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Coffee with SamsoAuthor: Samso
This is Coffee with Samso. Samso will have a coffee with someone about something that is interesting and from a different perspective in business. It is a simple coffee conversation with no formalisation of style. Language: en Genres: Business, Business News, Investing, News Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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Coffee with Samso: Guardian Metals Resources Plc — The Real Critical Metal - Tungsten
Episode 213
Saturday, 29 November, 2025
Coffee with Samso | Episode 213 | London - UK, Perth - Western Australia. Guest: Oliver Friesen – CEo & Executive Director, Guardian Metals Resources Plc (LON: GMET - OTCAX: GMTLF) Introduction In this episode of Coffee with Samso, I speak with Oliver Frieson, the CEO and Executive Director of Guardian Metals Resources PLC, about one of the most compelling but under-discussed metals in the global supply chain — tungsten. With prices at all-time highs, export bans in place from China, and increasing geopolitical interest, tungsten is now firmly at the centre of the strategic resources conversation. Guardian Metals, listed on the LSE and OTC, is a rare story that began long before the market caught on — positioning itself as a serious player in the US critical minerals space. This Coffee with Samso explores the macro forces driving the tungsten narrative, the market imbalance between China and the West, and Guardian's role as a key part of the solution. This is a conversation that is highlighted only because the underlying business is not in the headlines. The Business of the Company: Focus – US Tungsten Projects Guardian Metals Resources has two strategic assets: Pilot Mountain, Nevada – One of the largest historical tungsten projects in the US, previously mined during World War II and advanced with a robust ongoing PFS process. Tempuite, Nevada – Formerly the largest producing tungsten mine in the US during the 1980s, now being revitalised with a current drill program and site refurbishment underway. With processing infrastructure already existing in Nevada and strong institutional support, Guardian is aiming to bring both mines into production before the end of the current US administration. Global Tungsten Market – Highlights from the Conversation China Has Weaponised Supply Since Feb 2025, Chinese exports of tungsten have virtually ceased. China continues to import and stockpile tungsten despite being the largest producer — creating a supply/demand distortion. Domestic Chinese prices have exceeded international prices — a counterintuitive signal suggesting internal demand pressures. Western Supply Gap is Real Global tungsten demand: ~100,000–120,000 tonnes/year. Western world mine production: ~10,000 tonnes/year. Net gap outside of China/Russia/North Korea: ~40,000–50,000 tonnes/year. New Equilibrium Price Forming Historically, tungsten projects needed USD $500+/MTU to be viable. Current prices: USD $620–630/MTU with upside momentum. Guardian's projects were viable even at pre-2020 pricing norms — giving them a competitive advantage in a rising-price environment. Leadership Commentary – Oliver Frieson's Perspective Oliver brings a unique lens — a geologist by trade, Canadian by background, and now building a US-focused tungsten strategy from London. He shared: Guardian's five-year journey into tungsten (well before the current hype). Why he believes domestic mine supply is now a national imperative. How Guardian has already received US Department of Defense funding for its Pilot Mountain project. The critical difference between companies "mining the market" and those genuinely positioned to deliver a sellable product. "We've spent five years building this position. Now everyone is paying attention, but we were early — and we have the right assets in the right place." About the Projects Pilot Mountain: Located in mining-friendly Nevada. Historical producer during WWII. Ongoing PFS+ study with engineering, metallurgy, geotech, and mine design in progress. Pilot North staked as potential hub-spoke satellite to main project. Tempuite: Previously produced 0.45% WO3 grades – high for tungsten. All infrastructure still on site: mill foundation, substation, office. Currently undergoing resource upgrade drilling. Goal is to bypass scoping and move into DFS-level work. How Samso Understands the Investment Memo for the Company Guardian Metals is a real-time case study in: Early contrarian entry into a critical metal market Operating in one of the only jurisdictions with full processing infrastructure Holding assets with historic production, existing infrastructure, and proven metallurgy Aligning with national strategy: awarded US DoD funding, exploring within strategic minerals legislation In a field crowded with hype, Guardian is already executing. Samso Concluding Comments Guardian's story is a reminder that real value often comes from being early. From my early experience with the Tungsten story, the current macro picture for tungsten is unprecedented — geopolitical shifts, price surges, and the weaponisation of exports all highlight how exposed the West has become. Guardian's Nevada projects are ticking the right boxes — grade, infrastructure, timing, jurisdiction. There's real substance here, and it's worth keeping a close eye on as both projects move forward. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso.
