Mountain Project
("Pilot Mountain" or the "Project") and Tempiute Tungsten Mine
& Mill Project ("Tempiute") both located between Reno and Las
Vegas in Nevada, USA. The Company recently announced that it had
signed a binding-LOI to acquire an option to acquire 100% of
Tempiute.
Tungsten Export Restriction News
On 16 November 2024 Nikkei Asia
("Nikkei"), a Japan headquartered news company which is the sister
company of the Financial Times, reported that, 'China plans to tighten export controls on key
"dual-use" technologies and items in two weeks, including raw
materials and metals such as tungsten, graphite, magnesium and
aluminium alloys used commonly in tech supply chains.'
Nikkei was also the news source to first publish the news regarding
the antimony export restrictions in August 2024.
The original news source can be
viewed at the link below:
https://asia.nikkei.com/Spotlight/Supply-Chain/China-to-tighten-export-curbs-on-critical-metals-ahead-of-Trump-s-return
Selected extracts of the
publication titled "China to tighten export curbs on critical
metals ahead of Trump's return - Tungsten, magnesium and aluminium
alloys face more restrictions" (Lauly Li and Cheng
Ting-Fang, Nikkei Asia tech correspondents published on 16 November
2024 at 01:01 JST) are found below:
"China's Commerce Ministry
unveiled detailed specifications of dual-use technologies and
items -- used for both civilian and military purposes -- that will
fall under the country's export controls. The rules take effect on
Dec. 1."
"China controls more than 80%
of the extraction and processing of global tungsten supply, along
with around 90% of global magnesium production, according to a
European Union estimate on global critical materials
supplies.
"All of these critical metals
not only are used widely in the electronics supply chain, but also
are indispensable to build defense equipment, weapons, aviation and
spacecraft."
"China has been tightening
export controls on critical materials such as gallium, germanium,
rare earths and antimony as countermoves to battle sweeping
U.S. export controls on advanced semiconductor and artificial
intelligence technologies."
Pilot Mountain Progress
The Company's ongoing diamond
drilling campaign at Pilot Mountain, the results of which will
support the planed Pre-Feasibility Study (the "Study"), is
progressing very well. Results for the first 13 holes have been
released which includes the Project's best ever intercept which
returned 39.3m @ 0.735% WO3 (tungsten trioxide), 39.7g/t silver,
0.44% copper and 0.30% zinc from 66m downhole. The next batch of
drilling results is expected in the weeks ahead.
The Company has started re-modelling
the deposit with the new drilling information and has begun
developing an optimised mine plan. Detailed planning with
consulting engineers is underway to set the detailed scope for the
Study. The objective of the Study will be to maximise the value of
the Project and satisfy a material portion of the U.S.'s import
needs for tungsten in the years ahead. It is important to note that
there is no current production of tungsten in the U.S. and the
environment for tungsten as critical and strategic metal is
advancing rapidly.
Oliver Friesen, CEO of Guardian Metal,
commented:
"Guardian Metal finds itself focused on the right commodity,
in the right jurisdiction, at precisely the right time and the news
reported over the weekend further enhances our confidence in our
tungsten project(s), their importance to U.S. national &
economic security, and our decision to apply considerable resources
to their accelerated development.
"While we await more details on the tungsten export
restrictions reported to fall in place December 1 2024, which is
less than two weeks away, it is clearer than ever that the time is
now for the U.S to build out its upstream tungsten supply chain
capabilities, and we at Guardian Metal are looking to play a
significant role in these important endeavours.
"Drilling at our 100% owned Pilot Mountain Project is
progressing very well and we look forward to supplying the market
with further updates in regards to drilling results, as well as
other important ongoing Project development workstreams in due
course. In addition, our Tempiute due diligence is progressing
rapidly, including rock verification sample results, which are
expected this week.
"As a team we are looking forward to finishing 2024 strongly,
and going forward, 2025 is shaping up to be a transformational year
for the Company as we continue to grab the U.S. tungsten mantle and
work towards supporting the U.S. tungsten onshoring
efforts."
Forward Looking Statements
This announcement contains
forward-looking statements relating to expected or anticipated
future events and anticipated results that are forward-looking in
nature and, as a result, are subject to certain risks and
uncertainties, such as general economic, market and business
conditions, competition for qualified staff, the regulatory process
and actions, technical issues, new legislation, uncertainties
resulting from potential delays or changes in plans, uncertainties
resulting from working in a new political jurisdiction,
uncertainties regarding the results of exploration, uncertainties
regarding the timing and granting of prospecting rights,
uncertainties regarding the timing and granting of regulatory and
other third party consents and approvals, uncertainties regarding
the Company's or any third party's ability to execute and implement
future plans, and the occurrence of unexpected
events.
Actual results achieved may vary
from the information provided herein as a result of numerous known
and unknown risks and uncertainties and other factors.
For further information visit
www.guardianmetalresources.com
or contact the following:
|
Guardian Metal Resources plc
Oliver Friesen (CEO)
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Tel: +44 (0)
20 7583 8304
|
|
Shard Capital Partners LLP
Broker
Damon Heath/Erik Woolgar
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Tel: +44 (0) 20 7186 9000
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