Guardian Metal Resources has completed a positive pre-feasibility study (PFS) for its Pilot Mountain tungsten project in Nevada, providing updated economic and development parameters for a project positioned within the United States’ critical minerals sector.
The study outlines an initial eight-year mine life and forecasts an after-tax NPV8 of US$660.3 million, an internal rate of return (IRR) of 59.6%, and a one-year payback period under the base-case scenario. According to the PFS, the project is expected to produce 15,916 tonnes of recovered tungsten trioxide (WO₃) over the initial mine life, generating US$1.058 billion in after-tax free cash flow.
Open-pit mine and processing plant planned
The Pilot Mountain development is designed as a conventional open-pit mining operation supported by a 4,000-tonne-per-day processing plant. The processing facility is planned to use flotation technology to produce a tungsten concentrate. Guardian Metal Resources estimates initial capital expenditure at US$288.7 million, with sustaining capital of US$33.9 million over the life of the operation and closure costs of US$22.3 million. The company said the current development schedule targets first ore through the processing plant during the fourth quarter of 2028.
Permitting process moves toward federal review
The pre-feasibility study supports the company’s plans to submit a Mine Plan of Operations to the U.S. Bureau of Land Management (BLM). The filing represents the next step in the federal National Environmental Policy Act (NEPA) permitting process required for project development. Completion of the permitting process will be a key milestone before construction activities can begin.
Tungsten designated as a U.S. critical mineral
The Pilot Mountain project is focused on tungsten, a metal used in aerospace, industrial and defense applications.
The United States final 2025 Critical Minerals List includes tungsten alongside strategic minerals such as graphite, copper, dysprosium, terbium and yttrium.
Guardian Metal Resources said the project could contribute to restoring domestic tungsten production in the United States in support of the country’s defense industrial base. The project’s strategic positioning may influence future financing, offtake opportunities and potential government support as Western countries seek to diversify critical mineral supply chains.
Development progresses beyond exploration stage
While the project has advanced through the completion of its pre-feasibility study, further work remains before mine construction. Key development stages include securing permits, arranging project financing, completing detailed engineering and progressing toward construction.
The PFS establishes an updated economic framework for the Pilot Mountain project and provides the basis for advancing the Nevada tungsten development through the next phases of permitting and project execution.
