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(Sharecast News) - Exploration and development firm Guardian Metal Resources said on Wednesday that the US Department of Defense has awarded its Golden Metal Resources subsidiary $6.2m to accelerate the development of its flagship Pilot Mountain tungsten project in Nevada.
Guardian Metal Resources said that with the funding now secured, the AIM-listed firm now plans on immediately advancing the pre-feasibility study for its Pilot Mountain tungsten project, on the way to its ultimate goal of playing "a significant role" in the US onshoring efforts of critical metals to support national security and economic objectives.
Chairman JT Starzecki said: "On behalf of the Guardian Metal organization, I commend the determined efforts of our team and the working relationship they have built with the US Department of Defense in the pursuit of achieving our first major milestone for the company in 2025.
"This funding will unlock our ability to put forth a robust pre-feasibility study which will detail the scope of Pilot Mountain and help us advance the project towards our ultimate goal of being the newest domestic producer of this critical mineral."
As of 0835 BST, Guardian Metal shares were up 11.57% at 67.50p.
Reporting by Iain Gilbert at Sharecast.com
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