U.S. Listing Update

16 December 2025

Guardian Metal Resources plc

('Guardian Metal' or the 'Company')

U.S. Listing Update

Further to the announcement dated 8 September 2025, Guardian Metal Resources PLC (LON: GMET), a tungsten exploration and development company, is making good progress with its plans to undertake an offering of American Depositary Shares ("ADSs"), with each ADS representing ordinary shares of the Company ("Ordinary Shares"), in the United States and complete a related listing on a U.S. securities exchange ("U.S. Listing").

In relation to the above, the Company has consulted with its two largest shareholders, UCAM Limited ("UCAM") and Duquesne Family Office LLC ("Duquesne") on the U.S. listing process. As part of these discussions, the Company has agreed that both UCAM and Duquesne should have the right to maintain their respective pro rata shareholdings in the Company by way of a right of first refusal in respect of any new issue of Ordinary Shares, whether in connection with the U.S. Listing or other fundraise by the Company, at the same price per Ordinary Share that is offered in the U.S. Listing or other fundraise, as applicable ("Right of First Refusal"). 

UCAM currently holds 47,411,352 Ordinary Shares, representing approximately 28.1% of the Company's issued share capital, and Duquesne currently holds 24,699,825 Ordinary Shares, representing approximately 14.7% of the Company's issued share capital. Accordingly, the granting of a Right of First Refusal by the Company to each of UCAM and Duquesne represent related party transactions pursuant to the AIM Rules for Companies. Having consulted with the Company's Nominated Adviser, Cairn Financial Advisers LLP, the Company's Directors consider the terms of the Right of First Refusal to be fair and reasonable insofar as the Company's shareholders are concerned.

This statement does not constitute an offer of any securities for sale.

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:

About Guardian Metal Resources

Guardian Metal Resources PLC (LON: GMET, OTCQX: GMTLF) is a strategic mineral exploration and development company driving the revival of U.S. mined tungsten production and strengthening America's defense metal independence. The Company is advancing two co-flagship tungsten projects, Pilot Mountain, one of the largest undeveloped tungsten deposits in the U.S. and Tempiute, formerly America's largest producing tungsten operation, both located in Nevada, one of the top-rated mining jurisdictions in the U.S.

In July 2025, Golden Metal Resources (USA) LLC, a wholly-owned subsidiary of Guardian Metal, was awarded US$6.2M from the U.S. Department of War under Title III of the Defense Production Act of 1950 to support the Pilot Mountain pre-feasibility study. The Company has announced plans to pursue a U.S. listing in the first half of 2026.

Tungsten is a strategic metal essential to the defense, energy transition, technology, and industrial sectors. Against the backdrop of evolving geopolitical dynamics and Chinese export restrictions on tungsten, Guardian is positioned to play the leading role in rebuilding a reliable mined domestic supply chain for this critical defense metal entirely on U.S. soil.