Home » Golden Metal Resources (GMT) » Golden Metal Resources #GMET – US Funding Strategy

Golden Metal Resources #GMET – US Funding Strategy

Golden Metal Resources plc (LON:GMET), a mineral exploration company focused on tungsten, gold, copper and silver within Nevada, USA, announces the Company’s strategy relating to funding opportunities that are available through the US Government.  The Company intends to pursue this strategy with a particular focus on seeking non-dilutive government supported grant funding for its flagship 100% owned Pilot Mountain Project (“Pilot Mountain” or the “Project”).


–      The Company considers that Pilot Mountain hosts the largest known undeveloped tungsten resource in the US.

–      The US is currently without any domestic primary tungsten production with their largest import partner for the critical defense metal being China. Beginning January 2026, the US Department of Defense (DOD) is banning the use of mined tungsten from China, Russia, North Korea and Iran in defence procurement.1

–      Golden Metal recently signed a tungsten concentrate off-take letter of intent with Global Tungsten & Powders LLC, a leading United States supplier of tungsten powders and semi-finished parts.

–      As a result of the above, the Company believes it is in a strong position to seek out non-dilutive grant funding. If Golden Metal were to receive such funds, it would enable exploration and development at Pilot Mountain to be accelerated.

–      Golden Metal is actively working with Mrs. Chang Turkmani, who on 5 June 2023 was officially engaged as Strategic United States Government Advisor, on how to shape its general strategy as it relates to further increasing the profile of Golden Metal Resources and Pilot Mountain within the US and abroad.2

Next Steps:

–      Golden Metal has commenced the application process for a short list of relevant grant programmes identified by the Company’s management team, alongside Mrs. Turkmani, from the available Company-eligible funding opportunities.

–      Some grants targeted by the Company are applied for by way of an unsolicited application process, meaning Golden Metal can neither disclose which grants have or will be applied for nor the expected timing of an award.

–      Securing non-dilutive financial support for Pilot Mountain remains a priority of the Company, and all endeavours are being made in this respect to give Golden Metal the best chance of achieving this goal.

–      As soon as it is possible to do so, Golden Metal will provide the market with updates as it relates to progress made towards securing non-dilutive grant funding, which would allow the Company to fast-track exploration and development at its flagship Pilot Mountain Project – with the ultimate goal of establishing Pilot Mountain as the only domestic US primary mined source of tungsten.

Oliver Friesen, CEO of Golden Metal, commented: 

“While at this time we cannot disclose many details about our strategy as it relates to government funding opportunities, the recent appointment of Mrs. Turkmani should clearly signify to the market the endeavours we are making on this front.

“The time for the United States to reduce its reliance on other countries for their imports of critical and defence metals is now, and we at Golden Metal strongly believe that as 100% owners of what we consider is the largest undeveloped tungsten deposit located on US soil, we can be a part of this urgent process.

“Targeting non-dilutive funding is a critical focus of the Company. However, minimal updates will be given for the time being, as such disclosure may interfere with our ongoing endeavours in this regard. However, it is important for our investors to know that, while this key part of the business ticks away in the background, we will continue pushing forward exploration and development across the portfolio at pace.”

Notes and References



Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company’s or any third party’s ability to execute and implement future plans, and the occurrence of unexpected events. 

Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

For further information visit www.goldenmetalresources.com or contact the following:

Golden Metal Resources plc

Oliver Friesen (CEO)

Tel: +44 (0) 20 7583 8304

Cairn Financial Advisers LLP

Nominated Adviser

Sandy Jamieson/Jo Turner/Louise O’Driscoll

Tel: +44 20 7213 0880

First Equity Limited


Jonathan Brown/Jason Robertson

Tel: +44 20 7374 2212

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