Strategic exploration company Guardian Metal Resources received positive pre-feasibility study results for its Pilot Mountain tungsten project in Nevada. Completion of the study marks a critical step in the company’s path toward developing the first new U.S.-based tungsten mining operation in over a decade.
The PFS results show that using a standard open-pit mining approach and base case tungsten pricing, the project is expected to produce 15,916 tonnes of WO3 over eight years. It will generate approximately $1.058 billion in after-tax free cash flow, with a capital payback period of just one year from first commercial production.
“We are delivering this study at an inflection point: we believe that the global tungsten market is undergoing an unprecedented structural reset, and the world is waking up to the immense importance of securing reliable, home-grown critical mineral supply,” said Guardian Metal CEO Oliver Friesen.
“The importance of tungsten for defense, technology, aerospace and national security has never been more apparent. We believe that Pilot Mountain is the only tungsten project in the United States with a recently completed S-K 1300-compliant PFS, positioning it as a unique opportunity for near-term U.S. mined tungsten production.”
The Pilot Mountain PFS was made possible by a $6.2 million investment from the U.S. Department of War under the Defense Production Act Title III in July 2025, directed to Guardian Metal’s wholly owned subsidiary, Golden Metal Resources (USA) LLC. It was led by Samuel Engineering of Denver, Colo., and RESPEC Company of Reno, Nev.
Production at Pilot Mountain is targeted for the fourth quarter of 2028.
Source: Guardian Metal Resources