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Pilot Mountain PFS Signals Robust Economics and U.S. Tungsten Potential

Jun 30, 2026, 2:04 AM EDT2 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Robust after-tax NPV/IRR, low initial capex, short payback, and significant upside under current spot tungsten prices create a compelling re-rating case; near-term catalysts include NEPA progress and potential mining-plan filings.

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Guardian Metal Resources reports a positive Pilot Mountain PFS with after-tax NPV8 of US$660.3M and IRR of 59.6% at base-case tungsten pricing, and a one-year capex payback. At the 12-Jun-2026 spot price, NPV8 rises to US$1.366B and IRR to 101.6%, highlighting substantial upside from higher tungsten prices and near-term US domestic supply ambitions. The project aligns with defense/National Security objectives and could trigger a construction decision if permitting and financing progress as planned toward 2028 production.

Pilot Mountain PFS yields NPV8 US$660.3M; IRR 59.6%.
Spot-price sensitivity: at 12-Jun price, NPV8 US$1.366B; IRR 101.6%.
Capex US$288.7M; first-year EBITDA US$569M at base price.
US DoW $6.2M DPA support; NEPA permitting advances toward US tungsten supply independence.
LoM 8 years; production targeted Q4 2028; exploration upside and two deposits.

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