15th Nov 2024 11:21
(Alliance News) - Guardian Metal Resources PLC on Friday said its loss widened during its most recent financial year, as it continues to focus on exploration and development works.
The London-based metal exploration & development company has an exclusive focus on assets in Nevada, including the flagship Pilot Mountain project. The company was formerly known as Golden Metal Resources.
The company's pretax loss for the financial year that ended June 30 widened to USD1.4 million from USD848,000 last year, as administrative expenses increased 46% to USD1.4 million from USD878,000.
It reported no income for the year, down from USD30,000 last year.
Guardian Metal Resources said: "As we move forward, our primary focus remains on advancing exploration and development at our flagship Pilot Mountain project. The successful capital raises, strengthened market presence, and partnerships we have built over the past year provide a solid foundation for future growth.
"With increasing demand for critical military minerals such as tungsten - especially in the energy transition and high tech industries - Guardian is uniquely positioned.
"With the rebranding as Guardian Metal Resources now complete, this transition underscores our commitment to working diligently towards the US defence metal reshoring efforts, in particular for tungston."
Shares in Guardian Metal Resources were down 6.1% at 22.08 pence each in London on Friday morning.
By Emily Parsons, Alliance News reporter
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