Good Afternoon Team.
In this episode, we dug into GWMO’s early-stage tungsten results, starting with the channel sampling data — grades ranging up to 0.34% WO3 — and what that spread might mean for continuity of the mineralised system at depth.
We also talked through the emerging 2-3km+ corridor said to link the Defender, Pine Crow, Widowmaker and M2 targets, pressing on whether this reads as one continuous structure or a series of separate pods, and asked about the circumstances behind the latest kilometre-long step-out at Widowmaker.
We also considered Guardian Metal’s Pilot Mountain PFS as a direct benchmark, given its proximity and shared geology.
We compared Guardian’s reserve grade against GWM’s channel results, discussed the gap between early-stage sampling and a fully engineered PFS, and asked what it would take for GWMO to attract the kind of government support Guardian secured through its DPA Title III investment.
On the technical work ahead, we chatted about the maiden 7,000-foot RC programme — how that figure was arrived at and whether it’s enough to support a maiden JORC resource by Q4 2026. We also asked how drill targets are being prioritised across Defender, Pine Crow and Widowmaker across the budget.
Finally, we turned to financing and positioning - the recent £3.25m raise and its warrant structure, alongside the fully funded nature of this campaign.
We closed by considering where GWMO sees itself strategically — as a standalone developer, a consolidation target or a complementary supplier — against the backdrop of the NDAA’s 2027 deadline on Chinese tungsten, larger players like EQ Resources and Guardian, and whether GWMO is yet in dialogue with defence primes or Pentagon procurement efforts.
Tune in!
