Jul 5, 2026 · 1h 36m
Guardian Metal weighs tungsten’s strategic upside
S11 Ep85: The Sunday Roast featuring Guardian Metal Resources, Reveille Resources PLC and Special Guest Jonathan Swann #GMET #REV #KEN #EPP #LIFT #UOG #FCM
The episode connects Pilot Mountain and Tempiute to US tungsten supply, project financing and a broader revival of uranium investment in Italy.
- 1Oliver Friesen outlines Pilot Mountain’s economics, financing options and potential importance to US tungsten supply chains.
- 2Ippolito Catani presents Revel Resources’ Italian uranium spin-out, historic resource base and planned Aquis listing.
- 3Jonathan Swann argues Tempiute’s tailings and existing infrastructure could support earlier tungsten production than Pilot Mountain.
Don't miss
Jonathan Swann’s Tempiute site-visit account turns tailings, visible scheelite and existing infrastructure into a possible near-term production thesis.
The brief
Phil Carroll and Kevin Hornsby move from England’s football prospects and British politics into a resource-sector discussion centered on strategic minerals and small-cap investment.
Oliver Friesen explains Guardian Metal Resources’ Pilot Mountain pre-feasibility study, financing routes and the case for a domestic US tungsten supply chain.
The episode’s sharpest project debate concerns Tempiute, where Jonathan Swann says visible scheelite, tailings and nearby infrastructure could enable earlier production.
Ippolito Catani outlines Revel Resources’ Italian uranium spin-out, its historic resource base and plans for an Aquis listing as Italy reconsiders nuclear energy.
The closing market review covers Kendrick, Energy Pathways and First Class Metals, extending the episode from project analysis to broader small-cap positioning.
What was said on this episode
39 statements · 38 positive · 1 neutral
Pilot Mountain’s PFS projects a one-year payback, 60% IRR, and nearly $600 million NPV.
“At the end of the day, the main takeaway is 1-year payback, 60% IRR, and just under $600 million NPV at 8% discount case pricing.”
Listen at 9:16
Guardian Metal’s next twelve months will be its busiest period to date.
“the next 12 months are probably— well, actually, not probably, they're going to be the busiest in the company's history thus far.”
Listen at 11:44
Guardian Metal expects catalyst-rich activity over the next nine to twelve months toward construction.
“it's going to be very, very busy and I would say catalyst-rich sort of 9 to 12 months here and beyond as we move from this key milestone into the next key milestones, ultimately towards a construction decision.”
Listen at 13:15
US-produced tungsten will command a premium.
“there, there, I believe there will be a premium.”
Listen at 15:39
US-produced tungsten from Pilot Mountain will command a premium.
“there, I believe there will be a premium.”
Listen at 15:40
US defense demand for tungsten could surprise positively from 2027 onward.
“I think we could see kind of 2027 onwards direct defense demand in the United States really start to surprise to the upside.”
Listen at 17:15
US defense tungsten demand could exceed expectations from 2027 onward.
“we could see kind of 2027 onwards direct defense demand in the United States really start to surprise to the upside.”
Listen at 17:16
Pilot Mountain’s rapid payback could support more debt than equity financing.
“you could probably get away with more of a debt component than an equity component because you could pay it back very quickly”
Listen at 23:32
US policy will enable projects like Pilot Mountain to prosper long term.
“There will be a system in place that will allow companies and projects like Pilot Mountain to flourish well into the future.”
Listen at 26:39
Diversifying Pilot Mountain’s offtake agreements benefits the project and company.
“there is a benefit to diversification of off-takes.”
Listen at 27:26
Guardian Metal is bullish on tungsten prices across all time horizons.
“we're very bullish on the price short and medium And I'd say long-term as well.”
Listen at 30:04
Western tungsten prices will materially exceed their previous norm long term.
“long term, that Western world price is going to be, I think, materially higher than what the previous norm was”
Listen at 32:28
Tremor is Guardian Metal’s most promising Pilot Mountain exploration target.
“Tremor is— it would be number one on my list.”
Listen at 34:05
Pilot Mountain could eventually incorporate at least three to five mineralized zones.
“there's a real scenario where there's, you know, hopefully 3, 4, or 5+ zones across the project that are in some way, shape, or form included in a mine plan”
Listen at 34:53
US policy tailwinds increase confidence Guardian can develop its mines independently.
“that gives me a lot more confidence in the ability to go it alone.”
Listen at 36:56
Italian public opinion would favor nuclear energy in a referendum today.
“the consensus is, and it's cross-party, which is very positive, that nuclear energy would, if there was a referendum today, the Italian people would vote favourably.”
Listen at 44:17
Revel’s Italian uranium opportunity is exceptionally well timed amid energy-security concerns.
“we're extremely confident now with this positive backdrop and with all the geopolitical turmoil that has engulfed world and Europe specifically in terms of energy supply. You know, energy autonomy is a, is a very thematic subject in this modern day. So, you know, we think the timing— to go back to your original point in your question— the timing cannot be better.”
Listen at 45:59
Revel’s projects could become one of Europe’s most exciting uranium stories after permitting.
“we believe that upon getting the permits, this could be one of Europe's most exciting uranium stories”
Listen at 47:58
Revel expects exploration to substantially increase its historical uranium resource.
“we think that with the exploration activities, we will undertake upon EIA approval that we can substantially increase the resource size.”
Listen at 48:19
Revel expects exploration to substantially expand its historical uranium resource.
“we can substantially increase the resource size.”
Listen at 48:24
Revel expects to obtain its Italian uranium exploration licenses.
“We're confident that because the timing is right, because we've done our work well, and we've we've put a tremendous amount of work into these applications. We're confident we'll get those, those applications across the line”
Listen at 59:36
Revel expects to secure its exploration licenses and begin resource drilling.
“we're confident we'll get those, those applications across the line, uh, and then, then as soon as we've got them, we'll start drilling and, and defining the resource.”
Listen at 59:42
Revel Resources is structured as an exclusively uranium-focused company.
“we've made it specifically a solely uranium play”
Listen at 1:00:35
Uranium and nuclear energy will be central to Italy’s energy future.
“we think uranium and nuclear energy is, is, is the future.”
Listen at 1:04:40
Tempiute’s tailings could be enormous and attract government funding for rapid processing.
“I think this is enormous. And when you're looking at the government grant coming in, it wouldn't surprise me if the grant isn't to speed up the processing of the tailings, because that's low-hanging fruit, and it's going to be massive.”
Listen at 1:14:01
Tempiute’s tungsten tailings are potentially enormous in scale.
“I think this is enormous.”
Listen at 1:14:01
Tempiute’s tailings processing could advance before the first quarter of next year.
“I think the tailings pit is going to be faster than Q1 next year.”
Listen at 1:17:27
Guardian Metal may announce very large Tempiute tailings figures.
“I think they're going to announce some huge numbers is my guess on this.”
Listen at 1:19:06
Tempiute already has infrastructure needed to begin processing.
“all the infrastructure is there to get going.”
Listen at 1:20:20
Businesses should prioritize future growth over optimizing short-term sale metrics.
“You should go full steam ahead. Don't worry about artificially trying to get the prices right for your sale and all that sort of stuff. Just look forward completely and utterly and never look back. Build the business of the future.”
Listen at 1:23:34
Corporate insurance is an attractive business.
“Insurance is an odd thing. It sounds very, very boring, but if you're not in sort of individual retail stuff and you're in companies, it's a brilliant business.”
Listen at 1:24:32
Reinsurance can smooth catastrophe exposure in insurance businesses with recurring annual demand.
“as long as you've got reinsurance to smooth it all out, which is the thing, everyone, every year people come back and buy again.”
Listen at 1:25:26
Jonathan expects Guardian Metal will eventually be acquired.
“I know Charles thinks it will sell one day, and I think it probably will because someone will buy it.”
Listen at 1:27:23
Kevin expects Guardian Metal to be acquired within roughly twelve months.
“I suspect 12 more months and it's gone would be my best guess”
Listen at 1:28:16
Kevin expects Guardian Metal to be acquired within twelve months.
“But I suspect 12 more months and it's gone would be my best guess”
Listen at 1:28:16
Kevin expects Guardian Metal’s buyout value to be several hundred percent above current levels.
“I think we're going to be several hundred percent higher than we are now as a, as a buyout.”
Listen at 1:28:23
Jonathan expects a large government grant for Tempiute tailings processing.
“it wouldn't surprise me to see the next big thing will be government grant for the tailings process, uh, with a big number attached to it, which would be multiples of the current value of the company”
Listen at 1:28:37
Kendrick’s two projects could prove to be district-scale rare-earth assets.
“I think, I think, you know, the, the actual size of the thing, I think, is going to be district scale for, for the 2 projects”
Listen at 1:30:49
Kendrick’s projects may contain billions of dollars of processable rare earths.
“they've got literally billions of dollars worth of rare earths that can be processed.”
Listen at 1:31:27
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
Guardian Metal Resources
United States
Nigel FarageListen to the full episode and explore every guest, topic, and moment on PodLume.