Tempiute Project

Project Highlights

Tempiute is located in south-central Nevada, approximately 147 miles north of Las Vegas and 180 miles by road from Pilot Mountain.

Guardian Metal holds an option to earn 100% of the project by making a US$1,000,000 payment to the vendor on completion of an updated 43-101 compliant resource report subject to a 1.5% NSR

Formerly the Emerson Mine, Tempiute has been explored and mined intermittently over the last century, most recently being in operation by Union Carbide from 1977-1987.

Gallium has also been identified at Tempiute from 11.95g/t Ga to 67.8g/t Ga with an average grade of 30.6g/t Ga.

Project Upside

Significant tungsten project, located in Nevada, affords Guardian the opportunity to scale up its tungsten offering in the U.S.
Project is located almost entirely on patented mining claims, with existing infrastructure currently in place from previous operation.
Six high-grade stockpiles exist across the project along with historical tailings, both of which are being evaluated for near term revenue potential.
Significant skarn/porphyry mineralized footprint across project with adits on five main levels over 2.5km strike length and vertical shaft to 350m.
2003 Summary Appraisal valued in-place Tempiute infrastructure at US$17,890,000.
Multiple new zones of tungsten-rich skarn mineralization identified, little-explored. The company staked a total of 29 new Lode Mining Claims, significantly increasing the mineralized footprint of the project by more than double.

In-place usable infrastructure includes

Ore loading and conveyor foundations
3,000KW electrical substation
Mill foundations and mill building
Concentrate load out bays
Maintained access road from Rachel, NV to site
Water pipeline from the valley to the mine in place

Next steps

Drilling program to confirm historical mineralization working towards updated resource estimation (ongoing).
Metallurgical testing to evaluate co-product metals (ongoing).
Environmental baseline study to support Plan of Operations (start Q1 2026).

Target

The Tempiute/Emerson Mine produced for over 60 years and was one of the largest producers of tungsten in the U.S. until the early 1980s. The scale and intensity of mineralization at Tempiute is impressive, over one and a half miles along strike and nearly a quarter mile vertically.

An influx of Chinese tungsten into global markets drove prices to record lows, rendering U.S. production uneconomic and leading to mine closure in the mid‑1980s. Today, tungsten prices are recovering, supported by Chinese export restrictions and U.S. import tariffs that have tightened supply conditions.

Given the strength and size of the mineralizing system observed, the significant permitting advantages associated with patented mining claims, and the existence of robust in-place usable infrastructure, Guardian Metal has excitingly designated Tempiute as a key asset. As such, it will be advanced and derisked towards production in parallel with the Company’s Pilot Mountain project, also located in Nevada.

The existing infrastructure, includes but is not limited to, ore loading facilities, mill and concentrate buildings, foundations, load out bays, and water pipes & pumps, which were all evaluated and are considered usable for potential future operations.

Tonnage for a rapid restart and re-use of the existing infrastructure will be the target of 2025 exploration.

Location

Located just two hours’ drive from Las Vegas, Tempiute is highly accessible. Roads throughout the project area, including those leading to the main underground access points and surface infrastructure, are in excellent condition. The site is clean, well maintained, and well organized to support ongoing exploration and potential redevelopment.

Latest Status

Given the scale of the mineralising system and the ready infrastructure on site, the modest establishment of near surface open-pittable resources will be one of the key focusses going forward. Potential co-products of copper, zinc, silver and gallium are also all being investigated. A large historical data set was acquired and drilling started early in September 2025 to support an updated resource statement.

Exploration Notes

Recent data analysis and on-site evaluations conducted by Guardian Metal have confirmed the extensive scale and robust nature of the Tempiute tungsten mineralization system. The deposit has previously been mined for 60 years with reported 200,000 feet (60,000m) of underground workings which span 1,200 feet (360m vertically).

In addition to the skarn type mineralization that has been mined, mineralized breccia pipe and intrusive copper porphyry type systems will be subject to exploration by Guardian Metal. Union Carbide in the 1980s indicated that adding circuits for base metal recoveries could add significant value, and studies were due to start on this, as the mine was closed.

The intrusive body responsible for the tungsten mineralization may also hold potential for classic porphyry-style copper mineralization. Heavy fracturing and copper mineralization was observed by Guardian Metal during its analysis and porphyry potential is referenced in multiple historical reports but was ultimately not systematically assessed. An evaluation of the porphyry potential with a deposit type specialist is in progress, with site visits to be conducted in short order.

W

Cu

Ag

Zn

Ga