A Question and Answer session with Guardian Metal Resources PLC
The TMS Team catch up with Guardian Metal Resources CEO Oliver Friesen and discuss Trump, Tariffs, Tungsten, production and a journey just beginning
Interviewer – Hi Oliver, thanks for joining us. Please give us your view of the small cap markets, commodities and Trump!
Oliver – This is probably the most bullish I have been on the small-cap mining space in quite some time – especially when it comes to US focused companies because of everything President Trump is doing to support domestic mining projects. Many metal prices continue to hit all time highs, the major mining companies are now performing well (including major M&A) and the last one to join the party every time are the small cap names. So now it’s our turn.
Interviewer – Can you expand on news due for Q2? What should investors keep an eye out for?
Oliver – Absolutely—I’d encourage everyone to stay tuned for updates from the new administration, particularly as they pertain to Guardian. There’s a great deal happening behind the scenes, and we’re seeing strong signals from multiple government agencies and the White House highlighting a renewed urgency to revitalize U.S. mining, especially in the critical and defense-related metals space. On the company front, we anticipate a steady stream of drilling results and exploration/development updates from both Pilot Mountain and Tempiute. All signs point to a very active and productive Q2 ahead for Guardian.
Interviewer – Thank you. Onto Guardian Metals. With the recently announced acceleration in permitting timescales, is there now a revised timeline for having a working mine up and running at Pilot Mountain and/or Tempiute?
Oliver – Interestingly, we’re in the process of updating the Gantt charts for both projects right now. The recent announcement from the U.S. Department of the Interior regarding an accelerated permitting schedule was a very welcome surprise—particularly the potential to reduce multi-year permitting timelines to just 28 days. While we’re still waiting on additional details from the relevant agencies, we’re actively revising our internal timelines to reflect key project milestones and an updated estimate for reaching commercial production. Although further clarification is needed on some of the major permitting reform initiatives, the overarching message from policymakers is clear: move quickly. And we’re more than happy to align with that directive.
Interviewer – What are the lead times looking like for assay results from the labs at the moment?
Oliver – It is busy season now so timelines are pushing out from the normal 8 weeks but not by too much. It also helps to have an established relationship with the lab and also be a sizeable customer. Given that Nevada is such a mining rich state they have excellent laboratory capacity to meet demands – particularly in Reno where we send samples. We can also rush assays when needed which typically cuts normal lead times in half.
Interviewer – Does having two separate Tungsten projects, increase your options and strengthen your hand when it comes to suitors, ie could you monetise separately or together for someone who wants to be the dominant US supplier.
Oliver – This significantly strengthens our position—which was precisely the rationale behind the deal. Advancing two projects in parallel also helps mitigate asset-level risk. While the corporate structure allows for the possibility of monetizing them separately, the proximity and strategic alignment of the projects make them highly complementary. As you noted, combined ownership positions us squarely on the path to becoming a leading U.S. supplier.
Interviewer – If the Tempiute results from stockpiles and tailings come back positive, how long roughly would it take to purchase, install and get up and running all the equipment/ recovery circuits etc? 6,12,18 months, or more?
Oliver – We’ve brought someone on specifically to focus on this initiative. There are several potential paths forward, including establishing a pilot plant or leveraging the existing millsite and processing facility. Permitting is another key consideration, and with the recent acceleration of approval timelines, we’re actively gathering the necessary information to understand how this will impact the project. What’s particularly exciting is that, to the best of our knowledge, the stockpiles at Tempiute are the only tungsten stockpiles of significant size in the U.S.—giving us a meaningful strategic advantage.
Interviewer – Garnet, hopefully will be a useful credit from both projects, when can we expect news of suitability and marketing opportunities?
Oliver – Soon. The final tests are now in progress so once we have those results in hand we will tie everything together into a release for the market. So I encourage everyone to keep an eye open for those.
Interviewer – Is there risk of the US DOD entering into off take agreements with other parties, hence reducing the likelihood of US Government assistance?
Oliver – It should come as no surprise here that the U.S. government wants a U.S mined source (above all else). So even if there are other mined sources (ex-China) that come to the table, at the end of the day mined tungsten from Nevada would be viewed the most favourably. This is the strategic advantage we have at Guardian is both of our assets are in Nevada and production from Pilot Mountain or Tempiute would represent the only U.S. mined source.
Interviewer – Will Tungsten pricing stabilise or do you believe we about to enter a phase where it spikes massively? Could higher prices bring many more projects into production?
Oliver – That’s a great question. As long as China continues to restrict exports, we expect prices to remain on an upward trajectory. The market is arguably tighter than it’s ever been, with no clear signs of easing. Even if China eventually relaxes its export controls, the shift in global sentiment is already well underway—nations like the U.S. are now prioritizing secure, domestically mined supply chains. It’s also worth noting that several of China’s most productive tungsten mines are nearing depletion. While elevated prices will eventually bring more projects into production, we all know these developments take time.
Interviewer – As we move towards a production scenario, does the board need strengthening with someone proven at building and operating poly metallic mines?
Oliver – Along with the PLC board we have our advisory board that is very active across the day to day operations, many of whom have built multiple mines globally, but also in Nevada specifically. So across our management team we have the experience required to push these assets into production.
Interviewer – Oliver where do you see yourself in 3 to 5 years? Which option appeals the most?
A. Sat on a beach, sipping cocktails having secured your financial future by successfully creating value in Guardians projects and selling them off?
B. CEO of Guardian Metal Resources, the largest producer of Tungsten in the USA, highly profitable and distributing dividends.
C. Still looking for projects in Nevada to develop, fully funded by royalties etc from current Guardian assets that have been sold or JV’d.
D. A role with POW, or some other exploration/ development mining company. Having successfully developed and monetised Guardian.
Oliver – That’s a great question. I can say with confidence that I have no interest in retiring to the beach with a cocktail anytime soon. One of the advantages of having a younger CEO—I’m 34—is that I bring a high level of energy and drive to the role. This is my first major venture since relocating to the UK, and I’m fully aware that the success of Guardian will play a defining role in shaping my career both here and internationally. So yes, the stakes are very real for me personally. That said, my expertise lies in the exploration and development stages rather than in mining operations. Our focus is on systematically de-risking the assets and creating value for shareholders at every stage. Ultimately, my responsibility is to ensure we realize the full value of what we’ve built, and we remain flexible and commercially minded about what that might look like in the future. The journey with Guardian is really just beginning, and I believe the next 3.5 years—and potentially beyond, under the current administration—offer an extraordinary window of opportunity.
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