# EDGAR Filing Document

**Accession Number:** 0002039972
**File Stem:** 0001104659-26-020524
**Filing Date:** 2026-2
**Character Count:** 1610441
**Document Hash:** 95d26136997f0df1922bfc0370994897
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-020524.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001104659-26-020524

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 151

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Guardian Metal Resources PLC
- **CENTRAL INDEX KEY:** 0002039972
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 994890935
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-293793
- **FILM NUMBER:** 26689046

**BUSINESS ADDRESS:**
- **STREET 1:** SALISBURY HOUSE
- **STREET 2:** LONDON WALL
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** EC2M 5PS
- **BUSINESS PHONE:** 44 20 3778 1396

**MAIL ADDRESS:**
- **STREET 1:** SALISBURY HOUSE
- **STREET 2:** LONDON WALL
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** EC2M 5PS

[**TABLE OF CONTENTS**](#TOC)

#### As filed with the Securities and Exchange Commission on February 26, 2026.

#### Registration No. 333-

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM F-1

#### REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

### Guardian Metal Resources PLC
(Exact Name of Registrant as Specified in Its Charter)

---

| | | |
|:---|:---|:---|
| **United Kingdom**  | **1000**  | **N/A**  |
| (State or other jurisdiction of <br> incorporation or organization)  | (Primary Standard Industrial <br> Classification Code Number)  | (I.R.S. Employer <br> Identification Number)  |
|  | **c/o Orana Corporate LLP <br> 25 Eccleston Place <br> London SW1W 9NF <br> United Kingdom <br> +(44) 20 7078 8496**  |  |
| (Address, Including Zip Code and Telephone Number, Including Area Code of Registrant's Principal Executive Offices)  | (Address, Including Zip Code and Telephone Number, Including Area Code of Registrant's Principal Executive Offices)  | (Address, Including Zip Code and Telephone Number, Including Area Code of Registrant's Principal Executive Offices)  |

---

 **c/o Golden Metal Resources LLC 3800 Howard Hughes Parkway STE 1000 Las Vegas, Nevada 89169, United States of America +1 (702) 667-4854 (Name, Address, Including Zip Code and Telephone Number, Including Area Code of Agent For Service)** 

#### Copies to:

---

| | |
|:---|:---|
| **Michael Kaplan <br> Connie Milonakis <br> Davis Polk & Wardwell LLP <br> 450 Lexington Avenue <br> New York, NY 10017 <br> United States of America <br> +1 (212) 450-4000**  | **Ryan J. Dzierniejko <br> Skadden, Arps, Slate, Meagher & Flom LLP <br> One Manhattan West <br> New York, NY 10001 <br> United States of America <br> + 1 (212) 735-3000**  |

---

**Approximate date of commencement of proposed sale to the public**: As soon as practicable after the effective date of this Registration Statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box. ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

 **The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the U.S. Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.** 

†

The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

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The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and we are not soliciting offers to buy these securities in any state where the offer or sale is not permitted.

#### Subject to completion, dated February 26, 2026

#### PRELIMINARY PROSPECTUS

#### Dated , 2026

### American Depositary Shares

### Representing ordinary shares
![[MISSING IMAGE: lg_guardianmetal-4c.jpg]](lg_guardianmetal-4c.jpg)

### Guardian Metal Resources PLC
This is the initial public offering of Guardian Metal Resources PLC in the United States. We are offering American Depositary Shares (each, an "ADS" and collectively, "ADSs"), with each ADS representing the right to receive ordinary shares. We intend to apply to have our ADSs listed on the NYSE American under the symbol "GMTL".

Our ordinary shares trade on AIM, a market of the London Stock Exchange, under the symbol "GMET". On , 2026, the last reported sale price of our ordinary shares on AIM was £ per ordinary share (equivalent to $ per ADS based on an assumed exchange rate of £1.00 to $1.).

 **Investing in our ADSs involves a high degree of risk. See "Risk Factors" beginning on page [16](#tRIFA) to read about factors you should consider before buying our ADSs.** 

We are both an "emerging growth company" and a "foreign private issuer" as defined under the U.S. federal securities laws and, as such, may elect to comply with certain reduced public company reporting requirements. See "Prospectus Summary — Implications of Being an Emerging Growth Company, a Smaller Reporting Company and a Foreign Private Issuer."

---

| | | | |
|:---|:---|:---|:---|
| | **Price to public**  | **Underwriting <br> discounts and <br> commissions<sup>(1)</sup>**  | **Proceeds, before <br> expenses, to us**  |
| Per ADS  |  | $&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp; |
| Total  |  | $&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp; |

---

(1) We refer you to "Underwriters" for additional information regarding underwriting compensation.

To the extent that the underwriters sell more than ADSs, the underwriters have the option to purchase up to an additional ADSs from us at the initial public offering price. The underwriters may exercise this option at any time within 45 days after the date of the final prospectus.

 **Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.** 

The underwriters expect to deliver the ADSs to purchasers on or about , 2026.

### BMO Capital Markets
Prospectus dated , 2026

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#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | **Page**  |
| [About This Prospectus](#tATP)  | [iii](#tATP) |
| [Market and Industry Data](#tMAID)  | [iii](#tMAID) |
| [Trademarks](#tTRA)  | [iii](#tTRA) |
| [Presentation of Financial and Other Information](#tPOFA)  | [iii](#tPOFA) |
| [Scientific and Technical Information](#tSATI)  | [iv](#tSATI) |
| [Prospectus Summary](#tPRSU)  | [1](#tPRSU) |
| [The Offering](#tTHOF)  | [11](#tTHOF) |
| [Summary Consolidated Financial and Other Data](#tSCFA)  | [13](#tSCFA) |
| [Risk Factors](#tRIFA)  | [16](#tRIFA) |
| [Special Note Regarding Forward-Looking Statements](#tSNRF)  | [53](#tSNRF) |
| [Use of Proceeds](#tUOP)  | [55](#tUOP) |
| [Dividend Policy](#tDIPO)  | [56](#tDIPO) |
| [Capitalization](#tCAP)  | [57](#tCAP) |
| [Dilution](#tDIL)  | [59](#tDIL) |
| [Management's Discussion and Analysis of Financial Condition and Results of Operations](#tMDAA)  | [61](#tMDAA) |
| [Industry](#tIND)  | [71](#tIND) |
| [Business](#tBUS)  | [73](#tBUS) |
| [Mining Properties](#tMIPR)  | [82](#tMIPR) |
| [Management](#tMAN)  | [95](#tMAN) |
| [Principal Shareholders](#tPRSH)  | [108](#tPRSH) |
| [Related Party Transactions](#tRPT)  | [110](#tRPT) |
| [Description of Share Capital and Articles of Association](#tDOSC)  | [111](#tDOSC) |
| [Description of American Depositary Shares](#tDOAD)  | [131](#tDOAD) |
| [Ordinary Shares and ADSs Eligible for Future Sale](#tOSAA)  | [149](#tOSAA) |
| [Material Tax Considerations](#tMTC)  | [151](#tMTC) |
| [Underwriters](#tUND)  | [159](#tUND) |
| [Expenses of the Offering](#tEOTO)  | [168](#tEOTO) |
| [Legal Matters](#tLEMA)  | [169](#tLEMA) |
| [Experts](#tEXP)  | [170](#tEXP) |
| [Service of Process and Enforcement of Civil Liabilities](#tSOPA)  | [171](#tSOPA) |
| [Where You Can Find Additional Information](#tWYCF)  | [173](#tWYCF) |
| [Index to Consolidated Financial Statements](#tICFS)  | [F-1](#tICFS) |

---

For investors outside the United States: neither we nor the underwriters have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction, other than the United States, where action for that purpose is required. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the ADSs and the distribution of this prospectus outside the United States.

 **Neither we nor the underwriters have authorized anyone to provide you with any information or to make any representations other than those contained in this prospectus, any amendment or supplement to this prospectus or in any free writing prospectus we have prepared, and neither we nor the underwriters take responsibility for, and can provide no assurance as to the reliability of, any other information others may give you. Neither we nor the underwriters are making an offer to sell, or seeking offers to buy, these securities in any jurisdiction where the offer or sale is not permitted. The information contained in this prospectus is accurate** 

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 **only as of the date on the cover page of this prospectus, regardless of the time of delivery of this prospectus or the sale of ADSs. Our business, financial condition, results of operations and prospects may have changed since the date on the cover page of this prospectus.** 

We are incorporated under the laws of England and Wales. Under the rules of the U.S. Securities and Exchange Commission (the "SEC"), we are currently eligible for treatment as a "foreign private issuer." As a foreign private issuer, we will not be required to file periodic reports and financial statements with the SEC as frequently or as promptly as domestic registrants whose securities are registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

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#### ABOUT THIS PROSPECTUS
Except where the context otherwise requires or where otherwise indicated, the terms "Guardian," the "Company," "we," "us," "our company" and "our business" refer to Guardian Metal Resources PLC, together with its consolidated subsidiaries as a consolidated entity.

#### MARKET AND INDUSTRY DATA
We obtained the industry, market and competitive position data in this prospectus primarily from studies conducted by third parties, including the Tungsten Market Outlook prepared for us by Argus in November 2025. We believe these third-party sources to be reliable; however, we have not independently verified the information they contain.

Industry publications, research, surveys, studies and forecasts generally state that the information they contain has been obtained from sources believed to be reliable, but they do not guarantee the accuracy or completeness of such information. Forecasts and other forward-looking information obtained from these sources, including the Argus report, are subject to the same qualifications and uncertainties as the other forward-looking statements in this prospectus. These forecasts and other forward-looking statements are subject to uncertainty and risk due to a variety of factors, including those described under "Special Note Regarding Forward-Looking Statements" and "Risk Factors," and actual results may differ materially from those expressed by us or by independent third parties.

#### TRADEMARKS
As of December 31, 2025, we did not own any patents, copyrights or trademarks, nor have we registered or otherwise protected any trademarks. We rely instead on domain name and trade secret protections, as well as confidentiality and employee and third-party non-disclosure agreements, to protect our intellectual property and proprietary information. We own and maintain certain domain names used in our business, including www.guardianmetalresources.com. We do not intend our use or display of other companies' trademarks, trade names or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies. Each trademark, trade name or service mark of any other company appearing in this prospectus is the property of its respective holder. Solely for convenience, the trademarks, service marks, logos and trade names referred to in this prospectus are without the <sup>®</sup> and™ symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, the rights of the applicable licensors to these trademarks, service marks, logos and trade names.

#### PRESENTATION OF FINANCIAL AND OTHER INFORMATION
This prospectus includes (i) our unaudited consolidated interim financial statements as of and for the six months ended December 31, 2025 and 2024 (our "unaudited consolidated interim financial statements") and (ii) our audited consolidated financial statements as of and for the fiscal years ended June 30, 2025 and 2024 (our "annual consolidated financial statements").

Our annual consolidated financial statements were prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB"). Our unaudited consolidated interim financial statements were prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting.'

All references herein to our "consolidated financial statements" are to both our audited consolidated financial statements and our unaudited consolidated interim financial statements. None of our financial statements were prepared in accordance with U.S. GAAP. All references in this prospectus to "$" and "USD" mean U.S. dollars and all references to "£" and "GBP" mean pounds sterling.

Our fiscal year begins on July 1 and ends on June 30 of the following year. All references to fiscal year 2024 relate to the year ended June 30, 2024, and fiscal year 2025 relate to the year ended June 30, 2025.

Certain monetary amounts, percentages and other figures included in this prospectus have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be the

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arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated may not be the arithmetic aggregation of the percentages that precede them.

#### SCIENTIFIC AND TECHNICAL INFORMATION

#### Cautionary Note Regarding Presentation of Mineral Resource Estimates
This prospectus refers to estimated mineral resources, including indicated and inferred mineral resources. See "— Certain Definitions" for the definition of those terms.

The mineral resource estimates included in this prospectus have been prepared in accordance with Subpart 1300 of Regulation S-K ("S-K 1300"). Under S-K 1300, mineral resources are estimated by a qualified person based on geological evidence, sampling and testing and reasonable prospects of economic extraction, but mineral resources are not mineral reserves and do not have demonstrated economic viability.

Inferred mineral resources are subject to uncertainty as to their existence and as to their economic and legal feasibility. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project and may not be converted to a mineral reserve.

Our mineral resource estimates may be materially affected by geology, environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors. In addition, inferred mineral resources have the lowest level of geological confidence, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability; they may not be considered when assessing the economic viability of a mining project and may not be converted to a mineral reserve.

Unless the context otherwise requires, all references in this prospectus to "qualified person(s)" are to a qualified person as defined in S-K 1300. Our disclosure relating to mineral resources is supported by a technical report summary prepared by a qualified person in accordance with S-K 1300. The technical report summary for the Pilot Mountain project is included as an exhibit to the registration statement of which this prospectus forms a part.

#### Qualified Persons Statement
Some scientific and technical information contained in this prospectus was derived from a technical report prepared by a qualified person. In particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Information relating to Pilot Mountain is derived from the technical report summary, entitled "SK 1300 Technical Report Summary Pilot Mountain Tungsten Project," issued December 15, 2025, with an effective date of December 15, 2025, prepared by RESPEC. RESPEC is the qualified person under S-K 1300. The scientific and technical information related to Pilot Mountain contained in the S-K 1300 Report and reproduced in this prospectus has been approved by the qualified person.

#### Certain Definitions
The following is a glossary of certain industry and other defined terms used in this prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Amdel" means Amdel Laboratories Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "APT" means ammonium paratungstate, the industry's key intermediate product and pricing benchmark.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **"**Argus**"** means Argus Media Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **"**BLM**"** means the federal Bureau of Land Management.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Coffey Mining" means Coffey Mining (Pty) Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Concentration(s)" means the physical, chemical or biological process to increase the grade of the metal or mineral of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "EA" means an Environmental Assessment from the BLM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Exploration targets" refers to statements or estimates of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnage and a range of grade (or quality), relates to mineralization for which there has been insufficient exploration to estimate a mineral resource.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Garfield" refers to the Garfield Project, an early-stage exploration gold-silver-copper property consisting of 163 unpatented mining claims covering approximately 13.8 km² in Nevada, in which we hold a 100% interest through Golden Metal Resources LLC, our wholly owned U.S. subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Golconda" refers to the Golconda Project, an early-stage exploration-stage gold project comprising 44 unpatented mining claims covering approximately 3.22 km² in Humboldt County, Nevada. We hold an earn-in option to acquire up to 100% of the project pursuant to the Golconda Option Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "GZRINM" means Guangzhou Research Institute of Non-ferrous Metals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Indicated mineral resource(s)" is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Inferred mineral resource(s)" or "Inferred" is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project and may not be converted to a mineral reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Kibby Basin" refers to the Kibby Basin Project, an early-stage lithium exploration property, consisting of 24 unpatented mining claims covering approximately 1.97 km² in Nevada, in which we hold a 100% interest through Golden Metal Resources LLC, our wholly owned subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Mineral deposit(s)" means a mineralized body that has been intersected by a sufficient number of closely spaced drill holes and/or underground/surface samples to support sufficient tonnage and grade of metal(s) or mineral(s) of interest to warrant further exploration-development work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Mineral reserve(s)" means an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Mineral resource(s)" means a concentration or occurrence of materials of economic interest in or on the earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **"**NDEP**"** means Nevada Division of Environmental Protection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **"**NEPA**"** means National Environmental Policy Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **"**NSR**"** means net smelter royalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "NT claims" refers to the 45 unpatented mining claims held by Pilot Metals Inc., a wholly owned U.S. subsidiary of the Company, in relation to the Pilot Mountain project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Open-pit mining" means a method of extracting rock or minerals from the earth by their removal from an open pit. Open-pit mines for extraction of ore are used when deposits of commercially useful minerals or rock are found near the surface; that is, where the overburden surface material covering the valuable deposit is relatively thin, or the material of interest is structurally unsuitable for underground mining.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "PEAs" means preliminary economic assessments, which are used to assess the economic viability of a mineral deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Pilot Mountain" or the "Project" refers to the Pilot Mountain Project, an advanced exploration-stage tungsten project located in the Walker Lane region of Mineral County, Nevada, in which we hold a 100% interest through BFM Resources Inc. and Pilot Metals Inc., our wholly owned U.S. subsidiaries. Pilot Mountain comprises 208 unpatented lode mining claims covering approximately 17.2 km² on federally administered BLM land.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "PoO" means Plan of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Probable mineral reserve(s)" means the economically mineable part of an indicated and, in some cases, a measured mineral resource.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "RESPEC" means RESPEC Company LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Samuel" means Samuel Engineering, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Stonewall" refers to the Stonewall Project, an early-stage gold-silver exploration property comprising 19 unpatented lode mining claims covering approximately 1.59 km², in which we hold a 100% interest through Golden Metal Resources LLC, our wholly owned U.S. subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "t of W" means tonnes of tungsten.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Tempiute" refers to the Tempiute Project, an exploration-stage tungsten project located in Lincoln County, Nevada, in which we hold an earn-in option to acquire up to 100% of the patented mining and select mill site (6), lode (4) and placer (2) mining claims pursuant to the Exploration Lease and Option to Purchase Agreement Tempiute Project, through Golden Metal Resources LLC, our wholly owned U.S. subsidiary. Tempiute consists of 67 unpatented lode mining claims, 10 patented mining claims, 3 mill site claims and 2 placer mining claims covering approximately 5.5 km².

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "UCC" means Union Carbide Corporation.

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#### PROSPECTUS SUMMARY
 *This summary highlights information contained elsewhere in this prospectus. This summary does not contain all the information that you should consider before deciding to invest in our ADSs. You should read the entire prospectus carefully, including the "Risk Factors," "Special Note Regarding Forward-Looking Statements," "Industry," "Business," "Mining Properties" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections and our consolidated financial statements and notes to those consolidated financial statements before making an investment decision.* 

#### Overview
We are a U.S.-focused exploration-stage critical minerals company with a portfolio of tungsten and polymetallic exploration projects located in the State of Nevada. Our principal tungsten asset is the Pilot Mountain project, followed by the Tempiute project, which are both situated in historic tungsten districts with well-known occurrences of scheelite-bearing skarn mineralization that have seen prior tungsten mining activity by third parties. In addition, we hold early-stage copper, gold, silver and lithium exploration properties, which we believe provide optionality and exposure to broader critical-minerals thematic trends.

Tungsten is designated as a critical mineral in the United States and the European Union. A diversified, domestic supply of tungsten in the United States is increasingly viewed as strategically important due to concentrated global production and recent export controls in China, which accounted for approximately 84% of global output in 2024. Over the past year, we have advanced our flagship Pilot Mountain project through a drilling program that returned tungsten, copper and silver intercepts, and have continued geological, metallurgical, environmental and engineering work to support future development planning.

#### Company Description

#### Operations
We do not currently operate producing mines and have not generated revenue from mineral production. Our activities are focused on the exploration and technical evaluation of our mineral properties and on preparing the groundwork for future permitting and development decisions. Our projects are located within established mining jurisdictions in Nevada, where mining regulations and permitting processes have historically been favorable to the sector.

Our operational activities include detailed engineering activities to support the completion of a feasibility study at Pilot Mountain and exploration and resource definition drilling at Tempiute. These programs are conducted through our U.S. subsidiaries and supported by independent consultants, including qualified persons as defined under Subpart 1300 of Regulation S-K.

In addition to ongoing work at Pilot Mountain and Tempiute, we manage a portfolio of earlier-stage exploration projects, including the Garfield gold-silver-copper project, the Golconda gold project, the Kibby Basin lithium project and the Stonewall gold-silver project. Together, we believe these properties provide a pipeline of exploration opportunities across multiple commodities within Nevada, a well-established mining jurisdiction. We continue to evaluate opportunities to advance our assets, maintain regulatory compliance and meet the technical and environmental requirements associated with future project development.

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In the map below, we present the geographic footprint of our mining properties:

![[MISSING IMAGE: mp_miningprop-4clr.jpg]](mp_miningprop-4clr.jpg)

#### Exploration Stage Properties
Our mining portfolio consists of the following properties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *The Pilot Mountain Project* ("Pilot Mountain" or the "Project"*)* — Pilot Mountain is an advanced exploration-stage tungsten project located in the Walker Lane region of Mineral County, Nevada, approximately 19 air-kilometers east of the town of Mina. Pilot Mountain comprises 208 unpatented lode mining claims covering approximately 17.2 km² on federally administered BLM land and is accessible year-round from U.S. Highway 95 via gravel roads. We hold a 100% interest in the Project through BFM Resources Inc. and Pilot Metals Inc., our wholly owned U.S. subsidiaries. Pilot Mountain hosts the Desert Scheelite tungsten-bearing skarn deposit together with several additional exploration targets. For more information, see "— Individual Property Disclosure — Pilot Mountain."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *The Tempiute Project* ("Tempiute") — Tempiute is an exploration-stage tungsten project located in Lincoln County, Nevada, within the historic Tempiute tungsten district, a past-producing area during multiple periods of the 20th century. Tempiute consists of 67 unpatented lode mining claims, 10 patented mining claims, 3 mill site claims and 2 placer mining claims covering approximately 5.5 km². The unpatented lode, millsite and placer mining claims are situated on BLM-administered federal land. We hold an earn-in option to acquire up to 100% of the patented mining and select mill site (6), lode (4) and placer (2) mining claims pursuant to the Exploration Lease and Option to Purchase Agreement Tempiute Project, through Golden Metal Resources LLC, our wholly owned U.S. subsidiary. Tempiute contains numerous historical tungsten workings and known scheelite-bearing skarn occurrences and is considered prospective for additional skarn-style tungsten mineralization.

#### Other Projects
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *The Garfield Project* ("Garfield") — Garfield is an early-stage exploration gold-silver-copper project consisting of 163 unpatented mining claims covering approximately 13.8 km² in Nevada. We hold a 100% interest in Garfield through Golden Metal Resources LLC, our wholly owned U.S. subsidiary.

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Garfield is prospective for copper, silver and zinc, with historical reconnaissance work identifying several zones of anomalous base- and critical-metal mineralization. A 2% net smelter royalty ("NSR") is retained by the vendor over the original claims (GAR 15 – 17) plus an area of influence, of which 1% may be repurchased by us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *The Golconda Project* ("Golconda") — Golconda is an early-stage exploration gold project comprising 44 unpatented mining claims covering approximately 3.22 km² in Humboldt County, Nevada. We hold an earn-in option to acquire up to 100% of Golconda pursuant to the Golconda Option Agreement. Upon full earn-in, the underlying owner would retain a 1% NSR, subject to a partial buy-back right. Golconda is prospective for Carlin-type gold mineralization, with historical trenching and geochemical sampling identifying multiple untested targets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *The Kibby Basin Project* ("Kibby Basin") — Kibby Basin is an early-stage exploration lithium project, consisting of 24 unpatented mining claims covering approximately 1.97 km² in Nevada. We hold a 100% interest in Kibby Basin through Golden Metal Resources LLC, our wholly owned subsidiary. Kibby Basin lies within a broader basin where historical drilling and geophysical surveys have identified lithium. Kibby Basin is accessible through existing dirt roads and is situated on federally administered BLM land.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *The Stonewall Project* ("Stonewall") — Stonewall is an early-stage exploration gold-silver project comprising 19 unpatented lode mining claims covering approximately 1.59 km². We hold a 100% interest in Stonewall through Golden Metal Resources LLC, our wholly owned U.S. subsidiary. Stonewall hosts historical workings and surface geochemical anomalies that are consistent with epithermal precious-metal systems. The seller retains a 2% NSR, of which 1% may be repurchased by us.

#### Competitive Strengths
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Wholly U.S.-Based Tungsten Project Portfolio* — We are currently solely focused on a U.S.-based project portfolio, with all of our assets in the mining-friendly State of Nevada. Pilot Mountain is an advanced exploration-stage project, and Tempiute is an exploration-stage project with historical production. Both projects are strategically situated and have the potential to serve as the foundation for a U.S.-based, scalable, primary mined tungsten supply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Pilot Mountain is One of the Largest Known Tungsten Deposits on U.S. Soil* — Pilot Mountain is among the largest known tungsten assets on U.S. soil, with established resources and a history of technical studies, which continues today. We believe Pilot Mountain provides us with a potential pathway toward developing a strategically important U.S. domestic mined source of tungsten. Pilot Mountain is situated on BLM land, which we believe is generally considered a favorable partner for project advancement and permitting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Tempiute is a Past Producing Mine with Existing Infrastructure* — We intend to evaluate and advance Tempiute in parallel with Pilot Mountain as a strategic and complementary asset. Tempiute is supported by existing infrastructure linked to historic operations, including road access, power and mill foundations, which we believe we can leverage as we advance this project. Tempiute is situated in part on patented mining claims as well as placer, lode and millsite claims located on BLM land, which we believe are considered advantageous for project advancement and permitting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Demonstrated Federal Support* — On July 22, 2025, the U.S. Department of War announced a $6.2 million award to Golden Metal Resources LLC, our wholly owned subsidiary, under Title III of the Defense Production Act. The funding will support the advancement of our Pilot Mountain tungsten project in Nevada through a pre-feasibility study, which is currently in progress, including metallurgical test work, engineering studies, environmental assessments and related technical investigations. We believe this federal support reinforces the strategic value of our projects within U.S. national security and supply chain resilience frameworks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Path for Advancement Driven by Market, Political Tailwinds —* On February 4, 2025, China's Ministry of Commerce and General Administration of Customs issued a joint announcement, placing export controls on certain tungsten products. China accounts for a substantial share of global tungsten production and a majority of downstream processing capacity, and has long been a net

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exporter of semi-refined and refined tungsten products that are critical to manufacturers in the United States and allied nations. The implementation of these export controls has resulted in an immediate tightening of global supply, which contributed to, and continues to contribute to shortages across the tungsten supply chain and elevated tungsten prices that have persisted into 2026. Tungsten is designated a critical mineral in the United States and European Union, with ongoing governmental initiatives aimed at diversifying supply chains away from China and supporting production in stable, allied jurisdictions. In light of the foregoing national security and trade tensions, we believe we are well positioned to advance our Nevada-based tungsten assets. We believe the alignment of our U.S.-centric strategy with the current U.S. and western policy focus surrounding critical mineral can enhance support for the delivery of our projects through permitting, engineering and subsequent production, at a time of heightened focus on domestic and allied critical-mineral supply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Vertically Integrated, "Mined in America" Tungsten Supply Chain* — We believe the tungsten supply chain is differentiated to many other critical minerals, as there are well-established midstream and downstream processing capabilities actively operating in the U.S. For example, Global Tungsten & Powders LLC is a Pennsylvania-based downstream manufacturer with whom we have signed a non-binding letter of intent regarding our Pilot Mountain product offtake. However, we believe many U.S.-based manufacturers are currently reliant on overseas suppliers for the primary supply of raw tungsten materials. We believe we are well positioned to become a meaningful source of U.S.-based tungsten supply and by extension a foundation for a secure, domestic, vertically integrated tungsten supply chain.

#### Growth Strategies
Our mission is to establish our projects, Pilot Mountain and Tempiute, as potential cornerstones of U.S. tungsten supply, directly supporting U.S. national efforts to reshore production, reduce reliance on foreign supply chains and strengthen economic and defense security, while delivering long-term value for shareholders.

Key aspects of our growth strategy include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Advancing Pilot Mountain Toward Feasibility and Development* — Pre-feasibility work at Pilot Mountain is underway and is targeted for completion by the end of Q2 2026. Detailed engineering and permitting workstreams are proceeding concurrently with the goal of facilitating an accelerated transition from our initial economic study through to feasibility and a subsequent investment decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Accelerating Tempiute Exploration and Pre-Development Workstreams* — In parallel with the advancement of Pilot Mountain, we are progressing various key exploration activities at Tempiute, including mapping, sampling and drilling, which is focused on evaluating the potential for open-pit and underground resource definition by seeking to identify primary sources of mineralization. In addition, a staged Environmental Site Assessment has commenced focused on areas of historical contained and dispersed mine tailings in addition to mineralized stockpiles from former operations. This work is designed to evaluate the current environmental conditions prior to undertaking any further Company work. The mine tailings may require certain reprocessing and cleanup activities, the extent of which is not yet certain, given the scale of former production over 40 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Leveraging U.S. Federal Support for Domestic Critical Mineral Supply Chains* — Our business strategy is premised in part on the current geopolitical and national-security environment, including ongoing trade tensions between the United States and China, China's restrictions on exports of certain strategic minerals and U.S. government policies aimed at strengthening domestic supply chains for critical minerals. These developments have increased interest in, and potential support for, U.S.-based critical metals projects such as ours. In addition to the U.S. Department of War award, we are pursuing other funding opportunities offered by the U.S. government under critical minerals programs and through commercial opportunities like the U.S. government's strategic stockpile program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Establishing the Foundation for a Vertically Integrated U.S. Tungsten Supply Chain Through Commercial Partnerships* — Through our tungsten projects, our goal is to become a cornerstone of the U.S.-based mined tungsten supply for new and existing U.S.-based midstream and downstream facilities. In order to facilitate this vertically integrated supply chain, we intend to have regular dialogue

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with potential off-take partners and customers as we advance towards feasibility and potential development of our projects. For example, we seek to expand our contact with refiners of tungsten based in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Portfolio Exploration and Strategic Growth Opportunities* — While our near-term focus remains on our key tungsten projects, we continuously evaluate other strategic growth opportunities that are consistent with our focus on developing a secure, U.S.-based mined tungsten supply chain. These activities may include reviewing early-stage exploration properties, historical mining districts and other mineral assets in the United States that could complement our existing projects or enhance the scale, optionality or strategic positioning of our portfolio. We also intend to proactively seek to claim and consolidate prospective properties surrounding our existing projects to strengthen optionality across our portfolio. Further, we plan to investigate other critical minerals, such as gallium, that are highlighted in assays at both Pilot Mountain and Tempiute, the presence and potential recovery of which could further enhance the strategic value of our portfolio. We also monitor opportunities to acquire or enter into joint ventures, strategic alliances or other commercial arrangements with third parties where we believe such opportunities could accelerate project development, improve economics or strengthen our role in the U.S. critical minerals ecosystem. While no definitive agreements have been entered into as of the date of this prospectus, we expect to continue evaluating such opportunities on an ongoing basis.

#### Industry Overview
Tungsten has unique chemical and physical properties that make it essential to the manufactured modern world. Having the highest melting point of any metal, a density similar to gold, and when compounded with carbon to form tungsten carbide, a hardness close to that of diamond. Tungsten is the material of choice for cutting and penetrating other materials, resisting wear and surviving extreme environments. These properties make tungsten a critical input into a wide range of industrial applications, including cemented carbides, steel and superalloys, electronics, chemical catalysts and numerous defense-related uses. In 2024, global demand for tungsten from primary resources was more than 83,000 metric t of W, and China accounted for approximately 72% of global primary tungsten consumption. Tungsten ores are processed into concentrates and converted into APT, the industry's key intermediate product and pricing benchmark, which is then refined into downstream powders and metal products.

Global primary supply was approximately 81,000 t of W in 2024, with China accounting for about 84% of concentrate output mainly from older mines which are facing declining grades, greater depth and increasing environmental and health and safety executive standards all of which result in higher production cost. Outside of China, primary production remains limited with the market heavily reliant on secondary supply (production scrap and recycling) and exports of intermediate products from China, although new mined supply is emerging (including Kazakhstan's Boguty project) or in the development pipeline, and it is expected that global supply will rise from 82,000 t of W in 2025 to approximately 129,000 t of W by 2040. Tungsten demand is closely linked to global economic activity and is forecast to grow from 87,000 t of W in 2025 to 128,250 t of W by 2040, with defense expected to be the fastest-growing segment. Total demand including recycling was approximately 120,500 t of W in 2024 and is projected to reach around 190,000 t of W by 2040.

Tungsten supply chains remain highly concentrated in Asia, and China which accounted for approximately 84% of mined tungsten production in 2024 and has long been a net exporter of intermediate, semi-finished and refined products which are essential to manufacturers in the United States and allied nations. New export controls effected by China in February 2025 which apply to tungsten intermediates (APT, ammonium metatungstate and oxide), carbides, and certain tungsten containing alloys contributed to tighter supply and catalyzed a strong upwards price momentum. European concentrate prices reached record levels in late 2025, and continued price strength through 2027 is expected as the market is forecast to remain in deficit. Tungsten is designated a critical mineral in the United States and European Union, with policy frameworks aimed at diversifying supply chains away from China and supporting production in stable, allied jurisdictions. For further detail, see "Industry."

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#### Risk Factors Summary
Investing in our ADSs involves risks. You should carefully consider the risks described in "Risk Factors" before making a decision to invest in our ADSs. If any of these risks actually occurs, our business, financial condition or results of operations could be materially and adversely affected. In such case, the trading price of our ADSs would likely decline, and you may lose all or part of your investment. The following is a summary of some of the principal risks we face:

#### Summary of Risks Relating to Our Business and Industry
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We have no history of mineral production and may never engage in mineral production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Mineral exploration activities are highly speculative, have a high risk of failure, and may never result in finding ore bodies sufficient to develop a producing mine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our business is and will be subject to market fluctuations, including fluctuations in tungsten prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Mining is a capital-intensive industry, and we may be unable to obtain the funding required to advance our projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Actual capital and operating costs in respect of our mines and development projects may be significantly higher than estimated capital and operating costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Lack of reliability and inaccuracies of historical information could hinder our exploration plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our actual costs may significantly exceed the estimated costs and economic returns estimated in our preliminary economic assessments and feasibility studies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The accuracy of our mineral resource estimates cannot be assured, and the volume of materials we are able to recover may be materially lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We have not established any mineral reserves and we may never be able to establish, replenish or expand our mineral resources or convert them into mineral reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our projects have no relevant operating history upon which to base estimates of future cash flow and may not be commercially viable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We have negative cash flows from our operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our business and ability to advance our projects may be negatively affected by global financial conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Changes in geopolitical conditions, including a reduction or reversal of current trade restrictions and critical-minerals policies, could materially reduce the strategic importance of domestic tungsten projects like ours and adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our business could be adversely affected by the failure or unavailability of certain critical assets or infrastructure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Concessions, authorizations, licenses and permits are subject to expiration, limitation on renewal and various other risks and uncertainties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our business faces uncertainties and risks relating to the development of its Pilot Mountain and Tempiute tungsten projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The acquisition of title to mineral properties is a detailed and time-consuming process and there is no guarantee that title to such mineral properties will not be contested or challenged.

#### Summary Risks Relating to Our ADSs and the Offering
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The price of our ADSs may be volatile and may fluctuate due to factors beyond our control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • There has been no public market for our ADSs prior to this offering, and an active market may not develop in which investors can resell our ADSs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • If securities or industry analysts do not publish research, or publish inaccurate or unfavorable research, about our business, the price of our ADSs and our trading volume could decline.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We have broad discretion in the use of the net proceeds from this offering, and we may use these proceeds in ways with which you may not agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The dual listing of our ordinary shares and our ADSs following this offering may adversely affect the liquidity and value of our ordinary shares and ADSs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The NYSE American may in the future delist our securities from its exchange, which could limit investors' ability to make transactions in our securities and subject us to additional trading restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We are an "emerging growth company," a "smaller reporting company" and a "foreign private issuer" and we cannot be certain if the reduced reporting requirements applicable to "emerging growth companies" and "smaller reporting companies" will make our ADSs less attractive to investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We qualify as a foreign private issuer and, as a result, we will not be subject to U.S. proxy rules and will be subject to Exchange Act reporting obligations that, to some extent, are more lenient and less frequent than those of a U.S. domestic public company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • As a foreign private issuer, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the NYSE American corporate governance listing standards. These practices may afford less protection to shareholders than they would enjoy if we complied fully with the NYSE American corporate governance listing standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • UCAM beneficially owns approximately 28% of our ordinary shares. This concentration of ownership and voting power will limit your ability to influence corporate matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Securities traded on AIM may carry a higher risk than securities traded on other exchanges, which may impact the value of your investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The rights of our shareholders may differ from the rights typically offered to shareholders of a U.S. corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We are entitled to amend the deposit agreement and to change the rights of ADS holders under the terms of such agreement, or to terminate the deposit agreement, without the prior consent of the ADS holders.

#### Corporate Structure
The following diagram illustrates our corporate structure immediately following the consummation of this offering (assuming the underwriters do not exercise their option to purchase additional ADSs in full):

![[MISSING IMAGE: fc_corpstruc-bw.jpg]](fc_corpstruc-bw.jpg)

#### Corporate Information
We were incorporated as a private limited company with the legal name Golden Metal Resources Limited under the laws of England and Wales on April 22, 2021, with the company number 13351178. On

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March 8, 2022, we re-registered as a public limited company, and on July 4, 2024, we changed our company name to Guardian Metal Resources PLC. The address of our registered office is c/o Orana Corporate LLP, 25 Eccleston Place, London SW1W 9NF, United Kingdom, and our telephone number is +(44) 20 7078 8496. Since May 2023, our ordinary shares have traded on the AIM market of the London Stock Exchange, under the symbol "GMET". Our website address is www.guardianmetalresources.com. The information contained on, or that can be accessed from, our website does not form part of this prospectus. Our agent for service of process in the United States is Golden Metal Resources LLC.

#### Implications of Being an Emerging Growth Company, a Smaller Reporting Company and a Foreign Private Issuer
We qualify as an "emerging growth company" pursuant to the Jumpstart Our Business Startups Act of 2012, as amended (the "JOBS Act"). An emerging growth company may take advantage of specified exemptions from various requirements that are otherwise applicable generally to U.S. public companies. These provisions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an exemption to include in an initial public offering registration statement only two years of audited financial statements and selected financial data and only two years of related disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reduced disclosure about our executive compensation arrangements in our periodic reports, proxy statements and registration statements, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an exemption from the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act") in the assessment of the emerging growth company's internal control over financial reporting (which generally would otherwise be applicable for a non-emerging growth company commencing with its second annual report on Form 20-F following the completion of its initial public offering).

We may choose to take advantage of some but not all of these reduced reporting burdens. We will remain an emerging growth company until the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the last day of our fiscal year during which we have total annual revenue of at least $1.235 billion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the last day of our fiscal year following the fifth anniversary of the closing of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the date on which we have, during the previous three-year period, issued more than $1.0 billion in non-convertible debt securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the date on which we are deemed to be a "large accelerated filer" under the Exchange Act, which would occur if the market value of our ordinary shares that are held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter.

We are also a "smaller reporting company" as defined in the Exchange Act. We may continue to be a smaller reporting company even after we are no longer an emerging growth company. We may take advantage of certain of the scaled disclosures available to smaller reporting companies until the fiscal year following the determination that our voting and non-voting ordinary shares held by non-affiliates are $250 million or more measured on the last business day of our second fiscal quarter, or our annual revenues are less than $100 million during the most recently completed fiscal year and our voting and non-voting ordinary shares held by non-affiliates are $700 million or more measured on the last business day of our second fiscal quarter.

In addition, upon the closing of this offering, we will report under the Exchange Act as a "foreign private issuer." As a foreign private issuer, we are permitted to take advantage of certain provisions under the rules that allow us to follow the laws of the United Kingdom for certain corporate governance matters. Even after we no longer qualify as an emerging growth company, as long as we qualify as a foreign private issuer under the Exchange Act, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the provisions of Sections 16(b) and 16(c) of the Exchange Act establishing insider liability for profits realized from any "short-swing" trading transaction and prohibiting "short-selling," respectively;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified information, or current reports on Form 8-K, upon the occurrence of specified significant events; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Regulation Fair Disclosure, which regulates selective disclosures of material information by issuers.

Foreign private issuers, like emerging growth companies and smaller reporting companies, also are exempt from certain more stringent executive compensation disclosure rules. Thus, if we remain a foreign private issuer, even if we no longer qualify as an emerging growth company or smaller reporting company, we will continue to be exempt from the more stringent compensation disclosures required of public companies that are neither an emerging growth company nor a foreign private issuer.

We may take advantage of these exemptions until such time as we are no longer a foreign private issuer. We are required to determine our status as a foreign private issuer on an annual basis at the end of our second fiscal quarter. We would cease to be a foreign private issuer, and be required to transition on January 1 of the following year, at such time as more than 50% of our outstanding voting securities are held by U.S. residents and any of the following three circumstances applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the majority of our executive officers or directors are U.S. citizens or residents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • more than 50% of our assets are located in the United States; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our business is administered principally in the United States.

We have taken advantage of certain of these reduced reporting and other requirements in this prospectus. Accordingly, the information contained herein may be different from the information you receive from other public companies in which you hold equity securities. See "Risk Factors — Risks Relating to Our ADSs and the Offering — We qualify as a foreign private issuer and, as a result, we will not be subject to U.S. proxy rules and will be subject to Exchange Act reporting obligations that, to some extent, are more lenient and less frequent than those of a U.S. domestic public company."

In addition, as a foreign private issuer we intend to rely on and comply with certain home country governance requirements and exemptions thereunder rather than complying with corporate governance standards. See "Risk Factors — Risks Relating to Our ADSs and the Offering — As a foreign private issuer, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the NYSE American corporate governance listing standards. These practices may afford less protection to shareholders than they would enjoy if we complied fully with the NYSE American corporate governance listing standards."

#### Recent Developments
 *Drilling Activities and Resource Estimate* 

In 2025, we started a drilling program at Pilot Mountain that returned multiple intervals of tungsten, copper and silver mineralization. In parallel with and following the drilling program, we continued advancing technical and permitting activities at Pilot Mountain, including geotechnical and hydrogeological drilling to support future engineering studies, ongoing environmental baseline data collection, and work association with the submission of an Exploration Plan of Operations with the BLM. Recent geological mapping and sampling have also identified gallium within certain mineralized zones and outlined features that may indicate the presence of a causative intrusive body underlying the Desert Scheelite system. We seek to plan additional drilling and technical studies for 2026 to further assess these targets and to support future permitting and project development milestones, including activities that may support potential Mine Plan of Operations. In December 2025, we completed our first S-K 1300 Resource estimate for the Desert Scheelite Deposit at Pilot Mountain, as set forth in the technical report summary filed as an exhibit to this registration statement.

 *U.S. Department of War Award* 

On July 22, 2025, the U.S. Department of War announced a $6.2 million award to Golden Metal Resources LLC, our wholly owned subsidiary, under Title III of the Defense Production Act. The funding will support the advancement of our Pilot Mountain tungsten project in Nevada through a pre-feasibility

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study, which is currently in progress, including metallurgical test work, engineering studies, environmental assessments and related technical investigations. The results from these workstreams are intended to assist in determining the feasibility of extracting tungsten minerals from the area and to advance the project closer to a construction decision and potential operationalization.

The award is non-dilutive to the Company's shareholders and does not include commercial covenants that would restrict the Company's current business or the future sale of tungsten concentrates to the industrial base. The Company intends to advance the Pilot Mountain project with the objective of contributing to U.S. efforts to onshore critical metals to support national security and economic objectives. Pilot Mountain has the potential to represent the only U.S.-mined source of tungsten. The Company's management team will lead the work and provide periodic progress reports to the administrators of the award.

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#### THE OFFERING
ADSs offered by us

ADSs, each representing ordinary share(s).

Option to purchase additional ADSs

We have granted the underwriters an option to purchase up to additional ADSs from us within 45 days of the date of this prospectus.

Ordinary shares to be outstanding after this

offering

ordinary shares (or ordinary shares if the underwriters exercise their option to purchase additional ADSs from us in full).

Voting of ordinary shares

Each ordinary share carries one vote on a poll. Resolutions at general meetings are decided on a show of hands unless a poll is demanded, in which case each shareholder is entitled to one vote per share. On a show of hands, each shareholder present in person has one vote and each duly appointed proxy has one vote, subject to certain limitations. Voting rights may be suspended if any calls or other amounts due on shares remain unpaid. Where shares are held jointly, only the vote of the first-named holder on the register counts if more than one joint holder is present. See the section titled "Description of Share Capital and Articles of Association" included elsewhere in this prospectus for additional information. ADS holders may only exercise voting rights with respect to the ordinary shares underlying their respective ADSs in accordance with the provisions of the deposit agreement. See the section titled "Description of American Depositary Shares" included elsewhere in this prospectus for additional information.

American Depositary Shares

The underwriters will deliver ADSs representing our ordinary shares. Each ADS represents of our ordinary shares.

The ADSs are issued by the depositary. You will have the rights of an ADS holder as provided in the deposit agreement among us, the depositary and all holders and beneficial owners of ADSs issued thereunder. The depositary, through its custodian, will be the holder of the ordinary shares underlying the ADSs.

You may surrender your ADSs to the depositary for cancellation to receive the ordinary shares underlying your ADSs. The depositary will charge you a fee for such a cancellation.

We may amend or terminate the deposit agreement for any reason without your consent. Any amendment that imposes or increases fees or charges or which materially prejudices any substantial existing right you have as an ADS holder will not become effective as to outstanding ADSs until 30 days after notice of the amendment is given to registered holders of ADS. If an amendment becomes effective, you will be bound by the deposit agreement as amended if you continue to hold your ADSs.

To better understand the terms of the ADSs, you should carefully read the section titled "Description of American Depositary Shares." We also encourage you to read the deposit agreement, which is filed as an exhibit to the registration statement of which this prospectus forms a part.

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Depositary

JPMorgan Chase Bank, N.A.

Custodian

JPMorgan Chase Bank, N.A.

Use of proceeds

We estimate that the net proceeds to us from this offering will be approximately $ million (or approximately $ million if the underwriters exercise their option to purchase additional ADSs from us in full) after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us, based on an assumed initial public offering price of $ per ADS, the U.S. dollar equivalent of the closing price of our ordinary shares on AIM of £ on , 2026 (based on an assumed exchange rate of £1.00 to $1.).

The principal purposes of this offering are to create a public market for our ADSs in the United States, facilitate greater access to the public equity markets, increase our visibility in the marketplace, and to obtain additional capital to advance the development of our mining projects. See "Use of Proceeds" for more information on the use of proceeds.

Dividend policy

We have never declared or paid cash dividends on our ordinary shares. We currently intend to retain any future earnings to fund the operation and expansion of our business, and we do not expect to declare or pay any dividends for the foreseeable future. Any future determination to declare cash dividends will be made at the discretion of our board of directors, subject to applicable laws, and will depend on a number of factors, including our financial condition, results of operations, capital requirements, contractual restrictions, general business conditions and other factors that our board of directors may deem relevant. See "Dividend Policy."

Risk factors

See "Risk Factors" and other information included in this prospectus for a discussion of factors you should carefully consider before deciding to invest in our ADSs.

Listing

We intend to apply to have our ADSs listed on NYSE American under the symbol "GMTL".

AIM trading symbol

"GMET"

The number of our ordinary shares to be outstanding after this offering is based on ordinary shares outstanding as of , 2026 and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ordinary shares issuable upon exercise of share warrants issued by us on , 2026 and outstanding as of , 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ordinary shares issuable upon exercise of options issued by us on , 2026 and outstanding as of , 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ordinary shares reserved for future issuance under our equity incentive plans as described in "Management — Equity Compensation Arrangements."

Unless otherwise indicated, all information in this prospectus assumes or gives effect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • no exercise of the outstanding options or warrants described above after , 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • no exercise by the underwriters of their option to purchase up to additional ADSs in this offering.

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#### SUMMARY CONSOLIDATED FINANCIAL AND OTHER DATA
We prepare our audited consolidated financial statements in accordance with IFRS, as issued by IASB and our unaudited consolidated interim financial statements in accordance with International Accounting Standard 34, 'Interim Financial Reporting.'

The following summary historical consolidated financial data as of and for the six months ended December 31, 2025 and 2024 and the fiscal years ended June 30, 2025, and 2024, have been derived from our unaudited and audited, respectively, consolidated financial statements, which are included elsewhere in this prospectus. Our historical results for any prior period are not necessarily indicative of results expected in any future period.

The financial data set forth below should be read in conjunction with, and is qualified by reference to, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the consolidated financial statements and notes thereto included elsewhere in this prospectus.

#### Consolidated Statement of Comprehensive Income

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the six months ended <br> December 31,**  | **For the six months ended <br> December 31,**  | **For the year ended <br> June 30,**  | **For the year ended <br> June 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
|  | **(Unaudited)**  | **(Unaudited)**  | **(Audited)**  | **(Audited)**  |
|  | **($ thousands)**  | **($ thousands)**  | **($ thousands)**  | **($ thousands)**  |
|  ***Continuing operations*** |  |  |  |  |
| Revenue  |  |  |  |  |
| **Gross profit**  |  | 2 | **—** | **—** |
| Other income  |  | 2 | 2 | **—** |
| Administrative expenses  | (4792) | (988) | (2719) | (1376) |
| **Loss from operating activities**  | **(4792)** | **(986)** | **(2717)** | **(1376)** |
| Finance income  | 21 |  | 6 | **—** |
| **Loss before taxation**  | **(4771)** | **(986)** | **(2711)** | **(1376)** |
| Taxation  | **—** | **—** | **—** | **—** |
| **Loss for the year from continuing operations**  | **(4771)** | **(986)** | **(2711)** | **(1376)** |
|  ***Other comprehensive (loss)/income*** |  |  |  |  |
| **Items that will or may be reclassified to profit or loss:** |  |  |  |  |
| Exchange translation  | (427) | (101) | 908 | (13) |
| **Total other comprehensive (loss)/income**  | **(427)** | **(101)** | **908** | **(13)** |
|  **Total comprehensive (loss) for the year attributable to owners of the Company**  | **(5198)** | **(1087)** | **(1803)** | **(1389)** |
|  Earnings per share from continuing operations attributable to the ordinary equity holder of the parent:  |  |  |  |  |
| **Basic and diluted loss per share ($)**  | **(0.03)** | **(0.01)** | **(0.02)** | **(0.02)** |

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#### Consolidated Statement of Cash Flows

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the six months ended <br> December 31,**  | **For the six months ended <br> December 31,**  | **For the year ended <br> June 30,**  | **For the year ended <br> June 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
|  | **(Unaudited)**  | **(Unaudited)**  | **(Audited)**  | **(Audited)**  |
|  | **($ thousands)**  | **($ thousands)**  | | |
| **Cash flows used in operating activities** |  |  |  |  |
| Loss for the year from continuing activities  | (4772) | (986) | (2711) | (1376) |
| Adjustments for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Share-based payment expense  | 1315 | 6 | 162 | 111 |
| &nbsp;&nbsp;&nbsp; Expenses settled in shares  |  | 26 | 63 | 142 |
| &nbsp;&nbsp;&nbsp; Foreign exchange differences  | (298) | 1 | 444 | (3) |
|  | (3755) | (953) | (2042) | (1126) |
| Changes in working capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Decrease in trade and other receivables  | 31 | 60 | 40 | 53 |
| &nbsp;&nbsp;&nbsp; Increase in trade and other payables  | 1107 | (467) | 880 | 415 |
| &nbsp;&nbsp;&nbsp; **Net cash outflows in operating activities**  | **(2617)** | **(1360)** | **(1122)** | **(658)** |
| **Cash flows from investing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchase of intangibles  | (9082) | (3131) | (8038) | (1496) |
| Investment in financial assets  | (25) |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net cash outflows from investing activities**  | **(9107)** | **(3131)** | **(8038)** | **(1496)** |
| **Cash flows from financing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from issue of share capital  | 21715 | 3979 | 8091 | 3876 |
| &nbsp;&nbsp;&nbsp; Share issue costs  | (1267) |  | (123) | (57) |
| &nbsp;&nbsp;&nbsp; **Net cash inflows from financing activities**  | **20448** | **3979** | **7968** | **3819** |
| (Decrease)/increase in cash and cash equivalents  | 8724 | (512) | (1192) | 1665 |
| Cash and cash equivalents at beginning of year  | 1873 | 3033 | 3033 | 1371 |
| Effect of foreign currency exchange rates  | (35) | (32) | 32 | (3) |
| **Cash and cash equivalents at June 30**  | **10562** | **2489** | **1873** | **3033** |

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#### Consolidated Statement of Financial Position

---

| | | |
|:---|:---|:---|
| | **As Adjusted**  | **Actual**  |
| | **As of December 31, 2025**  | **As of December 31, 2025**  |
|  | **(Unaudited)**  | **(Unaudited)**  |
|  | **($ thousands)**  | **($ thousands)**  |
|  ***Assets*** |  |  |
| **Non-current assets** |  |  |
| &nbsp;&nbsp;&nbsp; Intangible assets  |  | 26807 |
| &nbsp;&nbsp;&nbsp; Other non-current assets  |  | 25 |
| &nbsp;&nbsp;&nbsp; **Total non-current assets**  |  | **26832** |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp; Trade and other receivables  |  | 245 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  |  | 10562 |
| &nbsp;&nbsp;&nbsp; **Total current assets**  |  | **10807** |
| **Total assets**  |  | **37639** |

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---

| | | |
|:---|:---|:---|
| | **As Adjusted**  | **Actual**  |
| | **As of December 31, <br> 2025**  | **As of December 31, <br> 2025**  |
|  | **(Unaudited)**  | **(Unaudited)**  |
|  | **($ thousands)**  | **($ thousands)**  |
|  ***Liabilities*** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp; Trade and other payables  |  | 2896 |
| &nbsp;&nbsp;&nbsp; **Total current liabilities**  |  | **2896** |
| **Total liabilities**  |  | **2896** |
| **Net assets**  |  | **34743** |
| **Equity** |  |  |
| Share capital  |  | 2131 |
| Share premium  |  | 37613 |
| Shares to be issued  |  |  |
| Capital contribution reserve  |  | 5897 |
| Share-based payment reserve  |  | 1639 |
| Exchange reserve  |  | 675 |
| Accumulated losses  |  | (13212) |
| **Total equity**  |  | **34743** |

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#### RISK FACTORS
 *Investing in our ADSs involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this prospectus, including the sections titled "Special Note Regarding Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and related notes, before making a decision to invest in our ADSs. If any of the risks discussed in this prospectus actually occur, alone or together with additional risks and uncertainties not currently known to us, or that we currently deem immaterial, our business, financial condition, results of operations and prospects may be materially adversely affected. If this were to occur, the value of our ADSs may decline and you may lose all or part of your investment.* 

#### Risks Relating to Our Business and Industry

#### We have no history of mineral production and may never engage in mineral production.
We currently have no operating mines, nor do we have any interest in any mining operations. All of our mineral projects are at the exploration stage and have never been mined by us, nor have we produced any revenue from mining operations. We also have no applicable operating history upon which to base estimates of future operating costs, capital spending requirements, site remediation costs or asset retirement obligations. Our company has no experience in developing or operating a mine. We may never be able to develop and produce minerals from a commercially viable ore body or mine.

 ***Mineral exploration activities are highly speculative, have a high risk of failure, and may never result in finding ore bodies sufficient to develop a producing mine.***

While mineral exploration is necessary to identify potential mineralization, very few mineral properties that are explored are ultimately developed into producing mines. Major expenses will be required to locate and establish mineral reserves, to develop metallurgical processes and to construct mining and processing facilities at a particular site. Most exploration projects do not result in the discovery of commercially mineable ore deposits, and anticipated levels of recovery of mineral resources and mineral reserves, if any, may not be realized, nor may any identified mineral deposit ever qualify as a commercially mineable (or viable) ore body that can be legally and economically exploited. Our exploration programs and activities may not result in the discovery, development or production of a commercially viable ore body or mine.

It is impossible to ensure that the exploration or development programs we plan will result in a profitable commercial mining operation. Estimates of mineral reserves, mineral resources, mineral deposits and production costs can be affected by environmental permitting regulations and requirements, weather, environmental factors, unforeseen technical difficulties, the metallurgy of the mineralization forming the mineral deposit, unusual or unexpected geological formations and work interruptions. The exact effect of these factors cannot be accurately predicted, but the combination of these factors may result in us not receiving an adequate return on invested capital.

#### Our business is and will be subject to market fluctuations, including fluctuations in tungsten prices.
Our business strategy is directly linked to commodity prices. In the future, our revenues are expected to be derived from the sale of tungsten concentrate (WO₃). Similar to other commodities, tungsten markets are cyclical and may be volatile.

The Company may enter into forward sales or other market strategies to mitigate its exposure to the tungsten market once it commences production. It is not the Company's current intention to enter into forward or hedging contracts well in advance of potential production. Currently, the Company intends to maintain significant exposure to the tungsten market, and a more formal policy may be implemented if development and construction financing is considered.

Our future sales, if unhedged, would be denominated in U.S. dollars per metric tonne unit ("MTU") of WO₃ concentrate. Change in the average price of one (1) MTU of APT, as quoted on the Fastmarkets, would be expected to impact our potential revenue per MTU of WO₃ concentrate. The pre-feasibility study

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currently in progress will assess, among other cost and revenue factors, sensitivity to the tungsten price and other metals in the deposit, such as silver, copper and zinc.

Tungsten prices fluctuate and are affected by many factors, including demand from industrial sectors such as defense, aerospace and energy, international economic and political trends, including the nationalization of critical minerals, expectations of inflation, expectations of economic activity, the exchange rate of the U.S. dollar to other major currencies, political and economic conditions including international trade disputes and the imposition of tariffs, interest rates, global or regional consumption and demand patterns, speculative activities and increased production due to improved mining and production methods, production costs in major tungsten-producing regions, speculative positions taken by investors or traders in tungsten, wars and other conflicts, changes in supply and changing investor or consumer sentiment (including in connection with the transition to a low-carbon economy, investor interest in cryptocurrencies and other investment alternatives) as well as competition from alternative materials, all of which are beyond our control.

In addition, our operating costs may be affected by general inflationary pressures and increases in the cost or availability of key inputs such as energy, electricity and fuel supply, water supply and access, labor, consumables, critical raw materials, reagents, transportation and equipment. Disruptions in global or regional supply chains, shortages of equipment, spare parts or raw materials, or interruptions in the supply of utilities could delay our operations or materially increase costs. Because a portion of our expenditures is denominated in foreign currencies, exchange rate volatility could also amplify these cost impacts.

Tungsten prices may also be negatively affected by any slowing of the global economy, increases in exports from single market economy countries, notably China, unfavorable shifts in tungsten demand in key markets such as Asia, Europe and North America, and the release of tungsten concentrate into the market from the U.S. National Defense Stockpile. Conversely, supply-side constraints may exert upward pressure on prices. On February 4, 2025, China implemented export restrictions on certain tungsten products, which have continued to tighten global supply and support higher prices. These restrictions, together with heightened U.S. policy focusing on critical-minerals security, have continued to increase volatility in tungsten pricing.

The aggregate effect of these factors is impossible to predict. If tungsten prices fall below our anticipated all-in sustaining costs per MTU for one or more of our projects, including the Pilot Mountain and Tempiute tungsten projects, as well as any other tungsten exploration or development properties we may acquire or advance in the future, we may experience losses and be required to curtail or suspend some or all exploration and development activities. A prolonged decline in tungsten prices could adversely affect our ability to potentially generate positive cash flow from future operations.

Our current mineral resource estimate for Pilot Mountain is based on an assumed APT price of $65,500 per MTU, which is used by the qualified person in establishing reasonable prospects of economic extraction under Subpart 1300 of Regulation S-K. The value of tungsten concentrate is estimated by applying a factor to the APT price, and this factor may vary depending on market conditions and other factors. If APT prices decline materially below the level used in the resource estimate, or if the factor applied to derive concentrate value changes unfavorably, the estimated mineral resources and any future project evaluations may be adversely affected. Increased price volatility could also impact the timing, scope or economic attractiveness of further project activities.

#### Mining is a capital-intensive industry, and we may be unable to obtain the funding required to advance our projects.
Tungsten exploration, development and mining require substantial amounts of capital to identify and delineate mineral resources and reserves, undertake geological mapping and drilling, conduct metallurgical testing, construct and maintain mining and processing infrastructure, comply with regulatory requirements, and meet ongoing operational needs. As our projects advance, we expect capital needs to increase materially in connection with permitting activities, development work, construction of processing facilities and any future production operations.

Our future capital expenditure requirements will depend on many factors, including the results of exploration programs, updates to the technical report summary for the Pilot Mountain project, changes to

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mine plans, the cost and availability of equipment, labor and contractors, and broader market conditions such as interest rates and tungsten commodity prices. If we are unable to obtain adequate financing on acceptable terms, or at all, we may be forced to delay, reduce in scope or cancel planned exploration, development or construction activities.

In addition, our ability to fund capital expenditures from internally generated cash flows will depend on our ability to successfully advance our projects to production and operate profitably, neither of which is guaranteed. If cash flows are insufficient or if we face difficulties raising debt or equity financing, we may be unable to carry out our business plan, complete development milestones or maintain our properties in good standing. Any delay or interruption to planned capital projects may increase costs, reduce future production capacity, and adversely affect our competitiveness.

Because tungsten projects typically require significant upfront investment and have long development timelines, any inability to secure timely financing could materially and adversely affect our business, results of operations and financial condition.

#### Actual capital and operating costs in respect of our mines and development projects may be significantly higher than estimated capital and operating costs.
Capital and operating cost estimates are based on the interpretation of geological data, the pre-feasibility study stage and other technical studies, anticipated climatic conditions, market conditions for required products and services and other factors and assumptions regarding foreign exchange currency rates. Because we are in the exploration stage and have not yet established mineral reserves, these estimates are inherently more uncertain and subject to change as additional drilling, engineering and design work is completed. Any of the following events could affect the ultimate accuracy of such estimates: unanticipated changes in grade and tonnage of ore to be mined and processed; incorrect data on which engineering assumptions are made; lack of availability of key components or equipment; delay in construction schedules, unanticipated transportation costs; the inaccuracy of major equipment and construction cost estimates; the inaccuracy of operating cost or scale estimates; labor negotiations; changes in government regulation (including regulations regarding prices, cost of consumables, royalties, duties, taxes, permitting and restrictions on production quotas on exportation of minerals); raw material costs; changes in commodity prices, availability of financing on acceptable terms and title or right of use claims.

#### Lack of reliability and inaccuracies of historical information could hinder our exploration plans.
We have relied on, and the disclosure in the technical report summary for the Pilot Mountain project is in part based on, certain historical-geological, geochemical, geophysical and drilling data compiled by previous operators of Pilot Mountain. To the extent any such historical data is inaccurate, incomplete or was collected using methods that do not meet current industry standards, our exploration interpretations, mineral resource estimates and related plans may be adversely affected. In addition, cost estimates and assumptions used in connection with our exploration programs may not prove accurate. Such estimates are based on interpretations of geological information, anticipated site conditions and other technical and economic factors. Any of the following, among other risks and uncertainties described in this prospectus, could affect the accuracy of any such historical data or other estimates or assumptions: variability in grade or tonnage of mineralized material; errors or gaps in historical datasets; changes in drilling, assay or metallurgical costs; unexpected logistical or transportation constraints; availability of labor and equipment; or changes in permitting requirements, environmental regulations, taxes, royalties or land tenure matters. If these assumptions or historical datasets prove inaccurate, our exploration results, timelines and ability to advance our projects may be negatively affected.

#### Our actual costs may significantly exceed the estimated costs and economic returns estimated in our preliminary economic assessments and feasibility studies.
Feasibility studies, pre-feasibility studies and preliminary economic assessments ("PEAs") are used to assess the economic viability of a mineral deposit. There is no certainty that existing or future pre-feasibility or feasibility studies or PEAs will be realized. Actual costs may significantly exceed estimated costs and economic returns may differ significantly from those estimated in the studies. There are many factors involved in the determination of the economic viability of a mineral deposit, including the achievement of

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satisfactory mineral reserve and mineral resource estimates, the level of estimated metallurgical recoveries, product quality and competition, capital and operating cost estimates and estimates of future tungsten and any by-product prices.

The Pilot Mountain project is currently at the advanced pre-feasibility stage, supported by the U.S. Department of War Defense Production Act Title III award received in July 2025, and any advancement to a full feasibility study will depend on the results of ongoing exploration, permitting, financing and market conditions. The Tempiute project is a historical tungsten producer; a letter of intent was signed on October 31, 2024, and a definitive option agreement completed on January 25, 2025. Preparatory workstreams were advanced during fiscal year 2025 in support of the 2025 drilling program which is currently underway. If the assumptions or estimations in the Pilot Mountain project PFS or the Tempiute project drilling program or other pre-feasibility workstreams are incorrect or if actual costs exceed those currently estimated, the projects may be economically unviable.

#### The accuracy of our mineral resource estimates cannot be assured, and the volume of materials we are able to recover may be materially lower.
The mineral resources we have disclosed before the recent S-K 1300 report relate solely to our Pilot Mountain project and are based on historical technical work; no mineral reserves have been established for any of our projects. Our Tempiute project had no declared mineral resources as of December 31, 2025; work undertaken during fiscal year 2025 was preparatory in nature and was intended to support a planned drilling program. No assurance can be given that the anticipated production will be achieved or that any indicated level of recovery of tungsten will be realized.

The estimation of mineral reserves and mineral resources is a subjective process that is partially dependent upon the judgment of the persons preparing the estimates. The process relies on the quantity and quality of available data and is based on knowledge, mining experience, statistical analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. Our mineral resource estimates presented in this prospectus are, in accordance with Subpart 1300 of Regulation S-K, based on tungsten recoveries in small-scale laboratory tests and may not be indicative of the mineralization in the entire orebody, and we may not be able to achieve similar results in larger scale tests under on-site conditions or during production. Large-scale continuity and character of our deposits will only be determined once significant additional drilling and sampling have been completed and analyzed. Actual mineralization or formations may be different from those predicted.

No assurance can be given that any part or all of our mineral resources will ever be converted into mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Due to the uncertainty that may be attached to inferred mineral resources, there is no assurance that inferred mineral resources will be upgraded to measured or indicated mineral resources as a result of continued exploration. If resources are upgraded to reserves, the ore volume and grade actually recovered by us may also differ from the estimated volumes and grades of the mineral reserves and mineral resources.

There are numerous uncertainties inherent in estimating mineral reserves and resources, including many factors beyond our control. The qualification of any ore as a reserve or resource estimate is materially dependent on prevailing metal prices and the cost of recovering and processing minerals at the individual mine sites. Prolonged declines in the market price of tungsten may render mineral reserves or resources containing relatively lower grades of mineralization uneconomical to recover and could thereby materially reduce our mineral resources or, if any, mineral reserves. Should such reductions occur, we may be required to take a material write-down of our investment in mining properties, reduce the carrying value of one or more of our assets or delay or discontinue production or the development of new projects, resulting in increased net losses and reduced potential future cash flow. Because we have not established mineral reserves, our mine plans, if developed, will remain subject to significant uncertainty until reserves are delineated and even then such plans will remain subject to risks and uncertainties inherent in mining. Market price fluctuations of tungsten and other by-product metals such as silver, copper and zinc, as well as increased production costs or reduced recovery rates, may render mineral resources or reserves containing relatively lower grades of mineralization uneconomical to recover and may ultimately result in a restatement of mineral reserves or resources. Short-term factors relating to the mineral reserve, such as the need for orderly development of ore bodies or the processing of new or different grades, the technical complexity of orebody, unusual or

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unexpected orebody formations, ore dilution or varying metallurgical and other ore characteristics may impair the profitability of a mine in any particular period. Failure to obtain or maintain necessary permits or government approvals, or changes to applicable tax and customs regimes or applicable legislation, could also influence the accuracy of our mineral resources or, if any, mineral reserves or cause us to reduce our mineral resources or, if any, mineral reserves.

Mineral resource estimates for properties that have not commenced production or at deposits that have not yet been exploited are based, in most instances, on very limited and widely spaced drill hole information, which is not necessarily indicative of conditions between and around the drill holes. Accordingly, such mineral resource estimates may require revision as more drilling information becomes available or as production experience is gained.

The mineral resource estimates described in this prospectus should thus not be interpreted as assurances of commercial viability or potential or of the profitability of any future operations. Investors are cautioned not to place undue reliance on these estimates. A technical report summary issued by RESPEC on December 15, 2025 is included as Exhibit 23.2 and summarized under "Mining Properties."

 ***We have not established any mineral reserves and may never be able to establish, replenish or expand our mineral resources or convert them into mineral reserves.***

We are currently in the exploration stage and have only indicated and inferred mineral resource estimates at our Pilot Mountain project. We have no proven or probable mineral reserves as defined under Subpart 1300 of Regulation S-K. Any potential future production would depend on our ability to: (i) complete additional drilling and technical work to improve confidence in existing mineral resources, (ii) identify additional mineralized material through further exploration and (iii) demonstrate, through more advanced technical studies, that mineral reserves can be established. There is no assurance that any of these steps will be successful, or that our Pilot Mountain project, or any of our other projects, will ever support the declaration of mineral reserves.

Mineral resource estimates inherently involve uncertainty. Assumptions used by the qualified person to declare mineral resources may prove incorrect, or conditions may change with respect to operating or capital costs, metallurgical recoveries, product values, or other technical and economic factors. If the underlying assumptions used in preparing the mineral resource estimate for Pilot Mountain prove inaccurate, or if economic or technical conditions change, the mineral resources may be materially reduced, reclassified or rendered uneconomic and our ability to advance the project could be adversely affected.

There is no assurance that our exploration programs will result in the discovery of additional mineralization or that any existing or future mineral resources will ever be converted into mineral reserves.

 ***Delays in the performance of any of the contractors, suppliers, consultants or other persons on which we are dependent in connection with our exploration, evaluation and potential construction activities, delay in or failure to receive the required governmental approvals and permits in a timely manner or on reasonable terms or termination of any existing or future required approvals or permits, or a delay or failure in connection with the completion and successful operation of the operational elements of any future mining operations could delay or prevent such projects from advancing to production.***

The successful advancement of our projects through exploration to engineering and into construction and eventual production, including the development of the Pilot Mountain and Tempiute tungsten projects, is subject to a number of factors, including the availability and performance of engineering and construction contractors, mining contractors, suppliers and consultants, the receipt and maintenance of required governmental approvals and permits in connection with the development of mining facilities, the conduct of mining operations (including the receipt and maintenance of environmental permits) and the successful construction and operation of key infrastructure, such as ore passes, among other operational elements. Any delay in the performance of any one or more of the contractors, suppliers, consultants or other persons on which we are dependent in connection with our development activities, delay in or failure to receive the required governmental approvals and permits in a timely manner or on reasonable terms, or the termination of any required approvals or permits, or a delay in or failure in connection with the completion and successful

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operation of the operational elements of any future mining operations could delay or prevent such projects from advancing to production.

There can be no assurance that any of our current or future exploration, development or production plans will be successful, that we will be able to obtain sufficient funds to finance exploration, development or production activities, that personnel and equipment will be available in a timely manner or on reasonable terms to successfully advance or complete such projects, that we will be able to obtain all necessary governmental approvals and permits or that the development and potential operating costs associated with the advancement of our projects will not be significantly higher than anticipated by us. Any of the foregoing factors could delay or prevent such projects from advancing to production, which in turn could adversely impact our operations and financial condition.

#### Our projects have no relevant operating history upon which to base estimates of future cash flow and may not be commercially viable.
Our projects have no relevant operating history upon which to base estimates of future cash flow. The Pilot Mountain project had small-scale production in the 1940s and the Tempiute project had production from the early 1900s up to the 1980s. The records of production and costs are not current enough to base estimates of future cash flow upon. In addition, historical production at Tempiute was largely from underground mining, whereas we are focused on open-pit potential resources. We are also looking at the potential of unrecovered metal in the tailings left from previous production at Tempiute. The capital expenditures and time required to develop our exploration projects into operating mines are considerable and changes in costs or construction schedules may affect project economics. Thus, it is possible that actual costs may change significantly and economic returns may differ materially from our estimates.

Commercial viability of a future mining project is predicated on many factors such as estimation of mineral resources (and their eventual conversion into reserves), anticipated metallurgical recoveries, environmental considerations, permitting and anticipated capital and operating costs, as well as available capital to develop such project. Any mineral resources estimated in technical assessments may not be realized or converted into reserves, and the level of future metal prices needed to ensure commercial viability may not materialize. Development projects are subject to the completion of successful feasibility studies and environmental assessments, issuance of necessary governmental permits and availability of adequate financing. Development projects are uncertain and it is possible that actual capital and operating costs and economic returns will differ significantly from those estimated. Consequently, there is a risk that future projects may be subject to write-down and/or closure as they may not be commercially viable.

#### We have negative cash flows from our operations.
For the six months ended December 31, 2025 and the fiscal year ended June 30, 2025, we sustained net losses from operations and had a negative operating cash flow of $2.5 million and $1.1 million, respectively, compared to negative operating cash flow of $1.4 million for the six months ended December 31, 2024 and negative operating cash flow of $0.7 million for the fiscal year ended June 30, 2024. As of December 31, 2025 and June 30, 2025, we had cash and cash equivalents of approximately $10.6 million and $1.9 million, respectively and accumulated losses of approximately $13.2 million and $8.4 million, respectively. We have had negative operating cash flows in prior periods and may continue to do so and we will need to use available cash, including proceeds from this offering, to fund any such negative cash flow.

We anticipate that the Company will remain cash flow negative for several years. The generation of positive cash flow from operations will depend on the successful development and commencement of production at the Pilot Mountain and Tempiute tungsten projects and any delay in bringing these projects into production would extend the period during which we remain cash flow negative. We may, in the future, seek further financing through long-term debt from financial institutions, debt or equity financing though capital markets, or private placements. The availability of this capital is subject to general economic conditions and lender and investor interest in our projects and there can be no assurance that additional capital or financing will be available if needed or that, if available, the terms of such financings will be acceptable to us. Any changes in these estimates or adverse developments in the availability of capital could materially impact our financial performance and results of operations.

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#### Our business and ability to advance our projects may be negatively affected by global financial conditions.
Global financial conditions continue to be characterized as volatile, including elevated inflation in mining inputs (labor, fuel, electricity, reagents, equipment and contractor services). Persistent input cost inflation or shortages in Nevada or other regions where we may operate due to local or global financial conditions could increase our capital and operating costs, extend schedules and adversely affect project economics. In recent years, global markets have been adversely impacted by various credit crises, significant fluctuations in fuel and energy costs and metals prices, inflation, geopolitical conflict and health pandemics. Many industries, including the mining industry, have been impacted by these market conditions, which have contributed to increased economic uncertainty, higher capital costs and, for pre-production companies like ours, potentially reduced access to financing. These factors have increased the risk of disruption to global trade flows and supply chains, including availability and lead times for mining and processing equipment.

Further, global financial conditions remain subject to sudden and rapid destabilizations in response to future events, as government authorities may have limited resources to respond to future crises. Global economic uncertainty, disruptions to global trade flows and supply chains and continued or worsened slowdown in the financial markets or other economic conditions, including but not limited to tariffs, consumer spending, employment rates, business conditions, inflation, fuel and energy costs, consumer debt levels, lack of available credit, the state of the financial markets, interest rates and tax rates may adversely affect our ability to secure project financing, maintain exploration and development timelines and advance our projects toward production.

Future crises may be precipitated by any number of causes, including natural disasters, geopolitical conflict or instability, changes to energy prices or sovereign defaults. If increased levels of volatility continue or in the event of a rapid destabilization of global supply chains or economic conditions, it may result in a material adverse effect on commodity prices, demand for metals, including tungsten, availability of credit, investor confidence and general financial market liquidity, all of which may adversely affect our ability to fund and advance our projects and the market price of our securities.

#### Foreign currency exchange rate fluctuations could adversely affect our operating costs, capital expenditures and results of operations.
A portion of our monetary assets and liabilities, including cash and cash equivalents, receivables and payables, as well as certain income and expense items such as operating expenses and capital expenditures, are and are expected to continue to be, denominated in currencies other than the U.S. dollar, principally the pound sterling. We hold significant amounts of cash from time to time in pounds sterling and a depreciation of this currency against the U.S. dollar could adversely affect our results of operations and our ability to advance our projects in the United States. Fluctuations in exchange rates between the U.S. dollar could result in significant changes to our reported financial position and results, which may not be offset by corresponding changes in revenues. From time to time, we may use hedging arrangements, such as forward currency contracts, to manage foreign exchange exposure; however, these activities may be limited in scope and may not fully offset the impact of currency movements. As disclosed in Note 17 to our annual consolidated financial statements and under "Management's Discussion and Analysis of Financial Condition and Results of Operations," a 10% strengthening or weakening of sterling against the U.S. dollar would have a measurable impact on our profit or loss and equity. Any substantial or prolonged change in currency exchange rates could therefore have a material adverse effect on our business, financial condition and results of operations.

 ***Disruption to current trade practices could have a material impact on our ability to procure inputs and equipment for our operations and projects, and, in the future, market our products.***

Access to markets for any tungsten products we may produce in the future and our ability to procure inputs and equipment required for our projects and operations may be subject to interruptions or trade barriers due to policies and tariffs or import/export restrictions of individual countries. Any tungsten products we may sell in the future could be subject to tariffs or other trade measures that do not apply to producers in certain other jurisdictions, potentially affecting the competitiveness of our products and our ability to access certain markets.

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Geopolitical tensions and trade disputes, particularly those affecting China, Europe and the United States, may impact the availability and pricing of tungsten. For example, in late 2024 and continuing into 2025, China instituted and expanded restrictions on exports of critical minerals, including tungsten, to the United States. Although China has since rolled back a number of restrictions, restrictions on tungsten exports are still in place and negotiations between the United States and China are ongoing. With China accounting for a significant share of global tungsten supply, any changes in laws and regulations, export or import restrictions, tariffs or sanctions, or any perpetuation or escalation of any existing restrictions, tariffs or sanctions, could create volatility in the market and affect both the cost of inputs we require for our projects and the price environment for tungsten.

The recent and evolving introduction and removal of various tariffs and reciprocal trade measures between major economies, including the United States, China and the European Union has destabilized trade practices. For example, on April 2, 2025, the United States government announced that a 10% base tariff will be applied to all imports to the United States effective April 5, 2025, subject to limited exceptions for Mexico and Canada and that almost 60 countries will, in lieu of the 10% base tariff, be assigned higher reciprocal tariffs on imports that extend as high as 50%, effective April 9, 2025. Most of the reciprocal tariffs were later suspended and replaced by a base tariff of 10% for a period of 90 days. It remains uncertain to what extent such tariffs or restrictions may be reimposed or expanded in the future. Tariffs and any additional changes in U.S. trade policy could result in one or more other jurisdictions adopting responsive trade policies. The adoption and expansion of trade restrictions, the occurrence of a trade war or other governmental action related to tariffs or trade agreements or policies has the potential to adversely impact us and the global economy.

The imposition of any tariff on tungsten ore, concentrates, oxide and related materials produced and sold by us may adversely affect our business, financial condition and results of operations. In addition, tariffs on the import of critical equipment or materials required for either the capital development or operating phases of our projects could materially increase our capital or operating costs. Elevated tariffs could also limit the supply or availability of such equipment or materials, which may have a material adverse impact on our business.

 ***Changes in geopolitical conditions, including a reduction or reversal of current trade restrictions and critical-minerals policies, could materially reduce the strategic importance of domestic tungsten projects like ours and adversely affect our business.***

Our business strategy is premised in part on the current geopolitical and national-security environment, including ongoing trade tensions between the United States and China, China's restrictions on exports of certain strategic minerals and U.S. government policies aimed at strengthening domestic supply chains for critical minerals. These developments have increased interest in and potential support for U.S.-based tungsten projects such as ours.

There is no assurance that these conditions will continue. Any improvement or de-escalation in U.S.-China relations, a reduction or removal of tariffs or export controls or a shift in U.S. government priorities regarding access to critical minerals could lessen or eliminate the perceived strategic value of domestic tungsten production. Similarly, if China were to resume or expand exports of tungsten or other related materials, global supply and pricing dynamics could change materially, which could reduce the demand for U.S. domestic tungsten production.

In addition, the U.S. Department of War and other federal agencies may decide not to continue, or may significantly reduce, efforts to promote domestic critical-minerals development. If government interest or policy support for domestic tungsten projects declines, our ability to attract financing, secure commercial partnerships or advance the development of our projects could be adversely affected. These developments could have a material negative impact on our business, prospects and the potential economic viability of our projects.

#### Increases in production costs may adversely affect our business.
Changes in our production costs could have a major impact on our profitability. Our principal production expenses are contractor costs, equipment, materials, personnel costs and energy. Changes in

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costs at any of our current or future mining and processing operations could occur as a result of unforeseen events, including international and local economic and political events, weather and climate conditions, increases in the costs of explosives, oil, steel, reagents, power supply and other consumables, union demands and scarcity of labor and could result in changes in profitability or reserve or resource estimates. Many of these factors may be beyond our control. For example, the availability of grid power in Nevada in the near term remains uncertain. Any delays in the delivery of grid power could significantly and adversely affect our ability to develop and operate mining projects, including Pilot Mountain and Tempiute and our financial condition and results of operations.

We rely on third-party suppliers for equipment hire and for a number of raw materials, including but not limited to fuel and, if we proceed to scale and advance towards production operations, steel and reagents. Any material increases in the cost of equipment hire or raw materials, or our inability to source viable and economic alternative third-party suppliers for the supply of our equipment and raw materials, could have a materially adverse effect on our results of operations or financial position.

#### We may not be able to secure financing on favorable terms, or at all, to meet our future capital needs.
In order to fund the costs associated with the exploration, development, mining and processing of minerals from our properties and our mine plans and to meet expected future obligations, we may, from time to time, be required to obtain additional financing. Given that our Pilot Mountain and Tempiute projects are currently in the exploration-stage and are not generating operating cash flows, our ability to fund such activities will depend heavily on access to external financing. Although we recently raised approximately $21 million in aggregate gross proceeds through a private placement of ordinary shares and received a $6.2 million award from the U.S. Department of War, we expect that we will continue to incur significant expenditures and may require additional capital in future periods to advance feasibility and construction. Metal prices, environmental rehabilitation and restitution, revenue and income taxes, transportation and other operating costs, working capital needs, capital expenditures and geological results are also factors which may have an impact on the amount of additional financing that may be required.

Equity and debt markets are subject to significant volatility and because the Pilot Mountain and Tempiute projects have no recent production history, obtaining financing may be more difficult. In addition, tungsten prices are reported only in weekly quotations rather than through continuous live markets and this relative lack of transparency may make financing our projects more challenging compared to other metals with more liquid markets. Further, debt financing, if available, may also impose certain restrictions on our operating activities or include financial covenants, such as accompanying tungsten hedging requirements and minimum liquidity levels, or restrict our ability to enter into additional financing arrangements. There is no guarantee that such equity or debt financing will be available to us or that these financings would be obtained on terms favorable to us. Any inability to secure financing on favorable terms or at all may adversely affect our business and financial position and may result in a delay or indefinite postponement of exploration, development or production of any or all of our properties, or even a loss of exploration or development rights.

See "Management's Discussion And Analysis Of Financial Condition And Results Of Operations — Liquidity and Capital Resources."

 ***If we incur indebtedness in the future, we may be subject to restrictive covenants and security arrangements that could limit our operational and financial flexibility and a default could have a material adverse effect on our business.***

Any debt financing we obtain in the future may contain covenants that impose restrictions on our operations, such as limitations on additional indebtedness, liens, asset sales, investments, acquisitions, dividends, share repurchases or other distributions, as well as requirements to maintain certain financial ratios or other performance metrics. These restrictive covenants could restrict our ability to pursue strategic opportunities, respond to changing market conditions or fund necessary capital expenditures and could place us at a competitive disadvantage relative to peers not subject to such restrictions.

If our indebtedness is secured by some or all of our assets, including our mineral properties, a default under the relevant financing agreements could result in the lender foreclosing on the collateral, which could

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include our most significant operating assets. In the event of a default, lenders may accelerate repayment of outstanding amounts and exercise remedies that could materially and adversely affect our financial condition and ability to continue as a going concern. Even if we are able to comply with these restrictive covenants, the need to monitor and manage compliance could divert management attention from operations. There can be no assurance that we will be able to meet any future debt service obligations or comply with restrictive covenants in any future debt instruments and any failure to do so could have a material adverse effect on our business, financial condition and results of operations.

 ***We are subject to costs and risks associated with increased or changing laws and regulations affecting our business, including the need to obtain government permits, consents and licenses.***

Exploration, development and mining activities are subject to laws and regulations governing health and work safety, employment standards, environmental matters, social matters, mine development, prospecting, mineral production, exports, taxes, labor standards, reclamation obligations and other matters. In Nevada, where our Pilot Mountain and Tempiute projects are located, our operations are also subject to U.S. federal laws as well as permitting requirements administered by the Nevada Division of Environmental Protection ("NDEP") and the federal Bureau of Land Management ("BLM"). For example, development of the Pilot Mountain project will require a Plan of Operations ("PoO") and related Environmental Assessment ("EA") from the BLM, as well as applicable NDEP permits (including water pollution control, reclamation and air quality permits, as required). Future changes in applicable laws, regulations, agreements or changes in their enforcement or regulatory interpretation could result in changes in the legal requirements or in the terms of permits and agreements applicable to us or our properties, which could have a material adverse impact on our operations, including our exploration programs and future development projects. Although recent Executive Orders, including numerous issued in 2025 relating to energy security, critical-mineral production and supply chain resilience, have emphasized federal priorities to strengthen domestic critical-minerals development, there can be no assurance that such priorities will continue.

Our projects are subject to review and permitting by both the Nevada Department of Environmental Protection and federal authorities. Obtaining necessary permits and licenses can be a complex, time consuming process and there can be no assurance that required permits will be obtainable on acceptable terms, in a timely manner or at all. The costs and delays associated with obtaining permits and complying with these permits and applicable laws and regulations could stop or materially delay or restrict us from proceeding with the development of an exploration project or the operation or further development of a mine. Any failure to comply with applicable laws and regulations or permits, even if inadvertent, could result in interruption or closure of exploration, development or mining operations or material fines, administrative or legal proceedings brought by governmental agencies or other third parties, penalties or other liabilities, which could have an adverse effect on our business, financial condition or results of operation.

We are also subject to laws and regulations and acts by authorities related to environmental protection, health and safety, cultural and natural resource protection, water usage and reclamation that may limit or modify our exploration and development plans or impact our work programs, production volumes, costs and any future reserves and resources. For example, we acquired key water rights at Pilot Mountain; however, additional approvals may be required as projects advance. The Pilot Mountain and Tempiute projects will require an approved PoO, environmental assessments and reclamation bonding before construction can commence. The Company has filed a PoO for the Pilot Mountain project for exploration and pre-feasibility work to expand the disturbed land area in connection with drilling and related activities. The PoO and the related EA are currently under review with federal and state regulators. There can be no assurance that the PoO or the EA will be accepted as submitted, or that they will not be significantly modified in a manner that could delay or prevent the planned works or the quality of our potential reserves or resources.

For any future mine development contemplated by the ongoing pre-feasibility study, the Company will be required to submit additional filings to federal and state agencies, including an updated PoO and EA, or potentially a more expansive Environmental Impact Statement. There can be no assurance that any such filings will result in the required approvals to advance the projects as planned, or at all.

#### Disagreements with local communities and other stakeholders could adversely impact our business and reputation.
As a mining business, we may come under pressure in the jurisdictions in which we operate, or will operate in the future, to demonstrate that (i) other stakeholders (including employees, communities

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surrounding our operations and the countries in which we operate) benefit and will continue to benefit from our commercial activities and/or (ii) we operate in a manner that will minimize any potential damage or disruption to the interests of those stakeholders. We may face opposition with respect to our current and future development, exploration and operation of projects and mines, which could materially adversely affect our business, results of operations and financial condition. Further, certain non-governmental organizations are often critical of the mining industry and related practices, including the use of hazardous substances in processing activities. The adverse publicity generated by these organizations or others related to extractive industries generally, or to our operations specifically, could negatively impact our reputation, financial condition and relationships with the communities in which we operate or our stakeholders generally. They may engage in protests or bring administrative or legal proceedings to object to the issuance of required permits, require environmental reviews or seek damages. These actions may be related not only to current activities, but also the historic mining activities of previous owners. Any such opposition, criticism, adverse publicity protests or proceeding could adversely affect us and result in the potential loss of our rights or failure of our projects.

#### Our business could be adversely affected by the failure or unavailability of certain critical assets or infrastructure.
Mining, processing, development and exploration activities depend on access to and an ability to maintain adequate and reliable infrastructure, including roads, railways, power sources and water supply. If the required infrastructure is not readily available, it may have to be built and there is no assurance that it can be built in a timely manner or at all. There is no assurance that we can access and maintain the infrastructure needed, or, where necessary, obtain rights of way, government authorizations and permits to construct or upgrade the same at a reasonable cost, in a timely manner, or at all. Access to infrastructure may also be interrupted by natural causes, such as drought, floods, earthquakes, landslides and other weather phenomena, or man-made causes, such as blockades, sabotage, conflicts, government issues, political events, protests, rationing or competing uses, as well as global pandemics. Inadequate, inconsistent or costly infrastructure could compromise many aspects of the project's feasibility, viability and profitability, including, but not limited to the construction schedule, capital and operating costs.

In Nevada, our projects are located in remote areas and depend on the availability and maintenance of access roads, power lines and water infrastructure. Unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure could adversely affect our business, financial condition and results of operations. NVEnergy, the electricity utility serving the area of the Pilot Mountain project, has indicated that it could take five years or more to deliver grid power to the site. As a result, alternative power sources will need to be evaluated for our Nevada projects, which may significantly increase potential operating costs or delay or prevent advancement. At the Tempiute project, although a power substation is located on the property, the condition, capacity and timing of any connection to key property infrastructure are uncertain and may require significant upgrades, so the availability of electricity from the grid may present a significant issue that could delay or prevent the advancement of the project. Changes in the quantity of water in regions where we operate, whether excessive or deficient amounts, may affect exploration and development activities, mining and processing operations, water management and treatment facilities, tailings storage facilities, closure and reclamation efforts and may increase levels of dust in dry conditions and land erosion and slope stability in case of prolonged wet conditions. Water shortages may also result from environmental and climate events that are out of our control and ability to manage. For example, inadequate rainfall or the occurrence of drought may stop operations, which could materially affect production. Conversely, excessive rainfall or flooding may also result in operational difficulties, including geotechnical instability, increased dewatering demands and additional water management requirements. In addition, we cannot predict the potential outcome of pending or future legal proceedings or negotiations related to water rights, claims, contracts and uses, which may impact our operations. The loss of water rights, in whole or in part, or shortages of water to which we have established rights, could impact existing operations or prevent future exploration. Further, laws and regulations may be introduced in the jurisdictions in which we operate that could limit our access to sufficient water resources. Additionally, failure to manage water discharge or contamination risks could lead to environmental liabilities and reputational damage.

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#### Concessions, authorizations, licenses and permits are subject to expiration, limitation on renewal and various other risks and uncertainties.
Our operations and exploration activities depend on permits, approvals and licenses from governmental regulatory agencies and other authorities (including federal agencies such as BLM, state agencies and county authorities) in the jurisdictions in which we operate. Our Pilot Mountain project currently consists of unpatented mining claims located on land managed by the BLM and we conduct exploration and early development work there through our U.S. subsidiaries. Our Tempiute project, by contrast, consists of both patented claims and unpatented mineral claims. We are subject to laws and regulations that can change at any time and changes in laws and regulations may require modifications to our plans and operations and result in unanticipated capital expenditures. We are also exposed to political and regulatory risk in our relationship with governmental and regulatory authorities that issue these permits and approvals.

Apart from unpatented mining claims, we may need to obtain various federal, state and county authorizations, licenses and permits from governmental or other regulatory bodies in connection with the planning, maintenance, operation and closure of our projects, which may be subject to fixed expiration dates or periodic review or renewal. There is no assurance that renewals will be granted as and when sought and there is no assurance that new conditions will not be imposed in connection with renewal. In addition, failure to comply with applicable laws and regulations, including failure to pay annual BLM and county claim maintenance fees, may invalidate title to mineral rights held by us.

If so, the costs of holding or renewing our unpatented mining claims and other approvals may render our business objectives unviable. Accordingly, we need to continually assess the economic and technical potential of each project to determine if the costs of maintaining the claims and permits are justified by the results of operations to date and we might elect to let some of our claims lapse. There can be no assurance that permits and approvals will be obtained on terms favorable to us, or at all, for our future intended exploration or development targets.

We are also subject to laws and regulations and acts by authorities, related to dams, caves, Indigenous People and Traditional Communities that may limit or modify our mining plans, impact our production volumes, costs and reserves and resources.

#### Our business faces uncertainties and risks relating to the development of its Pilot Mountain and Tempiute tungsten projects.
Our ability to achieve tungsten production in the future is dependent on the successful development of the Pilot Mountain and Tempiute tungsten projects. Pilot Mountain is in the advanced exploration and pre-feasibility study stage and Tempiute is a historic producing tungsten mine where drilling is underway as of H1 2026. There are many risks and unknowns inherent in all projects. For example, the economic feasibility of projects is based upon many factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the accuracy of the resource estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • metallurgical recoveries from scoping work at Pilot and historical records at Tempiute;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • capital and operating costs of such projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the timetables for the construction, commissioning and ramp-up of such projects and any delays or interruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the reliability of construction designs and accuracy of engineering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in scope;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the ability to manage large-scale construction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the future prices of commodities, including tungsten, to which our projects' economics are highly sensitive; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes and restrictions from new or current environmental rules as they apply to the planned projects.

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Unforeseen circumstances, including those related to the amount and nature of the mineralization at the development site, technological impediments to extraction and processing, legal requirements, governmental intervention, infrastructure limitations, transport issues, environmental issues and local community relations or other events, could result in the development of the Pilot Mountain and Tempiute tungsten projects becoming impractical or uneconomic. Further, actual costs and economic returns may differ materially from our estimates, or we may fail or be delayed in obtaining the governmental permits and approvals necessary in connection with the projects, in which case, the projects may not proceed either on their anticipated timing or at all.

Frequently, new and/or expanded mining operations experience unexpected problems during the start-up phase and delays can often occur prior to production reaching its expected steady state levels. We may also experience actual capital and operating costs and operating results that differ materially from those anticipated. In addition, experience from actual mining or processing operations may identify new or unexpected conditions that could reduce production below, or increase capital or operating costs above, current estimates. Accordingly, we cannot provide assurance that our activities will result in profitable mining operations at the Pilot Mountain and Tempiute tungsten projects.

The development of the Pilot Mountain project is assisted by a $6.2 million award from the U.S. Department of War, which is milestone-based and earmarked for specific feasibility and pre-development activities. Reimbursement to the Company of certain exploration and engineering costs on the project is contingent on meeting agreed milestones and delays or failures in doing so could jeopardize this funding. We expect to fund the planned pre-feasibility study from cash on hand, including amounts received under the award. We have not yet secured the additional financing required to complete the detailed engineering, permitting and development of the Pilot Mountain project. USD from existing cash reserves is currently allocated to the Tempiute tungsten project.

The development and operation of the Pilot Mountain and Tempiute tungsten projects are subject to obtaining and maintaining various permits, licenses and regulatory approvals from local, regional and national authorities, including federal permits from the BLM for activities on unpatented mining claims and related annual BLM maintenance fees and filings, as well as state environmental approvals. The permitting process can be lengthy, complex and subject to change and there is no guarantee that all necessary approvals will be obtained in a timely manner or at all.

#### Cyberattacks, including unauthorized disclosure, destruction or modification of data through cybersecurity breaches, computer viruses or otherwise may adversely affect our business and reputation.
We are reliant on the continuous and uninterrupted operations of our information technology systems, including our networks, equipment, hardware, software, telecommunications and other information technology (collectively, "IT Systems") and the IT Systems of our vendors and third-party service providers, to operate our business. User access and security of all IT Systems are critical elements to our operations. Our operations depend, in part, on how well we and our suppliers protect IT Systems against damage from a number of threats, including, but not limited to, cable cuts, damage to physical plants, natural disasters, terrorism, fire, power loss, hacking, computer viruses, vandalism and theft. These risks are evolving as IT Systems and cyberattacks or breaches become more sophisticated and prevalent. These cyberattacks are also becoming increasingly sophisticated through the use of artificial intelligence and machine learning tools and tactics and are often well-funded, including in some cases by state sponsors. These disruptions may also occur for non-malicious reasons, such as the widespread server-related outages caused by CrowdStrike's defective software update in July 2024. Any IT System's failure pertaining to availability, access or system security could result in disruption for personnel and could adversely affect our reputation, operations or financial performance.

Our operations also depend on the timely maintenance, upgrade and replacement of IT Systems, as well as pre-emptive expenses to mitigate the risks of failures. Increasingly, the operating and control systems at our projects rely on IT Systems to monitor ongoing operations and optimize performance. Our financial control and accounting systems depend on our IT Systems and our workforce increasingly works remotely, which has further increased our reliance on our IT Systems and associated risks. Adoption of new technology that promotes operational efficiency, such as the use of artificial intelligence, fleet electrification and autonomous vehicles, may further expose our IT Systems to risk. As our use of IT Systems increases

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and evolves and cybersecurity attacks become more sophisticated or pervasive, we may have to incur significant costs to upgrade our IT Systems to protect against any failures. New or improved IT Systems that we procure may have defects, not be installed properly or not integrate with our other IT Systems.

Our IT Systems could be compromised by unauthorized parties attempting to extract sensitive, confidential or personal information, corrupting information or disrupting business processes or by inadvertent or intentional actions by our employees or vendors. A cybersecurity incident (including system-encrypting ransomware) resulting in a security breach or failure to identify a security threat could disrupt our business and could result in the loss of sensitive, confidential or personal information or other assets, as well as litigation, regulatory enforcement, violation of privacy and security laws and regulations and remediation costs.

The occurrence of one or more IT System's failure could have effects including damage to our equipment, operational delays, loss or corruption of data, compromise of confidential or otherwise protected information, delay in the delivery of supplies and services, increased health and safety risks, increases in capital expenditures, loss of production, accidental discharge of regulated materials, expensive remediation efforts, distraction of management, damage to our reputation and events of non-compliance, which could lead to regulatory fines or penalties, or ransom payments. Any of the foregoing could have a material adverse effect on our results of operations and financial performance.

Although to date we have not experienced any material losses relating to cyberattacks or other information security breaches, there can be no assurance that we will not incur such losses in the future. Because critical minerals are considered strategically important in the United States, companies involved in their exploration and development may attract heightened attention from threat actors and our operations may face an elevated risk of cyberattacks compared to other mining companies. Our risk and exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature of these threats. As a result, cybersecurity and the continued development and enhancement of controls, processes and practices designed to protect systems, computers, software, data and networks from attack, damage or unauthorized access remain a priority. As cyber threats continue to evolve, we may be required to expend additional resources to continue to modify or enhance protective measures or to investigate and remediate any security vulnerabilities.

#### Mining operations involve significant hazards and a high degree of risk.
Our exploration, development and mining operations are subject to significant risks inherent to the mining industry, some of which are beyond our control. Such risks include, but are not limited to, unusual and unexpected geologic formations, seismic activity, rock bursts, cave-ins, flooding, pit wall failure and other conditions involved in the drilling, blasting, mining and processing of material, any of which could result in damage to, or destruction of, mines and other producing facilities, damage to life or property, environmental damage, delays, suspensions or permanent cessation of activities, monetary losses and possible legal liability. Although we believe adequate precautions to minimize risk are being taken, mineral-process operations are subject to hazards such as fire, equipment failure or failure of retaining dams around tailings disposal areas, which may result in environmental pollution and consequent liability.

In addition, from time to time, we may be subject to governmental investigations and claims and litigation filed on behalf of persons who are harmed while at our properties or otherwise in connection with our operations. To the extent that we are subject to personal injury or other claims or lawsuits in the future, it may not be possible to predict the ultimate outcome of these claims and lawsuits due to the nature of personal injury litigation. Similarly, if we are subject to governmental investigations or proceedings, we may incur significant penalties and fines and enforcement actions against us could result in the closing of certain of our mining operations. If claims and lawsuits or governmental investigations or proceedings are ultimately resolved against us, it could have a material adverse effect on our financial performance, financial position and results of operations. Also, if we mine on property without the appropriate licenses and approvals, we could incur liability or our operations could be suspended.

#### Our business is exposed to the cyclicality of global economic activity.
Our business, financial performance and results of operations are significantly affected by the market prices and demand for the metals we are developing and expect to produce in the future, particularly tungsten

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from our Pilot Mountain and Tempiute projects, which in turn is driven by a wide variety of cyclical global macroeconomic factors.

Historically, prices and demand for metals have been subject to wide fluctuations which can be material and can occur over short periods of time and are affected by numerous factors beyond our control, including the cyclicality of consumer and industrial consumption. We cannot predict whether and to what extent metal prices and demand will rise or fall in the future. An increase in the production of metals worldwide or changes in, among other things, technology, industrial processes or consumer habits, including increased demand for substitute materials, may decrease the demand for these metals.

A fall in demand, resulting from economic downturns or other factors, could also decrease the volume of metals that are able to sell once in production and, therefore, materially adversely impact our results of operations and financial position.

Future declines in tungsten prices could have an adverse impact on our results of operations and financial position and we may consider curtailing, modifying or discontinuing certain exploration, development or production operations. In addition, we may not be able to adjust production volume in a timely or cost-efficient manner in response to sustained changes in tungsten prices.

Lower utilization of capacity during periods of weak prices may expose us to higher unit production costs since a significant portion of our cost structure is fixed in the short-term due to the high capital intensity of mining operations. If tungsten prices drop significantly, the economic prospects of the Pilot Mountain, Tempiute or any other tungsten projects we may acquire or develop could be significantly reduced or rendered uneconomic.

Low tungsten prices would affect our liquidity and ability to raise equity capital and borrow for any future mine development. If these conditions persist for an extended period, we may have to look for other sources of cash. Conversely, during periods of high demand, our ability to rapidly increase production capacity is limited, which could prevent us from meeting demand for our products and make acquiring long lead capital items more challenging and expensive.

 ***Our business is subject to health, safety and environmental laws and regulations and concessions, authorizations, licenses and permits are subject to expiration, suspension, limitation on renewal and various other risks and uncertainties.***

Environmental laws and regulations may affect us. These laws and regulations set various standards regulating environmental quality, natural resources, reclamation and workplace health and safety. These laws and regulations are administered and enforced by a number of governmental authorities, such as the U.S. Environmental Protection Agency, the U.S. Mine Safety and Health Administration, the BLM, the Nevada Bureau of Mining Regulation and Reclamation and the NDEP. We may incur substantial costs to maintain compliance with environmental, health and safety laws and regulations and such costs could increase if existing laws and regulations are revised or reinterpreted or if new laws or regulations become applicable to our operations. Failure to comply with these environmental, health and safety laws and regulations may result in the orders suspending or restricting our operations, administrative civil or criminal liabilities, injunctions, third-party property damage or personal injury claims, investigatory cleanup or other remedial obligations, or other adverse effects on our business, financial condition or operations. Current and future legislative, regulatory and judicial action could result in changes to operating permits, material changes in operations and increased capital and operating expenditures, among others.

These laws and regulations require us to obtain federal and state permits and approvals for our operations and projects, including, for example, an approved PoO, environmental assessments, environmental impact statements and reclamation bonding for the Pilot Mountain and Tempiute projects. The Company has filed for such a plan for the Pilot Mountain project to expand the disturbed land area in connection with drilling and related activities. The PoO and the related EA are currently under review with federal and state regulators. We also expect that any future exploration or development activities at our Tempiute project would require obtaining additional federal and/or state permits and approvals and may be subject to further environmental review. These permits and approvals are often necessary to start construction, continue operations or in connection with significant changes in existing operations. Our permits may be suspended

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or revoked in connection with violations of permit conditions or applicable environmental, health and safety laws and regulations, the impact of our operations on the environment or changes in the nature and scope of our activities. The duration and success of our efforts to obtain and renew licenses or permits are contingent upon many variables not within our control, including the interpretation of applicable requirements implemented by the authorities. We may not be able to obtain or renew licenses or permits that are necessary to our operations, or the cost to obtain or renew licenses or permits may exceed what we believe we can recover from the property. Any unexpected delays or costs associated with the licensing or permitting process could delay the exploration or development or impede the operation of any of our projects, which could adversely impact our operations and profitability.

Certain environmental laws, such as the federal Comprehensive Environmental Response, Compensation and Liability Act, impose strict, joint and several liability for costs to investigate, remediate and restore sites where hazardous substances have been stored or released, including sites subject to legacy contamination. We may be required to investigate or remediate contaminated properties currently or formerly owned or operated by us or third-party sites at which waste materials we generated were disposed, regardless of whether such contamination resulted from our actions or from the conduct of others. Additionally, claims for damages to persons or property, including damages to natural resources, may result from the environmental, health and safety impacts of our operations.

In addition, mining is subject to potential risks and accidents that could result in serious injury or death to employees or members of our human capital. The impact of any such accidents and liabilities could affect the profitability of our operations, cause an interruption to operations, lead to a loss of permits or licenses, affect our reputation and our ability to obtain further permits or licenses, damage community and stakeholder relations and reduce our perceived appeal as an employer.

#### Substantial and increasingly intense competition may harm our business.
The mineral exploration, development and production industry is intensely competitive in all of its phases and we must compete in all aspects of our operations with a substantial number of large established mining companies, as well as mid-tier and junior miners and exploration companies with greater liquidity, greater access to credit and other financial resources, newer or more efficient equipment, lower-cost structures, more effective risk management policies and procedures and/or greater ability than us to withstand losses.

Many of these companies currently have greater resources than we do to be able to identify and evaluate prospective mineral projects or titles and often have greater financial resources to be able to pursue their acquisition. In addition, we also encounter competition for the hiring of key personnel whether as employees, consultants or other service providers. The mineral exploration and mining industry is currently facing a shortage of experienced mining professionals. Moreover, the demand for exploration equipment (including drilling rigs), technical consultants and assay labs is very high and such personnel and services may not be available, or if they are, at costs that are greater than expected resulting in an increase in our costs. This competition affects us by increasing the time and cost to conduct exploration activities.

There is also a limited supply of desirable mineral properties available for claim staking, leasing, exploration or acquisition in the areas where we operate, such as Nevada and in other jurisdictions where we may contemplate conducting activities. Many companies and individuals are engaged in the mining business and, as a result, the competition for these properties is intense. We may be at a competitive disadvantage in acquiring ore, talent or mining properties, as we must compete with these companies and individuals, some of which may have greater financial resources and larger technical staff than us or be able to leverage synergies that are not available to us.

Our competitors may be able to respond more quickly to new laws or regulations or emerging technologies or devote greater resources to the expansion of their operations than we can. In addition, current and potential competitors may make strategic acquisitions or establish cooperative relationships among themselves or with third parties. Accordingly, there can be no assurance that we will be able to compete successfully for new mining properties.

As global efforts to reduce dependency on Chinese tungsten increase and Chinese export bans come into effect, competition among non-Chinese producers and new entrants into the tungsten supply chain

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may also intensify. This new competitive dynamic could impact pricing, market share and long-term profitability. Failure to maintain cost competitiveness or secure strategic partnerships may adversely affect our market position.

See "Business — Competitive Environment."

#### If we lose key personnel, our business, financial condition and results of operations may be adversely affected.
Our business is dependent on retaining the services of our key management personnel with a variety of skills and experience, including in relation to the development and operation of our projects in Nevada and any other jurisdictions in which we may operate in the future. Our success is and will continue to be dependent to a significant extent on the expertise and experience of our directors and senior management. The loss of the services of key personnel could have a materially adverse effect on our business. Our success will also depend to a significant degree upon the contributions of qualified technical personnel and our ability to attract and retain highly skilled personnel. Competition for such personnel is significant. Any inability to attract and retain these people could have a material adverse effect on our business and operations.

#### Labor disputes may disrupt our operations from time to time.
Production at our mining operations and development projects is dependent upon the efforts of our employees and our operations would be adversely affected if we fail to maintain satisfactory labor relations. Factors such as work slowdowns or stoppages caused by the attempted unionization of operations and difficulties in recruiting qualified miners and hiring and training new miners in Nevada and other jurisdictions where we operate could materially adversely affect our business and results of operations. Such events could reduce production, delay project timelines and result in us not meeting our business objectives.

In addition, relations between us and our employees may be affected by changes in the scheme of labor relations and employment laws introduced by the relevant governmental authorities in whose jurisdictions we carry on business. Changes in such legislation or in the relationship between us and our employees may have a material adverse effect on our business, financial condition and results of operations. Furthermore, we are reliant on the integrity and good conduct of our employees and are subject to the risk that employee misconduct could occur. Although we take precautions to prevent and detect employee misconduct, these precautions may not be effective and we could be exposed to unknown and unmanaged risks or losses, including regulatory sanctions and serious harm to our reputation. Our adoption of the QCA Corporate Governance Code and the Code of Conduct (as defined below), among other governance and compliance policies and processes, may not prevent incidents of theft, dishonesty or other fraudulent behavior nor can we guarantee compliance with legal and regulatory requirements. If material employee misconduct does occur, our business, financial condition and results of operations could be adversely affected.

#### Our business could be adversely affected by the performance of our counterparties and outside contractors we do not control.
It is common industry practice for certain aspects of mining operations including, but not limited to, drilling, blasting and construction, to be conducted by one or more outside contractors and we may rely on outside contractors for such future activities. We also rely on third parties for certain transportation, logistics, maintenance and sample analysis. Deficient or negligent work, or work not completed in a timely manner, could have a material adverse effect on our business and operations. We are also subject to a number of risks associated with the use of such contractors, including, but not limited to: (a) us having reduced control over the aspects of the operations that are the responsibility of a contractor; (b) failure of the contractor to perform work properly or at a satisfactory level of quality and safety; (c) failure of a contractor to perform under its agreement(s), including, but not limited to, inability to meet the contractual timelines or to otherwise deliver in accordance with the terms of the contract; (d) inability to replace the contractor if the contractual relationship is terminated; (e) interruption of operations in the event the contractor ceases operations as a result of a contractual dispute with us or as a result of insolvency or other unforeseen events (including events of force majeure); (f) failure of the contractor to comply with applicable legal and regulatory requirements; and (g) inadequate contractor cybersecurity program or customer data management and privacy, exposing us to external attacks or leaking of our confidential information, any of which could have a material adverse effect on our business, financial condition or results of operations.

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#### Our directors and officers are or may become subject to conflicts of interest.
Certain of our directors and officers are or may become associated with other mining and/or mineral exploration and development companies, including entities with current or potential operations in Nevada or in the tungsten sector, which may give rise to conflicts of interest. Directors who have a material interest in any person who is a party to a material contract or a proposed material contract with us are required to disclose that interest and abstain from voting on any resolution to approve such a contract. In addition, directors and officers are required to act honestly and in good faith with a view to our best interests. Further, any failure of our directors or officers to address these conflicts in an appropriate manner or to allocate opportunities that they become aware of to us in accordance with applicable corporate governance policies and relevant laws could have a material adverse effect on our business, financial condition, results of operations, cash flows or prospects.

 ***The acquisition of title to mineral properties is a detailed and time-consuming process and there is no guarantee that title to such mineral properties will not be contested or challenged.***

The acquisition of title to mineral properties is a very detailed and time-consuming process. Title to and the area of mineral concessions may be defective or disputed. Although we believe we have taken reasonable measures to ensure proper title to our interests in our properties, there is no guarantee that title to such mineral property interests will not be contested or challenged. Third parties may have unregistered or unknown valid claims underlying portions of our interest, including prior unregistered liens, agreements, transfers, royalties or claims and title may be affected by, among other things, undetected defects. In some cases, title to mineral rights and surface rights has been divided and we may hold only surface rights or only mineral rights over a particular property, which can lead to potential conflict with the holder of the other rights. In the United States, unpatented mining claims are subject to oversight by BLM and require the payment of annual maintenance fees and compliance with other regulatory obligations; failure to meet such requirements could result in loss of title.

Our mineral property interests may be subject to prior unregistered agreements or transfers and ownership may be affected by undetected irregularities. Mining rights may be contested and, if such contest is successful, the development of our assets and/or operations may be adversely affected.

Title insurance is generally not available for mineral properties and our ability to ensure that we have obtained secure claim to individual mineral properties or mining concessions may be severely constrained. We rely on title information and/or representations and warranties provided by our grantors. Any challenge to our title could result in litigation, insurance claims and potential losses, delay the exploration and development of a property and ultimately result in the loss of some or all of our interest in the property. In addition, if we mine on property without the appropriate title, we could incur liability for such activities.

#### Our insurance policies may not be sufficient to cover all claims.
Our business and operations are subject to a number of risks and hazards generally, including adverse environmental conditions, industrial accidents, labor disputes, unusual or unexpected geological conditions, ground or slope failures, cave-ins, catastrophic equipment failures, changes in the regulatory environment and natural phenomena such as inclement weather conditions, floods and earthquakes, as well as potential supply chain disruptions and cybersecurity incidents. Such occurrences could result in damage to mineral properties or production facilities, personal injury or death, environmental damage to our properties or the properties of others, delays in mining, monetary losses and possible legal liability.

Although we maintain insurance to protect against certain risks in such amounts as we consider reasonable, our insurance will not cover all the potential risks associated with a mining company's operations. We may also be unable to maintain insurance to cover these risks at economically feasible premiums. Insurance coverage may not continue to be available or may not be adequate to cover any resulting liability. Moreover, insurance against risks such as environmental pollution or other hazards as a result of exploration, development and production is not generally available to us or to other companies in the mining industry on acceptable terms. We might also become subject to liability for pollution or other hazards that may not be insured against or that we may elect not to insure against because of premium costs or other reasons. Losses from these events or delays in cash receipt from an insurance claim recovery may cause

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us to incur significant costs and cash outflows that could have a material adverse effect upon our financial performance and results of operations. In addition, certain policies may include deductibles, exclusions or coverage limitations that could result in us bearing a portion of any loss. The Company carries certain insurance coverage, including for third-party liability and directors' and officers' liability, but there can be no assurance that such insurance will be adequate to cover any particular loss or that it will continue to be available on acceptable terms, if at all.

 ***Natural disasters, as well as geotechnical and hydrological conditions, such as landslides, droughts, pit wall failures, tailings dam failures, dry stack tailings failures and rock fragility and climate change may have an adverse effect on our business.***

We and the mining industry are facing continued geotechnical challenges, which could adversely impact our production and profitability. Unanticipated adverse geotechnical and hydrological conditions, such as landslides, droughts, pit wall failures, tailings dam failures, dry stack failures and rock fragility may occur in the future and such events may not be detected in advance. Geotechnical instabilities and adverse climatic conditions can be difficult to predict and are often affected by risks and hazards outside of our control, such as severe weather, including extreme heat events and significant rainfall, which may lead to periodic floods, mudslides, wall instability and seismic activity, which may result in slippage of material. There can be no assurance that future weather events will not adversely affect mining and exploration activities at our Nevada projects or at any other locations we may operate in the future. In particular, mining, drilling and exploration activities may be suspended due to poor ground conditions, ore haulage activities may be slowed or delayed as roads may be temporarily flooded and deposits where the host rock is clayish in nature may have to be mined or processed at slower than anticipated rates and/or mixed with lower grade stockpile ore. At certain locations, recoveries may be affected by water availability and quality, which is a material consideration in arid regions such as Nevada. Furthermore, the occurrence of physical climate change events may result in substantial costs to respond to the event and/or recover from the event and to prevent recurrent damage, through either the modification of, or addition to, existing infrastructure at our operations. The scientific community has predicted an increase, over time, in the frequency and severity of extraordinary or catastrophic natural phenomena as a result of climate change. We can provide no assurance that we will be able to predict, respond to, measure, monitor or manage the risks posed as a result.

Geotechnical failures could result in limited or restricted access to mine sites, suspension of operations, government investigations, increased monitoring costs, remediation costs, loss of ore and other impacts, which could cause one or more of our projects to be less profitable than currently anticipated and could result in a material adverse effect on our results of operations and financial position.

Our potential mining and processing operations are, in some instances, energy intensive. While we have initiated numerous processes to reduce our overall environmental impact, we acknowledge climate change as an international and community concern. Physical climate change events and the trend toward more stringent regulations aimed at reducing the effects of climate change could adversely impact our operations, the operations of our supply chain partners, the demand for the minerals produced by our operations, our decisions to pursue future opportunities or maintain existing operations, which could have an adverse effect on our business and future operations. We can provide no assurance that efforts to mitigate the risks of climate change will be effective and that the physical risks of climate change will not have an adverse effect on our operations and profitability. In addition, as climate change is increasingly perceived as an international and community concern, stakeholders may increase demands for emissions reductions and call upon mining companies to better manage their consumption of climate-relevant resources. Such regulatory requirements and stakeholder requests and demands may have an adverse impact on us.

#### Our business may be adversely affected by increasing environmental, social and governance related legal requirements or stakeholder-driven demands, including pertaining to climate change.
Recent regulatory, compliance and transparency demands on environmental, social and governance ("ESG") matters by regulatory authorities, investors, financial institutions, insurers and reinsurers, among others, may represent a challenge for us in terms of transparency, timeliness, veracity and depth of the information revealed. ESG requirements and disclosure expectations differ across jurisdictions and stakeholders and are subject to change over time at the local, state or federal level. ESG is a complex and

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evolving area of regulatory and stakeholder requirements and our communications or actions in this area may give rise to scrutiny, protests or legal challenges by special interest groups or others. Our disclosures with respect to ESG matters may be based on hypothetical expectations and assumptions that may or may not be representative of current or actual risks or events or forecasts of expected risks or events, including the costs associated therewith. Mandatory ESG-related disclosures are also emerging as an area where we may be, or may become, subject to required disclosures in certain jurisdictions and any such mandatory disclosures may similarly necessitate the use of hypothetical, projected or estimated data, some of which is not controlled by us and is inherently subject to imprecision. Disclosures reliant upon such expectations and assumptions are necessarily uncertain and may be prone to error or subject to misinterpretation given the long timelines involved and the lack of an established single approach to identifying, measuring and reporting on many ESG matters. Although we may adopt ESG-related targets, we may not be able to meet them in the manner or on such a timeline as initially contemplated and we cannot guarantee that such targets will improve our ESG profile, including, but not limited to, as a result of unforeseen costs or technical difficulties associated with achieving such results. Further, despite any voluntary actions, we may receive pressure from certain investors, lenders, employees or other groups to adopt more aggressive ESG-related targets or policies, but we cannot guarantee that we will be able to implement such targets because of potential costs or technical or operational obstacles. Furthermore, our approach to ESG matters may become the subject of scrutiny by stakeholders that may have divergent or conflicting views regarding ESG or in connection with laws, regulations and policies aimed at restricting or discouraging the consideration of ESG factors by companies, which could adversely affect our reputation, business, financial performance, market access and growth.

Our reputation, as well as our stakeholder relationships, could be adversely impacted as a result of, among other things, any failure to meet our ESG plans or targets or stakeholder perceptions of statements made by us, our employees and executives, agents or other third parties or public pressure from investors or policy groups to change our policies. Furthermore, public statements with respect to ESG matters, such as emission reduction goals, other environmental targets or other commitments addressing certain social issues, are becoming increasingly subject to heightened scrutiny from public and governmental authorities related to the risk of potential "greenwashing," i.e., misleading information or false claims overstating potential ESG benefits. We may face increased litigation risk from private parties and governmental authorities related to our ESG efforts. Additionally, any such alleged claims of greenwashing against us or others in our industry could lead to negative sentiment and the diversion of investment. To the extent that we are unable to respond timely and appropriately to any negative publicity, our reputation could be harmed. Damage to our overall reputation could have a negative impact on our financial results and require additional resources to rebuild our reputation.

In addition, certain governments have introduced or are introducing climate change legislation and treaties at the international, national, state/provincial and local levels. Regulation relating to greenhouse gas emissions (such as carbon taxes) and energy efficiency is becoming more stringent in certain jurisdictions. If these regulatory trends continue, this may result in increased costs at our operations.

 ***We may pursue strategic acquisitions or investments. The failure of an acquisition or investment to produce the anticipated results, or the inability to integrate an acquired company fully, could harm our business.***

We may actively pursue the acquisition of exploration, development and production assets consistent with our acquisition and growth strategy. From time to time, we may also acquire securities of or other interests in companies with respect to which we may enter into acquisitions or other transactions. Acquisition transactions involve inherent risks, including but not limited to: (i) accurately assessing the value, strengths, weaknesses, contingent and other liabilities and potential profitability of acquisition candidates; (ii) ability to achieve identified and anticipated operating and financial synergies; (iii) unanticipated costs; (iv) diversion of management attention from existing business; (v) potential loss of our key employees or key employees of any business acquired; (vi) unanticipated changes in business, industry or general economic conditions that affect the assumptions underlying the acquisition; and (vi) decline in the value of acquired properties, companies or securities.

To acquire properties and companies, we may be required to use available cash, incur debt, issue additional ADSs or other securities or a combination of any one or more of these. This could affect our future flexibility and ability to raise capital, to explore, develop and operate our properties and could dilute

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existing shareholders and decrease the trading price of the ADSs. There is no assurance that when evaluating a possible acquisition, we will correctly identify and manage the risks and costs inherent in the business to be acquired. There may be no right for our shareholders to evaluate the merits or risks of any future acquisition undertaken by us, except as required by applicable laws and regulations.

Evaluating, negotiating and completing an acquisition may also require substantial management time commitments, regardless of whether the acquisition is completed. The negotiation of potential acquisitions and the integration of acquired operations could disrupt our business by diverting management and employees' attention away from day-to-day operations.

Any one or more of these factors or other risks could cause us not to realize the anticipated benefits of an acquisition of properties or companies and could have a material adverse effect on our financial condition.

 ***We may enter into joint ventures or other strategic arrangements, which could limit our ability to control project development and expose us to additional risks.***

We may from time to time enter into joint ventures, partnerships or other strategic arrangements with third parties in connection with the exploration, development or operation of our projects. These arrangements may involve the sharing of ownership, management and operational control, which could result in us having to rely on our partners for technical expertise, access to financing, regulatory compliance or day-to-day operational decisions. Our interests may not be aligned with those of our partners and disagreements or disputes could arise that may delay decision-making, result in litigation or arbitration or otherwise impair the development or operation of the project.

In addition, our partners may fail to meet their obligations, experience financial or operational difficulties or take actions contrary to our interests, including failing to fund their share of project costs. If we are unable to enforce our rights under the relevant agreements, we may be required to contribute more capital or assume additional obligations to protect our investment.

Any loss of control over a material project, or a failure by a partner to perform its obligations, could have a material adverse effect on our business, results of operations and financial condition.

 ***Our reputation could be damaged, including as a result of the actual or perceived occurrence of any number of events and could include any negative publicity, whether true or not, which could have an adverse impact on our financial performance, cash flows and growth prospects.***

As a result of the increased usage and the speed and global reach of social media and other web-based tools used to generate, publish and discuss user-generated content and to connect with other users, companies today are at a much greater risk of losing control over how they are perceived in the marketplace. Damage to our reputation can be the result of the actual or perceived occurrence of any number of events, including environmental incidents, safety events, permit or regulatory compliance issues, disputes with local communities or negative commentary from stakeholders or media and could include any negative publicity, whether true or not. While we intend to protect our image and reputation, we do not ultimately have direct control over how we are perceived by others.

Reputational damage, including reputational damage to other mining companies operating in jurisdictions where we operate, may result in decreased investor confidence, increased challenges in developing and maintaining community and stakeholder relations, increased regulatory scrutiny and an impediment to our overall ability to advance our projects and strategy, which could have a material adverse impact on our results of operations, financial condition and prospects. While we intend to operate in a socially responsible manner, there is no guarantee that our efforts in this respect will mitigate this potential risk.

 ***Uncertainties relating to taxes in the countries in which we have operations could materially adversely affect our financial condition and results of operations and reduce net returns to our shareholders.***

Our taxes are affected by several factors, some of which are outside of our control, including the application and interpretation of the relevant tax laws and treaties. If our filing position, application of tax incentives or similar "holidays" or our eligibility for treaty benefits were to change or be challenged for any reason, this could have a material adverse effect on our business, financial condition and results of

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operations. For example, if we were to fail to qualify for benefits under the U.S.-U.K. income tax treaty (such as due to the lack of sufficient trading of our ADSs), we could be subject to withholding taxes on payments we receive from our U.S. subsidiaries.

We may be subject to tax audits by various tax authorities in the jurisdictions where we operate. Tax audits may result in additional tax, interest payments and penalties which would negatively affect our financial condition and operating results. New laws and regulations or changes in tax rules and regulations or the interpretation of tax laws by the courts or the tax authorities may also have a substantial negative impact on our business. There is no assurance that our current financial condition will not be materially adversely affected in the future due to such changes.

We are unable to predict what tax reform may be proposed or enacted in the future or what effect such changes would have on our business, but such changes, to the extent they are brought into tax legislation, regulations, policies or practices in jurisdictions in which we operate, could increase the estimated tax liability that we have expensed to date and paid or accrued on our balance sheets and otherwise affect our financial position, future results of operations, cash flows in a particular period and overall or effective tax rates in the future in countries where we have operations, reduce post-tax returns to our shareholders and increase the complexity, burden and cost of tax compliance.

Our ability to utilize tax losses carryforwards or any other tax attributes to offset taxable income may be subject to various limitations under U.S. or U.K. tax laws. Furthermore, it is possible that amounts shown on our financial statements as deferred tax assets may in fact not be utilized in full to reduce our future taxable income and such amounts may require adjustments from time to time.

#### We will incur increased costs as a result of operating as a public company in the United States.
We are a public company with shares admitted to trading on AIM, and we intend to apply to list our ADSs on the NYSE American and, as a result, we have incurred and will continue to incur significant legal, accounting and other expenses that we would not incur if our share were traded solely on AIM. As a public company listed on a stock exchange in the United States, we will be subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as rules adopted and to be adopted, by the SEC and the NYSE American. Our management and other personnel will need to devote a substantial amount of time to these compliance initiatives and may not effectively or efficiently manage the transition to also being a public company in the United States. Moreover, we expect these rules and regulations to substantially increase our legal and financial compliance costs and to make some activities more time-consuming and costly. For example, we expect these rules and regulations to make it more difficult and more expensive for us to obtain director and officer liability insurance and we may be forced to accept reduced policy limits or incur substantially higher costs to maintain the same or similar coverage. We cannot predict or estimate the amount or timing of additional costs we may incur to respond to these requirements. The impact of these requirements could also make it more difficult for us to attract and retain qualified persons to serve on our board of directors, our board committees or as executive officers.

In addition, these rules and regulations are often subject to varying interpretations and evolving guidance, which may create continuing uncertainty regarding compliance obligations and require ongoing revisions to our disclosure and governance practices, further increasing compliance costs.

Certain members of our management team have experience managing a company publicly traded in the United States and complying with the increasingly complex laws pertaining to public companies in the United States. However, other members of the Board and management do not have such experience. The additional demands associated with being a public company in the United States may disrupt regular operations of our business by diverting the attention of some of our senior management team away from revenue producing activities to management and administrative oversight, adversely affecting our ability to attract and complete business opportunities and increasing the difficulty in both retaining professionals and managing and growing our businesses.

In addition, pursuant to Section 404(a) of the Sarbanes-Oxley Act, our senior management will be required to furnish a report on the effectiveness of our internal control over financial reporting in our

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annual report on Form 20-F beginning with our second annual report on Form 20-F after becoming a public company. While we remain an emerging growth company, we will not be required to include an attestation report from our independent registered public accounting firm mandated by Section 404(b). However, preparing for eventual compliance with Section 404 will nonetheless require dedicating internal resources, potentially engaging outside consultants and adopting detailed work plans and testing procedures. Despite these efforts, there is a risk that we may be unable to conclude, within the prescribed timeframe or at all, that our internal control over financial reporting is effective. If we identify one or more material weaknesses, it could result in a loss of confidence in the reliability of our financial statements and an adverse reaction in the financial markets.

Our management team may not successfully or efficiently manage our transition to being a public company in the United States subject to significant regulatory oversight and reporting obligations under the U.S. federal securities laws and the continuous scrutiny of securities analysts and investors.

In addition, the public reporting obligations associated with being a public company in the United States may subject us to litigation as a result of increased scrutiny of our financial reporting. If we are involved in litigation regarding our public reporting obligations, this could subject us to substantial costs, divert resources and management attention from our business and seriously undermine our business.

Failure to comply with existing and future rules and obligations of the stock exchanges on which our securities are listed may subject us, our subsidiaries and/or members of our management team to, among other things, delisting, litigation, investigations, expenses, fines and other applicable sanctions.

Any of these effects could harm our business, financial condition and results of operations.

#### Adverse outcomes in legal proceedings could subject us to substantial damages and adversely affect our results of operations and profitability.
We may from time to time be party to civil, environmental, tax, labor, criminal, regulatory and administrative or legal proceedings, as well as arbitration and administrative proceedings. We cannot guarantee that the outcome will be favorable to us and that we have adequately recorded provisions for any such proceedings.

Decisions contrary to our interests that involve substantial amounts, especially in cases in which we have not recorded provisions or in which the amounts provisioned are lower than final adjudicated amounts, could prevent our conduct of business as planned and may have an adverse effect on our results of operations and business. In addition, government authorities may have understandings or interpretations different from ours in connection with the conduct of our business and may subject us to contingencies for other reasons that require us to spend significant amounts or lead to the loss of grants from government authorities.

Moreover, we may not have sufficient funds to post collateral or provide guarantees in judicial or administrative proceedings involving substantial amounts. Even if we do not post such collateral or provide guarantees, we will be liable for paying any amounts due pursuant to any unfavorable outcomes in legal proceedings. We cannot assure you that, if we cannot make such payments, our assets, including financial assets, will not be attached or that we will be able to obtain tax good-standing certificates, all of which may have a material adverse effect on our business, financial condition and results of operations.

See "Business — Legal Proceedings."

 ***We may identify material weaknesses in our internal control over financial reporting and, if we fail to maintain effective internal controls over financial reporting, we may be unable to accurately report our results of operations, meet our reporting obligations and/or prevent fraud.***

Prior to this offering, we were not an SEC registrant and were not required to assess or report on the effectiveness of our internal control over financial reporting under the Sarbanes-Oxley Act.

In connection with the audit of our annual consolidated financial statements for the fiscal year ended June 30, 2025, our external auditors obtained an understanding of our internal controls relevant to their

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audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of our internal controls in accordance with the provisions of the Sarbanes-Oxley Act.

Upon completion of this offering and the listing of our ADSs on the NYSE American, we will be required to comply with the requirements of the Sarbanes-Oxley Act, including establishing and maintaining effective internal control over financial reporting and disclosure controls and procedures. As an emerging growth company, we will not be required to comply with the auditor attestation requirement under Section 404(b) of the Sarbanes-Oxley Act until we cease to qualify as an emerging growth company. However, our management will be required to assess the effectiveness of our internal control over financial reporting under Section 404(a) beginning with our second annual report on Form 20-F following this offering.

If we fail to maintain an effective internal control environment, we could suffer material misstatements in our financial statements, fail to meet our reporting obligations or fail to prevent fraud, which would likely cause investors to lose confidence in our reported financial information. This could, in turn, limit our access to capital markets, harm our results of operations and lead to a decline in the trading price of our ADSs. Additionally, ineffective internal control over financial reporting could expose us to increased risk of fraud or misuse of corporate assets and subject us to potential delisting from the NYSE American, regulatory investigations and civil or criminal sanctions.

Our testing of internal controls may in the future reveal deficiencies that are considered material weaknesses or significant deficiencies, any of which could have a material adverse effect on our business and results of operations.

#### Disclosure controls and procedures over financial reporting may not prevent or detect all errors or acts of fraud.
Disclosure controls and procedures, including internal controls over financial reporting, are designed to provide reasonable assurance that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to management and recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms.

These disclosure controls and procedures have inherent limitations, which include the possibility that judgments in decision-making can be faulty and result in errors or mistakes. Additionally, controls can be circumvented by any unauthorized override of the controls. Consequently, our business is exposed to risk from potential noncompliance with policies, employee misconduct, negligence and fraud, which could result in regulatory sanctions, civil claims and serious reputational or financial harm. In particular, it is not always possible to deter employee misconduct and the precautions we take to prevent and detect this activity may not always be effective. Accordingly, because of the inherent limitations in the control system, misstatements due to error or fraud may occur and not be detected.

We may also acquire businesses with unknown liabilities, contingent liabilities, internal control deficiencies or other risks. We have policies and procedures to review potential acquisition candidates for a variety of due diligence matters, including compliance with applicable regulations, laws and title records prior to acquisition. Despite these efforts, realization of any of these liabilities or deficiencies may increase our expenses, adversely affect our financial position or cause us to fail to meet our public financial reporting obligations (including as a result of difficulties in integrating different internal control systems with our existing internal control systems).

#### We are subject to anticorruption, anti-bribery and anti-money laundering laws and regulations.
We are subject to various anticorruption, anti-bribery and anti-money laundering laws and regulations of the United Kingdom, the United States and other jurisdictions in which we operate, that prohibit, among other things, our involvement in improper payments to certain public officials for the purpose of obtaining advantages or in transferring the proceeds of criminal activities. We have adopted a set of policies, initially put in place at the time of our AIM listing and we continue to update them as our business evolves. These policies are supported by procedures and resources designed to address both new and existing legal and regulatory requirements, including through the engagement of qualified compliance professionals and, where

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appropriate, external advisors. However, any errors, failures or delays in complying with anticorruption, anti-bribery and anti-money laundering laws and regulations could result in significant criminal and civil lawsuits, penalties, forfeiture of significant assets or other enforcement actions, as well as reputational harm.

Regulators may increase enforcement of these obligations, which may require us to further revise or expand our compliance program, including the procedures we use to verify the identity of our customers and to monitor our counterparties and to monitor transactions and business relationships. Regulators regularly reexamine the transaction volume thresholds at which we must obtain and keep applicable records or verify identities of customers and any change in such thresholds could result in greater costs for compliance. Costs associated with fines or enforcement actions, changes in compliance requirements or limitations on our ability to grow could harm our business and any new requirements or changes to existing requirements could impose significant costs, result in delays or disruptions to our operations, make it more difficult for us to conduct business with certain counterparties and reduce the attractiveness of our business.

 ***Proposed changes to United States federal mining and public land law could impose, among other things, royalties and fees paid to the United States government by mining companies and royalty holders.***

Periodically, members of the United States Congress have introduced bills which would supplant or alter the provisions of The General Mining Law of 1872 which governs the disposition of metallic minerals on lands owned by the federal government. Some of our mineral properties occur on unpatented mining claims located on United States federal lands. There have been recent proposals to amend the United States mining law to impose royalties or other fees on the production of select hardrock minerals, such as tungsten, from U.S. federal lands, as well as reclamation fees on production from federal and other lands.

Any such proposal, if enacted by the United States Congress, could substantially increase the cost of holding mining claims and could reduce our revenue from unpatented mining claims and on other lands in the United States. Moreover, such legislation could significantly impair the ability of our properties to develop mineral resources on unpatented mining claims. Although at this time we are not able to predict what royalties and fees may be imposed in the future, the imposition of such royalties and fees could adversely affect the potential for development of such mining claims and the economics of existing operating mines. Passage of such legislation may result in a material and adverse effect on our profitability, results of operations, financial condition and the trading price of our ADSs.

#### Land reclamation and mine closure may be burdensome and costly.
Land reclamation and mine closure requirements are generally imposed on mineral exploration companies, such as ours, which require us, among other things, to minimize the effects of land disturbance. Such requirements may include controlling the discharge of potentially dangerous effluents from a site and restoring a site's landscape to its pre-exploration form. The actual costs of reclamation and mine closure are uncertain and planned expenditures may differ from the actual expenditures required. Therefore, the amount that we are required to spend could be materially higher than current estimates. Any additional amounts required to be spent on reclamation and mine closure may have a material adverse effect on our financial performance, financial position and results of operations and may cause us to alter our operations. In addition, we may be in the future required to maintain financial assurances, such as letters of credit, to secure reclamation obligations under certain laws and regulations. The failure to acquire, maintain or renew such financial assurances could subject us to fines and penalties or suspension of our operations. Letters of credit or other forms of financial assurance may represent only a portion of the total amount of money that may be spent on reclamation over the life of a mine's operation. Although we include liabilities for estimated reclamation and mine closure costs in our financial statements, it may be necessary to spend more than what is projected to fund required reclamation and mine closure activities.

#### Transitioning to a lower-carbon economy may entail extensive policy, legal, technology and market changes to address mitigation and adaptation requirements related to climate change.
As an exploration-stage company focused on tungsten and other critical minerals in the United States, we are exposed to various risks in the transition to a lower-carbon economy across our operations, supply

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chain and downstream industries. These risks stem from potential government or other third-party commitments to reducing greenhouse gas emissions in the short, medium and long term, which could in the future require us to make significant investments and incur significant expenses. We may not be able to adequately adapt our business to any economic transitions geared towards limiting global warming.

As part of global value chains and with evolving policy actions around climate change, we face uncertainty and potential misalignment between national and regional governments and sectoral actions. We are exposed to significant financial burdens to comply with and adapt to new climate change regulations and standards. Our failure to make progress in these areas on a timely basis, or revisions of our initiatives and goals, could adversely affect our businesses, access to capital and reputation.

We intend to monitor identified transition risks, such as (i) potential changes in environmental or climate-related regulations that could increase permitting or compliance requirements for mining and exploration projects, (ii) evolving investor and lender expectations regarding environmental, social and governance performance, (iii) reputational risks or challenges in maintaining stakeholder support if sustainability standards are perceived as inadequate and (iv) market or supply chain developments that may require demonstrating low-carbon or responsibly sourced production to secure offtake or financing. While we currently consider our exposure to such transition risks to be limited given our focus on exploration and development of critical minerals that support the energy transition, ongoing policy, market or investor developments could, over time, increase compliance obligations, affect permitting timelines or influence access to capital.

#### Our holding company structure makes us dependent on the operations of our subsidiaries.
The only material asset of our holding company is all of the outstanding capital stock of our operating subsidiaries. As such, we are dependent on the earnings and cash flow of and dividends and distributions from our operating subsidiaries to pay our expenses incidental to being a public holding company and to pay any cash dividend or distribution on our ADSs, in each case that may be authorized by our board of directors. The ability of our subsidiaries to pay dividends or make other distributions to us is subject to applicable law and may be restricted by covenants in future debt or other financing agreements, as well as the need to retain funds for their own operations, development projects and obligations. In the event of a subsidiary's liquidation, we may lose all or a portion of our investment in that subsidiary. Any such limitations, or the perception that such limitations may exist now or in the future, could have an adverse impact on our valuation and the price of our ADSs.

#### Concentration of future sales among a limited number of customers could expose us to significant risks.
We currently do not generate revenue from the sale of tungsten concentrate or other mineral products and do not have any binding offtake or sales agreements in place. If production begins at the Pilot Mountain and Tempiute tungsten projects, we expect that sales of our products may be concentrated among a limited number of customers, particularly in the early years of production. Dependence on a small number of customers could expose us to a variety of risks, including reduced pricing leverage, higher credit risk and the potential loss of a significant portion of our future revenues if any such customer reduces or ceases purchases from us. In addition, the loss of any major customer, delays in entering into offtake agreements or failure to secure new customers on favorable terms could materially and adversely affect our business, financial condition and results of operations. The Company has entered into a preliminary letter of intent with Global Tungsten and Powders, located in Towanda, Pennsylvania. The letter of intent is non-binding and does not establish any firm offtake commitments or conditions.

 ***We have not yet secured any binding offtake agreements for our products and may be unable to do so on commercially acceptable terms or at all.***

We have not entered into any binding offtake or sales agreements for tungsten or any other products that may be produced from our Pilot Mountain and Tempiute tungsten projects. Offtake agreements are often an important component in securing project financing, as they can provide revenue certainty and demonstrate market demand. If we are unable to negotiate offtake agreements on terms acceptable to us, or at all, we may face challenges in obtaining the financing required to develop and operate our projects.

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In addition, without binding offtake agreements in place prior to production, we will be exposed to prevailing market prices at the time of sale, which may be volatile and could be materially lower than projected prices used in our feasibility studies. The absence of committed buyers could also result in delays in selling our production, potentially leading to reduced revenues, lower cash flows and adverse impacts on our business, financial condition and results of operations. Even if we secure offtake agreements, they may contain conditions precedent, termination rights or other provisions that could limit their effectiveness in supporting project financing or guaranteeing sales

#### Risks Relating to Our ADSs and the Offering

#### The price of our ADSs may be volatile and may fluctuate due to factors beyond our control.
The initial public offering price for the ADSs will be determined through negotiations between the underwriters and us and may vary from the market price of ADSs following this offering. The stock market in general has experienced extreme volatility that has often been unrelated to the operating performance of particular companies and the trading price of our ADSs may be volatile due to factors beyond our control. As a result of this volatility, if you purchase ADSs in this offering, you may not be able to resell those ADSs at or above the initial public offering price. The market price of our ADSs may fluctuate significantly due to a variety of factors, including, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • operating results that vary from the expectations of securities analysts and investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the perceived value and development progress of our mineral projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in the price of tungsten and other commodities we may produce;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the operating and securities price performance of companies that investors consider to be comparable to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • announcements of strategic developments, acquisitions and other material events by us or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • failure to meet or exceed project development timelines or cost estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • issuance of new or updated research or reports by securities analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in government regulations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • significant legal proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • financing or other corporate transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the loss of any of our key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • sales of our ADSs or ordinary shares by us, our executive officers and board members or our shareholders in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • price and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole; or volatility in the metals and mining sector; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • other events and factors discussed in this "Risk Factors" section and elsewhere in this prospectus, many of which are beyond our control.

These and other market and industry factors may cause the market price and demand for our ADSs to fluctuate substantially, regardless of our actual operating performance, which may limit or prevent investors from readily selling their ADSs and may otherwise negatively affect the liquidity of our ADSs. In addition, the stock market in general has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of these companies. In the past, when the market price of a stock has been volatile, holders of that stock have sometimes instituted securities class action litigation against the issuer. If any of the holders of our ADSs were to bring such a lawsuit against us, we could incur substantial costs defending the lawsuit and the attention of our senior management would be diverted from the operation of our business. Any adverse determination in litigation could also subject us to significant liabilities.

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 ***There has been no public market for our ADSs prior to this offering, and an active market may not develop in which investors can resell our ADSs.***

Prior to this offering, there has been no public market for our ADSs, although our ordinary shares have traded on AIM and our ADSs are expected to be listed on the NYSE American. We cannot predict the extent to which an active market for our ADSs will develop or be sustained or how the development of such a market might affect the market price for our ADSs. The initial public offering price of our ADSs will be agreed upon between us and the underwriters. Among the factors considered in determining the initial public offering price of our ADRs are our future prospects and the prospects of the industry in general, our revenue, net income and certain other financial and operating information in recent periods and market conditions in effect at the time of the offering, which may not be indicative of the price at which our ADSs will trade following completion of the offering. Investors may not be able to sell their ADSs quickly or at or above the initial public offering price.

 ***If securities or industry analysts do not publish research, or publish inaccurate or unfavorable research, about our business, the price of our ADSs and our trading volume could decline.***

The trading market for our ADSs will depend in part on the research and reports that securities or industry analysts publish about us or our business. Securities and industry analysts do not currently and may never, publish research on us. Given our current stage of development and lack of revenue from operations, analysts may be less inclined to initiate or maintain coverage. If no or too few securities or industry analysts commence coverage on us, the trading price for our ADSs would likely be negatively affected. In the event securities or industry analysts initiate coverage, if one or more of the analysts who cover us downgrade our ADSs or publish inaccurate or unfavorable research about our business, the price of our ADSs would likely decline. If one or more of these analysts cease coverage of us or fail to publish reports on us regularly, demand for our ADSs could decrease, which might cause the price of our ADSs and trading volume to decline. In addition, because our ADSs may be thinly traded, any such changes in coverage or sentiment could result in increased price volatility.

 ***We have broad discretion in the use of the net proceeds from this offering, and we may use these proceeds in ways with which you may not agree.***

We intend to use the proceeds from this offering to create a public market for our ADSs in the United States, facilitate greater access to the public equity markets, increase our visibility in the marketplace and to obtain additional capital to advance the development of our mining projects. However, we have broad discretion in the application of the proceeds. You will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately. You must rely on the judgment of our management regarding the application of the net proceeds of this offering. The net proceeds may be used for corporate or other purposes with which you do not agree or that do not improve our results of operations or enhance the price of our ADSs. The failure by our management to apply these funds effectively could result in financial losses. Pending their use, the net proceeds from this offering may also be placed in investments that do not produce income or that lose value. Please see "Use of Proceeds" below for more information.

 ***The dual listing of our ordinary shares and our ADSs following this offering may adversely affect the liquidity and value of our ordinary shares and ADSs.***

Following this offering and after our ADSs begin trading on the NYSE American, our ordinary shares will continue to be admitted to trading on AIM. We cannot predict the effect of this dual listing on the value of our ADSs and ordinary shares. However, the dual listing of our ADSs and ordinary shares may dilute the liquidity of these securities in one or both markets and may adversely affect the development of an active trading market for our ADSs in the United States. The price of our ADSs could also be adversely affected by trading in our ordinary shares on AIM. In the event that we decided to cancel admission of our ordinary shares to trading on AIM, requisite consent of shareholders in a general meeting would be required pursuant to the AIM Rules for Companies, unless the London Stock Exchange agrees otherwise. We cannot predict the effect such cancellation would have on the market price of our ADSs or ordinary shares.

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 ***The NYSE American may in the future delist our securities from its exchange, which could limit investors' ability to make transactions in our securities and subject us to additional trading restrictions.***

We intend to apply to list our ADSs for trading on NYSE American under the trading symbol "GMTL". We cannot assure you that our securities will continue to be listed on NYSE American. If NYSE American delists any of our securities from trading on its exchange, we could face significant material adverse consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a limited availability of market quotations for our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a determination that our ADSs are "penny stock" which will require brokers trading in our ADSs to adhere to more stringent rules and possibly resulting in a reduced level of trading activity in the secondary trading market for our ADSs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a limited amount of news and analyst of coverage for our Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a decreased ability to issue additional securities or obtain additional financing in the future.

 ***We are an "emerging growth company," a "smaller reporting company" and a "foreign private issuer" and we cannot be certain if the reduced reporting requirements applicable to "emerging growth companies" and "smaller reporting companies" will make our ADSs less attractive to investors.***

We are an "emerging growth company," as defined in the JOBS Act. For as long as we continue to be an emerging growth company, we may take advantage of exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. As an emerging growth company, we are required to report only two years of financial results and selected financial data in our initial public offering registration statement, as compared to three and five years, respectively, for comparable data reported by other public companies. We may take advantage of these exemptions until we are no longer an emerging growth company. We could be an emerging growth company for up to five years, although circumstances could cause us to lose that status earlier, including if the aggregate market value of our ADSs and ordinary shares held by non-affiliates exceeds $700 million as of any December 31 (the end of our second fiscal quarter) before that time, in which case we would no longer be an emerging growth company as of the following June 30 (our fiscal year-end). We cannot predict if investors will find our ADSs less attractive because we may rely on these exemptions. If some investors find our ADSs less attractive as a result, there may be a less active trading market for our ADSs, and the price of our ADSs may be more volatile.

We are also a "smaller reporting company" as defined in the Exchange Act. We may continue to be a smaller reporting company even after we are no longer an emerging growth company. We may take advantage of certain of the scaled disclosures available to smaller reporting companies until the fiscal year following the determination that our voting and non-voting ordinary shares held by non-affiliates is $250 million or more measured on the last business day of our second fiscal quarter, or our annual revenues are less than $100 million during the most recently completed fiscal year and our voting and non-voting ordinary shares held by non-affiliates is $700 million or more measured on the last business day of our second fiscal quarter.

In addition, upon the closing of this offering, we will report under the Exchange Act as a "foreign private issuer." As a foreign private issuer, we are permitted to take advantage of certain provisions under the rules that allow us to follow the laws of the United Kingdom for certain corporate governance matters. Even after we no longer qualify as an emerging growth company, as long as we qualify as a foreign private issuer under the Exchange Act, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies. Foreign private issuers, like emerging growth companies and smaller reporting companies, also are exempt from certain more stringent executive compensation disclosure rules. Thus, if we remain a foreign private issuer, even if we no longer qualify as an emerging growth company or smaller reporting company, we will continue to be exempt from the more stringent compensation

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disclosures required of public companies that are neither an emerging growth company nor a foreign private issuer. We may take advantage of these exemptions until such time as we are no longer a foreign private issuer.

 ***We qualify as a foreign private issuer and, as a result, we will not be subject to U.S. proxy rules and will be subject to Exchange Act reporting obligations that, to some extent, are more lenient and less frequent than those of a U.S. domestic public company.***

Upon the closing of this offering, we will report under the Exchange Act as a non-U.S. company with foreign private issuer status. Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including (i) the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act; (ii) the sections of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and (iii) the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified information, or current reports on Form 8-K, upon the occurrence of specified significant events. In addition, as a foreign private issuer with a fiscal year ending on June 30, the Company is not required to file its annual report on Form 20-F until 120 days after fiscal year-end, whereas U.S. domestic issuers that are accelerated filers are required to file their annual report on Form 10-K within 75 days after the end of each fiscal year. Foreign private issuers also are exempt from Regulation Fair Disclosure, aimed at preventing issuers from making selective disclosures of material information. As a result of the above, you may not have the same protections afforded to shareholders of companies that are not foreign private issuers, some investors may find the ADSs less attractive and there may be a less active trading market for the ADSs.

 ***As a foreign private issuer, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the NYSE American corporate governance listing standards. These practices may afford less protection to shareholders than they would enjoy if we complied fully with the NYSE American corporate governance listing standards.***

As a foreign private issuer listed on the NYSE American, we will be subject to corporate governance listing standards. However, the NYSE American rules permit a foreign private issuer like us to follow the corporate governance practices of its home country in lieu of certain NYSE American corporate governance listing standards, *provided* that we disclose which requirements that we have not complied with in any year and confirm the U.K. corporate governance practices we have complied with. Certain corporate governance practices in the United Kingdom, which is our home country, may differ significantly from the NYSE American corporate governance listing standards. For example, neither the laws of the United Kingdom nor our articles of association ("Articles of Association") have quorum requirements similar to Section 123 of the NYSE American LLC Company Guide. Although we voluntarily comply with the higher corporate governance standards of the QCA Corporate Governance Code, we could include non-independent directors as members of our nomination and remuneration committee and our independent directors would not necessarily hold regularly scheduled meetings at which only independent directors are present. We may in the future elect to follow home country practices in the United Kingdom with regard to other matters. Therefore, our shareholders may be afforded less protection than they otherwise would have under the NYSE American corporate governance listing standards applicable to U.S. domestic issuers. See "Management — Corporate Governance Practices and Foreign Private Issuer Status."

 ***We may lose our foreign private issuer status, which would then require us to comply with the Exchange Act's domestic reporting regime and cause us to incur significant legal, accounting and other expenses.***

As a foreign private issuer, we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act applicable to U.S. domestic issuers. We are required to determine our status as a foreign private issuer on an annual basis at the end of our second fiscal quarter. We would cease to be a foreign private issuer, and be required to transition on January 1 of the following year, at such time as more than 50% of our outstanding voting securities are held by U.S. residents and any of the following three circumstances applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the majority of our executive officers or directors are U.S. citizens or residents;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • more than 50% of our assets are located in the United States; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our business is administered principally in the United States.

If we lose our status as a foreign private issuer, we would be required to comply with the Exchange Act reporting and other requirements applicable to U.S. domestic issuers, including the requirement to prepare our financial statements in accordance with U.S. generally accepted accounting principles, which are more detailed and extensive than the requirements for foreign private issuers. We may also be required to make changes in our corporate governance practices in accordance with various SEC and NYSE American rules. The regulatory and compliance costs to us under U.S. securities laws if we are required to comply with the reporting requirements applicable to a U.S. domestic issuer may be significantly higher than the cost we would incur as a foreign private issuer. As a result, we expect that a loss of foreign private issuer status would increase our legal and financial compliance costs and would make some activities highly time consuming and costly. If we lose foreign private issuer status and are unable to comply with the reporting requirements applicable to a U.S. domestic issuer by the applicable deadlines, we would not be in compliance with applicable SEC rules or the rules of the NYSE American, which could cause investors to lose confidence in our public reports and could have a material adverse effect on the trading price of our ADSs. We also expect that if we were required to comply with the rules and regulations applicable to U.S. domestic issuers, it would make it more difficult and expensive for us to obtain director and officer liability insurance and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. These rules and regulations could also make it more difficult for us to attract and retain qualified members of our board of directors.

#### Future sales, or the possibility of future sales, of a substantial number of our ADSs could adversely affect the price of our ADSs.
Future sales of a substantial number of our ADSs, or the perception that such sales will occur, could cause a decline in the market price of our ADSs. Based upon the number of shares outstanding as of , 2026, after giving effect to this offering, we will have ordinary shares outstanding (or ordinary shares if the underwriters exercise their option to purchase additional ADSs from us in full). ADSs sold in this offering may be resold in the public market immediately without restriction, unless purchased by our affiliates. Upon completion of this offering, we will have ordinary shares outstanding (or ordinary shares if the underwriters exercise their option to purchase additional ADSs from us in full), approximately of which will be subject to 90-day lock-up agreements entered into by our directors and officers and certain of our shareholders described in "Ordinary Shares and ADSs Eligible for Future Sale" and "Underwriters." The representatives of the underwriters may, in their sole discretion, release all or any portion of the equity securities subject to the lock-up agreements prior to the expiration of the lock-up agreements. If, after the end of such lock-up agreements, these shareholders sell substantial amounts of ADSs in the public market, or the market perceives that such sales may occur, the market price of our ADSs and our ability to raise capital through an issue of equity securities in the future could be adversely affected.

#### If you purchase ADSs in this offering, you will suffer immediate dilution of your investment.
We expect the initial public offering price of our ADSs in this offering to be substantially higher than the net tangible book value per ADS prior to this offering. Therefore, if you purchase ADSs in this offering, you will pay a price per ADS that substantially exceeds our net tangible book value per ADS after this offering. To the extent outstanding options are exercised for ordinary shares, you may experience further dilution. Based on the assumed initial public offering price of $ per ADS, which reflects the U.S. dollar equivalent of the closing price of our ordinary shares on AIM of £ on (based on an assumed exchange rate of £1.00 to $1.), you will experience immediate dilution of $ per ADS, representing the difference between our net tangible book value per ADS and per ordinary share after giving effect to this and the assumed offering price. See "Dilution."

#### UCAM beneficially owns approximately 28% of our ordinary shares. This concentration of ownership and voting power will limit your ability to influence corporate matters.
Immediately following this offering, UCAM will beneficially own approximately % of our issued and outstanding ordinary shares (equivalent to approximately ADSs), assuming (i) no exercise of the

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underwriters' option to purchase additional ADSs (or % if the underwriters' option to purchase additional ordinary shares is exercised in full) and (ii) no exercise of UCAM's pro rata right of first refusal in connection with this offering under the terms of the Right of First Refusal Agreement (as defined herein) between us and UCAM (or approximately 28% of our outstanding ordinary shares if UCAM's pro rata right of first refusal in connection with this offering is exercised in full). Please see "Description of Share Capital and Articles of Association" for more information on UCAM's right of first refusal.

As a result, UCAM will have the power to exercise significant influence over matters requiring shareholder approval, including the election of directors, amendments to our Articles of Association and certain transactions. Furthermore, we could be prevented from entering into transactions that could be beneficial to us or other shareholders, or third parties could be discouraged from making an offer or take-over bid to acquire us at a price per ADS that is above the then-current market price. In addition, if UCAM were to sell a substantial amount of its ordinary shares, the market price of our ADSs could fall. The perception that such a sale could occur may also adversely affect the market price of our ADSs.

#### Fluctuations in the exchange rate between the U.S. dollar and the pound sterling may increase the risk of holding ADSs.
The share price of ordinary shares is quoted on AIM in pounds sterling, while our ADSs will trade on the NYSE American in U.S. dollars. Fluctuations in the exchange rate between the U.S. dollar and the pound sterling may result in differences between the value of our ADSs and the value of ordinary shares, which may result in heavy trading by investors seeking to exploit such differences. In addition, as a result of fluctuations in the exchange rate between the U.S. dollar and the pound sterling, the U.S. dollar equivalent of the proceeds that a holder of our ADSs would receive upon the sale in the United Kingdom of any ordinary shares withdrawn from the depositary and the U.S. dollar equivalent of any cash dividends paid in pound sterling on ordinary shares represented by our ADSs could also decline.

 ***If we issue shares in future financings, shareholders may experience dilution, our operations may become restricted or we may have to relinquish valuable rights, all of which could cause our ADS price to decline.***

We may from time to time issue additional shares at a discount from the trading price of our shares. As a result, our shareholders would experience immediate dilution upon the issuance of any of our shares at such discount. In addition, as opportunities present themselves, we may enter into financing or similar arrangements in the future, including but not limited to public and private equity offerings, debt financings and strategic partnerships and alliances. To the extent that we raise additional capital through the sale of equity, convertible debt securities or other equity-based derivative securities, our shareholders' interests will be diluted, and the terms of the securities may include liquidation or other preferences that may be senior to our shareholders' rights as holders of ADSs.

Any indebtedness we incur would result in increased payment obligations and could involve restrictive covenants, such as limitations on our ability to incur additional debt and other operating restrictions that could adversely impact our ability to conduct our business. Any debt or additional equity financing that we raise may contain terms that are not favorable to us or our shareholders. Furthermore, the issuance of additional securities, whether equity or debt, by us, or the possibility of such issuance, may cause the market price of our ADSs to decline and existing shareholders may not agree with our financing plans or the terms of such financings. If we raise additional funds through strategic partnerships, collaborations and alliances and licensing arrangements with third parties, we may have to relinquish valuable rights to our IP or products, or grant licenses on terms unfavorable to us.

We may from time to time distribute rights to our shareholders, including rights to acquire our securities. However, we cannot make rights available to holders in the U.S. unless we register the offer and sale of the rights and the securities to which the rights relate under the Securities Act or an exemption from the registration requirements is available.

 ***Because we may not pay any cash dividends on our ADSs in the future, capital appreciation, if any, may be your sole source of gains and you may never receive a return on your investment.***

We have never declared or paid cash dividends on our ordinary shares. Under current U.K. law, a company's accumulated realized profits, so far as not previously utilized by distribution or capitalization,

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must exceed its accumulated realized losses so far as not previously written off in a reduction or reorganization of capital duly made (determined by reference to our relevant (non-consolidated) accounts), before dividends can be paid. Moreover, in respect of a U.K. public company, both before and after any distribution is made, the amount of the company's net assets must not be less than the aggregate of its called-up share capital and undistributable reserves. Therefore, we must have distributable profits and sufficient net assets before issuing a dividend. In the future, our board of directors may decide, in its discretion, whether dividends may be declared and paid. As a result, capital appreciation, if any, on our ADSs may be your sole source of gains, and you will suffer a loss on your investment if you are unable to sell your ADSs at or above the offering price. We currently intend to retain any future earnings to finance the operation and expansion of our business, and we do not expect to declare or pay any dividends for the foreseeable future. See "Dividend Policy."

#### Securities traded on AIM may carry a higher risk than securities traded on other exchanges, which may impact the value of your investment.
Our ordinary shares are currently traded on AIM. Investment in equities traded on AIM is sometimes perceived to carry a higher risk than an investment in equities quoted on exchanges with more stringent listing requirements, such as the main market of the London Stock Exchange, NYSE or Nasdaq. This is because AIM imposes less stringent corporate governance and ongoing reporting requirements than those other exchanges. In addition, AIM requires only half-yearly, rather than quarterly, financial reporting. You should be aware that the value of our ordinary shares may be influenced by many factors, some of which may be specific to us and some of which may affect AIM-traded companies generally, including the depth and liquidity of the market, our performance, a large or small volume of trading in our ordinary shares, legislative changes and general economic, political or regulatory conditions and that the prices may be volatile and subject to extensive fluctuations. Therefore, the market price of our ordinary shares, our ADSs or of the ordinary shares underlying our ADSs, may not reflect the underlying value of our company. In addition, because AIM operates during different trading hours than the U.S. markets, discrepancies in timing may contribute to increased volatility in the trading price of our securities.

#### You may not be able to exercise your right to vote the ordinary shares underlying your ADSs.
ADS holders may only exercise voting rights with respect to the ordinary shares underlying their respective ADSs in accordance with the provisions of the deposit agreement.

Pursuant to the deposit agreement, the depositary will solicit voting instructions from ADS holders only if it receives notice of a shareholders' meeting and sufficient information in a timely manner and if such solicitation is practicable and permitted under applicable law. Upon receipt of such notice, and subject to the terms of the deposit agreement and applicable law, the depositary will endeavor, insofar as practicable, to notify holders of ADSs and solicit voting instructions.

If timely notice is not received, or if solicitation is not practicable or permitted under applicable law, ADS holders may not receive voting materials or be able to instruct the depositary to vote the ordinary shares underlying their ADSs.

 ***You will not be directly holding our ordinary shares. Holders of the ADSs will not be able to exercise the preemptive subscription rights related to the ordinary shares that they represent and may suffer dilution of their equity holding in the event of future issuances of our ordinary shares.***

English law generally provides shareholders with preemptive rights when new shares are issued for cash. Shareholders' preemptive subscription rights, in the event of issuances of ordinary shares against cash payment, may be disapplied by a special resolution of the shareholders at a general meeting of our shareholders. On December 17, 2025, our shareholders approved the exclusion of preemptive rights, with such authority expiring on the earlier of 15 months from the date of approval of that exclusion or the conclusion of our next annual general meeting. Such exclusion will need to be renewed upon expiration (i.e., on the earlier of the date that is 15 months after December 17, 2025, or the conclusion of our next annual general meeting) to remain effective, but may be sought more frequently for additional five-year terms (or any shorter period). The absence of preemptive rights for existing equity holders may cause dilution to such holders.

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Furthermore, ADS holders would not be entitled, even if such rights accrued to our shareholders in any given instance, to receive such preemptive subscription rights related to the ordinary shares that they represent. Under the deposit agreement, the depositary will not make rights available to ADS holders unless the rights and any related securities are registered under the Securities Act or exempt from registration under the Securities Act. The depositary may attempt to sell any such subscription rights relating to the ordinary shares underlying the ADSs and distribute the net proceeds of any such sale to ADS holders *pro rata*, after deduction of applicable fees, taxes and expenses. However, the depositary is under no obligation to make any such sale. If the depositary determines that the sale of rights is unlawful or not reasonably practicable, it will allow the rights to lapse, in which case ADS holders will receive no value for these rights.

Further, if we offer holders of our ordinary shares the option to receive dividends in either cash or ordinary shares, under the deposit agreement, ADS holders will not be permitted to elect to receive dividends in ordinary shares or cash, but will receive whichever option we provide as a default to shareholders who fail to make such an election.

 ***Purchasers of ADSs in this offering may not receive distributions on our ordinary shares in the form of ADSs or any value for them if it is illegal or impractical to make them available to holders of ADSs.***

The depositary for our ADSs has agreed to pay to purchasers of ADSs in this offering the cash dividends or other distributions it or the custodian receives on our ordinary shares or other deposited securities after deducting its fees and expenses. Purchasers of our ADSs will receive these distributions in proportion to the number of our ordinary shares their ADSs represent. However, in accordance with the limitations set forth in the deposit agreement, it may be unlawful or impractical to make a distribution available to holders of ADSs. We have no obligation to take any other action to permit the distribution of our ADSs, ordinary shares, rights or anything else to holders of our ADSs. This means that purchasers of ADSs in this offering may not receive the distributions we make on our ordinary shares or any value from them if it is unlawful or impractical to make them available to them. These restrictions may have a material adverse effect on the value of a purchaser's ADSs.

#### You may be subject to limitations on transfers of the ADSs.
The ADSs are transferable on the books of the depositary. However, the depositary may close its transfer books at any time or from time to time when it deems expedient in connection with the performance of its duties. In addition, the depositary may refuse to deliver, transfer or register transfers of ADSs generally when our books or the books of the depositary are closed, or at any time if we or the depositary deems it advisable to do so because of any requirement of law or of any government or governmental body, or under any provision of the deposit agreement, or for any other reason, in accordance with the terms of the deposit agreement.

 ***ADS holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could result in less favorable outcomes to the plaintiff(s) in any such action.***

The deposit agreement governing the ADSs representing our ordinary shares provides that, to the fullest extent permitted by applicable law, holders and beneficial owners of ADSs irrevocably waive the right to a jury trial of any claim that they may have against us or the depositary arising from or relating to our ordinary shares, our ADSs or the deposit agreement, including any claim under the U.S. federal securities laws. The waiver continues to apply to claims that arise during the period when a holder holds the ADSs, even if the ADS holder subsequently withdraws the underlying ordinary shares.

However, you will not be deemed, by agreeing to the terms of the deposit agreement, to have waived our or the depositary's compliance with U.S. federal securities laws and the rules and regulations promulgated thereunder. In fact, you cannot waive our or the depositary's compliance with U.S. federal securities laws and the rules and regulations promulgated thereunder. If we or the depositary opposed a demand for jury trial relying on above-mentioned jury trial waiver, it is up to the court to determine whether such waiver was enforceable considering the facts and circumstances of that case in accordance with the applicable state and federal law.

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If this jury trial waiver provision is prohibited by applicable law, an action could nevertheless proceed under the terms of the deposit agreement with a jury trial. To our knowledge, the enforceability of a jury trial waiver under the federal securities laws has not been finally adjudicated by a federal court or by the United States Supreme Court. Nonetheless, we believe that a jury trial waiver provision is generally enforceable under the laws of the State of New York, which govern the deposit agreement, by a federal or state court in the City of New York. In determining whether to enforce a jury trial waiver provision, New York courts will consider whether the visibility of the jury trial waiver provision within the agreement is sufficiently prominent such that a party has knowingly waived any right to trial by jury. We believe that this is the case with respect to the deposit agreement and the ADSs. In addition, New York courts will not enforce a jury trial waiver provision in order to bar a viable setoff or counterclaim sounding in fraud or one which is based upon a creditor's negligence in failing to liquidate collateral upon a guarantor's demand, or in the case of an intentional tort claim, none of which we believe are applicable in the case of the deposit agreement or the ADSs. If you or any other holders or beneficial owners of ADSs bring a claim against us or the depositary relating to the matters arising under the deposit agreement or our ADSs, including claims under federal securities laws, you or such other holder or beneficial owner may not have the right to a jury trial regarding such claims, which may limit and discourage lawsuits against us or the depositary. If a lawsuit is brought against us or the depositary according to the deposit agreement, it may be heard only by a judge or justice of the applicable trial court, which would be conducted according to different civil procedures and may have different outcomes compared to that of a jury trial, including results that could be less favorable to the plaintiff(s) in any such action.

Moreover, as the jury trial waiver relates to claims arising out of or relating to the ADSs or the deposit agreement, we believe that, as a matter of construction of the clause, the waiver would likely continue to apply to ADS holders who withdraw the ordinary shares from the ADS facility with respect to claims arising before the cancellation of the ADSs and the withdrawal of the ordinary shares, and the waiver would most likely not apply to ADS holders who subsequently withdraw the ordinary shares represented by ADSs from the ADS facility with respect to claims arising after the withdrawal. However, to our knowledge, there has been no case law on the applicability of the jury trial waiver to ADS holders who withdraw the ordinary shares represented by the ADSs from the ADS facility.

 ***ADS holders have limited choice of forum, which could limit your ability to obtain a favorable judicial forum for complaints against us, the depositary or our respective directors, officers or employees.***

The deposit agreement governing our ADSs provides that the deposit agreement and the ADSs will be interpreted in accordance with the laws of the State of New York. Under the deposit agreement, by holding or owning an ADR or ADS or an interest therein, ADS holders and beneficial owners irrevocably agree that any legal suit, action or proceeding arising out of or based upon the deposit agreement, the ADSs, the ADRs or the transactions contemplated thereby, other than claims arising under the federal securities laws, may be instituted only in the state or federal courts located in New York, New York, and irrevocably submit to the non-exclusive jurisdiction of such courts. This choice of forum provision may increase your cost and limit your ability to bring a claim in a judicial forum that you find favorable for disputes with us, the depositary or our and the depositary's respective directors, officers or employees, which may discourage such lawsuits against us, the depositary and our and the depositary's respective directors, officers or employees. However, it is possible that a court could find such choice of forum provisions to be inapplicable or unenforceable. The enforceability of similar choice of forum provisions has been challenged in legal proceedings. It is possible that a court could find this type of provisions to be inapplicable or unenforceable.

Under the deposit agreement, the depositary may bring actions against us arising out of or based upon the deposit agreement, the ADSs, the ADRs or the transactions contemplated thereby in the state or federal courts located in New York, New York or, at the depositary's option, in any competent court in England and Wales.

Notwithstanding the foregoing, ADS holders will not be deemed to have waived compliance with the federal securities laws and the rules and regulations promulgated thereunder. Claims arising under the Securities Act may be brought in federal or state courts as provided in Section 22 of the Securities Act, and claims arising under the Exchange Act are subject to the exclusive jurisdiction of the federal courts pursuant to Section 27 of the Exchange Act.

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#### The rights of our shareholders may differ from the rights typically offered to shareholders of a U.S. corporation.
We are incorporated under English law. The rights of holders of ordinary shares and, therefore, certain of the rights of holders of ADSs, are governed by English law, including the provisions of the U.K. Companies Act 2006 (as amended) (the "Companies Act 2006") and by our Articles of Association. These rights differ in certain respects from the rights of shareholders in typical U.S. corporations. See "Description of Share Capital and Articles of Association — Differences in Corporate Law" in this prospectus for a description of the principal differences between the provisions of the Companies Act 2006 applicable to us and, for example, the Delaware General Corporation Law relating to shareholders' rights and protections.

 ***We are entitled to amend the deposit agreement and to change the rights of ADS holders under the terms of such agreement, or to terminate the deposit agreement, without the prior consent of the ADS holders.***

We are entitled to amend the deposit agreement and to change the rights of the ADS holders under the terms of such agreement without the prior consent of the ADS holders. We and the depositary may agree to amend the deposit agreement in any way we decide is necessary or advantageous to us. Amendments may reflect, among other things, operational changes in the ADS program, legal developments affecting ADSs or changes in the terms of our business relationship with the depositary. In the event that the terms of an amendment impose or increase any fees on a per ADS basis, charges or expenses (other than stock transfer or other taxes and other governmental charges, transfer or registration fees, the transaction fee per cancellation request (including any cancellation request made through SWIFT, facsimile transmission or any other method of communication), applicable delivery expenses or other such fees, charges or expenses, or that would otherwise prejudice any substantial existing right of the ADS holders, such amendment will not become effective as to outstanding ADSs until the expiration of 30 days after notice of that amendment has been disseminated to the ADS holders, but no prior consent of the ADS holders is required under the deposit agreement. Furthermore, we may decide to terminate the ADS facility at any time for any reason. For example, terminations may occur when the ADSs are delisted from the stock exchange in the United States on which the ADSs are listed and we do not list the ADSs on another stock exchange in the United States, nor is there a symbol available for over-the-counter trading of the ADSs in the United States. If the ADS facility will terminate, ADS holders will receive at least 30 days' prior notice, but no prior consent is required from them. Under the circumstances that we decide to make an amendment to the deposit agreement that is disadvantageous to ADS holders or terminate the deposit agreement, the ADS holders may choose to sell their ADSs or surrender their ADSs and become direct holders of the underlying ordinary shares, but will have no right to any compensation whatsoever.)

#### Claims of U.S. civil liabilities may not be enforceable against us.
We are incorporated under English law. Substantially all of our assets are located outside the United States. The majority of our management and board of directors reside outside the United States. As a result, it may not be possible for investors to effect service of process within the United States upon such persons or to enforce judgments obtained in U.S. courts against them or us, including judgments predicated upon the civil liability provisions of the U.S. federal securities laws.

The United States and the United Kingdom do not currently have a treaty providing for recognition and enforcement of judgments (other than arbitration awards) in civil and commercial matters. Consequently, a final judgment for payment given by a court in the United States, whether or not predicated solely upon U.S. securities laws, would not automatically be recognized or enforceable in the United Kingdom. In addition, uncertainty exists as to whether U.K. courts would entertain original actions brought in the United Kingdom against us or our directors or senior management predicated upon the securities laws of the United States or any state in the United States. Any final and conclusive monetary judgment for a definite sum obtained against us in U.S. courts would be treated by the courts of the United Kingdom as a cause of action in itself and sued upon as a debt at common law so that no retrial of the issues would be necessary, *provided* that certain requirements are met. Whether these requirements are met in respect of a judgment based upon the civil liability provisions of the U.S. securities laws, including whether the award of monetary damages under such laws would constitute a penalty, is an issue for the court making such decision. If an English court gives judgment for the sum payable under a U.S. judgment, the English judgment will be

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enforceable by methods generally available for this purpose. These methods generally permit the English court discretion to prescribe the manner of enforcement.

As a result, U.S. investors may not be able to enforce against us or our executive officers, board of directors or certain experts named herein who are residents of the United Kingdom or countries other than the United States any judgments obtained in U.S. courts in civil and commercial matters, including judgments under the U.S. federal securities laws.

 ***We cannot express any expectation regarding our passive foreign investment company ("PFIC") status for our current taxable year or future taxable years. If we are a PFIC for any taxable year during which a U.S. investor owns our ADSs or ordinary shares, the investor will generally be subject to adverse U.S. federal income tax consequences.***

In general, a non-U.S. corporation will be a PFIC for U.S. federal income tax purposes for any taxable year in which (i) 75% or more of its gross income consists of passive income, or (ii) 50% or more of the average value of its assets (generally determined on a quarterly basis) consists of assets that produce, or are held for the production of, passive income. For purposes of the above calculations, a non-U.S. corporation that directly or indirectly owns at least 25% by value of the ordinary shares of another corporation is generally treated as if it held its proportionate share of the assets of the other corporation and received directly its proportionate share of the income of the other corporation. Passive income generally includes interest, dividends, certain rents and royalties, net gains from assets that produce passive income and net gains from transactions in commodities, with an exception for certain active business commodities income (the "Commodities Exception"). Cash is generally a passive asset for PFIC purposes. The value of a company's goodwill and other intangible assets is active under the PFIC rules to the extent attributable to activities that produce active income.

Our PFIC status for the current or any future taxable year is an annual factual determination that can be made only after the end of that year and will depend on the composition of our income and assets and the value of our assets from time to time. Prior to our mines becoming operational, our gross income may consist primarily of government grants and consultancy and technical service fees, if any (which we believe are likely to be treated as active income) and interest (which is passive income). The receipt of government grants and consultancy and technical service fees may be non-recurring in nature, and the government grants may be subject to various conditions. Therefore, there can be no assurance as to the amount of non-passive income that we will earn for any taxable year. It is possible that our non-passive gross income (if any) for our current taxable year, and possibly our future taxable years, will constitute 25% or less of our total gross income, in which case we will be a PFIC for such years. Once we commence earning income from sales of minerals in future taxable years, our PFIC status for any taxable year may depend upon the extent to which our income will be treated as active under the Commodities Exception, the application of which may not be entirely clear in all cases.

Furthermore, because we expect to hold a significant amount of cash, our PFIC status for any taxable year may depend in part on the value of our goodwill and other intangible assets. If the value of our goodwill and other intangible assets for any taxable year is determined by reference to our market capitalization (which may be volatile, particularly prior to the commencement of sales of minerals from our mines), the risk of us being or becoming a PFIC for any taxable year will increase if our market capitalization fluctuates or declines significantly following this offering.

For the reasons explained above, we may be a PFIC for our current or any other taxable year.

If we are a PFIC for any taxable year during which a U.S. investor owns our ADSs or ordinary shares, the U.S. investor generally will be subject to adverse U.S. federal income tax consequences, including increased tax liability on disposition gains and "excess distributions," and additional reporting requirements. This will generally continue to be the case even if we ceased to be a PFIC in a later taxable year, unless certain elections are made. See "Taxation — Material U.S. Federal Income Tax Consequences" below.

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#### SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains forward-looking statements that are based on our management's beliefs and assumptions and on information currently available to our management. Some of the statements under "Prospectus Summary," "Risk Factors," "Use of Proceeds," "Dividend Policy," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Business" and elsewhere in this prospectus contain forward-looking statements. In some cases, you can identify forward-looking statements by the following words: "may," "might," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "seek," "believe," "estimate," "predict," "potential," "continue," "contemplate," "aim," "possible" or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words.

These statements involve risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement contained in this prospectus, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. Forward-looking statements in this prospectus include, but are not limited to, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the volatility of tungsten and other commodity prices and the impact of commodity-price fluctuations on our project economics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the presence, continuity, quality and quantity of mineralization at our projects, including the accuracy of mineral resource estimates and metallurgical recoveries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to successfully carry out exploration, drilling, pre-feasibility and feasibility programs and to develop the Pilot Mountain and Tempiute projects into commercial mining operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • actual capital and operating costs, which may differ materially from our estimates and the availability and cost of equipment, contractors, fuel, energy, water and other key inputs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to obtain, maintain and renew required permits, licenses, approvals, mining claims, water rights and other authorizations on acceptable terms and in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to secure adequate financing for exploration, development, construction and potential production and the terms, availability and cost of future debt or equity financings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • future geopolitical, economic, inflationary, interest-rate, trade and export policy, supply chain and currency-exchange conditions that may affect our costs, financing options and project timelines or demand for U.S. domestic tungsten supply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the performance, availability and reliability of third-party contractors, suppliers, consultants and service providers on whom we depend for key aspects of our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to access, secure, upgrade or construct necessary infrastructure, including roads, power, water and processing facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the risks inherent in mining, exploration and development activities, including geologic, hydrologic, geotechnical, environmental, safety and operational hazards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to protect our IT systems, data and operations from cybersecurity threats and system failures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to attract, retain and manage qualified personnel and maintain satisfactory labor relations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the availability, cost and sufficiency of insurance coverage for potential operating risks, environmental liabilities and other hazards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the competitive environment for mineral exploration and development, including competition for properties, financing, personnel and equipment; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to maintain valid title to our mineral properties and mining claims and to defend against potential title defects or challenges.

You should refer to the "Risk Factors" section of this prospectus for a discussion of other important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. As a result of these factors, we cannot assure you that the forward-looking statements in this prospectus will prove to be accurate.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this prospectus, and although we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted a thorough inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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#### USE OF PROCEEDS
We estimate that the net proceeds to us from this offering will be approximately $ million (or approximately $ million if the underwriters exercise their option to purchase additional ADSs from us in full), after deducting the underwriting commission and estimated offering expenses payable by us, based on an assumed initial public offering price of $ per ADS, the U.S. dollar equivalent of the closing price of our ordinary shares on AIM of £ on , 2026 (based on an assumed exchange rate of £1.00 to $1.).

Each $1.00 increase (decrease) in the assumed initial public offering price of $ per ADS would increase (decrease) the net proceeds to us from this offering by approximately $ million, assuming the number of ADSs offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting underwriting discounts and commissions. We may also increase or decrease the number of ADSs we are offering. Each increase (decrease) of 1,000,000 ADSs in the number of ADSs offered by us would increase (decrease) the net proceeds to us from this offering by approximately $ million, assuming that the assumed initial public offering price remains the same and after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. We do not expect that a change in the initial public offering price or the number of ADSs by these amounts would have a material effect on our uses of the proceeds from this offering, although it may accelerate the time when we need to seek additional capital.

The principal purposes of this offering are to create a public market for our ADSs in the United States, facilitate greater access to the public equity markets, increase our visibility in the marketplace and to obtain additional capital to advance the development of our mining projects. We plan to use the net proceeds of this offering as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • approximately $ to fund the Phase 1 work program at our Pilot Mountain project, including (i) core drilling at the Desert Scheelite, Garnet and Gunmetal deposits and exploration targets, (ii) assay costs, (iii) metallurgical test work, (iv) geological modeling, (v) hydrology baseline studies, (vi) ore characterization studies, (vii) permitting and bonding activities, (viii) pre-feasibility study work, (ix) reporting, (x) labor and support staff and (xi) equipment and materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • approximately $ for the Phase 2 work program at Pilot Mountain, including (i) additional core drilling, (ii) follow-up metallurgical test work, (iii) expanded permitting and bonding, (iv) feasibility study preparation, (v) labor and support staff and (vi) field infrastructure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • approximately $ for exploration work and initial scoping and engineering at Tempiute and other exploration projects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • approximately $ for general corporate purposes.

The foregoing represents our current intentions to use and allocate the net proceeds of this offering based upon our present plans and business conditions. Our management, however, will have broad discretion in the way that we use the net proceeds of this offering. The amounts and timing of our actual expenditures may vary significantly and will depend on numerous factors, including market conditions, cash generated or used by our operations, business developments, industry developments and opportunities that may arise. We may find it necessary or advisable to use portions of the proceeds we receive for other purposes. See "Risk Factors — Risks Relating to Our ADSs and the Offering — We have broad discretion in the use of the net proceeds from this offering and may not use them effectively."

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#### DIVIDEND POLICY
We have never declared or paid cash dividends on our ordinary shares. We currently intend to retain any future earnings to fund the operation and expansion of our business, and we do not expect to declare or pay any dividends for the foreseeable future. Any future determination to declare cash dividends will be made at the discretion of our board of directors, subject to applicable laws and will depend on a number of factors, including our financial condition, results of operations, capital requirements, contractual restrictions, general business conditions and other factors that our board of directors may deem relevant.

Under English law, among other things, we may only pay dividends if we have sufficient distributable reserves (determined by reference to our relevant (non-consolidated) accounts), which are our accumulated realized profits that have not been previously distributed or capitalized less our accumulated realized losses, so far as such losses have not been previously written off in a reduction or reorganization of capital. In addition, as a public limited company incorporated in England and Wales, we will only be able to make a distribution if the amount of our net assets is not less than the aggregate of our called-up share capital and undistributable reserves and if, and to the extent that, the distribution does not reduce the amount of those assets to less than that aggregate.

See "Risk Factors — Because we may not pay any cash dividends on our ADSs in the future, capital appreciation, if any, may be your sole source of gains and you may never receive a return on your investment."

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#### CAPITALIZATION
The following table sets forth our cash and cash equivalents and total capitalization as of December 31, 2025, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • on an actual basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • on an as adjusted basis to reflect (i) the issuance of ordinary shares subsequent to December 31, 2025 but prior to the date of this prospectus pursuant to our equity incentive plans and (ii) the issuance and sale of ADSs in this offering at the assumed initial public offering price of $ per ADS, the U.S. dollar equivalent of the closing price of our ordinary shares on AIM of £ on , 2026 (based on an assumed exchange rate of £1.00 to $1.), after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

You should read this information in conjunction with our consolidated financial statements and the related notes appearing at the end of this prospectus and "Use of Proceeds," "Selected Consolidated Financial and Other Data" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and other financial information contained in this prospectus.

---

| | | |
|:---|:---|:---|
| | **As of December 31, 2025**  | **As of December 31, 2025**  |
| | **Actual**  | **As Adjusted<sup>(4)</sup>**  |
|  | **($ thousands; unaudited)**  | **($ thousands; unaudited)**  |
| **Cash and cash equivalents**<sup>(1)</sup>  | **10562** |  |
|  ***Liabilities*** |  |  |
| **Current liabilities** |  |  |
| Trade and other payables<sup>(2)</sup>  | 2896 |  |
| **Total current liabilities**  | **2896** |  |
| **Total liabilities**  | **2896** |  |
|  ***Equity*** |  |  |
| Share capital  | 2131 |  |
| Share premium  | 37613 |  |
| Shares to be issued  | **—** |  |
| Capital contribution reserve  | 5897 |  |
| Share based payment reserve  | 1639 |  |
| Exchange reserve  | 675 |  |
| Accumulated losses  | (13212) |  |
| **Total equity**  | **34743** |  |
| **Total capitalization**<sup>(3)</sup>  | **37639** |  |

---

(1) Cash and cash equivalents consist of bank balances.

(2) Trade and other payables are the sum of trade payables, other payables and accrued expenses.

(3) Total capitalization is the sum of our total liabilities and total equity.

(4) A $1.00 increase or decrease in the assumed initial public offering price of $ per ADS, which reflects the U.S. dollar equivalent of the closing price of our ordinary shares on AIM of £ on , 2026 (based on an assumed exchange rate of £1.00 to $), would increase or decrease the as adjusted amount of each of cash and cash equivalents, share premium, total equity and total capitalization by approximately $ million, assuming the number of ADSs offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions. An increase or decrease of 1,000,000 shares in the number of ADSs offered by us, as set forth on the cover page of this prospectus, would increase or decrease the as adjusted amount of each of cash and cash equivalents, share premium, total equity and total

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capitalization by approximately $ million, assuming no change in the assumed initial public offering price per ADS and after deducting the estimated underwriting discounts and commissions.

Other than the following share issuances and warrant exercises, there have been no material changes in our capitalization since December 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • On January 2, 2026, we issued 229,249 new ordinary shares of £0.01 each pursuant to our Short Term Incentive Plan awards for 2025.

As of December 31, 2025, we had 168,498,967 ordinary shares outstanding.

As adjusted equity amounts shown in the table above exclude the impact of 13,943,886 ordinary shares issuable upon exercise of share options and share warrants, consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 3,989,027 ordinary shares issuable upon exercise of share warrants issued by us on August 14, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 100,000 ordinary shares issuable upon exercise of share warrants issued by us on January 25, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 3,850,000 ordinary shares issuable upon exercise of share options issued by us on December 24, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 6,004,859 ordinary shares issuable upon exercise of share options outstanding under certain option deeds and unapproved option schemes.

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#### DILUTION
If you invest in our ADSs pursuant to this offering, your interest will be diluted to the extent of the difference between the initial public offering price per ADS and the as adjusted net tangible book value per share immediately following the consummation of this offering.

At December 31, 2025, we had a historical net tangible book value of $ million, corresponding to a net tangible book value of $ per share or $ per ADS based on an ordinary share to ADS ratio of to one. Net tangible book value per share represents the amount of our total assets less our total liabilities, excluding goodwill and other intangible assets, divided by the total number of our ordinary shares outstanding.

After giving effect to the sale by us of ADSs (representing an aggregate of ordinary shares) in this offering at the assumed initial public offering price of $ per ADS, which reflects the U.S. dollar equivalent of the closing price of our ordinary shares on AIM of £ on , 2026 (based on an assumed exchange rate of £1.00 to $), after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us, our as adjusted net tangible book value at December 31, 2025, would have been approximately $ million, representing $ per share or $ per ADS. This represents an immediate increase in net tangible book value of $ per share or $ per ADS to existing shareholders and an immediate dilution in net tangible book value of $ per share or $ per ADS to new investors purchasing ADSs in this offering at the assumed initial public offering price. Dilution in net tangible book value per ADS to new investors is determined by subtracting as adjusted net tangible book value per ADS after this offering from the assumed initial public offering price per ADS paid by new investors.

The following table illustrates this dilution to new investors purchasing ADSs in the offering.

---

| | |
|:---|:---|
| Assumed initial public offering price  | $|
| &nbsp;&nbsp;&nbsp; Historical net tangible book value per ADS as of December 31, 2025  | $&nbsp;&nbsp;  |
| &nbsp;&nbsp;&nbsp; Increase in net tangible book value per ADS attributable to this offering  | $|
| &nbsp;&nbsp;&nbsp; As adjusted net tangible book value per ADS after this offering  | $|
| Dilution per ADS to new investors in this offering  | $|

---

If the underwriters exercise their option to purchase additional ADSs from us in full, our as adjusted net tangible book value per ADS after this offering would be $ per ADS, representing an immediate increase in as adjusted net tangible book value per ADS of $ per ADS to existing shareholders and immediate dilution of $ per ADS in as adjusted net tangible book value per ADS to new investors purchasing ADSs in this offering, based on an assumed initial public offering price of $ per ADS, which reflects the U.S. dollar equivalent of the closing price of our ordinary shares on AIM of £ on , 2026 (based on an assumed exchange rate of £1.00 to $).

Each $1.00 increase (decrease) in the assumed initial public offering price of $ per ADS, which reflects the U.S. dollar equivalent of the closing price of our ordinary shares on AIM of £ on , 2026 (based on an assumed exchange rate of £1.00 to $1.), respectively, would increase (decrease) the as adjusted net tangible book value after this offering by $ per ADS and the dilution per share to new investors in the offering by $ per ADS, assuming that the number of ADSs offered by us, as set forth on the cover page of this prospectus, remains the same.

The following table summarizes, as of December 31, 2025, on an as adjusted basis the total number of ordinary shares purchased from us (including those represented by ADSs), the total consideration paid to us and the average price per share paid by the existing shareholders and by new investors purchasing ADSs in this offering.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ordinary Shares Purchased <br> (including those represented by <br> ADSs)**  | **Ordinary Shares Purchased <br> (including those represented by <br> ADSs)**  | **Total Consideration**  | **Total Consideration**  | **Average Price <br> Per Share <br> (including those <br> represented by <br> ADS)**  |
| | **Numbers**  | **Percent**  | **Amount**  | **Percent**  | **Average Price <br> Per Share <br> (including those <br> represented by <br> ADS)**  |
|  | **(millions)**  | **(millions)**  | **(millions)**  | **(millions)**  | **(millions)**  |
| Existing shareholders  |  | &nbsp;&nbsp;&nbsp;% |  | $nan% | $|
| New investors  |  | &nbsp;&nbsp;&nbsp;% |  | $—% | $|
| Total  |  | &nbsp;&nbsp;&nbsp;% |  | $nan% | $|

---

To the extent any of our outstanding options are exercised, there will be further dilution to new investors.

If the underwriters exercise their option to purchase additional ADSs from us in full:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the percentage of ordinary shares held by existing shareholders will decrease to approximately % of the total number of our ordinary shares outstanding after this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the number of shares (including those represented by ADSs) held by new investors will increase to approximately % of the total number of our ordinary shares outstanding after this offering.

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 *You should read the following discussion together with "Selected Consolidated Financial and Other Data" and the consolidated financial statements and related notes included elsewhere in this prospectus. The statements in this discussion regarding industry outlook, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements in this discussion are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described in "Risk Factors" and "Special Note Regarding Forward-Looking Statements." Our actual results may differ materially from those contained in or implied by any forward-looking statements.* 

#### Overview
We are a U.S.-focused exploration-stage critical minerals company with a portfolio of tungsten and polymetallic exploration projects located in the State of Nevada. Our principal tungsten asset is the Pilot Mountain project, followed by the Tempiute project, which are both situated in historic tungsten districts with well-known occurrences of scheelite-bearing skarn mineralization that have seen prior tungsten mining activity by third parties. In addition, we hold early-stage copper, gold, silver and lithium exploration properties, which we believe provide optionality and exposure to broader critical-minerals thematic trends.

Tungsten is designated as a critical mineral in the United States and the European Union. A diversified, domestic supply of tungsten in the United States is increasingly viewed as strategically important due to concentrated global production and recent export controls in China, which accounted for approximately 84% of global output in 2024. Over the past year, we have advanced our flagship Pilot Mountain project through a drilling program that returned tungsten, copper and silver intercepts, and have continued geological, metallurgical, environmental and engineering work to support future development planning.

#### Key Factors Affecting Our Financial Condition and Results of Operations
Our financial condition and results of operations are influenced by a combination of external market forces and internal development milestones. As an exploration-stage company with assets located in Nevada and no operating revenue, the following factors are expected to have the most significant impact on our financial condition and results of operations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Commodity prices*. Our project economics are directly affected by movements in the price of tungsten, which remains the key value driver across our portfolio. Tungsten prices strengthened during the period following China's February 2025 export restrictions and have remained subject to heightened volatility. Future declines or volatility could adversely impact our ability to advance the development of our projects, access the capital markets and attract project financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Supply and demand fundamentals*. Global demand for tungsten is closely linked to industrial output, defense spending and investment in energy-transition technologies. Any sustained slowdown in these sectors, or material changes in Chinese export policy or global trade dynamics, could affect long-term pricing and the pace at which new projects are brought online.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Input-cost inflation*. Increases in the cost of drilling, fuel, power and contract services can affect the economics of exploration and future development studies. Broader inflationary pressures and supply-chain constraints in the U.S. mining and construction sectors may also influence our cost base and by extension the economics of our projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Government policy and funding*. As a participant in the U.S. critical-minerals and defense supply chain initiatives, our progress has been and we believe will continue to be influenced by the timing and availability of federal support. We intend to, where available, take advantage of any future additional funding opportunities under the Defense Production Act or other government programs that provide important levers for accelerating project development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Access to capital markets*. Our ability to fund ongoing exploration and development depends on conditions in the capital markets and investor sentiment towards the critical-minerals sector. We believe maintaining strong trading liquidity on AIM will remain essential to meeting our medium-term objectives.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Foreign-exchange movements*. We report and hold most of our cash in U.S. dollars but we are a public company incorporated in England and Wales and have raised capital in pounds sterling. Movements in the USD/GBP exchange rate can therefore influence our reported results and available working capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Tariffs and trade restrictions*.** Any changes in tariffs or export control policies on tungsten ore, concentrates or finished products could alter global trade flows and pricing structures, which may influence the economics and attractiveness of our project or potentially affect future sales and competitiveness once in production.

Collectively, these factors will determine the pace at which we can advance the Pilot Mountain and Tempiute projects, secure financing and position the Company to transition from exploration toward development.

#### Components of Our Results of Operations
Our results of operations reflect our activities as an exploration-stage company. We do not yet generate revenue, and our expenses mainly relate to corporate, exploration and project-related activities.

#### Revenue
We are an exploration-stage company and do not currently generate revenue. We expect to begin earning revenue only once our projects are developed and enter production.

#### Gross profit
Gross profit represents revenue less the direct costs of generating that revenue, such as production or service delivery costs. As we do not yet have commercial operations or sales, we have not recorded any gross profit for the periods presented.

#### Other income
Other income generally includes items such as consultancy or technical service fees, government grants, or other non-recurring receipts that are not part of our core exploration activities. During the fiscal year ended June 30, 2025, this primarily related to consultancy work performed for a third party, unrelated to our existing product portfolio.

#### Administrative expenses
Administrative expenses primarily relate to consulting and director fees. Other administrative expenses include professional services fees for auditing, tax and general legal services, investor relations, as well as expenses associated with the requirements of being a listed public company on AIM. We expect that our administrative expenses will increase in the future as our business expands. These increases will likely include increased costs related to the hiring of additional personnel and fees to outside consultants, lawyers and accountants, among other expenses. Additionally, we anticipate increased costs associated with being a U.S. public company, including expenses related to services associated with maintaining compliance with NYSE American rules and SEC requirements, director compensation, insurance and investor relations costs.

#### Finance income
Finance income mainly represents interest earned on cash and short-term deposits*.*** 

#### Taxation
Taxation represents income tax expense or benefit, including the impact of tax losses that may be available to offset future taxable profits under applicable tax rules.

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#### Exchange translation
In preparing our financial information, transactions in currencies other than our functional currency, which is USD, are recorded at the rates of exchange prevailing on the dates of the respective transactions. At the respective balance sheet date, monetary items denominated in foreign currencies are retranslated at the rates prevailing at such balance sheet date. Exchange differences arising on the settlement of monetary items and on the retranslation of monetary items are included in our results of operations.

#### Segment Reporting
We operate and report one business segment, which is the exploration and evaluation ("E&E") of mineral resources in Nevada, United States.

#### Results of Operations

#### Six months ended December 31, 2025 compared to the six months ended December 31, 2024
The following table sets forth our results of operations for the six months ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **Six months ended December 31,**  | **Six months ended December 31,**  |
| | **2025**  | **2024**  |
|  | **($ thousands; unaudited)**  | **($ thousands; unaudited)**  |
|  ***Continuing operations*** |  |  |
| Revenue  |  |  |
| **Gross profit**  |  | 2 |
| Other income  |  | 2 |
| Administrative expenses  | (4792) | (988) |
| **Loss from operating activities**  | **(4792)** | **(986)** |
| Finance income  | 21 |  |
| **Loss before taxation**  | **(4771)** | **(986)** |
| Taxation  |  |  |
| **Loss for the year from continuing operations**  | **(4771)** | **(986)** |
|  ***Other comprehensive (loss)/income*** |  |  |
| **Items that will or may be reclassified to profit or loss:** |  |  |
| Exchange translation  | (427) | (101) |
| **Total other comprehensive (loss)/income**  | **(427)** | **(101)** |
|  **Total comprehensive (loss) for the year attributable to owners of the Company**  | **(5198)** | **(1087)** |

---

 *Revenue* 

We did not generate revenue for the six months ended December 31, 2025 and 2024, as our projects remain in the exploration-stage.

 *Gross profit* 

We did not generate a gross profit for the six months ended December 31, 2025, compared to $2,000 for the six months ended December 31, 2024.

 *Other income* 

We did not have other income for the six months ended December 31, 2025, compared to $2,000 for the six months ended December 31, 2024.

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 *Administrative expenses* 

Administrative expenses increased to $4,792,000 in the six months ended December 31, 2025, from $988,000 in the six months ended December 31, 2024. This increase mainly reflects higher corporate and professional-service costs associated with advanced project work, meeting public-company reporting requirements, capital markets and investors relations and general cost inflation.

 *Finance income* 

Finance income was $21,000 in the six months ended December 31, 2025, compared to $0 for the six months ended December 31, 2024, which was derived primarily from interest earned on short-term cash deposits.

 *Taxation* 

We recorded no tax expenses for the six months ended December 31, 2025 and 2024, as we did not generate taxable profits in either year.

 *Exchange translation* 

Exchange translation losses were $427,000 in the six months ended December 31, 2025, compared with negative $101,000 in the six months ended December 31, 2024. The loss is mainly driven by the depreciation of the pound sterling against the U.S. dollar, resulting in adverse transaction effects on our non-USD-denominated net assets.

 *Net loss* 

Our loss for the six months ended December 31, 2025 was $5,198,000, compared with $1,087,000 in the six months ended December 31, 2024. The wider loss was driven mainly by higher corporate and professional-service costs associated with advanced project work, meeting public-company reporting requirements, capital markets and investors relations and general cost inflation.

#### Fiscal year ended June 30, 2025 compared to the fiscal year ended June 30, 2024
The following table sets forth our results of operations for the fiscal years ended June 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **Fiscal year ended June 30,**  | **Fiscal year ended June 30,**  |
| | **2025**  | **2024**  |
|  | **($ thousands; audited)**  | **($ thousands; audited)**  |
|  ***Continuing operations*** |  |  |
| Revenue  |  |  |
| **Gross profit**  | **—** | **—** |
| Other income  | 2 | **—** |
| Administrative expenses  | (2719) | (1376) |
| **Loss from operating activities**  | **(2717)** | **(1376)** |
| Finance income  | 6 | **—** |
| **Loss before taxation**  | **(2711)** | **(1376)** |
| Taxation  | **—** | **—** |
| **Loss for the year from continuing operations**  | **(2711)** | **(1376)** |
|  ***Other comprehensive (loss)/income*** |  |  |
| **Items that will or may be reclassified to profit or loss:** |  |  |
| Exchange translation  | 908 | (13) |

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| | | |
|:---|:---|:---|
| | **Fiscal year ended June 30,**  | **Fiscal year ended June 30,**  |
| | **2025**  | **2024**  |
| | **($ thousands; audited)**  | **($ thousands; audited)**  |
| <br> **Total other comprehensive (loss)/income**  | **908** | **(13)** |
|  **Total comprehensive (loss) for the year attributable to owners of the Company**  | **(1803)** | **(1389)** |

---

 *Revenue* 

We did not generate revenue for the fiscal years ended June 30, 2025 and 2024, as our projects remain in the exploration-stage.

 *Gross profit* 

We did not generate a gross profit for the fiscal years ended June 30, 2025 and 2024.

 *Other income* 

Other income increased to $2,000 in the fiscal year ended June 30, 2025, compared to $0 for the fiscal year ended June 30, 2024, representing a small amount of consultancy work performed for a third party, unrelated to our existing project portfolio.

 *Administrative expenses* 

Administrative expenses increased to $2,719,000 in the fiscal year ended June 30, 2025, from $1,376,000 in the fiscal year ended June 30, 2024. This increase mainly reflects higher corporate and professional-service costs associated with advanced project work, meeting public-company reporting requirements and general cost inflation.

 *Finance income* 

Finance income was $6,000 in the fiscal year ended June 30, 2025, compared to $0 in the fiscal year ended June 30, 2024, which was derived primarily from interest earned on short-term cash deposits.

 *Taxation* 

We recorded no tax expenses for fiscal years ended June 30, 2025 and 2024, as we did not generate taxable profits in either year.

 *Exchange translation* 

Exchange translation gains were $908,000 in the fiscal year ended June 30, 2025, compared with negative $13,000 in the fiscal year ended June 30, 2024. The gain mainly reflects the strengthening of pound sterling against the U.S. dollar during the year, which increased the translated value of sterling-denominated balances.

 *Net loss* 

Our loss for the fiscal year ended June 30, 2025 was $2,711,000, compared with $1,376,000 in the fiscal year ended June 30, 2024. The wider loss was driven mainly by higher administrative expenses as we advanced corporate and technical activities.

#### Liquidity and Capital Resources
We finance our operations primarily through the sale of equity securities. As an exploration-stage company, our cash needs relate mainly to project evaluation, permitting, corporate overhead and working-capital requirements.

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As of December 31, 2025, we had cash and cash equivalents of $10,562,000, compared with $2,489,000 as of December 31, 2024. As of June 30, 2025, we had cash and cash equivalents of $1,873,000, compared with $3,033,000 as of June 30, 2024. Our cash and cash equivalents consist of balances held at banks and short-term deposits that are readily available to meet our obligations.

Our approach to managing liquidity is to maintain sufficient cash resources to meet our liabilities as they fall due under both normal and stressed conditions, while limiting credit exposure and preserving capital. We monitor liquidity on a rolling basis, considering expected cash inflows from financing activities and anticipated exploration and administrative expenditures.

As of December 31, 2025, we had trade and other receivables of $245,000 and trade and other payables of $2,896,000, compared with $179,000 and $368,000, respectively, as of December 31, 2024. As of June 30, 2025, we had trade and other receivables of $175,000 and trade and other payables of $1,776,000, compared with $236,000 and $826,000, respectively, as of June 30, 2024. Working-capital movements primarily reflect the timing of project and corporate payments.

We believe our existing cash resources will be sufficient to fund current operations and planned exploration activities for at least the next 12 months. Future funding needs will depend on the pace of project development, the results of ongoing technical studies and the timing of regulatory milestones. We expect to access the equity markets opportunistically and as needed to support these activities and may also evaluate potential strategic or government-funding opportunities.

The following table presents the summary consolidated statement of cash flows for the periods presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the six months ended <br> December 31,**  | **For the six months ended <br> December 31,**  | **For the year ended <br> June 30,**  | **For the year ended <br> June 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
|  | **Unaudited**  | **Unaudited**  | **Audited**  | **Audited**  |
|  | **($ thousands)**  | **($ thousands)**  | **($ thousands)**  | **($ thousands)**  |
| **Cash flows used in operating activities** |  |  |  |  |
| Loss for the year from continuing activities  | (4772) | (986) | (2711) | (1376) |
| Adjustments for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Share-based payment expense  | 1315 | 6 | 162 | 111 |
| &nbsp;&nbsp;&nbsp; Expenses settled in shares  |  | 26 | 63 | 142 |
| &nbsp;&nbsp;&nbsp; Foreign exchange differences  | (298) | 1 | 444 | (3) |
|  | (3755) | (953) | (2042) | (1126) |
| Changes in working capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Decrease in trade and other receivables  | 31 | 60 | 40 | 53 |
| &nbsp;&nbsp;&nbsp; Increase in trade and other payables  | 1107 | (467) | 880 | 415 |
| &nbsp;&nbsp;&nbsp; **Net cash outflows in operating activities**  | **(2617)** | **(1360)** | **(1122)** | **(658)** |
| **Cash flows from investing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchase of intangibles  | (9082) | (3131) | (8038) | (1496) |
| &nbsp;&nbsp;&nbsp; Investment in financial assets  | (25) |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net cash outflows from investing activities**  | **(9107)** | **(3131)** | **(8038)** | **(1496)** |
| **Cash flows from financing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from issue of share capital  | 21715 | 3979 | 8091 | 3876 |
| &nbsp;&nbsp;&nbsp; Share issue costs  | (1267) |  | (123) | (57) |
| &nbsp;&nbsp;&nbsp; **Net cash inflows from financing activities**  | **20448** | **3979** | **7968** | **3819** |
| (Decrease)/increase in cash and cash equivalents  | 8724 | (512) | (1192) | 1665 |
| Cash and cash equivalents at beginning of year  | 1873 | 3033 | 3033 | 1371 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the six months ended <br> December 31,**  | **For the six months ended <br> December 31,**  | **For the year ended <br> June 30,**  | **For the year ended <br> June 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
|  | **Unaudited**  | **Unaudited**  | **Audited**  | **Audited**  |
|  | **($ thousands)**  | **($ thousands)**  | **($ thousands)**  | **($ thousands)**  |
| Effect of foreign currency exchange rates  | (35) | (32) | 32 | (3) |
| **Cash and cash equivalents at June 30**  | **10562** | **2489** | **1873** | **3033** |

---

#### Net cash outflows in operating activities
Net cash outflows in operating activities was $2,617,000 in the six months ended December 31, 2025, compared with $1,360,000 in the six months ended December 31, 2024. These outflows mainly reflect administrative expenses and ongoing operational activities.

Net cash outflows in operating activities was $1,122,000 in the fiscal year ended June 30, 2025, compared with $658,000 in the fiscal year ended June 30, 2024. These outflows mainly reflect administrative expenses and ongoing operational activities.

#### Net cash outflows from investing activities
Net cash outflows from investing activities totaled $9,107,000 in the six months ended December 31, 2025, compared with $3,131,000 in the six months ended December 31, 2024. The increase was primarily due to the acquisition and advancement of E&E assets and payments relating to the advancement of Pilot Mountain and Tempiute projects.

Net cash outflows from investing activities totaled $8,038,000 in the fiscal year ended June 30, 2025, compared with $1,496,000 in the fiscal year ended June 30, 2024. The increase was primarily due to the acquisition and advancement of E&E assets and payments relating to the Pilot Mountain and Tempiute projects.

#### Net cash inflows from financing activities
Net cash inflows from financing activities was $20,448,000 for the six months ended December 31, 2025 compared with $3,979,000 in the six months ended December 31, 2024. The increase mainly reflected proceeds from a private placement of our ordinary shares completed during the six months ended December 31, 2025 and the exercise of warrants and options over ordinary shares.

Net cash inflows from financing activities was $7,968,000 for the fiscal year ended June 30, 2025, compared with $3,819,000 in the fiscal year ended June 30, 2024. The increase mainly reflected proceeds from two private placements of our ordinary shares completed during the year and the exercise of warrants.

#### Contractual Obligations and Commitments
We are required to maintain our mineral properties in good standing by meeting annual claim-maintenance and permitting obligations with the BLM and other local authorities. These expenditures are not fixed under long-term contracts and are expected to continue at a similar level in future periods.

We hold 100% ownership of the Pilot Mountain, Garfield, Stonewall and Kibby Basin projects, and we have earn-in options and options to acquire up to 100% of the Tempiute and Golconda projects. Key terms for each project are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Pilot Mountain Project*: This project is subject to a 2% NSR held by Apex Royalties. We make annual prepayments of $40,000 toward this royalty obligation and we incur an additional approximately $32,000 per year in claim fees and local administration costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Tempiute Project*: We pay $25,000 every six months under an option to acquire 100% of the project. These payments count toward the purchase price if we exercise the option and complete the acquisition. Under the terms of the option, we may earn 100% ownership upon meeting certain

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conditions, including the delineation of a qualifying WO₃ mineral resource within the option period and payment of a resource-linked bonus amount. Upon exercise of the option, the vendor will retain a 1.5% NSR, 50% of which (0.75%) may be repurchased by us for $1 million in cash or shares. Beginning in year five, we will also make annual advance royalty payments of $25,000 until production begins. The agreement can be terminated at any time without further payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Garfield and Stonewall Projects*: Sunrise Resources Group retains a 2% NSR on each project. We have the right to buy back 1% of each royalty for $1 million. Annual claim fees are approximately $32,000 for Garfield and $4,000 for Stonewall.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Golconda Project*: We are required to pay $275,000 to Eureka Resources under an option agreement to acquire 100% of the project. The amount is payable through annual payments of $50,000 through 2027. Upon exercise, Eureka will retain a 1% NSR, which we have the right to buy back for $1 million. Annual claim and administration costs are approximately $10,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Kibby Basin Project*: We currently have no committed costs for this project.

We maintain a short-term office lease in London, United Kingdom and a small administrative office in Nevada. These leases are cancellable or of limited duration and are not material to our overall liquidity position. Other corporate commitments include professional-service and consultancy agreements entered into in the ordinary course of business.

We have no binding capital commitments for property, plant and equipment as of December 31, 2025. Expenditures on technical studies, drilling programs and environmental assessments will be incurred as approved by management from time to time.

We have no off-balance sheet arrangements, special-purpose entities or other relationships with unconsolidated entities that have, or are reasonably likely to have, a current or future material effect on our financial condition, results of operations, liquidity, capital expenditures or capital resources.

See Note 10 to our unaudited consolidated interim financial statements and Note 19 to our annual consolidated financial statements included elsewhere in this prospectus for further detail on capital commitments.

#### Recently Adopted Accounting Pronouncements
A description of recently issued accounting pronouncements that may potentially impact our financial position, result of operations or cash flows is disclosed in Note 3 to our annual consolidated financial statements included elsewhere in this prospectus.

#### Application of Significant Accounting Policies and Estimates
Our consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB and adopted in the United Kingdom. The accounting policies have been applied consistently to all periods presented. The preparation of financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates are based on historical experience, current conditions and other factors considered reasonable under the circumstances and are reviewed on an ongoing basis. Actual results may differ from those estimates. See "Risk Factors" for a discussion of the possible risks that may affect these estimates.

Management considers the below accounting areas to involve the most significant judgments, estimates and assumptions.

#### Carrying Value of Intangible Assets
In arriving at the carrying value of intangible assets, we determine the need for impairment in accordance with IFRS 6 based on the level of geological knowledge and confidence of the mineral resources. Such decisions are taken on the basis of the exploration and research work carried out in the period utilizing expert

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reports. See Note 9 to our unaudited consolidated interim financial statements and Note 8 to our annual consolidated financial statements included elsewhere in this prospectus for further detail.

#### Valuation of Share-Based Payments
Accounting for some equity-settled, share-based payment awards requires the use of valuation models to estimate our future share price performance. These models require our board of directors to make assumptions regarding the share price volatility, risk free rate and expected life of awards in order to determine the fair values of the awards at grant dates. See Note 15 to our annual consolidated financial statements included elsewhere in this prospectus for further detail.

Management believes that the judgments and estimates applied are reasonable and supportable based on information available at the reporting date. Further detail on the Company's accounting policies and related disclosures is provided in Note 4 to our annual consolidated financial statements included elsewhere in this prospectus.

#### Quantitative and Qualitative Disclosure about Financial Risk
We are exposed to a variety of risks in the ordinary course of our business, including, but not limited to, credit risk, liquidity risk and market risk, as discussed below. We regularly assess each of these risks to minimize any adverse effects on our business as a result of those factors. See Note 4 to our unaudited consolidated interim financial statements and Note 17 to our annual consolidated financial statements included elsewhere in this prospectus for further discussion of our exposure to these risks.

#### Credit Risk
Credit risk represents the potential for financial loss if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Our exposure to credit risk arises primarily from cash and cash equivalents and, to a limited extent, trade and other receivables.

Our cash balances are held with established financial institutions with high credit ratings. The risk of default is low. Trade and other receivables relate mainly to recoverable sales taxes and other non-trade balances and therefore also carry minimal credit risk.

Further information on exposure to credit risk can be found in Note 4 to our unaudited consolidated interim financial statements and Note 17 to our annual consolidated financial statements included elsewhere in this prospectus.

#### Liquidity Risk
Liquidity risk is the risk that we will not be able to meet our financial obligations as they fall due. We seek to maintain sufficient liquidity to fund our operating and exploration requirements by holding cash and cash equivalents and managing the timing of expenditures. We monitor actual and forecasted cash flows on a regular basis to ensure that we have adequate resources to settle liabilities under both normal and stressed conditions.

#### Market Risk
Market risk includes the potential impact of changes in foreign exchange rates, interest rates and commodity prices. Given the nature of our business, we are primarily exposed to fluctuations in the market prices of tungsten, copper and gold. Movements in these prices could affect the value of our mineral projects and our ability to raise additional capital.

We hold our cash primarily in U.S. dollars and pounds sterling and therefore have limited exposure to foreign currency fluctuations. We currently do not hedge foreign exchange or commodity price exposures but may consider doing so in the future as our operations develop.

Further information on currency risk can be found in Note 4 to our unaudited consolidated interim financial statements and Note 17 to our annual consolidated financial statements included elsewhere in this prospectus.

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#### JOBS Act Election
We are an emerging growth company, as defined in the JOBS Act. We intend to rely on certain of the exemptions and reduced reporting requirements provided by the JOBS Act. As an emerging growth company, we are not required to, among other things, (i) provide an auditor's attestation report on our system of internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act and (ii) comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements (auditor discussion and analysis). These exemptions will apply for a period of five years or until we are no longer an "emerging growth company," whichever is earlier.

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#### INDUSTRY
 *This section contains information relating to the global tungsten industry. Unless otherwise indicated, the information presented below is based on data and forecasts derived from the industry report that we commissioned from Argus, titled "Tungsten Market Outlook." Argus has advised us that the statistical data and other information contained herein is drawn from its database and other sources. We have not independently verified the third-party information contained in this section. Forecasts and other forward-looking information with respect to the industry are subject to the same qualifications and additional uncertainties regarding the other forward-looking statements in this prospectus. See "Market and Industry Data" for additional information.* 

#### The Global Tungsten Market
Tungsten has unique chemical and physical properties that make it essential to the manufactured modern world. Having the highest melting point of any metal, a density similar to gold, and when compounded with carbon to form tungsten carbide, a hardness close to that of diamond. Tungsten is the material of choice for cutting and penetrating other materials, resisting wear and surviving extreme environments. These properties make tungsten a critical input into a wide range of industrial applications, including cemented carbides, steel and superalloys, electronics, chemical catalysts and numerous defense-related uses. In 2024, global demand for tungsten from primary resources was more than 83,000 metric t of W, and China accounted for approximately 72% of global primary tungsten consumption.

#### Industry Value Chain
Tungsten ores are processed into concentrates (typically containing 50 – 75% WO₃) and then converted into APT, the industry's key intermediate product and pricing benchmark. APT is further refined into tungsten oxides, tungsten metal powder, tungsten carbide powder and other downstream products for end-use sectors. According to Argus, finished tungsten metal is valued at more than twice the price of concentrate on a WO₃-equivalent basis.

#### Supply Dynamics
Global primary tungsten supply was approximately 81,000 t of W in 2024, having rebounded from a multi-year decline. China remains the dominant producer, accounting for 84% of global concentrate output in 2024 mainly from older mines which are facing declining ore grades, greater depth and increasing environmental and health and safety executive standards all of which result in higher production cost and is forecast to fall to approximately 63,500 t of W in 2025 following a reduction in government mining quotas.

Outside of China, primary production remains comparatively limited with the market heavily reliant on secondary supply (production scrap and recycling) and exports of intermediate products from China, with meaningful but smaller volumes sourced from Vietnam, Russia, Bolivia, Rwanda, the Democratic Republic of the Congo and North Korea. New mined supply is emerging from Kazakhstan's Boguty project or in the development pipeline, which began production in 2025 and is expected to produce 3,000 – 3,500 t of W in 2025. Based on announced projects and Argus's modeling, global primary tungsten supply is forecast to increase from 82,000 t of W in 2025 to approximately 129,000 t of W by 2040, a compound annual growth rate ("CAGR") of around 3% in the base-case scenario.

#### Demand Drivers
Tungsten demand is closely correlated with global economic activity and manufacturing output. Argus forecasts global GDP growth to average 2.7% annually to 2040, with primary tungsten demand expected to grow at a similar rate over the same period, from 87,000 t of W in 2025 to approximately 129,000 t of W by 2040 (CAGR of approximately 2.6%) in the base case.

Current end-use demand is led by the mining and construction (25%), automotive (23%), industrial (12%), chemicals (10%), consumer (9%), defense (9%), energy (7%) and aerospace (5%) sectors. While tungsten use in automotive applications is forecast to decline modestly due to increased penetration of electric vehicles (which require less machining in their manufacture, and therefore less tungsten tooling), this is

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expected to be offset by stronger growth in other sectors. Defense applications are forecast to be the fastest-growing demand segment, with a projected CAGR of 6.6% to 2040, supported by higher global defense spending and requirements for non-Chinese sources of strategic materials within NATO and allied countries.

Tungsten is also being evaluated for potential use in emerging technologies, including nuclear-fusion applications where high-temperature resistant, highly radiopaque and highly radiation resistant materials are required, although these applications remain at an early stage and their future commercial impact is unclear.

Total global tungsten demand, including from recycled material, was approximately 120,500 t of W in 2024 and is forecast to reach approximately 190,000 t of W by 2040.

#### Trade Flows and Supply Chain Concentration
Tungsten supply chains are highly concentrated in Asia and China which accounted for approximately 84% of mined tungsten production in 2024 and has long been a net exporter of intermediate, semi-finished and refined products which are essential to manufacturers in the United States and allied nations. In 2024, Asia accounted for roughly 70% of global tungsten concentrate imports, led by China, whose imports more than doubled in 2024 and increased a further 70% in the first nine months of 2025 as refiners sought new sources of material to offset declining domestic production. Europe is also a significant importer, with Austria estimated to import up to 2,000 t WO₃ annually from outside the region, while the United States is one of the largest individual importers of tungsten products, with imports forecast to rise in 2025 following an 8.5% decline in 2024.

New export controls effected by China in February 2025 which apply to tungsten intermediates (APT, ammonium metatungstate and oxide), carbides, and certain tungsten containing alloys contributed to tighter global supply and catalyzed a strong upwards price momentum. These controls, together with broader geopolitical tensions, have accelerated efforts by the United States and Europe to diversify supply chains, encourage domestic and allied-country production and reduce reliance on Chinese materials. Recent U.S. Executive Orders relating to critical minerals and industrial base security have further emphasized the importance of strengthening domestic and allied supply chains, including for tungsten. These policy actions also reflect broader U.S. efforts to strengthen self-sufficiency in critical minerals and reduce reliance on foreign supply. In addition, the U.S. Department of War has stated that, beginning January 1, 2027, it will no longer procure mined tungsten ore originating from China or Russia, a development that may further reinforce these diversification efforts. In addition, the U.S. Defense Logistics Agency periodically evaluates strategic materials for potential stockpile replenishment, including tungsten, and has indicated that tungsten may be considered in future stockpiling planning cycles.

#### Pricing Environment
Tungsten concentrate and APT prices reached record levels in late 2025. Industry price indices reported by Argus indicate that certain benchmark APT prices more than doubled following the February 2025 export controls, reflecting the tighter supply conditions. European concentrate prices were approximately $520 – 550 per MTU in October 2025, while APT prices reached $800 per MTU, reflecting the tight availability of concentrate and secondary supply. Argus' base-case scenario forecasts an APT price of $495 per MTU for 2025, reaching $695 per MTU in 2028, before declining to $660 per MTU in 2030, $635 per MTU in 2035 and further to $615 per MTU by 2040. In the high-case scenario, prices average $500 per MTU in 2025, $765 per MTU in 2028, $725 in 2030, $695 per MTU in 2035, and $675 per MTU in 2040.

#### Regulatory and Strategic Context
Tungsten is designated a critical mineral in both the United States and the European Union. U.S. policy emphasizes domestic supply chain security through streamlined permitting, government financing and strategic stockpiling initiatives. The EU's Critical Raw Materials Act similarly aims to reduce dependence on China and improve supply diversification. These policy frameworks favor projects located in stable jurisdictions aligned with U.S. and EU security interests and may support premiums for non-Chinese supply in the future.

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#### BUSINESS

#### Overview
We are a U.S.-focused exploration-stage critical minerals company with a portfolio of tungsten and polymetallic exploration projects located in the State of Nevada. Our principal tungsten asset is the Pilot Mountain project, followed by the Tempiute project, which are both situated in historic tungsten districts with well-known occurrences of scheelite-bearing skarn mineralization that have seen prior tungsten mining activity by third parties. In addition, we hold early-stage copper, gold, silver and lithium exploration properties, which we believe provide optionality and exposure to broader critical-minerals thematic trends.

Tungsten is designated as a critical mineral in the United States and the European Union. A diversified, domestic supply of tungsten in the United States is increasingly viewed as strategically important due to concentrated global production and recent export controls in China, which accounted for approximately 84% of global output in 2024. Over the past year, we have advanced our flagship Pilot Mountain project through a drilling program that returned tungsten, copper and silver intercepts, and have continued geological, metallurgical, environmental and engineering work to support future development planning.

#### Company Description

#### Operations
We do not currently operate producing mines and have not generated revenue from mineral production. Our activities are focused on the exploration and technical evaluation of our mineral properties and on preparing the groundwork for future permitting and development decisions. Our projects are located within established mining jurisdictions in Nevada, where mining regulations and permitting processes have historically been favorable to the sector.

Our operational activities include exploration and resource definition drilling, environmental baseline studies and engineering studies. These programs are conducted through our U.S. subsidiaries and supported by independent consultants, including qualified persons as defined under Subpart 1300 of Regulation S-K.

In addition to ongoing work at Pilot Mountain and Tempiute, we manage a portfolio of earlier-stage exploration projects, including the Garfield gold-silver-copper project, the Golconda gold project, the Kibby Basin lithium project and the Stonewall gold-silver project. Together, we believe these properties provide a pipeline of exploration opportunities across multiple commodities within Nevada, a well-established mining jurisdiction. We continue to evaluate opportunities to advance our assets, maintain regulatory compliance and meet the technical and environmental requirements associated with future project development.

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In the map below, we present the geographic footprint of our mining properties:

![[MISSING IMAGE: mp_miningprop-4clr.jpg]](mp_miningprop-4clr.jpg)

#### Exploration Stage Properties
Our mining portfolio consists of the following properties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *The Pilot Mountain Project* ("Pilot Mountain" or the "Project") — Pilot Mountain is an advanced exploration-stage tungsten project located in the Walker Lane region of Mineral County, Nevada, approximately 19 air-kilometers east of the town of Mina. Pilot Mountain comprises 208 unpatented lode mining claims covering approximately 17.2 km² on federally administered BLM land and is accessible year-round from U.S. Highway 95 via gravel roads. We hold a 100% interest in the Project through BFM Resources Inc. and Pilot Metals Inc., our wholly owned U.S. subsidiaries. Pilot Mountain hosts the Desert Scheelite tungsten-bearing skarn deposit together with several additional exploration targets. For more information, see "— Individual Property Disclosure — Pilot Mountain."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *The Tempiute Project* ("Tempiute") — Tempiute is an exploration-stage tungsten project located in Lincoln County, Nevada, within the historic Tempiute tungsten district, a past-producing area during multiple periods of the 20th century. Tempiute consists of 67 unpatented lode mining claims, 10 patented mining claims, 3 mill site claims and 2 placer mining claims covering approximately 5.5 km². The unpatented lode, millsite and placer mining claims are situated on BLM-administered federal land. We hold an earn-in option to acquire up to 100% of the patented mining and select mill site (6), lode (4) and placer (2) mining claims pursuant to the Exploration Lease and Option to Purchase Agreement Tempiute Project, through Golden Metal Resources LLC, our wholly owned U.S. subsidiary. Tempiute contains numerous historical tungsten workings and known scheelite-bearing skarn occurrences and is considered prospective for additional skarn-style tungsten mineralization.

#### Other Projects
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *The Garfield Project* ("Garfield") — Garfield is an early-stage exploration gold-silver-copper project consisting of 163 unpatented mining claims covering approximately 13.8 km² in Nevada. We hold a 100% interest in Garfield through Golden Metal Resources LLC, our wholly owned U.S. subsidiary.

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Garfield is prospective for copper, silver and zinc, with historical reconnaissance work identifying several zones of anomalous base- and critical-metal mineralization. A 2% net smelter royalty ("NSR") is retained by the vendor over the original claims (GAR 15 – 17) plus an area of influence, of which 1% may be repurchased by us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *The Golconda Project* ("Golconda") — Golconda is an early-stage exploration gold project comprising 44 unpatented mining claims covering approximately 3.22 km² in Humboldt County, Nevada. We hold an earn-in option to acquire up to 100% of Golconda pursuant to the Golconda Option Agreement. Upon full earn-in, the underlying owner would retain a 1% NSR, subject to a partial buy-back right. Golconda is prospective for Carlin-type gold mineralization, with historical trenching and geochemical sampling identifying multiple untested targets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *The Kibby Basin Project* ("Kibby Basin") — Kibby Basin is an early-stage exploration lithium project, consisting of 24 unpatented mining claims covering approximately 1.97 km² in Nevada. We hold a 100% interest in Kibby Basin through Golden Metal Resources LLC, our wholly owned subsidiary. Kibby Basin lies within a broader basin where historical drilling and geophysical surveys have identified lithium. Kibby Basin is accessible through existing dirt roads and is situated on federally administered BLM land.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *The Stonewall Project* ("Stonewall") — Stonewall is an early-stage exploration gold-silver project comprising 19 unpatented lode mining claims covering approximately 1.59 km². We hold a 100% interest in Stonewall through Golden Metal Resources LLC, our wholly owned U.S. subsidiary. Stonewall hosts historical workings and surface geochemical anomalies that are consistent with epithermal precious-metal systems. The seller retains a 2% NSR, of which 1% may be repurchased by us.

#### Competitive Strengths
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Wholly U.S.-Based Tungsten Project Portfolio* — We are currently solely focused on a U.S.-based project portfolio, with all of our assets in the mining-friendly state of Nevada. Pilot Mountain is an advanced exploration-stage project, and Tempiute is an exploration-stage project with historical production. Both projects are strategically situated and have the potential to serve as the foundation for a U.S.-based, scalable, primary mined tungsten supply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Pilot Mountain is One of the Largest Known Tungsten Deposits on U.S. Soil* — Pilot Mountain is among the largest known tungsten assets on U.S. soil, with established resources and a history of technical studies, which continues today. We believe Pilot Mountain provides us with a potential pathway toward developing a strategically important U.S. domestic mined source of tungsten. Pilot Mountain is situated on BLM land, which we believe is generally considered a favorable partner for project advancement and permitting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Tempiute is a Past Producing Mine with Existing Infrastructure* — We intend to evaluate and advance Tempiute in parallel with Pilot Mountain as a strategic and complementary asset. Tempiute is supported by existing infrastructure linked to historic operations, including road access, power and mill foundations, which we believe we can leverage as we advance this project. Tempiute is situated in part on patented mining claims as well as placer, lode and millsite claims located on BLM land, which we believe are considered advantageous for project advancement and permitting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Demonstrated Federal Support* — On July 22, 2025, the U.S. Department of War announced a $6.2 million award to Golden Metal Resources LLC, our wholly owned subsidiary, under Title III of the Defense Production Act. The funding will support the advancement of our Pilot Mountain tungsten project in Nevada through a pre-feasibility study, which is currently in progress, including metallurgical test work, engineering studies, environmental assessments and related technical investigations. We believe this federal support reinforces the strategic value of our projects within U.S. national security and supply chain resilience frameworks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Path for Advancement Driven by Market, Political Tailwinds —* On February 4, 2025, China's Ministry of Commerce and General Administration of Customs issued a joint announcement, placing export controls on certain tungsten products. China accounts for a substantial share of global tungsten production and a majority of downstream processing capacity, and has long been a net

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exporter of semi-refined and refined tungsten products that are critical to manufacturers in the United States and allied nations. The implementation of these export controls has resulted in an immediate tightening of global supply, which contributed to, and continues to contribute to shortages across the tungsten supply chain and elevated tungsten prices that have persisted into 2026. Tungsten is designated a critical mineral in the United States and European Union, with ongoing governmental initiatives aimed at diversifying supply chains away from China and supporting production in stable, allied jurisdictions. In light of the foregoing national security and trade tensions, we believe we are well positioned to advance our Nevada-based tungsten assets. We believe the alignment of our U.S.-centric strategy with the current U.S. and western policy focus surrounding critical mineral can enhance support for the delivery of our projects through permitting, engineering and subsequent production, at a time of heightened focus on domestic and allied critical-mineral supply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Vertically Integrated, "Mined in America" Tungsten Supply Chain* — We believe the tungsten supply chain is differentiated to many other critical minerals, as there are well-established midstream and downstream processing capabilities actively operating in the U.S. For example, Global Tungsten & Powders LLC is a Pennsylvania-based downstream manufacturer with whom we have signed a non-binding letter of intent regarding our Pilot Mountain product offtake. However, we believe many U.S.-based manufacturers are currently reliant on overseas suppliers for the primary supply of raw tungsten materials. We believe we are well positioned to become a meaningful source of U.S.-based tungsten supply and by extension a foundation for a secure, domestic, vertically integrated tungsten supply chain.

#### Growth Strategies
Our mission is to establish our projects, Pilot Mountain and Tempiute, as potential cornerstones of U.S. tungsten supply, directly supporting U.S. national efforts to reshore production, reduce reliance on foreign supply chains and strengthen economic and defense security, while delivering long-term value for shareholders.

Key aspects of our growth strategy include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Advancing Pilot Mountain Toward Feasibility and Development* — Pre-feasibility work at Pilot Mountain is underway and is targeted for completion by the end of Q2 2026. Detailed engineering and permitting workstreams are proceeding concurrently with the goal of facilitating an accelerated transition from our initial economic study through to feasibility and a subsequent investment decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Accelerating Tempiute Exploration and Pre-Development Workstreams* — In parallel with the advancement of Pilot Mountain, we are progressing various key exploration activities at Tempiute, including mapping, sampling and drilling, which is focused on evaluating the potential for open-pit and underground resource definition by seeking to identify primary sources of mineralization. In addition, a staged Environmental Site Assessment has commenced focused on areas of historical contained and dispersed mine tailings in addition to mineralized stockpiles from former operations. This work is designed to evaluate the current environmental conditions prior to undertaking any further Company work. The mine tailings may require certain reprocessing and cleanup activities, the extent of which is not yet certain, given the scale of former production over 40 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Leveraging U.S. Federal Support for Domestic Critical Mineral Supply Chains* — Our business strategy is premised in part on the current geopolitical and national-security environment, including ongoing trade tensions between the United States and China, China's restrictions on exports of certain strategic minerals and U.S. government policies aimed at strengthening domestic supply chains for critical minerals. These developments have increased interest in, and potential support for, U.S.-based critical metals projects such as ours. In addition to the U.S. Department of War award, we are pursuing other funding opportunities offered by the U.S. government under critical minerals programs and through commercial opportunities like the U.S. government's strategic stockpile program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Establishing the Foundation for a Vertically Integrated U.S. Tungsten Supply Chain Through Commercial Partnerships* — Through our tungsten projects, our goal is to become a cornerstone of the U.S.-based mined tungsten supply for new and existing U.S.-based midstream and downstream

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facilities. In order to facilitate this vertically integrated supply chain, we intend to have regular dialogue with potential off-take partners and customers as we advance towards feasibility and potential development of our projects. For example, we seek to expand our contact with refiners of tungsten based in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Portfolio Exploration and Strategic Growth Opportunities* — While our near-term focus remains on our key tungsten projects, we continuously evaluate other strategic growth opportunities that are consistent with our focus on developing a secure, U.S.-based mined tungsten supply chain. These activities may include reviewing early-stage exploration properties, historical mining districts and other mineral assets in the United States that could complement our existing projects or enhance the scale, optionality or strategic positioning of our portfolio. We also intend to proactively seek to claim and consolidate prospective properties surrounding our existing projects to strengthen optionality across our portfolio. Further, we plan to investigate other critical minerals, such as gallium, that are highlighted in assays at both Pilot Mountain and Tempiute, the presence and potential recovery of which could further enhance the strategic value of our portfolio. We also monitor opportunities to acquire or enter into joint ventures, strategic alliances or other commercial arrangements with third parties where we believe such opportunities could accelerate project development, improve economics or strengthen our role in the U.S. critical minerals ecosystem. While no definitive agreements have been entered into as of the date of this prospectus, we expect to continue evaluating such opportunities on an ongoing basis.

#### History
Guardian Metal Resources PLC, formerly Golden Metal Resources Limited, was incorporated on April 22, 2021 under the laws of England and Wales and re-registered as a public limited company on March 8, 2022. The Company was formed to hold and advance the Nevada mineral exploration assets previously held by Power Metal Resources PLC.

On May 10, 2023, the Company's ordinary shares were admitted to trading on the AIM market of the London Stock Exchange under the ticker "GMET". On October 13, 2023, the Company also obtained a cross-listing on the U.S. OTCQX market to broaden its investor base. The Company changed its name to Guardian Metal Resources PLC on July 4, 2024, rebranding to reflect its focus on supplying critical minerals, in particular tungsten, into the United States.

Since incorporation, Guardian has progressively expanded its portfolio of mineral assets in Nevada. At the time of admission to AIM in May 2023, the Company held four projects: Pilot Mountain (tungsten-copper-silver-zinc), Garfield (gold-silver-copper), Stonewall (gold-silver) and an earn-in option at Golconda (gold). In July 2023, the portfolio was expanded through the staking of mineral claims over the Kibby Basin lithium project, bringing the total to five projects by 2024. In 2025, the Company further broadened its asset base by entering into a lease-option agreement to acquire Tempiute project, increasing the portfolio to six projects.

In January 2025, we completed the option to purchase the historical Tempiute (also known as the Emerson) tungsten mine in Nevada, following a letter of intent signed on October 31, 2024 and a definitive agreement dated January 25, 2025. Since completion of that acquisition, we have advanced preparatory workstreams in support of a drilling program. During the six months ended December 31, 2025 and fiscal year ended June 30, 2025, we also advanced pre-feasibility study workstreams at our Pilot Mountain project, including resource and geotechnical drilling, baseline environmental studies and early permitting activities and continued to expand our U.S. capital-markets presence through an OTCQX cross-listing.

Guardian is an exploration-stage company, with no revenue to date and continues to progress drilling, geophysics and other field programs across its Nevada portfolio.

#### Customers and Contracts
We are an exploration-stage company and currently do not generate revenue from mineral production or sales. We have not entered into any binding offtake agreements. In June 2023, we entered into a non-binding letter of intent with Global Tungsten & Powders LLC in respect of a potential future offtake agreement for

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tungsten concentrate from our Pilot Mountain project, subject to the completion of technical and legal due diligence. We may from time to time enter into additional memoranda of understanding or option agreements with strategic or industrial partners.

#### Products
We have not commenced commercial production. Our efforts are focused on identifying and defining mineral resources of tungsten in Nevada and the subsequent development of such resources. Our Pilot Mountain and Tempiute projects are tungsten-dominant, with potential by-products of copper, silver, zinc and gallium. We also hold early-stage projects prospective for gold-silver-copper (Garfield), gold (Golconda), lithium (Kibby Basin) and gold-silver (Stonewall).

#### Principal Markets
Our strategy is to supply tungsten and other critical minerals into U.S. and allied supply chains, particularly those supporting defense, energy transition, nuclear fusion and high-technology industries. Tungsten has been designated as a critical mineral by the U.S. government due to its importance in defense applications and limited non-Chinese supply sources. Should we advance our projects to production, we expect to market products primarily to customers in the U.S.

#### Marketing Channels
We do not currently generate revenue and have no commercial sales. Should our projects advance to production, we expect to market tungsten concentrate and any by-products to refiners, processors and industrial end-users in the United States and other jurisdictions seeking secure sources of critical minerals. We have engaged in preliminary, non-binding discussions with certain potential customers, including Global Tungsten & Powders LLC, regarding the possible future supply of tungsten concentrate; however, these discussions are at an early stage, are non-binding and may not result in any definitive agreement or commercial arrangement. There can be no assurance that any such discussions will lead to production, sales or revenue.

For our gold and copper assets, should they be developed, we would expect to sell gold doré to refiners and copper concentrate to commodity traders or smelters, consistent with industry practice. We do not expect to engage in direct consumer marketing. Our distribution strategy will therefore focus on strategic and industrial counterparties positioned within U.S. and Western supply chains.

#### Competitive Environment
The mineral exploration and development business is highly competitive. We compete with other exploration companies for the acquisition of prospective mineral properties, technical expertise and access to capital. Many of these companies currently have greater resources than we do to be able to identify and evaluate prospective mineral projects or titles and often have greater financial resources to be able to pursue their acquisition. In addition, we also encounter competition for the hiring of key personnel whether as employees, consultants or other service providers. The mineral exploration and mining industry is currently facing a shortage of experienced mining professionals. Moreover, the demand for exploration equipment (including drilling rigs), technical consultants and assay labs is very high and such personnel and services may not be available, or if they are, at costs that are greater than expected resulting in an increase in our costs. This competition affects us by increasing the time and cost to conduct exploration activities.

The tungsten market is characterized by significant supply concentration and limited new project development. According to Argus, China accounts for approximately 80 – 85% of global primary tungsten supply, although its share is forecast to decline over the long term as ore grades fall, production costs increase and government mining quotas tighten. Chinese concentrate production fell meaningfully in recent years and is expected to decrease further in 2025, while China has increasingly relied on imported concentrates, with imports more than doubling in 2024 and increasing a further 70% in January – September 2025.

Demand for tungsten is expected to grow broadly in line with global GDP, with the defense sector representing the fastest-growing end-use segment as military spending increases across NATO member states and other jurisdictions. Global tungsten markets are currently tight, with concentrate prices at record

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levels, driven by constrained Chinese supply, growing demand from defense applications and increased geopolitical uncertainty, including China's 2025 export controls on APT, tungsten oxides, carbides and certain alloys.

We believe our Nevada tungsten projects, particularly Pilot Mountain, are positioned to benefit from the increasing strategic importance of non-Chinese tungsten supply, given their location in a stable jurisdiction with proximity to U.S. and Western end-markets. However, we face competition from established global producers and from new and restarted tungsten projects, including those in Kazakhstan, South Korea, Spain, the United Kingdom, Canada and Australia. Our ability to maintain a competitive position will depend on our success in advancing our projects to production, controlling costs and securing long-term offtake and customer relationships.

#### Regulation
The exploration and development of a mining prospect are subject to regulation by a number of federal and state government authorities. Mineral exploration and development on federal lands are principally governed by the General Mining Law of 1872, as amended, which authorizes U.S. citizens and companies to locate mining claims on federal lands open to mineral entry. All of our Nevada projects, including Pilot Mountain, Tempiute, Garfield, Golconda and Stonewall include unpatented lode, millsite and/or placer mining claims administered by the BLM. To maintain these claims in good standing, we must comply with BLM regulations, including annual maintenance fees, performance of assessment work and submission of required filings. Tempiute, in addition to unpatented BLM mining, millsite and placer claims, includes certain patented (private) mining claims.

Under BLM regulations, low-impact activities such as surface mapping and sampling qualify as "casual use" and generally do not require prior approval, whereas mechanized exploration activities, including road construction and drilling, require either a notice-level filing or an approved PoO, depending on the level of proposed surface disturbance. Notice-level filings generally cover disturbance of up to approximately five acres; larger programs require a PoO, which is subject to review under the National Environmental Policy Act ("NEPA"), including preparation of an environmental assessment and, in some cases, an environmental impact statement.

At the state level, the NDEP regulates water use, air quality, mine reclamation and closure and management of hazardous materials. Nevada law requires operators to prepare and maintain approved reclamation plans and to post financial assurance in the form of reclamation bonds to cover closure obligations. Additional state and local permits may be required for drilling, water rights and the use or storage of explosives. Compliance with these requirements is a condition for continuing exploration and for advancing projects toward development. The failure to comply with the regulations and terms of permits and licenses may result in fines or other penalties or in revocation of a permit or license or loss of a prospect.

For Pilot Mountain specifically, certain infrastructure-related items identified in RESPEC's technical report will require permitting in later stages, including (i) securing long-term water rights to support potential mining and processing operations and (ii) addressing the timing and availability of electrical power supply from NV Energy, which remains uncertain and may necessitate consideration of temporary on-site power generation in early years of potential development. These matters form part of the environmental and engineering baseline work currently underway and will be evaluated further as the project progresses.

As a public limited company incorporated in the United Kingdom, we are also subject to the Companies Act 2006, the AIM Rules for Companies, U.K. Market Abuse Regulation (Regulation (EU) 596/2014), the U.K. City Code on Takeovers and Mergers (the "U.K. Takeover Code") and certain provisions of the Disclosure Guidance and Transparency Rules of the U.K. Financial Conduct Authority ("DTRs") and other applicable securities regulations and, upon listing in the United States, to U.S. securities law requirements.

#### Environmental, Health and Safety Matters
Exploration activities in Nevada are subject to federal and state environmental, health and safety requirements. These laws and regulations address, among other matters, land use and reclamation, air

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emissions, water use and discharge, protection of plant and wildlife, hazardous substances management, waste handling, worker health and safety and community engagement.

Our current exploration activities, which include drilling, geophysical surveys, mapping, sampling and related fieldwork, require permits and approvals that govern the scope and method of operations. These permits impose conditions intended to limit environmental impacts, manage water and waste and require reclamation of disturbed areas. If our projects advance toward development, more extensive environmental review processes may apply, including environmental assessments or environmental impact statements under the NEPA.

#### Suppliers
As an exploration-stage company, we do not maintain in-house drilling or laboratory operations and are therefore reliant on third-party contractors and service providers to carry out our exploration programs. These contractors include drilling companies, geophysical survey providers, assay laboratories, environmental consultants and other technical specialists, all of which are widely available in Nevada and surrounding states. While we do not believe we are materially dependent on any single supplier, the success and cost-efficiency of our programs depend on the continued availability of high-quality contractors and exploration services.

From time to time, the exploration sector experiences increased demand for drilling rigs, assay turnaround and skilled labor, particularly during periods of elevated commodity prices. Such conditions may increase costs or cause delays to our planned work programs. In addition, the sourcing of certain consumables, such as fuel, explosives and geochemical reagents, may be subject to market price volatility and supply chain constraints.

We intend to mitigate these risks by maintaining relationships with multiple contractors, engaging well-established providers and planning our work programs to allow flexibility in scheduling. For our tungsten and lithium projects, we may also require specialized metallurgical and technical services and we believe Nevada offers sufficient expertise to support our exploration and future development activities.

#### Raw Materials/Tungsten
Tungsten is our primary focus commodity. Tungsten is valued for its high melting point, strength and density, making it critical for defense, aerospace, nuclear and industrial applications. According to Argus, the U.S. defense-related tungsten consumption increased year-over-year between 2023 and 2024, reflecting higher procurement and munitions-related demand. Global supply is dominated by China, which has historically accounted for more than 80% of production and refined supply. U.S. policy emphasizes the need for domestic and allied sources of tungsten to reduce reliance on Chinese supply. We believe Pilot Mountain, our flagship project, is one of the largest known undeveloped tungsten deposits in the U.S. and positions us to potentially become a key domestic supplier.

Nevada is generally regarded as a favorable jurisdiction for mineral exploration and development. Nevada also has a long history of mineral development, with well over a century of gold and silver mining activity, and remains one of the most established mining jurisdictions in the United States. Such assessments are generally based on factors such as regulatory transparency, geological potential and permitting frameworks and should not be interpreted as assessments of, or guarantees of, permitting or regulatory outcomes for our projects.

#### Dependence on Patents, Licenses, Contracts and Processes
We do not rely on patents or proprietary technologies in our business. Title to our projects is held through either unpatented, placer or millsite claims administered by the BLM as well as patented claims. The unpatented, millsite and placer claims are subject to annual maintenance fees and compliance with applicable mining laws and regulations. We are also party to certain option agreements, including our earn-in right at the Golconda project and the lease-option agreement to acquire the Tempiute tungsten project, which require us to make staged payments in order to maintain our interests.

We do not currently have any binding offtake agreements in place. We have, however, entered into non-binding arrangements, including a letter of intent with Global Tungsten & Powders LLC regarding

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potential future sales of tungsten concentrate from Pilot Mountain. We and Global Tungsten & Powders LLC have also engaged in preliminary discussions regarding potential cooperation areas relating to future supply chain development initiatives in the United States and allied jurisdictions. These discussions are exploratory in nature, do not create any binding commitments for either party and may not result in any formal agreements. Any future offtake, cooperation or supply-chain arrangements would depend on, among other factors, the advancement of our projects, market conditions, technical due-diligence outcomes and the negotiation of mutually acceptable terms. We also signed a memorandum of understanding with Oxford Sigma Limited in respect of potential tungsten applications in the fusion energy industry. These arrangements do not create enforceable obligations and may not result in binding contracts. Our ability to finance and develop our projects may in the future depend on securing binding offtake agreements with refiners, processors or end-users of tungsten and other commodities, and there can be no assurance that such agreements will be entered into on commercially acceptable terms or at all.

#### Seasonality
Our exploration activities may be subject to seasonal constraints, including winter weather conditions in Nevada that can affect access and drilling schedules. However, Nevada's climate generally allows year-round exploration. We do not expect seasonality to materially affect our business.

#### Intellectual Property
We rely on a combination of confidentiality as well as employee and third-party non-disclosure agreements, to establish and protect our intellectual property rights. As of December 31, 2025, we did not own any patents or copyrights and we have not registered or otherwise protected any trademarks. We own the domain names covering our brand "Guardian Metal Resources" and related logos and we maintain domain names, including "www.guardianmetalresources.com."

#### Legal Proceedings
From time to time, we may be subject to legal and governmental proceedings and claims in the ordinary course of business. We are not currently a party to any material legal or governmental proceedings and, to our knowledge, none is threatened.

#### Employees
As of December 31, 2025, we had no full-time employees other than our executive officers and board members. We engage consultants and contractors as needed to conduct exploration, corporate and administrative functions.

#### Organizational Structure
The table below is a list of our subsidiaries as of the date of this prospectus:

---

| | | |
|:---|:---|:---|
| | **Country**  | **Ownership <br> Interest**  |
| *Entity Name* |  |  |
| BFM Resources Inc.  | United States  | 100% |
| GMET Tungsten Holding Co.  | United States  | 100% |
| Golden Metal Resources LLC  | United States  | 100% |
| Guardian Gold Ltd.  | England and Wales  | 100% |
| Pilot Metals Inc.  | United States  | 100% |

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#### MINING PROPERTIES
 *This prospectus refers to mineral resources estimates, including indicated and inferred mineral resources. See "Scientific and Technical Information — Certain Definitions" for the definition of those terms. Unless the context otherwise requires, all references in this prospectus to "qualified person" are to a qualified person as defined in S-K 1300. Our disclosure relating to mineral resources is based on supporting documentation prepared by a qualified person. The technical report summary for the Pilot Mountain tungsten project has been prepared by a qualified person, as described herein and is included as an exhibit to the registration statement of which this prospectus forms a part.* 

#### Overview
We are a U.S.-focused exploration-stage critical minerals company with a portfolio of tungsten and polymetallic exploration projects located in the State of Nevada. We have the following mineral properties:

#### Exploration-Stage Properties
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *The Pilot Mountain Project* ("Pilot Mountain" or the "Project") — Pilot Mountain is an advanced exploration-stage tungsten project located in the Walker Lane region of Mineral County, Nevada, approximately 19 air-kilometers east of the town of Mina. Pilot Mountain comprises 208 unpatented lode mining claims covering approximately 17.2 km² on federally administered BLM land and is accessible year-round from U.S. Highway 95 via gravel roads. We hold a 100% interest in the Project through BFM Resources Inc. and Pilot Metals Inc., our wholly owned U.S. subsidiaries. Pilot Mountain hosts the Desert Scheelite tungsten-bearing skarn deposit together with several additional exploration targets. For more information, see "— Individual Property Disclosure — Pilot Mountain."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *The Tempiute Project* ("Tempiute") — Tempiute is an exploration-stage tungsten project located in Lincoln County, Nevada, within the historic Tempiute tungsten district, a past-producing area during multiple periods of the 20th century. Tempiute consists of 67 unpatented lode mining claims, 10 patented mining claims, 3 mill site claims and 2 placer mining claims covering approximately 5.5 km². The unpatented lode, millsite and placer mining claims are situated on BLM-administered federal land. We hold an earn-in option to acquire up to 100% of the patented mining and select mill site (6), lode (4) and placer (2) mining claims pursuant to the Exploration Lease and Option to Purchase Agreement Tempiute Project, through Golden Metal Resources LLC, our wholly owned U.S. subsidiary. Tempiute contains numerous historical tungsten workings and known scheelite-bearing skarn occurrences and is considered prospective for additional skarn-style tungsten mineralization.

#### Other Projects
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *The Garfield Project* ("Garfield") — Garfield is an early-stage exploration gold-silver-copper project consisting of 163 unpatented mining claims covering approximately 13.8 km² in Nevada. We hold a 100% interest in Garfield through Golden Metal Resources LLC, our wholly owned U.S. subsidiary. Garfield is prospective for copper, silver and zinc, with historical reconnaissance work identifying several zones of anomalous base- and critical-metal mineralization. A 2% net smelter royalty ("NSR") is retained by the vendor over the original claims (GAR 15 – 17) plus an area of influence, of which 1% may be repurchased by us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *The Golconda Project* ("Golconda") — Golconda is an early-stage exploration gold project comprising 44 unpatented mining claims covering approximately 3.22 km² in Humboldt County, Nevada. We hold an earn-in option to acquire up to 100% of Golconda pursuant to the Golconda Option Agreement. Upon full earn-in, the underlying owner would retain a 1% NSR, subject to a partial buy-back right. Golconda is prospective for Carlin-type gold mineralization, with historical trenching and geochemical sampling identifying multiple untested targets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *The Kibby Basin Project* ("Kibby Basin") — Kibby Basin is an early-stage exploration lithium project, consisting of 24 unpatented mining claims covering approximately 1.97 km² in Nevada. We hold a 100% interest in Kibby Basin through Golden Metal Resources LLC, our wholly owned

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subsidiary. Kibby Basin lies within a broader basin where historical drilling and geophysical surveys have identified lithium. Kibby Basin is accessible through existing dirt roads and is situated on federally administered BLM land.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *The Stonewall Project* ("Stonewall") — Stonewall is an early-stage exploration gold-silver exploration project comprising 19 unpatented lode mining claims covering approximately 1.59 km². We hold a 100% interest in Stonewall through Golden Metal Resources LLC, our wholly owned U.S. subsidiary. Stonewall hosts historical workings and surface geochemical anomalies that are consistent with epithermal precious-metal systems. The seller retains a 2% NSR, of which 1% may be repurchased by us.

#### Map
Our mines are located throughout Nevada, as shown in the map below.

![[MISSING IMAGE: mp_miningprop-4clr.jpg]](mp_miningprop-4clr.jpg)

Pilot Mountain has not generated any mineral production, as the Project remains in the exploration stage. The following table sets out our mineral resources for Pilot Mountain as of December 1, 2025.

#### Indicated and Inferred Mineral Resource Estimates for Pilot Mountain (as of December 1, 2025)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Desert Scheelite Mineral Resources**  | **Desert Scheelite Mineral Resources**  | **Desert Scheelite Mineral Resources**  | **Desert Scheelite Mineral Resources**  | **Desert Scheelite Mineral Resources**  | **Desert Scheelite Mineral Resources**  | **Desert Scheelite Mineral Resources**  | **Desert Scheelite Mineral Resources**  | **Desert Scheelite Mineral Resources**  | **Desert Scheelite Mineral Resources**  | **Desert Scheelite Mineral Resources**  |
| | **Cut-off**  | **Cut-off**  | **Average Grade**  | **Average Grade**  | **Average Grade**  | **Average Grade**  | **Contained Metal**  | **Contained Metal**  | **Contained Metal**  | **Contained Metal**  |
| **Classification**  | **% WO3**  | **Tonnes**  | **% WO3**  | **g Ag/t**  | **% Cu**  | **% Zn**  | **t WO3**  | **oz Ag**  | **t Cu**  | **t Zn**  |
| Indicated  | 0.06 | 8694000 | 0.206 | 12.43 | 0.085 | 0.315 | 17900 | 3475000 | 7400 | 27400 |
| Inferred  | 0.06 | 1784000 | 0.169 | 12.00 | 0.063 | 0.225 | 3000 | 689000 | 1100 | 4000 |

---

Notes:

(1) The effective date of Desert Scheelite mineral resources is December 1, 2025.

(2) The estimate of mineral resources was done by RESPEC in metric tonnes.

(3) The point of reference is in situ mineralization prior to extraction by open pit mining methods.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4) The average grades of the tabulations are comprised of the weighted average of block-diluted grades within an optimized pit.

(5) The Desert Scheelite mineral resource cut-off grade of 0.06% WO₃ was selected by RESPEC. Operating assumptions were applied to establish a theoretical pit limit, including a WO₃ price of $65,500/t, an average recovery of 80% WO₃, a processing rate of 4,000 tonnes/day, $2.75/t mining cost for open pit, $15.64/t processing cost, $3.00/t processed for G&A and an 83% payability. Blocks outside the pit limit are considered not economic at this time.

(6) The accessory metals Ag, Cu and Zn shown in this table are the quantities contained within the mineral resources using the cut-off grade established for the primary commodity (tungsten trioxide ("WO3")). No independent cut-off grade has been applied to these accessory metals. Reported quantities of accessory metals are therefore considered by-products of the primary metal resource and their value is contingent upon the ability to economically extract the by-products along with the primary commodity.

(7) The estimate of mineral resources may be materially affected by geology, environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.

(8) Rounding as required by reporting guidelines may result in apparent discrepancies between tonnes, grade and contained metal content.

(9) Mineral resources are not mineral reserves and do not have demonstrated economic viability. An inferred mineral resource has a lower level of confidence than an indicated mineral resource and must not be converted to a mineral reserve. RESPEC reasonably expects that continued exploration and delineation will upgrade the majority of inferred mineral resources to indicated mineral resources.

#### Individual Property Disclosure

#### Pilot Mountain

#### Internal Controls
We maintain internal controls over our exploration activities and mineral resource estimation processes designed to ensure that geological, sampling, analytical and technical data used in our mineral resource estimates are collected, verified and reviewed in accordance with applicable industry standards and Subpart 1300 of Regulation S-K.

These controls include the Company's oversight of the qualified person who prepared the technical report summary, including the design and supervision of exploration programs, the implementation and review of appropriate quality control and quality assurance (QC/QA) procedures, and the review of sampling, assay and analytical results for consistency and reliability prior to their use in mineral resource estimation. As part of these controls, the Company relies on the procedures performed and documented by the qualified person, including those described in Section 9.2.3 (Audit of Assays) of the SK 1300 Technical Report Summary, Pilot Mountain Tungsten Project, which addresses the auditing, verification and assessment of historical and current exploration data.

We also evaluate historical exploration data relied upon in our mineral resource estimates to assess its reliability and relevance, and we review the assumptions, methodologies and conclusions underlying the mineral resource estimates prepared by the qualified person. Mineral resource estimates are inherently uncertain and depend on interpretations of geological data, sampling results and assumptions regarding continuity and grade. Our internal controls are designed to manage these risks through review and oversight processes; however, there can be no assurance that such controls will eliminate all uncertainty associated with mineral resource estimation.

#### Exploration Plans
Our planned exploration and development activities for Pilot Mountain include continued geological mapping, drilling, metallurgical testing, environmental baseline studies and engineering work to support future technical studies and permitting activities.

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#### Total Cost or Book Value
Pilot Mountain is carried on our balance sheet at a book value of $22,111,000 as of December 31, 2025 and $16,764,000 as of June 30, 2025.

#### Annual Maintenance Costs
Annual costs to maintain our mineral rights for Pilot Mountain consist primarily of claim maintenance fees, option payments and related holding costs, which we estimate to be $52,903 per year.

#### Qualified Person
The following information in this section has been derived from the technical report summary, entitled "SK 1300 Technical Report Summary, Pilot Mountain Tungsten Project," issued December 15, 2025, with an effective date of December 15, 2025, prepared by RESPEC. RESPEC is the qualified person under S-K 1300. The technical report summary is included as an exhibit to the registration statement of which this prospectus forms a part.

#### Property Description, Location and Ownership
Pilot Mountain is located in west-central Nevada on the eastern flank of the Pilot Mountains in Mineral County and covers a historic tungsten district that has been intermittently explored since the early 1900s. The Project area is centered at approximately 38°22'00"N, 117°57'00"W and lies approximately 19 air-kilometers east of the town of Mina, Nevada and approximately 39 kilometers by well-graded gravel road. Hawthorne, the nearest larger community, is located approximately 68 air-kilometers west-northwest of the property. The Project benefits from year-round access via U.S. Highway 95 and local gravel roads.

![[MISSING IMAGE: mp_gravelroad-4clr.jpg]](mp_gravelroad-4clr.jpg)

The Project is situated on approximately 17.2 km² of public land administered by the BLM within Sections 7 through 9 and 15 through 18 of Township 6 North, Range 37 East, Mount Diablo Base and Meridian. The Project footprint also includes four unpatented mill site claims located at the former Dunham Mill area.

The Project comprises four principal mineralized areas: Garnet, Good Hope, Gunmetal and Desert Scheelite, located within three kilometers of one another, together forming Pilot Mountain. In addition, four unpatented Dunham Mill site claims are situated separately from the main claim block, as shown in the map below.

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![[MISSING IMAGE: mp_pilotmountain-4clr.jpg]](mp_pilotmountain-4clr.jpg)

The Project consists of a total of 208 unpatented claims, including mining claims and mill site claims located in 2024. Of these:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 159 unpatented mining claims were located and recorded by BFM Resources Inc., a wholly owned subsidiary of our Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • four unpatented mill site claims were located by BFM Resources Inc. at the former Dunham Mill site; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 45 unpatented mining claims (the "NT claims") are held by Pilot Metals Inc., a wholly owned subsidiary of our Company.

All claims were located and recorded under the U.S. General Mining Law of 1872 and applicable federal and state regulations. All required annual federal claim maintenance fees and county recording fees have been paid with respect to these claims through September 1, 2026. Mineral rights associated with these unpatented mining claims confer the right to explore for, develop and mine locatable minerals on federally administered land, subject to the paramount title of the United States and compliance with applicable BLM surface management requirements and state and federal environmental regulations.

We control the Project through direct ownership of the BFM claims and mill site claims and through our right to control the NT claims held by Pilot Metals Inc., our wholly owned U.S. subsidiary.

Certain claims within the Project area are subject to a 2% NSR in favor of Apex Royalties.

#### Permit Conditions
Pilot Mountain is located on federally administered public land managed by the BLM. Under BLM regulations, low-impact activities such as geologic mapping, soil sampling and rock sampling may be conducted as casual use without specific permits. Any road or trail construction, mechanized equipment use, drilling or trenching requires filings with the BLM or county, as applicable. Exploration activities that disturb up to approximately five acres can be permitted under a notice-level filing, which may include restrictions to protect biological, historical or archaeological resources. For activities conducted on BLM land, a reclamation bond is required to cover the cost of required reclamation work.

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Disturbances exceeding five acres require a PoO approved by the BLM and the NDEP, which in turn requires either an EA or Environmental Impact Statement under the NEPA. This process is standard in Nevada and permitting timelines for a PoO can take up to one to two years depending on environmental conditions and the scope of proposed activities.

We currently hold two Notices of Intent for exploration activities on the Pilot Mountain project: one covering the Desert Scheelite area (NVNV-106362997) and one covering the Garnet area (NVNV-1067142874A), which also includes the northern portion of Gunmetal. These notices provide the required permit coverage for our ongoing and planned exploration activities and we have posted reclamation bonds with the NDEP to cover disturbances associated with this work. We are also advancing an exploration PoO, which is under review by the BLM and the NDEP as part of the EA process. We do not yet hold a mining permit.

To support the exploration drilling programs for Pilot Mountain, additional permits will be required from the BLM, NDEP and Mineral County. RESPEC anticipates that most and potentially all, of the proposed exploration work could be permitted under the two notice-level filings and any expansion of the program to include large condemnation or resource-expansion drilling will likely require approval of the EA and PoO. Drilling programs that exceed the five-acre disturbance threshold will require acceptance and approval of a PoO by the applicable regulatory authorities. RESPEC is not aware of any factors that would limit our ability to obtain the necessary permits for the proposed work.

Environmental baseline studies are in progress to support future operating permit applications. Current work includes baseline environmental data collection, rock geochemical characterization and hydrological assessments, which will be incorporated into subsequent permitting and technical studies.

Baseline environmental studies completed to date have not identified any federally listed species in the Project area.

#### Accessibility, Climate, Local Resources, Infrastructure and Physiography
Pilot Mountain is accessible from U.S. Highway 95 by well-graded gravel roads that lead from the highway to the property and to the town of Mina, located approximately 39 kilometers to the west. The town of Hawthorne is located approximately 89 kilometers west of the Project by road.

The Project lies within a semi-arid region of western Nevada characterized by low precipitation and generally dry conditions. Elevations within the Project area range from approximately 1,830 to 2,290 meters above sea level. Vegetation consists of sagebrush and rabbitbrush at lower elevations and pinyon pine and juniper at higher elevations. The Project is situated along the lower eastern slope of the Pilot Mountains, with steeper terrain to the west providing greater geological exposure and alluvial fans covering the eastern and northeastern portions of the property.

Local groundwater sources are sufficient to support current exploration activities and water for drilling and engineering test work is being sourced from an existing historical borehole on site. However, long-term water rights appropriate for potential mining and processing activities will need to be secured, with required volumes to be defined in the pre-feasibility study. A 120-kV powerline is located approximately 13 kilometers south of the Project and options for grid connection through NV Energy are under review; the timing of potential electrical delivery remains uncertain and early phases of any future development may require temporary on-site power generation. The existing access road network is adequate for current exploration activities but will require improvements to support potential construction or full operations. Fuel, supplies and mining support services are available in the nearby towns of Mina, Hawthorne, Yerington and Tonopah.

#### History
Pilot Mountain has been the subject of exploration for more than a century, resulting in an extensive body of geological, geophysical and drilling information, although only limited production has ever been recorded. Exploration began in the early 1900s following the discovery of scheelite on the east flank of the Pilot Mountains in 1916, during a regional increase in tungsten prospecting driven by high prices and new milling capacity in California. Multiple properties were developed at that time, but none recorded production.

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In 1921, the United States Geological Survey inspected the district and documented the association of scheelite mineralization with the Gunmetal stock. Their work identified several mineralization styles on the property, including tactite, quartz-calcite-scheelite veins and concentrations of quartz, calcite, silver-bearing galena and scheelite. They considered the tactite style to have the greatest tonnage potential and reported scheelite grades up to 1% WO₃ in underground exposures at the Gunmetal Adit. Subsequent underground development in the 1940s did not materially advance the project and additional work encountered barren marble where tactite had been projected.

Limited production took place during the 1940s and 1950s. Internal reports by Union Carbide Corporation ("UCC") recorded approximately 130 short tons produced through 1943 at the Garnet mine and approximately 15,378 short tons mined from Gunmetal between 1952 and 1956 after the property was reopened.

Modern exploration began in 1968, when Hecla Mining drilled 16 percussion holes totaling approximately 1,652 meters to test porphyry copper-molybdenum targets between the Good Hope and Desert Scheelite zones and to evaluate tactite at Desert Scheelite. Duval Corporation subsequently leased the Desert Scheelite and Gunmetal areas and undertook geophysical surveying and drilling beginning in 1970. Duval's early drilling targeted porphyry-style mineralization but returned only weakly mineralized quartz veins. Continued drilling in 1971 intersected copper-tungsten mineralization in sulfide-rich tactite northeast of Desert Scheelite and additional core and percussion drilling followed in 1972 and 1973.

In 1975, W.R. Grace drilled five angled drill holes totaling approximately 728 meters, confirming the width of the steeply dipping mineralization at Desert Scheelite. W.R. Grace did not exercise its option on the property. Duval continued exploration until 1977, when UCC optioned the property. UCC conducted sampling programs at the Gunmetal underground workings, reporting average grades of 0.40 – 0.50% WO₃ and advanced the project by completing geophysical surveys and additional drilling. Following successful drilling results in extensions of the Desert Scheelite and Middle Gunmetal/South Contact areas, UCC purchased Duval's interest in December 1978. UCC carried out feasibility studies and a bulk sampling program of approximately 70,000 tonnes at Desert Scheelite before suspending work due to low tungsten prices.

More recent exploration was undertaken between 2011 and 2021. Black Fire Minerals Ltd. acquired an option in 2011 and drilled 15 holes designed to verify historical assay data, supporting the estimation of the first modern mineral resource in 2012. Thor Mining PLC acquired an interest in 2014, reviewed archival UCC data and, in 2017, completed nine drill holes targeting copper-silver mineralization at the Desert Scheelite and Garnet deposits.

#### Geological Setting, Mineralization and Deposit
 *Regional Geology* 

Pilot Mountain lies within the Walker Lane structural belt of western Nevada, a northwest-trending zone characterized by strike-slip faulting, extensional basins and associated magmatism that accommodates a significant portion of displacement between the Pacific and North American tectonic plates. Deformation within the belt is expressed through complex fault networks, localized subsidence and magmatic intrusions.

The oldest rocks in the area occur within the Luning (a town in Nevada) allochthon, a thrust stack containing up to 13 nappes, each generally composed of a single lithologic unit. These Permian to Jurassic units are dominantly calcareous in the Pilot Mountains. The allochthon was emplaced along the Luning thrust during the Nevadan-Laramide orogeny, interpreted as occurring between post-late Early Jurassic (ca. 175 Ma) and Late Cretaceous (ca. 68.7 Ma).

Early to Middle Jurassic orogenic movements resulted in deposition of quartzose sandstones and other clastic rocks unconformably over older sediments, with volcanic material becoming increasingly abundant upward. Numerous igneous intrusions emplaced between the Jurassic and Tertiary periods cut the layered rocks in the region, including Cretaceous granodiorite-quartz monzonite stocks and a Tertiary rhyodacite dome exposed in the Pilot Mountains. Widespread felsic to intermediate volcanic rocks of Middle to

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Upper Tertiary age also occur regionally. Later deformation is reflected in northwest-trending, right-lateral faulting characteristic of the Walker Lane belt.

 *Property Geology* 

The Project is underlain by a thick succession of Permian to Jurassic sedimentary and volcanic rocks intruded by Cretaceous granitic stocks, dykes and sills and locally overlain by Tertiary volcanic units. These units have been complexly deformed by thrust faulting and the combined stratigraphy exceeds 6,000 meters in thickness.

The oldest exposed unit is the Permian Mina Formation, comprising marine turbidites, chert and volcanogenic tuffaceous strata. It is prominently exposed in high cliffs south of the Desert Scheelite resource area. Overlying the Mina is the Triassic Luning Formation, the principal host to mineralization on the property. Although no complete section is preserved locally, the Luning is at least 2,300 meters thick in its type area and is subdivided into lower, middle and upper members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Lower Luning Member (ca. 800 meters thick): host to Desert Scheelite mineralization; composed of crystalline limestone and bioclastic carbonate beds ranging from centimeters to 30 meters thick; locally fossiliferous, including shallow-water ammonites.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Middle Luning Member (ca. 100 – 450 meters): gradational contact with lower member; interbedded conglomerate, arenite, wacke and sandy mudstone.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Upper Luning Member: host to mineralization in the Gunmetal-Garnet areas; composed of ca. 80% limestone and ca. 20% fine-grained clastic rocks; includes calcarenite beds up to 5 meters and thin-bedded limestone and mudstone units up to 10 meters thick.

The Lower Jurassic Dunlap Formation overlies the Luning Formation with a disconformity and is exposed along the southwestern edge of the property. It is approximately 1,500 meters thick in the central Pilot Mountains and comprises sandstone, siltstone, shale, conglomerate and minor bioclastic limestone and tuff.

A Jurassic biotite quartz monzonite stock intruded these units, producing contact metamorphism that converted carbonate rocks to marble and pelitic clastics to hornfels. Calc-silicate and skarn alteration formed locally within calcareous rocks during the later stages of intrusion, with metamorphic effects extending up to 300 meters from the northern contact and mineralization confined largely within ca. 90 meters of the contact. The southern contact is concealed beneath alluvium and sheetwash deposits.

 *Deposit Type* 

The Desert Scheelite deposit is a tungsten skarn. Tungsten skarns within the Great Basin formed where granitoid plutons intruded carbonate-rich rocks along the North American Cordilleran magmatic arc. Host rocks include Paleozoic shelf carbonates and Triassic-Jurassic basin carbonates with interlayered volcaniclastic units. Skarn ages range from Jurassic to Cenozoic, with most forming during the Cretaceous.

Associated plutons are typically coarse-grained granitoids crystallized at depths greater than 3 kilometers. Fractionation enriched incompatible elements, including tungsten, in late-stage melts, with tungsten partitioning into magmatic fluids that metasomatized surrounding carbonate rocks. Zoned calc-silicate assemblages formed through prograde and retrograde alteration, with economic tungsten mineralization typically hosted in exoskarns where scheelite is the dominant ore mineral.

 *Mineralization* 

Skarn mineralization at Pilot Mountain occurs in two principal compositional types: pyroxene-rich skarn and garnet-rich skarn. The garnet-rich type includes both base-metal-poor and base-metal-enriched subtypes. Skarn composition is controlled by the original carbonate host rocks, while base-metal enrichment is influenced by geochemical variations among the intruding quartz monzonite stocks.

 *Desert Scheelite* 

Desert Scheelite is a base-metal-enriched tungsten skarn developed within lower Luning Formation carbonates and interbedded biotite hornfels. The skarn extends approximately 600 meters along the contact

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of the Desert Scheelite quartz monzonite stock and persists at least 300 meters down-dip. It dips steeply north and contains two mineralized zones on the footwall and hanging-wall sides. Garnets are dominantly grossular-andradite solid solutions with Fe-rich andradite rims. Mineralization consists of abundant scheelite with pyrite, chalcopyrite and sphalerite, locally exceeding 20% in unoxidized samples. Ankerite, siderite, pyroxene and quartz are also present, with iron carbonates and quartz locally replacing garnet.

 *Garnet Deposit* 

Both garnet skarns and pyroxene skarns occur at the Garnet deposit. Garnet skarns are interbedded with marble and early-stage pyroxene skarn. Mineralization occurs as high-grade scheelite in pyroxene-quartz-garnet skarn and as disseminated scheelite in rims of zoned garnets set in calcareous matrix. At depth, pyroxene skarns include (1) a dark-green subtype with brown garnet veinlets developed from dolomitic limestone host rocks, typically low-grade or barren in scheelite with possible molybdenite; and (2) a scheelite-rich subtype characterized by quartz and fibrous amphibole replacing coarse tremolite and diopside, occurring as beds up to 60 cm thick and enclosing barren dark-brown garnet porphyroblasts.

 *Gunmetal Deposit* 

Gunmetal contains low-sulfide garnet skarn exhibiting both vertical replacement and stratiform replacement of upper Luning carbonates. Garnets fall within the grossular-andradite solid solution, with Fe-rich rims. Pyroxene and quartz are principal accessory minerals. Scheelite grades vary between beds and with distance from the intrusive contact, with higher grades nearer marble and lower grades near quartz monzonite. Thin, higher-grade skarn horizons occur locally within thicker barren hornfels.

#### Exploration
Since acquiring Pilot Mountain in 2021, we have advanced exploration through data review, updated geological modelling and targeted field programs designed to validate historical information and evaluate extensions of known mineralization. The work completed to date includes rock-chip sampling, geological mapping, geophysical surveying and core drilling. These activities have also supported preliminary metallurgical and geotechnical considerations for future technical studies. Initial hydrological or geotechnical investigations have commenced and are ongoing on the Pilot Mountain deposits.

 *Rock Ship Sampling* 

In June 2024, we conducted a closely spaced rock-chip sampling program and whole-rock geochemical analysis of quartz monzonite intrusions on the property to assess whether the intrusive rocks exhibit geochemical signatures consistent with porphyry-style Cu-Mo systems. Twelve quartz monzonite samples were submitted to ALS Laboratories, an accredited commercial geochemical laboratory, for whole-rock geochemistry. The analytical results returned adakitic signatures: Sr/Y > 80, La/Yb > 20, Yb < 1.5 and Eu anomalies greater than 0.9 — geochemical ratios commonly associated with porphyry Cu-Mo intrusions. These results indicate that the Pilot Mountain quartz monzonite exhibits geochemical characteristics consistent with globally recognized porphyry systems.

We also collected nine representative rock-chip samples south of the Desert Scheelite and Porphyry South areas. Eight samples returned copper concentrations greater than 150 ppm, three exceeded 550 ppm Cu and two samples returned values of 691 ppm Cu with 201 ppm Mo and 799 ppm Cu, respectively. These samples were collected from quartz-sericite-pyrite ("QSP") altered metasedimentary rocks located 500 – 700 meters south of the Porphyry South magnetic anomaly. Visible copper minerals included chrysocolla, malachite and chalcocite associated with oxidized, sulfide-bearing quartz veins. These results suggest copper mineralization is present across a broad area adjacent to the quartz monzonite intrusions.

In 2025, we continued exploration at Porphyry South, including detailed mapping of intrusions, porphyry dykes, copper occurrences, sulfides and quartz vein density. A total of 189 rock-chip samples were collected and analyzed by four-acid digestion with ICP-MS/ICP-AES. Elevated copper and molybdenum were confirmed across Porphyry South, with 15 samples exceeding 1,000 ppm Cu along approximately one-kilometer east-west ridge of gossanous breccia, including a maximum value of 2.05% Cu. Petrographic analysis confirmed the presence of cuprite, malachite and tenorite. Two smaller clusters of mineralized

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outcrops south of the quartz monzonite intrusion also yielded copper values greater than 500 ppm. Trace-element geochemistry showed elevated arsenic (>50 ppm), selenium (>2 ppm) and tellurium (>0.1 ppm), characteristic of QSP alteration and indicative of the phyllic alteration halo commonly found surrounding porphyry centers.

 *Geophysical Surveys* 

In June 2023, while operating under the name Golden Metal Resources PLC, we completed a high-resolution induced polarization survey across Pilot Mountain. The program covered the Desert Scheelite deposit and the adjacent quartz monzonite intrusion and delineated three significant chargeability anomalies interpreted as disseminated sulfide mineralization. These anomalies provided early evidence of potential porphyry-style systems and guided subsequent exploration priorities.

In 2025, we completed a three-dimensional induced polarization survey that extended coverage southward from the 2023 survey area. Integration of the two surveys confirmed the presence of chargeability anomalies associated with porphyry-style alteration and mineralization. The geophysical work remains early-stage relative to drilling and metallurgical studies, but the results may assist in refining exploration targets and evaluating potential resource expansion opportunities.

 *Drilling* 

We have drilled a total of 89 diamond core holes across the Project, comprising 68 holes at the Desert Scheelite deposit, 20 holes at the Garnet deposit and one hole at Porphyry South, for a cumulative total of 10,344 meters. All holes were drilled using diamond-core methods and collar locations were surveyed by contracted professional land surveyors. The drilling totals are summarized in the table below.

#### Guardian Drilling in 2024 – 2025

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| | | | |
|:---|:---|:---|:---|
| **Target**  | **Type of Drilling**  | **Total Holes**  | **Total (m)**  |
| Desert Scheelite  | Core | 68 | 8471 |
| Garnet  | Core | 20 | 1466 |
| Porphyry South  | Core | 1 | 407 |
| **Total** |  | **89** | **10344** |

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Drilling was performed by Diamondback Drilling using Boart Longyear LF Super 90 rigs. Crews applied barium-based grease with organic compounds during coring. Short drilling runs of one to two feet were used in shallow intervals to manage broken ground and mechanical methods, such as mallet tapping, use of a metal stake and barrel shaking, were used to remove core from the barrel where needed. Core boxes were labelled with hole identification, box number and depth intervals and wood blocks were placed at the end of each run documenting footage, run length and recovered length. Core was washed with water and a plastic brush prior to boxing. Core recovery improved at depth as drilling encountered more competent rock.

#### Sample Preparation, Analysis and Security
Sampling data for the Desert Scheelite deposit are derived from drilling completed in the 1970s and by Black Fire (2011 – 2012), Thor (2017) and us (2024 – 2025). For the 2024 – 2025 drilling, core was transported daily by our staff from the drill site to the core facility in Hawthorne, Nevada, where it was washed, reassembled, meter-marked, logged and photographed wet, dry and under UV light. Sample intervals were based on geological boundaries and ranged from 0.1 to 1.5 meters. Pre-numbered sample tags were stapled into the core boxes, core was cut lengthwise with half-core sampled and the remaining half returned to the boxes. Quarter-core duplicates were collected from the sampled half when required. Samples were bagged with inside and outside bar-coded tags, placed into supersacks, stored in a locked Quonset hut and delivered by our personnel to ALS with full chain-of-custody documentation. Density measurements were collected approximately every 10 meters using wax-coated immersion methods.

ALS prepared and analyzed samples using four-acid digestion (ME-ICP61) with over-limit analyses (OG46, OG62) and pressed-pellet XRF for tungsten values exceeding 1,300 ppm W (ME-XRF15c). ALS is

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ISO/IEC 17025 and ISO 9001 accredited. American Assay Laboratories, also ISO/IEC 17025:2017 accredited, completed check analyses for some historical programs. Analytical methods for the 1970s drilling included atomic absorption and colorimetric tungsten determinations, although supporting documentation is limited.

Our 2024 – 2025 QA/QC program included certified reference materials, blanks and field, coarse and pulp duplicates. RESPEC reviewed CRM and duplicate performance using boxplots, relative percent difference analysis, regression analysis and scatterplots. CRM results showed minor negative bias for tungsten (-3% to -10%), good agreement for copper and zinc and higher variability for silver. Blank samples performed well aside from isolated failures attributed to sample carryover. Duplicate samples showed good reproducibility for tungsten, copper and zinc, with silver showing a modest negative bias.

#### Mineral Processing and Metallurgical Testing
Metallurgical test work and recovery methods for the Desert Scheelite deposit have been summarized by RESPEC based on a memorandum prepared by Samuel Engineering, Inc. ("Samuel"), an external consultant retained by our Company. RESPEC reviewed Samuel's memorandum for relevance and consistency with the mineralization style observed at Desert Scheelite, summarized the information provided, but did not independently verify the underlying test procedures or results, and reviewed and accepted the material and considers it appropriate for reliance.

 *Analytical Procedures* 

To characterize mineralogy, evaluate process response and develop preliminary beneficiation flowsheets for material from the Desert Scheelite, Garnet and Gunmetal deposits, metallurgical test work has been conducted in multiple laboratory campaigns. Amdel Laboratories Ltd ("Amdel") in Perth, Australia completed testing under the supervision of Coffey Mining (Pty) Ltd. ("Coffey Mining"), the Guangdong Institute of Resources Comprehensive Utilization in Guangzhou, China and the Guangzhou Research Institute of Non-ferrous Metals ("GZRINM") in Guangzhou, China. Collectively, the programs included mineralogical characterization, gravity separation, magnetic separation and flotation testing. Amdel established a preliminary grind size for scheelite and carried out gravity separation and rougher flotation tests. The Guangdong Institute performed quantitative mineralogy, developed two flotation flowsheets (one with a sulfide pre-float and one without) and carried out magnetic separation, head assays, tailings settling and water-quality testing for process design inputs.

 *Mineralization* 

Amdel prepared composite samples for metallurgical testing from material identified as representative of the Desert Scheelite, Garnet and Gunmetal deposits and assembled the composites to reflect the principal mineralization styles, with scheelite confirmed as the dominant tungsten mineral accompanied by minor sulfides. While the test work indicates metallurgical behavior consistent with the observed mineral assemblages at Desert Scheelite, detailed documentation of composite selection, including spatial distribution, lithologic proportions and grade variability, was not available for RESPEC to review. As a result, RESPEC cannot fully confirm the representativeness of the metallurgical samples relative to the full range of mineralization and recommends that we conduct additional metallurgical sampling across distinct mineralized domains to verify response variability.

 *Laboratories* 

Amdel is part of Bureau Veritas Minerals, an internationally recognized analytical group operating under an ISO 9001 quality management system and accredited by the National Association of Testing Authorities to ISO/IEC 17025 for selected analytical and assay methods. Amdel acted as an independent commercial laboratory and reported directly to Coffey Mining.

Amdel confirmed scheelite as the sole tungsten-bearing mineral and conducted liberation studies that established a target grind size of 106 µm. Gravity separation using Wilfley tabling followed by Mozley cleaning achieved an upgrade ratio of approximately 27:1, recovering 72.5% of contained tungsten to 1.7% of the feed mass. Rougher flotation tests at grind sizes of P80 106 µm and P80 45 µm, including a conceptual circuit that recycled gravity middlings and tails, achieved recoveries of up to 90.7% WO₃, although

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concentrate grades were limited by calcium gangue carryover. The Guangdong Institute conducted rougher flotation at approximately 70% passing 75 µm, producing rougher concentrates grading 3.92% WO₃ at 76.1% recovery. Multi-stage heated cleaning yielded final scheelite concentrates grading between 66.9% and 68.2% WO₃ at recoveries of 71 – 74%, with impurity levels meeting commercial specifications. GZRINM reviewed and corroborated the gravity-plus-flotation process concept and recommended reagent optimization, cleaner-circuit configuration and potential recovery of additional tungsten from magnetic products by spirals or tabling.

Samuel concluded that the metallurgical test work completed to date provides a reasonable preliminary understanding of the mineralogy and process response of the Desert Scheelite deposit and recommended additional variability testing, reagent optimization and confirmatory work on domain-specific composites to validate recovery factors and establish process parameters for future resource and reserve estimation stages.

#### Mineral Resource Estimates
The Desert Scheelite mineral resource estimate was prepared by RESPEC in accordance with the SEC Modernized Property Disclosure Requirements for Mining Registrants under Subpart 1300 of Regulation S-K. The effective date of the estimate is December 15, 2025. RESPEC is independent of the Company and its subsidiaries.

Mineral resources are reported at a cut-off grade of 0.06% WO₃, which reflects assumptions for open-pit mining, conventional milling, metallurgical recoveries and operating costs typical for Nevada. The pit-shell optimization applied a mining cost of $2.75/t, processing cost of $15.64/t, general and administrative cost of $3.00/t, a WO₃ price of $65,500/t, an 80% WO₃ recovery and an 83% WO₃ payability, as well as recoveries of 60% Ag, 70% Cu and 60% Zn. Silver, copper and zinc were treated as by-product metals in the optimization.

Mineral resources have been classified as indicated and inferred in accordance with S-K 1300 definitions. Indicated resources are primarily informed by our modern angled drilling. Areas underlain by more widely spaced drilling or informed largely by historical drill holes have been classified as inferred. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

#### Desert Scheelite Mineral Resources

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Cut-off**  | **Cut-off**  | **Average Grade**  | **Average Grade**  | **Average Grade**  | **Average Grade**  | **Contained Metal**  | **Contained Metal**  | **Contained Metal**  | **Contained Metal**  |
| **Classification**  | **% WO3**  | **Tonnes**  | **% WO3**  | **g Ag/t**  | **% Cu**  | **% Zn**  | **t WO3**  | **oz Ag**  | **t Cu**  | **t Zn**  |
| Indicated  | 0.06 | 8694000 | 0.206 | 12.43 | 0.085 | 0.315 | 17900 | 3475000 | 7400 | 27400 |
| Inferred  | 0.06 | 1784000 | 0.169 | 12.00 | 0.063 | 0.225 | 3000 | 689000 | 1100 | 4000 |

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Notes:

(1) The effective date of Desert Scheelite mineral resources is December 1, 2025.

(2) The estimate of mineral resources was done by RESPEC in metric tonnes.

(3) The point of reference is in situ mineralization prior to extraction by open pit mining methods.

(4) The average grades of the tabulations are comprised of the weighted average of block-diluted grades within an optimized pit.

(5) The Desert Scheelite mineral resource cut-off grade of 0.06% WO₃ was selected by RESPEC. Operating assumptions were applied to establish a theoretical pit limit, including a WO₃ price of $65,500/t, an average recovery of 80% WO₃, a processing rate of 4,000 tonnes/day, $2.75/t mining cost for open pit, $15.64/t processing cost, $3.00/t processed for G&A and an 83% payability. Blocks outside the pit limit are considered not economic at this time.

(6) The accessory metals Ag, Cu and Zn shown in this table are the quantities contained within the mineral resources using the cut-off grade established for the primary commodity (WO3). No independent cut-off grade has been applied to these accessory metals. Reported quantities of accessory metals are

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therefore considered by-products of the primary metal resource and their value is contingent upon the ability to economically extract the by-products along with the primary commodity.

(7) The estimate of mineral resources may be materially affected by geology, environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.

(8) Rounding as required by reporting guidelines may result in apparent discrepancies between tonnes, grade and contained metal content.

(9) Mineral resources are not mineral reserves and do not have demonstrated economic viability. An inferred mineral resource has a lower level of confidence than an indicated mineral resource and must not be converted to a mineral reserve. RESPEC reasonably expects that continued exploration and delineation will upgrade the majority of inferred mineral resources to indicated mineral resources.

The mineral resource estimate is supported by a three-dimensional block model that incorporates the geological interpretation, mineral domains, lithology and oxidation surfaces. Drill-hole assays were validated and composited before estimation and density values were assigned by lithologic unit based on specific-gravity measurements collected on site. Grades for tungsten, silver, copper and zinc were interpolated using industry-standard geostatistical methods. The block model provides the basis for reporting the indicated and inferred mineral resources within the optimized open-pit shell.

#### Mining Methods
No detailed mining methods have been developed for the Pilot Mountain project at this stage. For the purposes of establishing reasonable prospects for eventual economic extraction in the mineral resource estimate, RESPEC assumed a conventional open-pit mining method and evaluated preliminary pit shells using typical operating parameters for Nevada. Further engineering and mine planning work will be completed as the Project advances toward prefeasibility.

#### Processing and Recovery Methods
For the purposes of assessing reasonable prospects for eventual economic extraction in the mineral resource estimate, RESPEC assumed a conventional grinding and mineral flotation recovery method.

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#### MANAGEMENT

#### Executive Officers and Board Members
The following table sets forth the name and position of each of our executive officers and board members as of the date of this prospectus:

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| | | |
|:---|:---|:---|
| **Name**  | **Age**  | **Position**  |
| Executive Officers |  |  |
| &nbsp;&nbsp;&nbsp; Oliver Friesen  | 35  | Chief Executive Officer and Director |
| &nbsp;&nbsp;&nbsp; Benjamin James Hodges<sup>(1)</sup>  | 51  | Finance Director |
| &nbsp;&nbsp;&nbsp; Jason Thomas Starzecki  | 51  | Executive Chairman and Director |
| Non-Executive Board Members |  |  |
| &nbsp;&nbsp;&nbsp; Mark Burnett(2)<sup>(3)</sup>  | 38  | Non-Executive Director |
| &nbsp;&nbsp;&nbsp; Michael X. Schlumpberger(2)<sup>(3)</sup>  | 62  | Non-Executive Director |

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(1) We expect to appoint a Chief Financial Officer after the completion of the offering. Until such appointment, our finance function continues to be overseen by Benjamin James Hodges as Finance Director.

(2) Audit Committee member.

(3) Remuneration Committee member.

The current business address for our executive officers and board members is c/o Orana Corporate LLP, 25 Eccleston Place, London SW1W 9NF, United Kingdom.

#### Executive Officers
The following is a brief summary of the business experience of our executive officer.

*Oliver Friesen* has served as our Chief Executive Officer since 2021. Prior to joining Guardian, Mr. Friesen was Chief Executive Officer of Gold Lion Resources, a Vancouver-based exploration company focused on gold exploration in Idaho. Additionally, Mr. Friesen was a director at Corcel Exploration Inc. Mr. Friesen holds a Bachelor of Science degree in geology from University of British Columbia and a Master of Science degree focusing in sedimentology from Simon Fraser University. Mr. Friesen has spent over 10 years in the mining and oil and gas sectors working in various technical and corporate roles. Mr. Friesen has been actively involved in mineral exploration since 2010 primarily working within Canada, the United States, Australia and Africa.

*Benjamin James Hodges* has served as our Finance Director since 2024. Mr. Hodges is currently Finance Director at First Development Resources Plc and also serves as Chief Financial Officer at Arcontech Group PLC. First Development Resources Plc is an early-stage minerals exploration company with a focus on Australia. Arcontech Group PLC is a software development and consultancy company. Mr. Hodges has served as Finance Director of First Development Resources Plc since 2022 and as Chief Financial Officer of Arcontech Group PLC since 2020. Previously, Mr. Hodges was a director and Chief Financial Officer at EnergyPathways PLC and also served as Chief Financial Officer of Thor Explorations Limited. Mr. Hodges holds a Bachelor of Business Accountancy and Marketing from Swinburne University of Technology. Mr. Hodges is a Fellow of CPA Australia with 27 years' experience in both the accounting profession and in industry, including over 23 years' experience in the extractive industries.

*Jason Thomas Starzecki* has served as Chair of our board since 2024. Prior to joining Guardian, Mr. Starzecki was the Chief Marketing Officer for Anglo American Crop Nutrients from 2009 to 2020. Additionally, Mr. Starzecki was Chief Strategy Officer at 5E Advanced Materials from 2022 to 2024. Mr. Starzecki holds a Bachelor of Arts degree in accounting from St. John's University. Mr. Starzecki has been a board advisor and member to various junior mining companies focused on precious metals like gold

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and silver, along with critical minerals including lithium, boron, potash, and magnesium and has over 20 years' experience in the metals and mining industry.

#### Non-Executive Board Members
The following is a brief summary of the business experience of our non-executive board members.

*Mark Burnett* has served as a member of our board since 2021. Mr. Burnett is currently Director of Mining Investments at RAB Capital, a leading mining specialist investor in London. Mr. Burnett holds a Bachelor of Arts in geography from the University of Exeter, holds a Master of Philosophy from University of Oxford and was an Officer in the British Armed Forces. Mr. Burnett has over 12 years' investing and corporate finance experience in North America, South America, Australia and Africa. Mr. Burnett is currently Executive Director at Strategic Minerals Plc. Mr. Burnett is also a director at Strategic Minerals Plc, Cornwall Resources Limited, Ebony Iron Pty Ltd., Iron Glen Pty Ltd., Iron Glen Holdings Pty Ltd., Leigh Creek Copper Mine Pty Ltd. and Giyani Metals Corp. Mr. Burnett has been a board member to several Canadian and London listed companies.

*Michael X. Schlumpberger* has served as a member of our board since 2025. Mr. Schlumpberger is currently a non-executive director of Rapid Exploration Canada, a critical minerals exploration company focused on Australia and North America, the President of Schlumpberger Inc., a mining and management consultancy and a director of the Spur Ranch Road Association. Mr. Schlumpberger holds a Bachelor of Science in Mining Engineering from the Missouri University of Science and Technology and a Master of Business Administration from East Carolina University. Mr. Schlumpberger previously served as Managing Director and Chief Executive Officer of American Pacific Borates Ltd. and was a director of Fort Cady California Corporation. Earlier in his career, Mr. Schlumpberger spent nearly 20 years at PotashCorp (now Nutrien) in a range of senior operational roles. Mr. Schlumpberger has over 30 years of operational and executive experience in the mining and critical minerals industry.

#### Corporate Governance Practices and Foreign Private Issuer Status
As a public company incorporated in England and Wales and that has shares admitted to AIM, we are not required to comply with the U.K. Corporate Governance Code. We do, however, apply the U.K. Corporate Governance Code and comply with its principles and provisions so far as is practicable and appropriate given our size and status as an AIM-traded company.

As a "foreign private issuer," as defined by the SEC, we will be permitted to follow home country corporate governance practices instead of certain corporate governance practices required by NYSE American applicable to U.S. domestic issuers. We intend to voluntarily follow most NYSE American corporate governance rules. However, we intend to follow U.K. corporate governance practices in lieu of the NYSE American corporate governance rules as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will follow home country practice that permits our board of directors to consist of less than a majority of independent directors, rather than Section 803A(1) of the NYSE American LLC Company Guide, which requires that a majority of the board be independent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will follow home country practice that does not require us to hold regular executive sessions where only non-management directors are present, rather than Section 802(c) of the NYSE American LLC Company Guide, which requires an issuer to have regularly scheduled meetings at which only non-management directors attend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will follow home country practice that permits our audit committee to consist of less than three members, rather than Section 803B(2) of the NYSE American LLC Company Guide, which requires a minimum of three members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will follow home country practice that does not require a nominating committee of our board of directors, rather than Section 804 of the NYSE American LLC Company Guide, which requires that director nominees are selected, or recommended for selection by our board, either by (i) a nominating committee comprised solely of independent directors, or (ii) a majority of the independent directors, and that a formal written charter or board resolution, as applicable, addressing the nominations process is adopted;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will follow home country practice that does not require us to disclose within four business days any determination to grant a waiver of the Code of Conduct to directors and officers. While we intend to disclose any amendments to our Code of Conduct, or waivers of its requirements, on our website or in public filings under the Exchange Act, English law does not prescribe a specific timeline for such disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will follow home country practice that generally permits the board of directors, without shareholder approval, to establish or materially amend any equity compensation plans (to the extent that such equity compensation plans do not specifically foresee the issuance of new shares by the Company, for example, a phantom share plan or option plan with cash settlement only), rather than Section 711 of the NYSE American LLC Company Guide, which requires that our shareholders' approve the establishment or any material amendments to any equity compensation plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will follow home country practice and not the NYSE American corporate governance rules, relating to matters requiring shareholder approval. England and Wales law and our Articles of Association generally permit us, without shareholder approval, to take the following actions (i) issue and grant warrants or options, (ii) commence and defend the Company against litigation, (iii) issue shares pursuant to existing employee share schemes, (iv) refuse to register transfers of shares where the transfer is not effected in writing in any usual or common form or in such other form as is satisfactory to the directors, (v) exercise all powers to borrow, raise money, give indemnities or guarantees and provide security, (vi) manage the award of pensions, annuities, gratuities and superannuation or other allowances or benefits to current and former directors and employees of the Company and (vii) manage the Company's business and exercise all such powers and do all such acts and things as may be exercised or done by the Company, provided these acts and powers are not reserved to the shareholders.

Under English law, the directors are responsible for managing the Company and may take any decisions that are not expressly reserved to shareholders under the Companies Act 2006 or our Articles of Association. Under English law, matters requiring shareholder approval generally include: (i) amendments to the articles of association, (ii) approval of the annual accounts and reports, (iii) declaration of final dividends, (iv) appointment and removal of directors and auditors, (v) authorization of the allotment of shares and disapplication of statutory pre-emption rights, (vi) approval of certain significant transactions, including mergers, reductions of capital, changes of name, re-registrations and winding up, (vii) approval of specified transactions involving directors (such as substantial property transactions and certain loans or guarantees) and (viii) approval of schemes of arrangement or a voluntary winding up where applicable. Except as stated above, we intend to comply with the rules generally applicable to U.S. domestic companies listed on NYSE American.

We may in the future decide to use other foreign private issuer exemptions with respect to some or all of the other NYSE American corporate governance rules. Accordingly, our shareholders may not have the same protections afforded to shareholders of U.S. domestic companies that are subject to all of the corporate governance requirements of NYSE American. If we cease to be a "foreign private issuer" under the NYSE American rules and the Exchange Act, as applicable, we will take all action necessary to comply with applicable NYSE American corporate governance rules.

Although we may rely on certain home country corporate governance practices, we will be required to comply with the Notification of Noncompliance requirement in Section 810(b) of the NYSE American LLC Company Guide and the Clawback Policy requirement in Section 811 of the NYSE American LLC Company Guide. Further, we will be required to have an audit committee that satisfies Section 803A of the NYSE American LLC Company Guide consisting of committee members that meet the independence requirements of Rule 10A-3(b)(1) under the Exchange Act.

Because we are a foreign private issuer, our directors and senior management are not subject to short-swing profit recovery and "short-selling" provisions under Sections 16(b) and 16(c), respectively, of the Exchange Act. From March 18, 2026, however, pursuant to the Holding Foreign Insiders Accountable Act (the "HFIAA"), directors and executive officers of foreign private issuers will be subject to the insider trading reporting requirements of section 16(a) of the Exchange Act, subject to any exceptions that the SEC may grant pursuant to the exemptive authority of the SEC under the HFIAA where the SEC determines

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that the laws of a foreign jurisdiction apply "substantially similar requirements." Our directors and senior management will also be subject to the obligations to report changes in share ownership under Section 13 of the Exchange Act and related SEC rules.

#### Composition of our Board of Directors
Our board of directors is composed of five members. As a foreign private issuer, under the listing requirements and rules of NYSE American, we are not required to have independent directors on our board of directors, except that our audit committee is required to consist fully of independent directors, subject to certain phase-in schedules. However, our board of directors has determined that Mark Burnett and Michael X. Schlumpberger, two of our five directors, do not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of director and that each of these directors satisfy the "independence" requirements set forth in Rule 10A-3 under the Exchange Act. There are no family relationships among any of our directors or executive officers.

In accordance with our Articles of Association, the following directors will retire from office and be eligible for re-election:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any director who has been longest in office since their last appointment or reappointment and if those eligible for re-election were appointed or reappointed on the same day, the director who will retire shall (unless the directors otherwise agree among themselves) be determined by lot; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any director who wishes to retire and offer himself for re-election (whether by reason of the U.K. Corporate Governance Code or for any other reason).

The number of directors to retire at each annual general meeting shall be one-third of their number *provided* that: (i) if their number is more than three, but not a multiple thereof, then the number to retire shall be the number nearest to, but not exceeding, one-third, (ii) if their number is two, one of the directors shall retire and (iii) if their number is one, that director shall retire.

We intend to continue to comply with the requirements of provision 18 of the U.K. Corporate Governance Code that all directors be subject to annual re-election.

Retiring directors are eligible for re-election. See "Description of Share Capital and Articles of Association — Articles of Association — Directors — Rotation of Directors."

#### Committees of Our Board of Directors
Our board has two standing committees: an audit committee ("Audit Committee") and a remuneration committee ("Remuneration Committee"). Each of these committees is governed by a charter that is consistent with applicable U.K. law and SEC and NYSE American corporate governance rules, and such charters will be made available on our website at www.guardianmetalresources.com upon the effectiveness of this registration statement. The information contained on, or that can be accessed through, our website does not form part of this prospectus.

#### Audit Committee
Our Audit Committee consists of Mark Burnett and Michael X. Schlumpberger. Mr. Burnett serves as the chair of the Audit Committee. Our board has determined that all members of our Audit Committee meet the requirements for financial literacy under the applicable rules and regulations of the SEC and the NYSE American corporate governance rules. Our board has determined that Mr. Burnett is an audit committee financial expert as defined by the SEC rules and has the requisite financial experience as defined by the NYSE American corporate governance rules.

Our board has determined that each member of our audit committee is "independent" as such term is defined in Rule 10A-3(b)(1) under the Exchange Act, which is different from the general test for independence of board and committee members.

The Audit Committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • recommending the appointment of the independent auditor to the board, who in turn will put the appointment of the independent auditor to the annual general meeting of shareholders;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the appointment, remuneration, retention and oversight of any independent auditor engaged for the purpose of preparing or issuing an audit report or performing other audit services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • pre-approving the audit services and non-audit services to be provided by our independent auditor before the auditor is engaged to render such services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • evaluating the independent auditor's qualifications, performance and independence and presenting its conclusions to the full board on at least an annual basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and discussing with the executive officers, the board and the independent auditor our financial statements and our financial reporting process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • approving or ratifying any related party transactions in accordance with the AIM Rules for Companies and related guidance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and overseeing the adequacy and effectiveness of our financial reporting and internal control policies and systems, covering all material controls, including financial, operational and compliance controls and the procedures for the identification, assessment, management and reporting of risks; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • periodically reviewing with management and the independent auditor our Code of Conduct and reviewing and reassessing the adequacy of the procedures in place to enforce the Code of Conduct and consider and discuss and, as appropriate, grant requested waivers from the Code of Conduct.

The Audit Committee will meet at least three times per year and at such other times as the chair of the Audit Committee shall deem fit. Only members of the Audit Committee have the right to attend Audit Committee meetings, but other directors and external advisers may be invited to attend all or part of any meeting as and when appropriate.

#### Remuneration Committee
Our Remuneration Committee consists of Mark Burnett and Michael X. Schlumpberger. Mr. Burnett serves as chair of the Remuneration Committee. Our board has determined that each of Mr. Burnett and Mr. Schlumpberger is independent under the NYSE American corporate governance rules, including the additional independence requirements applicable to the members of a remuneration committee.

The Remuneration Committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • identifying, reviewing and proposing policies relevant to and setting of individual remuneration packages for the directors, officers and other key employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • evaluating each executive leadership team member's performance in light of such policies and reporting to the board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • analyzing the possible outcomes of the variable remuneration components and how they may affect the remuneration of the executive leadership team;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • recommending any equity long-term incentive component of each executive leadership team member's compensation in line with the remuneration policy and reviewing our executive officer compensation and benefits policies generally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and assessing risks arising from our compensation policies and practices.

The Remuneration Committee will meet at least twice each year and at such other times as required.

#### Compliance with the Quoted Companies Alliance Corporate Governance Code
All companies with securities admitted to trading on AIM are required to include on their website details of a recognized corporate governance code that the board of directors of the company has decided to apply, how the company complies with that code and where it departs from its chosen corporate governance code an explanation of the reasons for doing so. This information is required to be reviewed annually.

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We have decided to apply the Corporate Governance Code published by the Quoted Companies Alliance, or the QCA Code. The QCA Code sets out a standard of minimum best practice for small and midsize quoted companies.

#### Code of Conduct
In addition, we intend to adopt a Code of Business Conduct (the "Code of Conduct"), which covers a broad range of matters including the handling of conflicts of interest, compliance issues and other corporate policies. The Code of Conduct will apply to all of our executive officers, board members and employees.

#### Executive Officer Remuneration
The following table presents the individual compensation provided to our current executive officers during the fiscal year ended June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Salary**  | **Bonus<sup>(1)</sup>**  | **Total**  |
|  | **(in $)**  | **(in $)**  | **(in $)**  |
| *Executive officers* |  |  |  |
| Oliver Friesen  | 238000 | 11000 | 249000 |
| Benjamin James Hodges  | 22000 |  | 22000 |
| Jason Thomas Starzecki  | 51000 |  | 51000 |

---

(1) Amounts shown reflect bonuses awarded, both in cash and shares.

#### Executive Officer Service Agreements

#### Oliver Friesen
In March 2022, we entered into a service agreement with Oliver Friesen ("OF Service Agreement"), which governs the terms of his service with us as chief executive officer. Pursuant to the OF Service Agreement, Mr. Friesen was entitled to an annual base salary of £18,000 until our admission to AIM and upon successful admission, he was entitled to receive a bonus comprised of fully paid-up shares in our equivalent to the net market value of £25,000, as well as an option to purchase 2.5% of the issued share capital of us on admission. Following admission, Mr. Friesen became entitled to an annual base salary of £70,000, to be reviewed annually, and he is eligible for a bonus of such amount and at such intervals as the board, in its absolute discretion, may determine.

In January 2025, we entered into a side letter with Mr. Friesen ("OF Side Letter") in relation to the OF Service Agreement. Among other things, the annual base salary of Mr. Friesen was increased to £210,000 as of January 1, 2025, and the board decided to award Mr. Friesen with back-pay in line with the new salary level, in lieu, back dated and pro-rated to October 1, 2024.

As of his appointment and for six years following termination, Mr. Friesen is entitled to be covered by a policy of directors' and officers' liability insurance on terms no less favorable than those in place from time to time for other members of the board.

Any intellectual property subsisting, or that may subsist in the future, in him, whether wholly or partially made by Mr. Friesen, shall automatically vest in us absolutely. To the extent it does not automatically vest, Mr. Friesen shall hold it in trust for us.

Either party may terminate the OF Service Agreement, as amended by the OF Side Letter, by giving not less than six months' prior written notice, and we may also terminate Mr. Friesen's employment in our sole discretion at any time and with immediate effect, *provided* that within 28 days we pay an equivalent of six months' base salary in lieu of notice.

If Mr. Friesen's employment is terminated by either party within six months of a change of control of the Company, provided notice is made by reason of any reconstruction or amalgamation of the Company,

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its subsidiaries or holding companies from time to time and/or any subsidiary of any holding company from time to time, whether by winding up or otherwise, Mr. Friesen shall be entitled to 18 months' salary in addition to his entitlement to six months' base salary in lieu of notice and, if Mr. Friesen gives notice of termination within six months of a change of control of the Company, he shall not be required to serve his six month notice period. Notwithstanding the foregoing, if Mr. Friesen's employment is terminated at any time by reason of any reconstruction or amalgamation of the Company, its subsidiaries or holding companies from time to time and/or any subsidiary of any holding company from time to time, and Mr. Friesen is offered employment with any concern or undertaking involved in or resulting from the reconstruction or amalgamation on terms which, considered in their entirety, are no less favorable to any material extent than under the OF Service Agreement as amended by the OF Side Letter, Mr. Friesen shall have no claim against us, or any such undertaking, arising out of or connected with the termination.

In the case of disqualification from acting as a director or resignation as a director without the prior written approval of the board, breach of any rules or regulations, ceasing to meet regulatory body requirements, gross misconduct, negligence and other breaches or criminal or civil offenses made by Mr. Friesen during the course of appointment, we may terminate the OF Service Agreement, as amended by the OF Side Letter, with immediate effect without notice and with no liability to make further payment to him.

The OF Service Agreement, as amended by the OF Side Letter, contains customary provisions and representations, including confidentiality, non-competition and non-solicitation undertakings by Mr. Friesen.

#### Benjamin James Hodges
In August 2025, we entered into an employment agreement with Benjamin James Hodges ("BH Service Agreement"), which governs the terms of his employment with us as finance director and part-time executive director. Pursuant to the BH Service Agreement, Mr. Hodges was entitled to an annual base salary of £60,000 to work two days per week (equivalent to £150,000 pro-rated per annum for a five-day work week) and is eligible for a bonus of such amount and at such intervals as the board, in its absolute discretion, may determine.

Any intellectual property subsisting, or which may subsist in the future, whether wholly or partially made by Mr. Hodges, is assigned by way of future assignment to us.

Either party may terminate the BH Service Agreement by giving not less than three months' prior written notice. If such a notice is received, we may also terminate Mr. Hodges' employment in our sole discretion at any time with immediate effect, *provided* that we pay an equivalent of three months' base salary in lieu of notice. In the case of disqualification, breach of any rules or regulations, ceasing to meet regulatory body requirements, gross misconduct, negligence and other breaches or criminal or civil offenses made by Mr. Hodges during the course of appointment, we may summarily terminate the employment agreement.

The BH Service Agreement contains customary provisions and representations, including confidentiality, non-competition and non-solicitation undertakings by Mr. Hodges.

In November 2025, we entered into a side letter with Mr. Hodges in relation to the temporary amendment of the BH Service Agreement (the "BH Side Letter"), as a result of the temporary increase in time requirement required from Mr. Hodges due to this offering. Under the terms of the BH Side Letter, from November 1, 2025 to March 31, 2026, Mr. Hodges is required to work such hours as are necessary for the professional completion of his duties as the needs we require and in any event we expect Mr. Hodges to work a minimum of three days per week. Further, Mr. Hodges shall be entitled to an annual salary of £90,000 for three days per week, (equivalent to £150,000 pro-rated per annum for a five-day work week).

#### Jason Thomas Starzecki
In September 2023, Jason Thomas Starzecki was appointed as a non-executive director and non-executive chairman of the Company. Effective from June 1, 2025, we entered into an executive chair service agreement with Mr. Starzecki (the "JT Service Agreement"). Pursuant to the JT Service Agreement, Mr. Starzecki is entitled to an annual base salary of $200,000 to be reviewed annually. He is also eligible for

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a bonus of such amount and at such intervals as the board, in its absolute discretion, may determine, as well as to participate our incentive plans.

As of his appointment and for six years following termination, Mr. Starzecki is entitled to be covered by a policy of directors' and officers' liability insurance on terms no less favorable than those in place from time to time for other members of the board.

Any intellectual property subsisting, or that may subsist in the future, in him, whether wholly or partially made by Mr. Starzecki, shall automatically vest us absolutely. To the extent it does not automatically vest, Mr. Starzecki shall hold it in trust for us.

Either party may terminate the JT Service Agreement by giving not less than six months' prior written notice. We may also terminate Mr. Starzecki's employment in our sole discretion at any time and with immediate effect, *provided* that within 28 days we pay an equivalent of six months' base salary in lieu of notice. In the case of disqualification from acting as a director or resignation as a director without the prior written approval of the board, breach of any rules or regulations, ceasing to meet regulatory body requirements, gross misconduct, negligence and other breaches or criminal or civil offenses made by Mr. Starzecki during the course of appointment, we may terminate the service agreement with immediate effect without notice and with no liability to make further payment to him.

The JT Service Agreement contains customary provisions and representations, including confidentiality, non-competition and non-solicitation undertakings by Mr. Starzecki.

#### Equity Compensation Arrangements
We have granted or may grant equity-based awards under short-term and long-term incentive plans. As a foreign private issuer, we may follow our home country corporate governance rules instead of certain corporate governance requirements of NYSE American, and we intend to be exempt from NYSE American regulations that require a listed U.S. company to seek shareholder approval for the implementation of certain equity compensation plans and issuances of ordinary shares.

The following sections provide a summary of the terms of each of the short-term and long-term incentive plans that have been adopted by the Company.

#### Long Term Incentive Plan (the "LTIP")
The Company recognizes the need to attract, incentivize and retain employees and therefore has adopted the LTIP. The purpose of the LTIP is to retain and incentivize executive directors and employees whose contributions are essential to the continued growth and success of the business of the Company, in order to strengthen their commitment to the Company and, in turn, further the growth, development and success of the Company. The LTIP provides for the grant of options over ordinary shares in the Company which may be subject to a combination of performance and time vesting. The LTIP also provides for the grant of other conditional share awards over shares in the Company, including nil-costs options and restricted stock units.

 *Eligibility* 

Employees and the executive directors of the Company, and any subsidiary from time to time, are eligible to participate in the LTIP at the discretion of the board.

 *Administration of the LTIP* 

The board has the authority to operate, manage and administer the LTIP, but the Remuneration Committee will generally do so in practice as a duly authorized committee of the board.

 *Grant of Options* 

Subject to the rules of the LTIP, the Company (acting through the board) may grant an award to any employee it chooses, provided that the Company may not grant awards (i) at any time when that grant would

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be prohibited by, or in breach of, Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by UK legislation from time to time, or any other law, regulation with the force of law or the AIM Rules for Companies, or (ii) after the tenth anniversary of the date on which the LTIP is adopted.

Awards will generally be subject to conditions relating to time and, possibly, performance. Once vested, options under the LTIP shall be exercisable for 10 years from the date of grant.

Each award entitles a participant to the right to acquire a specified number of shares upon vesting of the award or, in the case of awards comprising options, on exercise of such options.

On exercise of an option, payment of the aggregate exercise price shall be due from the participant for the shares subject to the option unless the board determines that an alternative means of payment will be acceptable.

Each award granted under the LTIP is evidenced by an award certificate in a form prescribed by the board. The award certificate will set out the individual terms and conditions which apply to each award.

 *Plan Limits* 

Awards may not be granted where the grant would result in the total number of dilutive shares exceeding 10% of the issued share capital of the Company.

For the purposes of this limit, no account will be taken of any shares where the right to the shares has lapsed or of any awards made prior to the initial public offering of the Company's ADRs on the NYSE American.

 *Termination of employment or engagement* 

Ordinarily, an award will lapse if the relevant participant ceases to be an employee or director of the Company or any subsidiary from time to time, unless the board exercises its discretion to allow otherwise.

Certain leavers may be permitted to retain all or a proportion of their vested options (or such greater proportion as the board may determine in its absolute discretion), subject to a potential requirement to exercise them within 90 days following cessation of employment or service, depending on the circumstances of their cessation.

Notwithstanding any other provision of the LTIP, if any participant dies whilst holding an award which has not been fully vested (or, in the case of options, exercised), his or her personal representative, heirs or legatees may, at any time within one year after the date of such death exercise an option with respect to the unexercised balance of the ordinary shares subject to the option.

 *Corporate events* 

If the board considers that a change of control is likely to occur, the board may decide that any option to the extent vested (or such greater proportion as the board may determine) may be exercised within a reasonable period to be specified by the board for that purpose and ending immediately prior to completion of that change of control. The board shall have discretion to determine that an option that is not exercised by the end of that period shall lapse.

If a change of control occurs, the participant may exercise the option to the extent vested (measured at the date of completion of the change of control) or such higher proportion as the board may, in its absolute discretion determine, within 30 days after the date on which the change of control completes. Ordinarily, to the extent not exercised, the option shall lapse at the end of the 30 day period.

 *Cash alternative* 

The board shall have absolute discretion to determine if and to what extent the exercise of options shall be settled in cash instead of ordinary shares. In which case, the participant will receive a cash amount equal to the market value of the relevant number of ordinary shares as at the date of exercise less the aggregate

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exercise price, if any. The board will arrange for any such payment to be made either by the Company or by another member via payroll or to a bank account nominated by the participant, subject always to all and any applicable tax withholding.

 *Net settlement* 

Instead of delivering the number of ordinary shares subject to an award, the Company may settle the award by procuring the transfer of sufficient ordinary shares to deliver the gain net, if any, in the following manner: (i) deduct the exercise price, if any, from the market value of ordinary share on the date of exercise, (ii) multiply the result by the number of ordinary shares specified in the relevant exercise notice; and (iii) deduct the aggregate tax liability.

 *Variation of share capital* 

If there is any variation of the share capital of the Company (whether that variation is a capitalization issue (other than a scrip dividend), rights issue, consolidation, subdivision or reduction of capital or otherwise) that affects (or may affect) the value of awards to participants, the board shall adjust the number and description of shares subject to each award or the exercise price of each option in a manner that the board, in its reasonable opinion, considers to be fair and appropriate. However (i) the total amount payable on the exercise of any option in full shall not be increased; and (ii) the exercise price for a share to be newly issued on the exercise of any option shall not be reduced below its nominal value (unless the Board resolves to capitalize, from reserves, an amount equal to the amount by which the total nominal value of the relevant shares exceeds the total adjusted exercise price, and to apply this amount to pay for the relevant shares in full).

 *Amendments* 

The board may amend the LTIP from time to time, except that (i) the board may not amend the LTIP without the consent of participants if the amendment (x) applies to awards granted before the amendment was made, and (y) materially adversely affects the interests of participants and (ii) while ordinary shares are traded on a recognized stock exchange, the board may not make any amendment to the advantage of participants if that amendment relates to (x) the limits specified in the rules of the LTIP, and (y) rights relating to the variation of share capital, without the prior approval of the Company in a general meeting (except for minor amendments to benefit the administration of the LTIP, to take account of a change in legislation, or to obtain or maintain favorable tax, exchange control or regulatory treatment for participants or for the Company or any subsidiary from time to time).

 *Overseas sub-plans* 

The board may establish sub-plans to operate in overseas territories (overseas sub-plans), provided that (i) all overseas sub-plans are subject to the limitations set out in the rules of the LTIP, (ii) only employees who are resident in (or otherwise subject to the tax laws of) the relevant territory are entitled to participate in any overseas sub-plan and (iii) no employee has an entitlement to awards under any overseas sub-plan greater than the maximum entitlement of an employee under the LTIP.

Any overseas sub-plan must be governed by rules similar to the rules of the LTIP, but modified to take account of applicable tax, social security, employment, company, exchange control, trust or securities (or any other relevant) law, regulation or practice.

 *Termination* 

The LTIP shall terminate upon the tenth anniversary of its adoption by the Company, unless terminated earlier by the board in its discretion. Termination of the LTIP shall be without prejudice to the subsisting rights of participants. Any award which has not previously lapsed, vested or been exercised will lapse automatically on the tenth anniversary of the date of the grant.

 *Pension Rights* 

None of the benefits which may be received under the LTIP shall be pensionable.

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#### Enterprise Management Incentives Plan (the "EMI Plan")
The Company has adopted an EMI Plan under which UK directors and employees of the Company and any subsidiary from time to time, may be granted options ("EMI Options") to acquire ordinary shares. EMI Options granted are intended to receive favorable tax treatment in the UK for UK tax resident employees pursuant to the UK's prevailing enterprise management incentives legislation set out in Schedule 5 to the Income Tax (Earnings and Pensions) Act 2003.

The EMI Plan has been created as a sub-plan to the LTIP and is therefore identical to the LTIP in all material respects save as follows:

 *Eligibility* 

Any full-time director or employee who devotes at least 25 hours per week or 75% of their total working time (if less) to the business of the Company and any subsidiary from time to time, is eligible to participate. Actual participation is at the discretion of the Remuneration Committee. EMI Options are personal to the participant and not capable of assignment. EMI Options shall be granted by deed with no consideration payable by the participant.

 *Material Interest* 

No person may participate in the EMI Plan if they have a "material interest" in the Company. Material interest means (broadly) ownership over 30% or more of the issued ordinary shares.

 *Individual Participation Limits* 

The aggregate market value (measured at the date of grant) of ordinary shares over which all outstanding EMI Options which are qualifying options for the purposes of Schedule 5 to the Income Tax (Earnings and Pensions) Act 2003 may be held by any one participant under the EMI Plan may not exceed £250,000.

 *EMI Plan Limits* 

No EMI Options may be granted under the EMI Plan on any date, if as a result the aggregate market value (at the date of grant) of all ordinary shares over which outstanding EMI Options subsist under the EMI Plan would exceed £3 million (increased to £6 million with effect from April 6, 2025).

 *Income Tax and National Insurance Contributions* 

The EMI Plan contains provisions that will ensure that any income tax, employee's and employer's national insurance contributions that arise as a result of the exercise of any EMI Options will be payable by the participant.

#### Advisers' Plan (the "Advisers' Plan")
The Company has adopted the Advisers' Plan in order to accommodate the grant of rights over ordinary shares to its non-executive directors and other non-employees who are providing services to the Company.

The purpose of the Advisers' Plan is to provide the Company with a framework for the grant of rights over ordinary shares to such non-employees in a manner which can replicate in material respects the terms of options granted under the LTIP, but without prejudicing the employee share scheme status of the LTIP in the U.K.

#### Short Term Incentive Plan (the "STIP")
 *Purpose* 

The STIP aims to compensate selected participants for their contribution to the achievement of the Company's strategic objectives and of specific individual, financial and operational goals that serve and ensure the long-term interests and sustainability of the Company and other members of the group.

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 *Beneficiaries* 

Eligible employees of the Company and/or its subsidiaries, including executive and non-executive directors, may be beneficiaries.

 *Implementation* 

The STIP will be implemented on an annual basis. The participants for each year of implementation will be determined based on the terms and conditions of the plan and the decision of the board or a designated committee thereof, including the Remuneration Committee.

 *Payment of STIP* 

STIP awards are generally paid in cash, following determination of the attainment of specified individual and corporate performance conditions. The maximum amount payable under each award is 200% of the individual's annual salary, although the board may in its absolute discretion determine a higher maximum at the date of grant.

#### Non-Employee Director Remuneration
The following table presents the individual compensation and benefits provided to our current non-employee directors during the fiscal year ended June 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| **Name**  | **Fees <br> Delivered in <br> Cash**  | **Fees <br> Delivered in <br> Shares**  | **Total Fees**  |
|  |  | **(in $)**  |  |
| *Non-executive board members* |  |  |  |
| Mark Burnett  | 31000 |  | 31000 |
| Michael X. Schlumpberger<sup>(1)</sup>  |  |  |  |

---

(1) Mr. Schlumpberger did not receive any compensation during the fiscal year ended June 30, 2025.

#### Non-Employee Director Letter Agreements
Each of Mark Burnett and Michael X. Schlumpberger was appointed as a non-executive director under letters of appointment, the terms of which are similar except for their respective remuneration, which is outlined below. These letters set out their duties and responsibilities, and they do not receive benefits upon termination or resignation from their positions as directors.

Either party may terminate the appointment by giving not less than three months' prior written notice. In the case of disqualification, breach of any rules or regulations, bankruptcy, failure to observe the terms of the letter and other breaches or criminal or civil offenses made by either non-executive director during the course of their appointment, we may terminate the appointment with immediate effect.

In March 2022, we appointed Mark Burnett as an independent non-executive director pursuant to which he was entitled to be paid an annual fee of £12,000 until our successful admission to AIM and was eligible for a bonus comprised of fully paid-up shares in us equivalent to the net market value of £12,500 on admission. Following admission, Mr. Burnett became entitled to a salary of £24,000 per annum.

In November 2025, we appointed Michael X. Schlumpberger as a non-executive director, pursuant to which he is entitled to be paid an annual fee of $80,000. As of his appointment, Mr. Schlumpberger became entitled to the grant of 400,000 options in us over an 18-month period, 300,000 of which were granted in December 2025. Mr. Schlumpberger will also be eligible to participate in our incentive plans as of November 1, 2026.

#### Pension, Retirement or Similar Benefits
Pursuant to the BH Service Agreement, Benjamin James Hodges is entitled to membership of our permanent health insurance scheme, if any, together with life insurance and critical illness insurance, at such rates as we may specify.

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Pursuant to the JT Service Agreement, Jason Thomas Starzecki is entitled to be reimbursed for the cost of any private health insurance he procures, up to the amount of $1,000 per month. Mr. Starzecki is also entitled to an employer pension, provided he is eligible, in accordance with Part 1 of the UK Pensions Act 2008.

#### Insurance and Indemnification
To the extent permitted by the Companies Act 2006, we are empowered to indemnify our directors against any liability they incur by reason of their directorship. On February 19, 2026, we approved entry into deeds of indemnity with each of our directors and executive officers (together the "Deeds of Indemnity"). The Deeds of Indemnity provide for indemnities covering all liabilities arising out of or in connection with any proceeding brought or threatened against a director by a third party in any jurisdiction for negligence, default, breach of duty, breach of trust or otherwise, or relating to any application for relief made by a director to the court, in connection with the director's acts or omissions while in the course of acting or purporting to act as our director or of any of our subsidiaries or which otherwise arises by virtue of the director holding or having held such a position (the "Indemnities"). The Indemnities qualify as third party indemnity provisions as defined by section 234 of the Companies Act 2006.

In addition to such indemnification, we provide our directors and executive officers with directors' and officers' liability insurance.

Insofar as indemnification of liabilities arising under the Securities Act may be permitted to our board, executive officers or persons controlling us pursuant to the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

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#### PRINCIPAL SHAREHOLDERS
The following table sets forth information relating to the beneficial ownership of our ordinary shares as of February 23, 2026 and after this offering by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each person, or group of affiliated persons, known by us to beneficially own 3% or more of our outstanding ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each of our board members and executive officers individually; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all of our board members and executive officers as a group.

The number of ordinary shares beneficially owned by each entity, person, executive officer or board member is determined in accordance with the rules of the SEC, and the information is not necessarily indicative of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any shares over which the individual has sole or shared voting power or investment power as well as any shares that the individual has the right to acquire within 60 days of February 23, 2026 through the exercise of any option. Except as otherwise indicated, and subject to applicable community property laws, the persons named in the table have sole voting and investment power with respect to all ordinary shares held by that person.

The percentage of shares beneficially owned before the offering is computed on the basis of 168,728,216 of our ordinary shares as of February 23, 2026. The percentage of shares beneficially owned after the offering is based on the number of our ordinary shares to be outstanding after this offering and assumes no exercise of the option to purchase additional ADSs from us and no exercise of any rights of first refusal pursuant to the Right of First Refusal Agreements. Ordinary shares that a person has the right to acquire within 60 days of February 23, 2026 are deemed outstanding for purposes of computing the percentage ownership of the person holding such rights, but are not deemed outstanding for purposes of computing the percentage ownership of any other person, except with respect to the percentage ownership of all executive officers and management and supervisory board members as a group. Unless otherwise indicated below, the address for each beneficial owner listed is c/o Orana Corporate LLP, 25 Eccleston Place, London SW1W 9NF, United Kingdom.

A description of any material relationship that our principal shareholders have had with us or any of our affiliates within the past three years is included under "Related Party Transactions." The principal shareholders listed below do not have voting rights with respect to their ordinary shares that are different from the voting rights of other holders of our ordinary shares.

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| | | | |
|:---|:---|:---|:---|
| | **Number of <br> ordinary <br> shares <br> beneficially <br> owned before <br> the offering**  | **Percentage of ordinary shares <br> beneficially owned (%)**  | **Percentage of ordinary shares <br> beneficially owned (%)**  |
| **Name of Beneficial Owner**  | **Number of <br> ordinary <br> shares <br> beneficially <br> owned before <br> the offering**  | **Before <br> offering**  | **After <br> offering**  |
| **3% or greater shareholders** |  |  |  |
| UCAM Limited<sup>(1)</sup>  | 47411352 | 28.10 |  |
| Juggernaut Fund, L.P.<sup>(2)</sup>  | 24699825 | 14.64 |  |
| Purebond Ltd<sup>(3)</sup>  | 9750000 | 5.78 |  |
| Lars Ernest Bader  | 6751823 | 4.00 |  |
| Chang Turkmani  | 6688234 | 3.96 |  |
| **Executive officers and board members** |  |  |  |
| Oliver Friesen<sup>(4)</sup>  | 4310516 | 2.55 |  |
| Benjamin James Hodges<sup>(5)</sup>  | 555158 | \* |  |
| Jason Thomas Starzecki<sup>(6)</sup>  | 1145156 | \* |  |
| Mark Burnett<sup>(7)</sup>  | 1298892 | \* |  |
| Michael X. Schlumpberger<sup>(8)</sup>  | 300000 | \* |  |
| **All executive officers and board members as a group (five persons)**  | 7609722 | 4.51 |  |

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\*

Indicates ownership of less than 1%.

(1) Includes 29,758,334 ordinary shares purchased from Power Metal Resources PLC on February 20, 2025, 986,352 ordinary shares issued to UCAM upon an exercise of warrants on May 19, 2025 and 16,666,666 ordinary shares subscribed for by UCAM from the Company on July 23, 2025. John George Demaine, Helena Alice Dorothea Manning and Andrew Philip Milford are directors of UCAM and Ocorian Administration (UK) Limited is a corporate director of UCAM and, in such capacity, have voting, investment and dispositive power over the ordinary shares held by UCAM. Kristina Borys Rowe, Gerald Stewart Warwick and Lorna Margaret Zimny, as directors of Ocorian Administration (UK) Limited, may be deemed to share such voting, investment and dispositive power through Ocorian Administration (UK) Limited. The address of UCAM is Level 5 20 Fenchurch Street, London, England, EC3M 3BY. Assumes no exercise of any rights of first refusal pursuant to the Right of First Refusal Agreements.

(2) The reported shares are owned by Juggernaut Fund, L.P. ("Juggernaut Fund"). Duquesne Family Office LLC ("Duquesne") is the general partner, commodity pool operator, manager and commodity trading advisor of Juggernaut Fund and shares voting and investment power over the shares held by Juggernaut Fund with Stanley F. Druckenmiller and Juggernaut Fund. Mr. Druckenmiller is the beneficial owner of Duquesne. The address of Juggernaut Fund is 40 West 57th Street, 25th Floor, New York, New York 10019. Assumes no exercise of any rights of first refusal pursuant to the Right of First Refusal Agreements.

(3) Bhupendra Kansagra and Ramesh Kansagra are directors of Purebond Ltd ("Purebond") and, in such capacity, have voting, investment and dispositive power over the ordinary shares held by Purebond. In addition, Bhupendra Kansagra beneficially owns 25,500 ordinary shares of the Company in his individual capacity, Ramesh Kansagra beneficially owns 63,000 ordinary shares of the Company in his individual capacity, Kala Kansagra beneficially owns 114,500 ordinary shares in her individual capacity and Jayshree Kansagra beneficially owns 57,000 ordinary shares in her individual capacity. Each of Bhupendra Kansagra and Ramesh Kansagra are also trustees of Solai Pension Scheme, which holds an additional 850,000 ordinary shares of the Company. The address of Purebond is Portland House 69-71 Wembley Hill Road, Wembley, Middlesex, England, HA9 8BU.

(4) Consists of 1,080,657 ordinary shares held by Mr. Friesen as of February 23, 2026 and 3,229,859 additional ordinary shares he has the right to acquire pursuant to share options that are exercisable within 60 days of February 23, 2026.

(5) Consists of 155,158 ordinary shares held by Mr. Hodges as of February 23, 2026 and 400,000 additional ordinary shares he has the right to acquire pursuant to share options that are exercisable within 60 days of February 23, 2026.

(6) Consists of 145,156 ordinary shares held by Mr. Starzecki as of February 23, 2026 and 1,000,000 ordinary shares he has the right to acquire pursuant to share options that are exercisable within 60 days of February 23, 2026.

(7) Consists of 398,892 ordinary shares held by Mr. Burnett as of February 23, 2026 and 900,000 ordinary shares he has the right to acquire pursuant to share options that are exercisable within 60 days of February 23, 2026.

(8) Reflects 300,000 ordinary shares Mr. Schlumpberger has the right to acquire pursuant to share options that are exercisable within 60 days of February 23, 2026.

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#### RELATED PARTY TRANSACTIONS
The following is a description of our related party transactions since July 1, 2022.

#### Agreements with Board Members and Executive Officers
For a description of our other agreements with our board members and executive officers, please see "Management — Executive Officer Service Agreements" and "Management — Non-Employee Director Letter Agreements."

#### Indemnification Agreements
We have indemnification provisions in the letters of appointment with our non-executive directors and the Deeds of Indemnity. Our Articles of Association allow us to indemnify our board members and executive officers to the fullest extent permitted by law, subject to certain exceptions. See "Management — Insurance and Indemnification" for a description of these indemnification agreements.

#### Related Party Transactions and AIM Rule 13 Compliance
We do not have a stand-alone written related party transaction policy. As an AIM-traded company, we follow the requirements of Rule 13 of the AIM Rules for Companies in connection with related party transactions. Any transaction, agreement or arrangement with a related party is reviewed by the independent directors, who are required to consider the terms of the transaction and confirm that they are fair and reasonable insofar as our shareholders are concerned. We are also required to consult with our nominated adviser, who must confirm to us that the independent directors' view is reasonable. Where required under Rule 13, we also announce the related party transaction without delay, including all prescribed details.

#### Transactions with UCAM
On February 20, 2025, UCAM purchased 29,758,334 ordinary shares and 986,352 warrants to purchase ordinary shares from Power Metal Resources PLC for total consideration of £9,225,084.

On May 19, 2025, UCAM exercised warrants for 986,352 ordinary shares from the Company at £0.17 per share, raising approximately £167,680.

On July 23, 2025, UCAM subscribed for 16,666,666 ordinary shares at £0.60 per share (as part of the Company's private placement of 25,945,000 ordinary shares raising approximately £15.6 million ($21.0 million)).

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#### DESCRIPTION OF SHARE CAPITAL AND ARTICLES OF ASSOCIATION
The following is a description of the material terms of our Articles of Association. The following description may not contain all of the information that is important to you, and we therefore refer you to our Articles of Association, a copy of which is filed with the SEC as an exhibit to the registration statement of which this prospectus is a part.

#### General
We were incorporated as a private limited company with the legal name Golden Metal Resources Limited under the laws of England and Wales on April 22, 2021, with the company number 13351178. On March 8, 2022, we re-registered as a public limited company, and on July 4, 2024, we changed our company name to Guardian Metal Resources PLC. Our principal office is located at c/o Orana Corporate LLP, 25 Eccleston Place, London SW1W 9NF, United Kingdom, and our telephone number is +(44) 20 7078 8496. The principal legislation under which we operate and our shares are issued is the Companies Act 2006.

As of December 31, 2025, our issued share capital was £1,684,989.67 (168,498,967) ordinary shares in issue) and as of , 2026, being the latest date practicable prior to the publication of this prospectus, our share capital was £(ordinary shares in issue). The nominal value of our ordinary shares is £0.01 per share. Each issued ordinary share is fully paid.

There is no limit to the number of ordinary shares that we are authorized to issue, as the concept of authorized capital is no longer applicable under the provisions of the Companies Act.

We are not permitted under English law to hold our own ordinary shares unless they are repurchased by us and held in treasury. We do not currently hold any of our own ordinary shares. We do not have any shares that do not represent capital.

#### Ordinary Shares
In accordance with our Articles of Association, the following summarizes the rights of holders of our ordinary shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each holder of our ordinary shares is entitled to one vote and upon a poll each holder of our ordinary shares is entitled to one vote per ordinary share on all matters to be voted on by shareholders generally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • holders of our ordinary shares are entitled to receive such dividends as are recommended by our directors and declared by our shareholders.

#### Registered Shares
We are required by the Companies Act 2006 to keep a register of our shareholders. Under English law, the ordinary shares are deemed to be issued when the name of the shareholder is entered in our share register. The share register therefore is *prima facie* evidence of the identity of our shareholders and the shares that they hold. The share register generally provides limited, or no, information regarding the ultimate beneficial owners of our ordinary shares. Our share register is maintained by our registrar, Share Registrars Limited.

Holders of our ADSs will not be treated as one of our shareholders and their names will therefore not be entered in our share register. The depositary, the custodian or their nominees will be the holder of the shares underlying our ADSs. For discussion on our ADSs and ADS holder rights see "Description of American Depositary Shares" in this prospectus. Holders of our ADSs have a right to receive the ordinary shares underlying their ADSs as discussed in "Description of American Depositary Shares" in this prospectus.

Under the Companies Act 2006, we must enter an allotment of shares in our share register as soon as practicable and in any event within two months of the allotment. We will perform all procedures necessary to update the share register to reflect the ordinary shares being sold in this offering, including updating the share register with the number of ordinary shares to be issued to the depositary upon the closing of this offering. We also are required by the Companies Act 2006 to register a transfer of shares (or give the transferee

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notice of and reasons for refusal) as soon as practicable and in any event within two months of receiving notice of the transfer.

We, any of our shareholders or any other affected person may apply to the court for rectification of the share register if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the name of any person, without sufficient cause, is wrongly entered in or omitted from our register of members; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • there is a default or unnecessary delay in entering on the register the fact of any person having ceased to be a member or on which we have a lien, *provided* that such refusal does not prevent dealings in the shares taking place on an open and proper basis.

#### Preemptive Rights
English law generally provides shareholders with preemptive rights when new shares are issued for cash; however, it is possible for a company's articles of association, or shareholders by special resolution, to exclude preemptive rights. Such an exclusion of preemptive rights may be for a maximum period of up to five years from the date of adoption of the articles of association, if the exclusion is contained in the articles of association, or from the date of the shareholder resolution, if the exclusion is by shareholder resolution. In either case, this exclusion would need to be renewed by the company's shareholders upon its expiration (i.e., at least every five years).

On December 17, 2025, our shareholders approved the exclusion of preemptive rights, with such authority expiring on the earlier of 15 months after the date of approval of that exclusion or the conclusion of our annual general meeting. Such exclusion will need to be renewed upon expiration (i.e., on the earlier of the date that is 15 months after December 17, 2025, or the conclusion of our next annual general meeting) to remain effective, but may be sought more frequently for additional five-year terms (or any shorter period).

#### Right of First Refusal
On December 16, 2025, we signed a right of first refusal agreement ("Right of First Refusal Agreement") with each of our two largest shareholders, UCAM and Duquesne.

Notwithstanding the exclusion of preemptive rights at our annual general meeting on December 17, 2025, under the Right of First Refusal Agreements, UCAM and Duquesne were each granted the right to maintain their respective pro rata shareholding in the Company by way of a pro rata right of first refusal ("Right of First Refusal") in respect of any new issuance of ordinary shares by us, whether in connection with this offering or other fundraising (a "Right of First Refusal Event"), with the exception of issuances of ordinary shares we may issue (i) under our short-term and long-term incentive plans or (ii) as consideration in connection with any acquisition by the Company. In connection with a Right of First Refusal Event, UCAM and Duquesne may exercise their Right of First Refusal in the form of a direct subscription for our ordinary shares as part of an offering to be conducted concurrently with, or as a part of, the Right of First Refusal Event, at the same price per ordinary share as the effective price per ordinary share offered to other potential participants in the Right of First Refusal Event. In the case of this offering, the ordinary shares will be offered to UCAM and Duquesne at the same price as the ordinary shares issued which underly the ADSs.

Under the terms of the Right of First Refusal Agreements, we have agreed to indemnify UCAM and Duquesne from and against any and all losses, liabilities, damages, costs, claims, demands, actions, proceedings, fines, penalties and expenses suffered or incurred by UCAM or Duquesne, as applicable, arising out of or in connection with (i) any claim, challenge, action or proceeding brought by any of our shareholders (or any group of our shareholders), or by any other person, in connection with the grant, existence or exercise of a Right of First Refusal or (ii) any regulatory inquiry, investigation or enforcement action relating to the grant or disclosure of a Right of First Refusal.

Each Right of First Refusal Agreement will terminate with immediate effect upon the earlier of a binding written agreement being entered into between us and UCAM or Duquesne, as applicable, and the

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conclusion of our next annual general meeting. UCAM and Duquesne may exercise their Right of First Refusal in part or in full.

#### Options and Warrants
As of December 31, 2025, there are outstanding options granted to Oliver Friesen under an option deed to purchase 2,104,859 ordinary shares at an exercise price of £0.1075 per share. The options granted to Mr. Friesen will lapse three years following the date of grant. The vesting period for these options is two years after grant.

Further, as of December 31, 2025, there are (i) 500,000 outstanding share options granted to Mr. Friesen, (ii) 500,000 outstanding share options granted to Jason Thomas Starzecki and (iii) 500,000 outstanding share options granted to Mark Burnett, with an exercise price of £0.14 per share.

Further, as of December 31, 2025, there are (i) 625,000 outstanding share options granted to Mr. Friesen, (ii) 500,000 outstanding share options granted to Mr. Starzecki, (iii) 400,000 share options granted to Mr. Burnett, (iv) 400,000 share options granted to Benjamin James Hodges and (v) 300,000 share options granted to Michael X. Schlumpberger, with an exercise price of £1.31 per share.

Further, as of December 31, 2025, there are additional share options granted to employees and consultants of the Company for (i) 1,100,000 ordinary shares at an exercise price of £0.14 per ordinary share, (ii) 1,300,000 ordinary shares at an exercise price of £0.40 per ordinary share and (iii) 1,625,000 ordinary shares at an exercise price of £1.31 per share. These options will lapse with immediate effect upon the option holder ceasing to be an employee or consultant of the Company or any member of the Company's group, unless the board permits exercise in its absolute discretion. The vesting periods for these options range from immediate vesting to one year after grant.

In addition, as of December 31, 2025, there are outstanding warrants to purchase 4,089,027 ordinary shares at an exercise price of £0.40 per share, with expiration dates between August 14, 2026 and January 25, 2027.

#### Capital Reorganization
On December 14, 2021, we effected a one-for-one-hundred share sub-division in which we sub-divided every one existing ordinary shares of nominal value £1.00 each in our issued share capital into 100 ordinary shares of nominal value £0.01 each.

#### History of Share Capital
Over the past three years, we have issued ordinary shares in connection with our admission to trading on AIM, the conversion of related-party loans, compensation- and service-related issuances (including director bonuses, consulting and supplier fees), as part of property acquisitions and several strategic equity raises. In addition, we issued shares pursuant to the exercise of outstanding warrants during this period. In aggregate, approximately 82,381,065 million ordinary shares were issued during the three-year period.

#### Articles of Association

#### Shares and Rights Attaching to Them
 *Objects* 

The objects of our Company are unrestricted in accordance with section 31(1) of the Companies Act 2006.

 *Share Rights* 

Without prejudice to any special rights conferred on shareholders or holders of a class of shares, the Company may, by ordinary resolution, determine that any shares are allotted with special rights, privileges or restrictions.

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 *Voting Rights* 

Subject to the provisions of the Companies Act 2006 and any restrictions imposed in our Articles of Association and any rights or restrictions attached to any class of shares of our share capital, on a resolution, on a show of hands:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • every shareholder present in person shall have one vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each proxy present who has been duly appointed by one or more shareholders entitled to vote on the resolution has one vote unless the proxy has been appointed by more than one shareholder entitled to vote on the resolution in which case: (i) where the proxy has been instructed by one or more of such members to vote for the resolution and by one or more of such members to vote against the resolution the proxy has one vote for and one vote against the resolution; or (ii) where the proxy has been instructed by one or more of such members as to how he or she should vote on the resolution and all those instructions are to vote the same way and one or more other members have given the proxy discretion as to how to vote, he or she may cast one vote "for" or one vote "against" in accordance with those instructions and may cast a second discretionary vote the other way; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each person authorized by a corporation to exercise voting powers on behalf of the corporation is entitled to exercise the same voting powers as the corporation would be entitled to unless a corporation authorizes more than one person, in which case: (i) if more than one person authorized by the same corporation purport to exercise the power to vote on a show of hands in respect of the same shares in the Company and exercise the power in the same way as each other, the power is treated as exercised in that way; or (ii) if more than one person authorized by the same corporation purports to exercise the power to vote on a show of hands in respect of the same shares in the Company and they do not exercise the power in the same way as each other, the power is treated as not exercised.

Subject to the provisions of the Companies Act 2006 and any restrictions imposed by our Articles of Association and any rights or restrictions attached to any class of shares of our share capital, on a vote on a resolution on a poll, every shareholder present shall have one vote for every ordinary share in our share capital held by him or his or her or her appointee, or and if entitled to more than one vote need not, if he or she votes, use all his votes or cast all his votes in the same way.

At any general meeting, a resolution put to the vote of the meeting shall be decided on a show of hands unless a poll is (before or on the declaration of the result of show of hands) demanded by the chairman of the meeting or by those shareholders entitled under the provisions of the Companies Act 2006 to demand a poll. Subject to the provisions of the Companies Act 2006, as described in "— Differences in Corporate Law — Voting Rights" below, a poll may be demanded by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a chair of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • at least two shareholders present in person or by proxy and entitled to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any shareholder(s) present in person or by proxy and representing in the aggregate not less than 10% of the total voting rights of all shareholders having the right to attend and vote at the meeting (excluding the shares held in treasury); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any shareholder(s) present in person or by proxy and holding shares conferring a right to attend and vote at the meeting on which there have been paid-up sums in the aggregate equal to not less than 10% of the total sums paid up on all shares conferring that right (excluding the shares held in treasury).

 *Restrictions on Voting* 

Subject to the provisions of the Companies Act 2006, no shareholder shall, unless the directors otherwise determine, be entitled (save as a proxy for another member) to be present or vote on any question at any general meeting of the Company or upon any poll, either personally or by proxy, or to be reckoned in any quorum or to exercise any other right or privilege in relation to general meetings of the Company in respect of the shares he or she holds if any calls or other moneys due and payable by him or her to the Company in respect of the shares remain unpaid.

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The board may from time to time make calls upon the shareholders in respect of any money unpaid on their shares, provided that at least 14 days' notice be given of each call, and each shareholder shall be liable to pay at the time and place so specified the amount called on his or her shares.

Where shares conferring a right to vote are held jointly by two or more persons, any one of such persons may vote at any meeting either personally or by proxy, as if he or she were solely entitled thereto and if more than one of such joint holders are present at any meeting, either personally or by proxy, the shareholder whose name appears first on the register of members as one of the holders of such shares and no other, shall be entitled to cast the vote.

 *Dividends* 

We may, by ordinary resolution of shareholders, declare dividends. No dividend will be payable except out of profits of the Company available for distribution in accordance with the provisions of the Companies Act 2006, or in excess of the amount recommended by the directors. If, in the opinion of the directors, the profit of the Company justifies such payments, the directors may: (i) pay the fixed dividends on any class of shares carrying a fixed dividend expressed to be payable on fixed dates on the half-yearly or other dates prescribed for payment; and (ii) pay interim dividends of such amounts and on such dates as they think fit.

Subject to the provisions of the Companies Act 2006 and except as otherwise provided by our Articles of Association or by the rights or privileges attached to any shares carrying a preferential or special rights to dividends, Company profits will be used to pay dividends on shares and all dividends shall be declared and paid according to the amounts paid up on the shares and shall be apportioned and paid *pro rata* according to the amounts paid up on the shares during any part of the period in respect of which the dividend is paid.

No dividend or other moneys payable by us on or in respect of any share shall bear interest against us. Any dividend unclaimed or retained in accordance with our Articles of Association after a period of 12 years from the date such dividend became due for payment will be forfeited and revert to us.

With the sanction of an ordinary resolution of the Company, all or any part of the dividend can be paid by the distribution of specific assets and the directors must give effect to such ordinary resolution. With the sanction of an ordinary resolution of the Company, the directors may offer any holders of ordinary shares the right to elect to receive in lieu of a dividend an allotment of ordinary shares credited as fully paid up, instead of or part of a cash dividend, subject to such exclusions or arrangements as the board may deem necessary or expedient.

The directors may deduct from any dividend or other moneys payable to any shareholder on or in respect of a share any money payable by him or her to the Company on account of calls or otherwise in relation to shares in the Company.

 *Change of Control* 

There is no specific provision in our Articles of Association that would have the effect of delaying, deferring or preventing a change of control.

 *Distributions on Winding-Up* 

If the Company is wound up (whether the liquidation is voluntary, under supervision or by the court) the liquidator may, with the authority of a special resolution, divide among the shareholders whose names are entered on the register of members of the Company at the date of winding-up, in specie or kind the whole or any part of the assets of the Company. Whether or not the assets consist of property of one kind or of different kinds the liquidator can set such value as he or she deems fair upon any one or more class or classes of property and can determine how such division is carried out as between such members or different classes of members. If any such division shall be other than in accordance with the existing rights of such members, every member shall have the same right of dissent and other ancillary rights as if the resolution were a special resolution passed in accordance with section 110 of the Insolvency Act 1986.

 *Variation of Rights* 

Subject to the provisions of the Companies Act 2006, whenever the share capital is divided into different classes of shares, all or any of the rights and privileges attached to any class (unless otherwise

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provided by the terms of issue of the shares of that class) may be varied, or abrogated either in the manner provided by such rights or (in the absence of such provision) either with the written consent of the shareholders of at least three-fourths in nominal value of the issued shares of that class (excluding any shares held as treasury shares) or by special resolution passed at a separate general meeting of the holders of such shares. The Companies Act 2006 provides a right to object to the variation of the share capital by the shareholders who did not vote in favor of the variation. Should an aggregate of not less than 15% of the shareholders of the issued shares in question apply to the court to have the variation cancelled, the variation shall have no effect unless and until it is confirmed by the court.

 *Alteration to Share Capital* 

We may, by ordinary resolution of shareholders, consolidate and divide all or any of our share capital into shares of larger nominal value than our existing shares, or sub-divide our shares or any of them into shares of a smaller nominal value. We may, by special resolution of shareholders, in a manner authorized by law, reduce our share capital or any capital redemption reserve fund or any share premium account in any manner authorized by the Companies Act 2006. We may redeem or purchase all or any of our shares as described in "— Other U.K. Law Considerations — Purchase of Own Shares."

 *Preemption Rights* 

In certain circumstances, our shareholders may have statutory preemption rights under the Companies Act 2006 in respect of the allotment of new shares as described in "— Preemptive Rights" and "— Differences in Corporate Law — Preemptive Rights" in this section.

#### Transfer of Shares
Any certificated shareholder may transfer all or any of his or her shares by an instrument of transfer in writing in any usual or common form or in any other manner approved by the board. Any written instrument of transfer shall be executed by or on behalf of the transferor and (in the case of a partly paid share) the transferee.

All transfers of uncertificated shares shall be made in accordance with and subject to the provisions of the Uncertificated Securities Regulations 2001 and the facilities and requirements of its relevant system. The Uncertificated Securities Regulations 2001 permit shares to be issued and held in uncertificated form and transferred by means of a computer-based system.

The board may decline to register any transfer of any share held in certificated form:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if the share is partly paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if the Company has a lien on a partly paid share unless to do so would prevent dealings in partly paid shares from taking place on an open and proper basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if a notice has been duly served in respect of a share pursuant to section 793 of the Companies Act 2006 and: (i) the share or shares that were the subject of that notice represented in aggregate at least 0.25 percent of that class of shares (calculated exclusive of any treasury shares of that class); and (ii) the person or persons on whom the notice was served failed to comply with the requirements of the notice within the period for compliance specified in the notice (being not less than 14 days from the date of service of the notice) and remains in default in complying with the notice, unless the transfer in question is to a *bona fide* unconnected third party such as a sale through a recognized investment exchange or an overseas exchange or as a result of an acceptance of a takeover offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if the transfer is of a share or shares (whether fully paid or not) in favor of more than four joint holders as transferee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if the transfer is to an entity which is not a natural or legal person, to a minor, to a person in respect of whom a receiving order or adjudication order in bankruptcy has been made which remains undischarged or to a person who is then suffering from mental disorder.

If the board declines to register a transfer it shall, as soon as practicable and in any event within two months after the date on which a transfer form is lodged, send to the transferee notice of the refusal, together with reasons for the refusal.

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#### CREST
To be traded on AIM, securities must be able to be transferred and settled through the CREST system. CREST is a computerized paperless share transfer and settlement system that allows securities to be transferred by electronic means, without the need for a written instrument of transfer. Our Articles of Association are consistent with CREST membership and, among other things, allow for the holding and transfer of shares in uncertificated form.

#### Shareholder Meetings
 *Annual General Meetings* 

In accordance with the Companies Act 2006, we are required in each year to hold an annual general meeting in addition to any other general meetings in that year and to specify the meeting as such in the notice convening it. The annual general meeting shall be convened whenever and wherever the board sees fit, subject to the requirements of the Companies Act 2006, as described in "— Differences in Corporate Law — Annual General Meeting" and "— Differences in Corporate Law — Notice of General Meetings" below.

 *Notice of General Meetings* 

The arrangements for the calling of general meetings are described in "— Differences in Corporate Law — Notice of General Meetings" below.

 *Quorum of General Meetings* 

No business shall be transacted at any general meeting unless a quorum is present. At least two shareholders present in person or by proxy and entitled to vote shall be a quorum for all purposes. If within 10 minutes from the time appointed for the holding of a general meeting (or such longer time as the chairman of the meeting may decide) a quorum is not present, the meeting, if convened on the requisition of members, shall be dissolved. In any other case it shall be adjourned to such time (being not less than 14 days nor more than 28 days from then) and place as decided by the chairman. If at an adjourned meeting a quorum is not present within 10 minutes from the time appointed for holding the meeting, the member or members present in person or by proxy or (in the case of a corporation) by a representative and entitled to vote upon the business to be transacted shall be a quorum and shall have power to decide upon all matters that could properly have been disposed of at the meeting from which the adjournment took place.

 *Class Meetings* 

The provisions in our Articles of Association relating to general meetings apply to every separate general meeting of the holders of a class of shares except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the quorum for such class meeting shall be two holders in person or by proxy representing not less than one-third in nominal value of the issued shares of the class (excluding any shares held in treasury);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • at the class meeting, a holder of shares of the class present in person or by proxy may demand a poll and shall on a poll be entitled to one vote for every share of the class held by him or her; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if at any adjourned meeting of such holders a quorum is not present at the meeting, one holder of shares of the class present in person or by proxy at an adjourned meeting constitutes a quorum.

#### Directors
 *Number of Directors* 

We may not have less than two directors on the board of directors and there is no maximum number of directors.

 *Appointment of Directors* 

A single resolution for the appointment of two or more persons as directors is void unless a resolution that it shall be moved has first been agreed to by the meeting without any vote being given against it.

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At any general meeting, no person other than a director retiring at the meeting shall, unless recommended by the directors for election, be eligible for appointment as a director unless not less than 7 nor more than 28 days before the date of the meeting: (i) a notice in writing, authenticated by a member (other than the person to be proposed) who is qualified to attend and vote at that meeting, containing his intention to propose the person for election; and (ii) a notice in writing authenticated by the person proposed as a director of his willingness to be elected; have both been left at the registered office or sent to the Company secretary.

Without prejudice to the power to appoint any person to be a director by shareholder resolution, the board has power to appoint any person to be a director, either to fill a casual vacancy or as an addition to the existing board but so that the total number of directors does not exceed the maximum number fixed by or in accordance with our Articles of Association.

Any director appointed by the board shall retire from office at the next annual general meeting. Such a director is eligible for election at that meeting but shall not be taken into account in determining the directors or the number of directors who are to retire by rotation at such meeting.

 *Rotation of Directors* 

At each annual general meeting, the following directors will retire from office and be eligible for re-election:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any director who has been longest in office since their last appointment or reappointment and between directors who were appointed or reappointed on the same day, those to retire shall (unless the directors otherwise agree among themselves) be determined by lot; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any director who wishes to retire and offer himself for re-election (whether by reason of the U.K. Corporate Governance Code or for any other reason).

The number of directors to retire at each annual general meeting shall be one-third of their number *provided* that: (i) if their number is more than three, but not a multiple thereof, then the number to retire shall be the number nearest to, but not exceeding, one-third, (ii) if their number is two, one of the directors shall retire and (iii) if their number is one, that director shall retire.

A director who retires at the annual general meeting shall be eligible for re-election.

The shareholders may, at the meeting at which a director retires, fill the vacated office by electing a person and in default the retiring director shall, if willing to continue to act, be deemed to have been re-elected, unless at such meeting it is expressly resolved not to fill such vacated office or unless a resolution for the re-election of such director shall have been put to the meeting and lost or unless the default is due to the moving of a resolution in contravention of Article 114 of our Articles of Association or unless such director has attained any applicable retiring age.

 *Directors' Interests* 

A director may hold any other office or employment with the Company (other than the office of auditor) in conjunction with his office of director for such period and on such terms as the directors may determine. A director or intending director may enter into any contract, arrangement, transaction or proposal with the Company relating to the tenure of any other office or employment. Any such contract, arrangement, transaction or proposal entered into or authorized by the directors cannot be avoided and the director is not liable to account to the Company for any benefit realized from any such contract, arrangement, transaction or proposal by reason of either holding office as a director or because of the fiduciary relationship established by the office if the director has declared his interest in accordance with the Companies Act 2006. In accordance with the Companies Act 2006, a director who is in any way, whether directly or indirectly, interested in a proposed or existing transaction or arrangement with us shall declare the nature of his interest.

In the case of interests arising where a director is in any way, directly or indirectly, interested in (i) a proposed transaction or arrangement with us or (ii) a transaction or arrangement that has been entered into by us and save as otherwise provided by our Articles of Association, such director shall not vote at a

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meeting of the board or of a committee of the board on any resolution concerning such matter in which he has any interest that conflicts or may conflict with the interests of the Company as defined in Article 107 of our Articles of Association (otherwise than by virtue of his interest in shares, debentures or other securities of, or otherwise in or through, us) unless his interest or duty arises only because the resolution relates to one or more of the following paragraphs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the giving of any guarantee, security or indemnity to him in respect of money lent by or obligations incurred by him or by any other person at the request of or for the benefit of the Company or any of its subsidiary undertakings insofar as the Companies Act 2006 permits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the giving of any guarantee, security or indemnity to a third party in respect of a debt or obligation of the Company or any of its subsidiary undertakings for which he himself has assumed responsibility in whole or in part under a guarantee or indemnity or by the giving of security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any proposal concerning an offer of shares or debentures or other securities (including options and warrants) of or by the Company or any of its subsidiary undertakings for subscription or purchase in which offer he is or may be entitled to participate as a holder of securities or in the underwriting or sub-underwriting thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any contract, arrangement, transaction or other proposal concerning any other body corporate in which he is interested, directly or indirectly and whether as an officer or shareholder or otherwise howsoever, *provided* that he is not the holder of or beneficially interested in 1% or more of any class of the equity share capital of such body corporate (or of any third body corporate through which his interest is derived) or of the voting rights available to members of the relevant body corporate (any such interest being deemed for the purpose of Article 108.4 of our Articles of Association to be a material interest in all circumstances);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any contract, arrangement, transaction or other proposal concerning the adoption, modification or operation of a superannuation fund or retirement, death or disability benefits scheme under which he may benefit and which has been approved by or is subject to and conditional upon approval by the Board of the Inland Revenue for taxation purposes or which does not accord to any director as such any privilege or advantage not accorded to the employees to which such scheme or fund relates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any contract, arrangement, transaction or proposal concerning the adoption, modification or operation of any scheme for enabling employees including full-time executive directors of the Company and/or any subsidiary to acquire shares of the Company or any arrangement for the benefit of employees of the Company or any of its subsidiaries under which the director benefits in a similar manner to employees and which does not accord to any director as such, any privilege or advantage not generally accorded to the employees to whom such scheme relates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any proposal concerning any insurance which the Company proposes to purchase and/or maintain for or for the benefit of any director or for the benefit of persons who include directors.

Save as provided above, a director shall not vote in respect of any contract or arrangement or any other proposal whatsoever in which he has any interest which (together with any interest of any person connected with him or her) is to his knowledge a material interest otherwise than by virtue of his interests in shares or debentures or other securities of or otherwise through the Company or in respect of which he has any duty which conflicts with his duty to the Company.

A director shall not be counted in the quorum present at a meeting in relation to a resolution on which he is not entitled to vote.

If a question arises at a meeting of the board or of a committee of the board as to the right of a director to vote and such question is not resolved by his voluntarily agreeing to abstain from voting, the question shall be referred to the Chairman of the meeting and his ruling in relation to any director other than himself shall be final and conclusive except in a case where the nature or extent of the interest of the director concerned has not been fairly disclosed.

 *Directors' Fees and Remuneration* 

Each director may be paid his reasonable traveling, hotel and other expenses properly incurred in and about the business of the Company, including expenses of attending and returning from meetings of the

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board or committees of the board or general meetings. Any director who performs special or extra services which in the opinion of the board go beyond the ordinary duties of a director may be paid such extra remuneration as the board or a committee appointed by the board may determine.

An executive director shall receive such remuneration as the board or a committee appointed by the board may determine and may (without limitation) be by way of fixed salary, lump sum, commission on dividends or profits of the Company (or of any other company in which the Company is interested) or other participation in any such profits by any combination of them.

A non-executive director may be paid a fee at such rate as may from time to time be determined by the board.

 *Borrowing Powers* 

The board may exercise all the powers to borrow money and to mortgage or charge our undertaking, property and assets and uncalled capital or any part thereof and to issue debentures and other securities, whether outright or as collateral security for any debt, liability or obligation of us or of any third party.

 *Indemnity* 

Subject to the provisions of and so far as may be permitted under the law of England and Wales, every director, alternate director, secretary or other officer (other than any person (whether an officer or not) engaged by the Company as auditor) shall be entitled to be indemnified by the Company (and the Company shall also be able to indemnify directors of any associated company (as defined in section 256 of the Companies Act 2006)) out of the assets of the Company against all losses or liabilities which he may sustain or incur in or about the actual or purported execution or discharge of the duties of his office or the exercise or purported exercise of his powers or otherwise in relation thereto, *provided* that no director of the Company or an associated company is indemnified by the Company against: (a) any liability incurred by the director to the Company or an associated company; (b) any liability incurred by the director to pay a fine imposed in criminal proceedings or a sum payable to a regulatory authority by way of a penalty in respect of non-compliance with any requirements of a regulatory nature; or (c) any liability incurred by the director (i) in defending any criminal proceedings in which that director is convicted, (ii) in defending any civil proceedings brought by the registrant or an associated company where final judgment is against the director, (iii) or in connection with any applications under sections 661(3), 661(4) or 1157 of the Companies Act 2006 for which the court refuses to grant him relief.

Subject to the provisions of and so far as may be permitted by under the laws of England and Wales, and without prejudice to Article 179.1 of our Articles of Association, the board of directors shall have the power to purchase and maintain insurance at the expense of the Company for or for the benefit of any persons who are or were at any time directors, officers or employees of the Company, any holding company of the Company, or any other body, whether or not incorporated, in which the Company or such holding company or any of the predecessors of the Company or such holding company has or had any interest whether direct or indirect or which is in any way allied to or associated with the Company, or any subsidiary undertaking of the Company or of such other body (a "Relevant Company"), or who were or were at any time trustees of any pension fund or employees' share scheme in which employees of any Relevant Company are interested, including (without prejudice to the generality of the foregoing) insurance against any liability incurred by such persons in respect of any negligence, default, breach of duty or breach of trust of which they may be guilty in relation to a Relevant Company arising out of any act or omission in the actual or purported execution or discharge of their duties or in the exercise or purported exercise of their powers or otherwise in relation to their duties, powers or offices in relation to any Relevant Company, or any such pension fund or employees' share scheme.

#### Other U.K. Law Considerations

#### Notification of Voting Rights
A shareholder in a public company incorporated in the United Kingdom whose shares are admitted to trading on AIM is required pursuant to Rule 5 of the DTRs to notify us of the percentage of his or her voting

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rights if the percentage of voting rights that he or she holds as a shareholder or through his or her direct or indirect holding of financial instruments (or a combination of such holdings) reaches, exceeds or falls below 3%, 4%, 5%, 6%, 7%, 8%, 9%, 10% and each 1% threshold thereafter up to 100% as a result of an acquisition or disposal of shares or financial instruments or as a result of events that change the total number or breakdown of our voting rights.

#### Mandatory Purchases and Acquisitions
Pursuant to Sections 979 to 991 of the Companies Act 2006, where a takeover offer has been made for us and the offeror has acquired or unconditionally contracted to acquire not less than 90% in value of the shares to which the offer relates and not less than 90% of the voting rights carried by those shares, the offeror may give notice to the holder of any shares to which the offer relates which the offeror has not acquired or unconditionally contracted to acquire that he wishes to acquire and is entitled to so acquire, those shares on the same terms as the general offer. The offeror would do so by sending a notice to the outstanding minority shareholders telling them that it will compulsorily acquire their shares. Such notice must be sent within three months of the last day on which the offer can be accepted in the prescribed manner. The squeeze-out of the minority shareholders can be completed at the end of six weeks from the date the notice has been given, subject to the minority shareholders failing to successfully lodge an application to the court to prevent such squeeze-out any time prior to the end of those six weeks following which the offeror can execute a transfer of the outstanding shares in its favor and pay the consideration to us, which would hold the consideration in trust for the outstanding minority shareholders. The consideration offered to the outstanding minority shareholders whose shares are compulsorily acquired under the Companies Act 2006 must, in general, be the same as the consideration that was available under the takeover offer.

#### Sell Out
The Companies Act 2006 also gives our minority shareholders a right to be bought out in certain circumstances by an offeror who has made a takeover offer for all of our shares. The holder of shares to which the offer relates and who has not otherwise accepted the offer, may require the offeror to acquire his shares if, prior to the expiry of the acceptance period for such offer, (i) the offeror has acquired or has agreed to acquire not less than 90% in value of the voting shares and (ii) not less than 90% of the voting rights carried by those shares. The offeror may impose a time limit on the rights of minority shareholders to be bought out that is not less than three months after the end of the acceptance period. If a shareholder exercises his rights to be bought out, the offeror is required to acquire those shares on the terms of this offer or on such other terms as may be agreed.

#### Disclosure of Interest in Shares

Under our Articles of Association, the directors may in their absolute discretion refuse to register or authorize the registration of the transfer of a share held in certificated form if a notice has been served in respect of a share pursuant to section 793 of the Companies Act concerning the disclosure of interests in voting shares and (i) the share or shares which were the subject of that notice represented in aggregate at least 0.25 percent of that class of shares (calculated exclusive of any treasury shares of that class); and (ii) the person or persons on whom the notice was served failed to comply with the requirements of the notice within the period for compliance specified in the notice (being not less than 14 days from the date of service of the notice) and remains in default in complying with the notice, unless the transfer in question is to a *bona fide* unconnected third party such as a sale through a recognized investment exchange or an overseas exchange or as a result of an acceptance of a takeover offer.

#### Purchase of Own Shares
Under English law, a limited company may only purchase its own shares out of the distributable profits of the company or the proceeds of a fresh issue of shares made for the purpose of financing the purchase,

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*provided* that it is not restricted from doing so by its articles. A limited company may not purchase its own shares if, as a result of the purchase, there would no longer be any issued shares of the company other than redeemable shares or shares held as treasury shares. Shares must be fully paid in order to be repurchased.

Subject to the above, we may purchase our own shares in the manner prescribed below. We may make a market purchase of our own fully paid shares pursuant to an ordinary resolution of shareholders. The resolution authorizing the purchase must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • specify the maximum number of shares authorized to be acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • determine the maximum and minimum prices that may be paid for the shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • specify a date, not being later than five years after the passing of the resolution, on which the authority to purchase is to expire.

We may purchase our own fully paid shares other than on a recognized investment exchange pursuant to a purchase contract authorized by resolution of shareholders before the purchase takes place. Any authority will not be effective if any shareholder from whom we propose to purchase shares votes on the resolution and the resolution would not have been passed if he or she had not done so. The resolution authorizing the purchase must specify a date, not being later than five years after the passing of the resolution, on which the authority to purchase is to expire.

#### Distributions and Dividends
Under the Companies Act 2006, before a company can lawfully make a distribution or dividend, it must ensure that it has sufficient distributable reserves (determined by reference to our relevant nonconsolidated accounts). The basic rule is that a company's profits available for the purpose of making a distribution are its accumulated, realized profits, so far as not previously utilized by distribution or capitalization, less its accumulated, realized losses, so far as not previously written off in a reduction or reorganization of capital duly made. The requirement to have sufficient distributable reserves before a distribution or dividend can be paid applies to us and to each of our subsidiaries that has been incorporated under English law.

It is not sufficient that we, as a public company, have made a distributable profit for the purpose of making a distribution. An additional capital maintenance requirement is imposed on us to ensure that the net worth of the company is at least equal to the amount of its capital. A public company can only make a distribution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if, at the time that the distribution is made, the amount of its net assets (that is, the total excess of assets over liabilities) is not less than the total of its called up share capital and undistributable reserves; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if and to the extent that, the distribution itself, at the time that it is made, does not reduce the amount of the net assets to less than that total.

#### U.K. City Code on Takeovers and Mergers
As a public company incorporated in England and Wales with our registered office in England and Wales and that has shares admitted to AIM, we are subject to the U.K. Takeover Code, which is issued and administered by the U.K. Panel on Takeovers and Mergers (the "Panel"). The U.K. Takeover Code provides a framework within which takeovers of companies subject to it are conducted. In particular, the U.K. Takeover Code contains certain rules in respect of mandatory offers. Under Rule 9 of the U.K. Takeover Code, if a person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • acquires an interest in our shares which, when taken together with shares in which he or persons acting in concert with him are interested, carries 30% or more of the voting rights of our shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • who, together with persons acting in concert with him, is interested in shares that in the aggregate carry not less than 30% and not more than 50% of the voting rights of our shares and such persons, or any person acting in concert with him, acquires additional interests in shares that increase the percentage of shares carrying voting rights in which that person is interested; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the acquirer and depending on the circumstances, its concert parties, would be required (except with the consent of the Panel) to make an offer for the entirety of our outstanding shares in cash or be accompanied by a cash alternative at a price not less than the highest price paid for any interests in the shares by the acquirer or its concert parties during the previous 12 months.

#### Exchange Controls
There are no governmental laws, decrees, regulations or other legislation in the United Kingdom that may affect the import or export of capital, including the availability of cash and cash equivalents for use by us, or that may affect the remittance of dividends, interest or other payments by us to nonresident holders of our ordinary shares or ADSs, other than withholding tax requirements. There is no limitation imposed by English law or in our Articles of Association on the right of nonresidents to hold or vote shares.

#### Differences in Corporate Law
The applicable provisions of the Companies Act 2006 differ from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of certain differences between the provisions of the Companies Act 2006 applicable to us and the General Corporation Law of the State of Delaware relating to shareholders' rights and protections. This summary is not intended to be a complete discussion of the respective rights.

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| | | |
|:---|:---|:---|
| | **England & Wales**  | **Delaware**  |
| **Number of Directors**  | Under the Companies Act 2006, a public limited company must have at least two directors and the number of directors may be fixed by or in the manner provided in a company's articles of association, *provided* that such number does not fall below two directors. | Under Delaware law, a corporation must have at least one director and the number of directors shall be fixed by or in the manner provided in the bylaws. |
| **Removal of Directors**  | Under the Companies Act 2006, shareholders may remove a director without cause by an ordinary resolution (which is passed by a simple majority of those voting in person or by proxy at a general meeting) notwithstanding any provisions of any service contract the director has with the company, provided 28 clear days' notice of the resolution has been given to the company, and the company must, where practicable, give its shareholders the same time frame. If providing 28 clear days' notice to shareholders is not practicable, the company must give its shareholders at least 14 clear days' notice. On receipt of notice of an intended resolution to remove a director, the company must forthwith send a copy of the notice to the director concerned. Certain other procedural requirements under the | Under Delaware law, any director or the entire board of directors may be removed, with or without cause, by the holders of a majority of the shares then entitled to vote at an election of directors, except (i) unless the certificate of incorporation provides otherwise, in the case of a corporation whose board of directors is classified, shareholders may effect such removal only for cause, or (ii) in the case of a corporation having cumulative voting, if less than the entire board of directors is to be removed, no director may be removed without cause if the votes cast against his removal would be sufficient to elect him if then cumulatively voted at an election of the entire board of directors, or, if there are classes of directors, at an election of the class of directors of which he is a part. |

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| | | |
|:---|:---|:---|
| | **England & Wales**  | **Delaware**  |
|  | Companies Act 2006 must also be followed, such as allowing the director to make representations against his or her removal either at the meeting or in writing. |  |
| **Vacancies on the Board of Directors**  | Under English law, the procedure by which directors, other than a company's initial directors, are appointed is generally set out in a company's articles of association, *provided* that where two or more persons are appointed as directors of a public limited company by resolution of the shareholders, resolutions appointing each director must be voted on individually unless a resolution that a single resolution for the appointment of two or more persons as directors has first been agreed to by the meeting without any vote being given against it. | Under Delaware law, vacancies and newly created directorships may be filled by a majority of the directors then in office (even though less than a quorum) or by a sole remaining director unless (i) otherwise provided in the certificate of incorporation or bylaws of the corporation or (ii) the certificate of incorporation directs that a particular class of stock is to elect such director, in which case a majority of the other directors elected by such class, or a sole remaining director elected by such class, will fill such vacancy. |
| **Annual General Meeting**  | Under the Companies Act 2006, a public limited company must hold an annual general meeting in each six-month period following the company's annual accounting reference date. | Under Delaware law, the annual meeting of stockholders shall be held at such place, on such date and at such time as may be designated from time to time by the board of directors or as provided in the certificate of incorporation or by the bylaws. |
| **General Meeting**  | Under the Companies Act 2006, a general meeting of the shareholders of a public limited company may be called by the directors. <br> Shareholders holding at least 5% of the paid-up capital of the company carrying voting rights at general meetings (excluding any paid up capital held as treasury shares) can require the directors to call a general meeting, and, if the directors fail to do so within a certain period, may themselves convene a general meeting.  | Under Delaware law, special meetings of the stockholders may be called by the board of directors or by such person or persons as may be authorized by the certificate of incorporation or by the bylaws. |
| **Notice of General Meetings**  | Under the Companies Act 2006, subject to a company's articles of association providing for a longer period, 21 clear days' notice must be given for an annual general meeting and any resolutions to be | Under Delaware law, unless otherwise provided in the certificate of incorporation or bylaws, written notice of any meeting of the stockholders must be given to each stockholder |

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| | **England & Wales**  | **Delaware**  |
|  | proposed at the meeting. Subject to a company's articles of association providing for a longer period, at least 14 clear days' notice is required for any other general meeting. In addition, certain matters, such as the removal of directors or auditors, require special notice, which is 28 clear days' notice. The shareholders of a company may in all cases consent to a shorter notice period, the proportion of shareholders' consent required being 100% of those entitled to attend and vote in the case of an annual general meeting and, in the case of any other general meeting, a majority in number of the members having a right to attend and vote at the meeting, being a majority who together hold not less than 95% in nominal value of the shares giving a right to attend and vote at the meeting. | entitled to vote at the meeting not less than 10 nor more than 60 days before the date of the meeting and shall specify the place, date, hour and purpose or purposes of the meeting. |
| **Proxy**  | Under the Companies Act 2006, at any meeting of shareholders, a shareholder may designate another person to attend, speak and vote at the meeting on their behalf by proxy. | Under Delaware law, at any meeting of stockholders, a stockholder may designate another person to act for such stockholder by proxy, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. A director of a Delaware corporation may not issue a proxy representing the director's voting rights as a director. |
| **Preemptive Rights**  | Under the Companies Act 2006, "equity securities," being (i) shares in the company other than shares that, with respect to dividends and capital, carry a right to participate only up to a specified amount in a distribution ("ordinary shares") or (ii) rights to subscribe for, or to convert securities into, ordinary shares, proposed to be allotted for cash must be offered first to the existing equity shareholders in the company in proportion to the | Under Delaware law, shareholders have no preemptive rights to subscribe to additional issues of stock or to any security convertible into such stock unless and except to the extent that, such rights are expressly provided for in the certificate of incorporation. |

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| | **England & Wales**  | **Delaware**  |
|  | respective nominal value of their holdings, unless an exception applies or a special resolution to the contrary has been passed by shareholders in a general meeting or the articles of association provide otherwise, in each case in accordance with the provisions of the Companies Act 2006. |  |
| **Authority to Allot**  | Under the Companies Act 2006, the directors of a company must not allot shares or grant of rights to subscribe for or to convert any security into shares unless an ordinary resolution to the contrary has been passed by shareholders in a general meeting or the articles of association provide otherwise, in each case in accordance with the provisions of the Companies Act 2006. | Under Delaware law, if the corporation's charter or certificate of incorporation so provides, the board of directors has the power to authorize the issuance of stock. It may authorize capital stock to be issued for consideration consisting of cash, any tangible or intangible property or any benefit to the corporation or any combination thereof. It may determine the amount of such consideration by approving a formula. In the absence of actual fraud in the transaction, the judgment of the directors as to the value of such consideration is conclusive. |
| **Liability of Directors and Officers**  | Under the Companies Act 2006, any provision, whether contained in a company's articles of association or any contract or otherwise, that purports to exempt a director of a company, to any extent, from any liability that would otherwise attach to him in connection with any negligence, default, breach of duty or breach of trust in relation to the company is void. <br> Any provision by which a company directly or indirectly provides an indemnity, to any extent, for a director of the company or of an associated company against any liability attaching to him in connection with any negligence, default, breach of duty or breach of trust in relation to the company of which he is a director is also void except as permitted by the  | &nbsp;&nbsp;&nbsp; Under Delaware law, a corporation's certificate of incorporation may include a provision eliminating or limiting the personal liability of a director to the corporation and its stockholders for damages arising from a breach of fiduciary duty as a director. However, no provision can limit the liability of a director for: <br> • any breach of the director's duty of loyalty to the corporation or its stockholders; <br>• acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law; <br>• intentional or negligent payment of unlawful dividends or stock purchases or redemptions; or <br>|

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| | **England & Wales**  | **Delaware**  |
|  | Companies Act 2006, which provides exceptions for the company to (i) purchase and maintain insurance against such liability; (ii) provide a "qualifying third-party indemnity" (being an indemnity against liability incurred by the director to a person other than the company or an associated company and must not provide any indemnity against, amongst others, any liability in defending criminal proceedings in which he is convicted); and (iii) provide a "qualifying pension scheme indemnity" (being an indemnity against liability incurred in connection with the company's activities as trustee of an occupational pension plan). | &nbsp;&nbsp;&nbsp; • any transaction from which the director derives an improper personal benefit. <br>|
| **Voting Rights**  | Under English law, unless a poll is demanded by the shareholders of a company or is required by the chairman of the meeting or the company's articles of association, shareholders shall vote on all resolutions on a show of hands. Under the Companies Act 2006, a poll may be demanded by (i) not fewer than five shareholders having the right to vote on the resolution; (ii) any shareholder(s) representing not less than 10% of the total voting rights of all the shareholders having the right to vote on the resolution (excluding any voting rights attaching to treasury shares); or (iii) any shareholder(s) holding shares in the company conferring a right to vote on the resolution (excluding any voting rights attaching to treasury shares) being shares on which an aggregate sum has been paid up equal to not less than 10% of the total sum paid up on all the shares conferring that right. A company's articles of association may provide more extensive rights for shareholders to call a poll. | Delaware law provides that, unless otherwise provided in the certificate of incorporation, each stockholder is entitled to one vote for each share of capital stock held by such stockholder. |

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| | **England & Wales**  | **Delaware**  |
|  | Under English law, an ordinary resolution is passed on a show of hands if it is approved by a simple majority (more than 50%) of the votes cast by shareholders present (in person or by proxy) and entitled to vote. If a poll is demanded, an ordinary resolution is passed if it is approved by holders representing a simple majority of the total voting rights of shareholders present, in person or by proxy or in advance, who, being entitled to vote, vote on the resolution. <br> Special resolutions require the affirmative vote of not less than 75% of the votes cast on a show of hands by shareholders present, in person or by proxy, at the meeting and entitled to vote. If a poll is demanded, a special resolution is passed if it is approved by shareholders representing not less than 75% of the total voting rights of shareholders who, being entitled to vote, vote in person, by proxy or in advance.  |  |
| **Shareholder Vote on Certain Transactions**  | &nbsp;&nbsp;&nbsp; The Companies Act 2006 provides for schemes of arrangement, which are arrangements or compromises between a company and any class of shareholders or creditors and used in certain types of reconstructions, amalgamations, capital reorganizations or takeovers. These arrangements require: <br> • the approval at a shareholders' or creditors' meeting convened by order of the court, of a majority in number of shareholders or creditors representing 75% in value of the capital held by, or debt owed to, the class of shareholders or creditors, or class thereof present and voting, either in person or by proxy; and <br>• the approval of the court. <br>| &nbsp;&nbsp;&nbsp; Generally, under Delaware law, unless the certificate of incorporation provides for the vote of a larger portion of the stock, completion of a merger, consolidation, sale, lease or exchange of all or substantially all of a corporation's assets or dissolution requires: <br> • the approval of the board of directors; and <br>• approval by the vote of the holders of a majority of the outstanding stock or, if the certificate of incorporation provides for more or less than one vote per share, a majority of the votes of the outstanding stock of a corporation entitled to vote on the matter. <br>|

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| | **England & Wales**  | **Delaware**  |
| **Standard of Conduct for Directors**  | &nbsp;&nbsp;&nbsp; Under English law, a director owes various statutory and fiduciary duties to the company, including: <br> • to act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole; <br>• to avoid a situation in which he has, or can have, a direct or indirect interest that conflicts, or possibly conflicts, with the interests of the company; <br>• to act in accordance with the company's constitution and only exercise his powers for the purposes for which they are conferred; <br>• to exercise independent judgment; <br>• to exercise reasonable care, skill and diligence; <br>• not to accept benefits from a third party conferred by reason of his being a director or doing, or not doing, anything as a director; and <br>• a duty to declare any interest that he has, whether directly or indirectly, in a proposed or existing transaction or arrangement with the company. <br>| Delaware law does not contain specific provisions setting forth the standard of conduct of a director. The scope of the fiduciary duties of directors is generally determined by the courts of the State of Delaware. In general, directors have a duty to act without self-interest, on a well-informed basis and in a manner they reasonably believe to be in the best interest of the stockholders. <br> Directors of a Delaware corporation owe fiduciary duties of care and loyalty to the corporation and to its stockholders. The duty of care generally requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. In general, but subject to certain exceptions, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Delaware courts have also imposed a heightened standard of conduct upon directors of a Delaware corporation who take any action designed to defeat a threatened change in control of the corporation.  |

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| | **England & Wales**  | **Delaware**  |
|  |  | In addition, under Delaware law, when the board of directors of a Delaware corporation approves the sale or break-up of a corporation, the board of directors may, in certain circumstances, have a duty to obtain the highest value reasonably available to the stockholders. |
| **Stockholder Suits**  | Under English law, generally, the company, rather than its shareholders, is the proper claimant in an action in respect of a wrong done to the company or where there is an irregularity in the company's internal management. Notwithstanding this general position, the Companies Act 2006 provides that (i) a court may allow a shareholder to bring a derivative claim (that is, an action in respect of and on behalf of the company) in respect of a cause of action arising from a director's negligence, default, breach of duty or breach of trust and (ii) a shareholder may bring a claim for a court order where the company's affairs have been or are being conducted in a manner that is unfairly prejudicial to its shareholders generally or of some of its shareholders, or that an actual or proposed act or omission of the company is or would be so prejudicial. | &nbsp;&nbsp;&nbsp; Under Delaware law, a stockholder may initiate a derivative action to enforce a right of a corporation if the corporation fails to enforce the right itself. The complaint must: <br> • state that the plaintiff was a stockholder at the time of the transaction of which the plaintiff complains or that the plaintiff's shares thereafter devolved on the plaintiff by operation of law; and <br>• allege with particularity the efforts made by the plaintiff to obtain the action the plaintiff desires from the directors and the reasons for the plaintiff's failure to obtain the action; or <br>• state the reasons for not making the effort. <br>Additionally, the plaintiff must remain a stockholder through the duration of the derivative suit. The action will not be dismissed or compromised without the approval of the Delaware Court of Chancery.  |

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#### Listing
We intend to apply to have our ADSs listed on NYSE American under the symbol "GMTL".

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#### DESCRIPTION OF AMERICAN DEPOSITARY SHARES

#### American Depositary Shares
JPMorgan Chase Bank, N.A. ("JPMorgan"), as depositary, will issue the ADSs that you will be entitled to receive in this offering. Each ADS will represent an ownership interest in a designated number or percentage of ordinary shares that we will deposit with the custodian, as agent of the depositary, under the deposit agreement among ourselves, the depositary and all holders and beneficial owners from time to time of American Depositary Receipts ("ADR") issued thereunder.

The depositary's office is located at 270 Park Avenue, Floor 8, New York, New York 10017.

The ADS-to-ordinary share ratio is subject to amendment as provided in the form of ADR (which may give rise to fees contemplated by the form of ADR). In the future, each ADS will also represent any securities, cash or other property deposited with the depositary but which they have not distributed directly to you.

A beneficial owner is any person or entity having a beneficial ownership interest in ADSs. A beneficial owner need not be the holder of the ADR evidencing such ADS. If a beneficial owner is not an ADR holder, it must rely on the holder of the ADR(s) evidencing such ADSs in order to assert any rights or receive any benefits under the deposit agreement. A beneficial owner shall only be able to exercise any right or receive any benefit under the deposit agreement solely through the holder of the ADR(s) evidencing the ADSs owned by such beneficial owner. The arrangements between a beneficial owner and the holder of the corresponding ADRs may affect the beneficial owner's ability to exercise any rights it may have.

An ADR holder shall be deemed to have all requisite authority to act on behalf of any and all beneficial owners of the ADSs evidenced by the ADRs registered in such ADR holder's name for all purposes under the deposit agreement and ADRs. The depositary's only notification obligations under the deposit agreement and the ADRs, other than to us as provided under the deposit agreement, is to registered ADR holders. Notice to an ADR holder shall be deemed, for all purposes of the deposit agreement and the ADRs, to constitute notice to any and all beneficial owners of the ADSs evidenced by such ADR holder's ADRs.

Unless certificated ADRs are specifically requested, all ADSs will be issued on the books of our depositary in book-entry form and periodic statements will be mailed to you which reflect your ownership interest in such ADSs. In our description, references to American depositary receipts or ADRs shall include the statements you will receive that reflect your ownership of ADSs.

You may hold ADSs either directly or indirectly through your broker or other financial institution. If you hold ADSs directly, by having an ADS registered in your name on the books of the depositary, you are an ADR holder. This description assumes you hold your ADSs directly. If you hold the ADSs through your broker or financial institution nominee, you must rely on the procedures of such broker or financial institution to assert the rights of an ADR holder described in this section. You should consult with your broker or financial institution to find out what those procedures are.

As an ADR holder or beneficial owner, we will not treat you as a shareholder of ours and you will not have any shareholder rights. English law governs shareholder rights. Because the depositary or its nominee will be the shareholder of record for the shares represented by all outstanding ADSs, shareholder rights rest with such record holder. Your rights are those of an ADR holder or of a beneficial owner. Such rights derive from the terms of the deposit agreement to be entered into among us, the depositary and all holders and beneficial owners from time to time of ADRs issued under the deposit agreement and, in the case of a beneficial owner, from the arrangements between the beneficial owner and the holder of the corresponding ADRs. The obligations of our Company and the depositary and its agents are also set out in the deposit agreement. Because the depositary or its nominee will actually be the registered owner of the ordinary shares, you must rely on it to exercise the rights of a shareholder on your behalf. The deposit agreement, the ADRs and the ADSs are governed by the internal laws of the State of New York without giving effect to the application of the conflict of law principles thereof. Under the deposit agreement, as an ADR holder or a beneficial owner of ADSs, you agree that any legal suit, action or proceeding against or involving us or the depositary, arising out of or based upon the deposit agreement, the ADSs, the ADRs or the transactions contemplated thereby, may only be instituted by you in the United States District Court for the Southern

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District of New York (or, in certain cases, the state courts of New York County, New York) and you irrevocably waive any objection which you may have to the laying of venue of any such proceeding and irrevocably submit to the nonexclusive jurisdiction of such courts in any such suit, action or proceeding.

The following is a summary of what we believe to be the material terms of the deposit agreement. Notwithstanding this, because it is a summary, it may not contain all the information that you may otherwise deem important. For more complete information, you should read the entire deposit agreement and the form of ADR that contains the terms of your ADSs. You can read a copy of the deposit agreement, which is filed as an exhibit to the registration statement (or amendment thereto) on Form F-1 filed with the SEC of which this prospectus forms a part. You may also obtain a copy of the deposit agreement at the SEC's Public Reference Room, which is currently located at 100 F Street, NE, Washington, DC 20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-732-0330. You may also find the registration statement and the attached deposit agreement on the SEC's website at http://www.sec.gov.

#### Distributions on Deposited Securities, Sales

#### How will I receive dividends and other distributions on the ordinary shares underlying my ADSs?
We may make various types of distributions with respect to our securities. The depositary has agreed that, to the extent practicable, it will pay to you the cash dividends or other distributions it or the custodian receives on ordinary shares or other deposited securities, after converting any cash received into U.S. dollars (if it determines such conversion may be made on a reasonable basis) and, in all cases, making any necessary deductions provided for in the deposit agreement. The depositary may utilize a division, branch or affiliate of JPMorgan to direct, manage and/or execute any public and/or private sale of securities and/or property under the deposit agreement. Such division, branch and/or affiliate may charge the depositary a fee in connection with such sales, which fee is considered an expense of the depositary chargeable to holders of ADSs. All sales of securities will be handled by the depositary in accordance with its then current policies. You will receive these distributions in proportion to the number of underlying securities that your ADSs represent. In all instances where the deposit agreement or an ADR refers to a "sale" (or words of similar import) of securities or property, the depositary may, but shall not be obligated, to effect any such sale unless the securities to be sold are listed and publicly traded on a securities exchange or there is a public market for the property to be sold. To the extent the securities are not so listed and publicly traded or there is no public market for the property so distributed by us: (i) the depositary shall, in the event the deposit agreement is terminated and the depositary holds deposited securities that are not listed and publicly traded after the termination date of the deposit agreement, act in accordance with the termination provisions of the deposit agreement and form of ADR in respect of such securities and property; and (ii) in the event the depositary or its custodian receives a distribution other than cash, our ordinary shares and/or rights to acquire our ordinary shares and such distribution consists of securities or property that are not distributed by the depositary, the depositary will be deemed to have sold the aggregate number of securities and/or property so received for nominal value and shall have no obligation to distribute such securities or any proceeds from the deemed sale thereof to the ADR holders. Furthermore, in the event the depositary endeavors to make a sale of ordinary shares, other securities or property, such securities and/or property may be sold in a block sale or single lot transaction.

Except as stated below, the depositary will deliver such distributions to ADR holders in proportion to their interests in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Cash*. The depositary will distribute any U.S. dollars available to it resulting from a cash dividend or other cash distribution or the net proceeds of sales of any other distribution or portion thereof (to the extent applicable), on an averaged or other practicable basis, subject to (i) appropriate adjustments for taxes withheld, (ii) such distribution being permissible or practicable with respect to certain registered ADR holders and (iii) deduction of the depositary's and/or its agents' fees and expenses in (a) converting any foreign currency to U.S. dollars to the extent that it determines that such conversion may be made on a reasonable basis, (b) transferring foreign currency or U.S. dollars to the United States by such means as the depositary may determine to the extent that it determines that such transfer may be made on a reasonable basis, (c) obtaining any approval or license of any

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governmental authority required for such conversion or transfer, which is obtainable at a reasonable cost and within a reasonable time and (d) making any sale by public or private means in any commercially reasonable manner. To the extent that any of the deposited securities is not or shall not be entitled, by reason of its date of issuance, or otherwise, to receive the full amount of such cash dividend, distribution or net proceeds of sales, the depositary shall make appropriate adjustments in the amounts distributed to the ADR holders issued in respect of such deposited securities. To the extent we or the depositary shall be required to withhold and do withhold from any cash dividend, distribution or net proceeds from sales in respect of any deposited securities an amount on account of taxes, the amount distributed on the ADSs issued in respect of such deposited securities shall be reduced accordingly.

To the extent the depositary determines in its discretion that it would not be permitted by applicable law, rule or regulation, or it would not otherwise be practicable, to convert foreign currency into U.S. dollars and distribute such U.S. dollars to some or all of the ADR holders entitled thereto, the depositary may in its discretion distribute some or all of the foreign currency received by the depositary as it deems permissible and practicable to, or retain and hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the ADR holders entitled to receive the same. To the extent the depositary retains and holds any cash, foreign currency, securities or other property as permitted under the deposit agreement, any and all fees, charges and expenses related to, or arising from, the holding thereof shall be paid from such cash, foreign currency securities or other property, or the net proceeds from the sale thereof, thereby reducing the amount so held. *If exchange rates fluctuate during a time when the depositary cannot convert a foreign currency, you may lose some or all of the value of the distribution.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Shares. In the case of a distribution in ordinary shares, the depositary will issue additional ADRs to evidence the number of ADSs representing such ordinary shares. Only whole ADSs will be issued. Any ordinary shares that would result in fractional ADSs will be sold and the net proceeds of the public or private sales of such will be distributed in the same manner as cash to the ADR holders entitled thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Rights to receive additional ordinary shares. In the case of a distribution of rights to subscribe for additional ordinary shares or other rights, if we timely provide evidence satisfactory to the depositary that it may lawfully distribute such rights, the depositary will distribute warrants or other instruments in the discretion of the depositary representing such rights. However, if we do not timely furnish such evidence, the depositary may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

sell such rights if practicable and distribute the net proceeds of the public or private sales of such rights in the same manner as cash to the ADR holders entitled thereto; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

if it is not practicable to sell such rights by reason of the non-transferability of the rights, limited markets therefor, their short duration or otherwise, do nothing and allow such rights to lapse, in which case ADR holders will receive nothing and the rights may lapse.

We have no obligation to file a registration statement under the Securities Act in order to make any rights available to ADR holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Other Distributions*. In the case of a distribution of securities or property other than those described above, the depositary may either (i) distribute such securities or property in any manner it deems equitable and practicable or (ii) to the extent the depositary deems distribution of such securities or property not to be equitable and practicable, sell such securities or property and distribute any net proceeds of public or private sales in the same way it distributes cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Elective Distributions*. In the case of a dividend payable at the election of our shareholders in cash or in additional ordinary shares, we will notify the depositary at least thirty (30) days prior to the proposed distribution stating whether or not we wish such elective distribution to be made available to ADR holders. The depositary shall make such elective distribution available to ADR holders only if (i) we shall have timely requested that the elective distribution is available to ADR holders, (ii) the depositary shall have determined that such distribution is reasonably practicable and (iii) the depositary shall have received satisfactory documentation within the terms of the deposit agreement including any legal opinions of counsel that the depositary in its reasonable discretion may request. If the above

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conditions are not satisfied, the depositary shall, to the extent permitted by law, distribute to the ADR holders, on the basis of the same determination as is made in the local market in respect of the ordinary shares for which no election is made, either (x) cash or (y) additional ADSs representing such additional ordinary shares. If the above conditions are satisfied, the depositary shall establish procedures to enable ADR holders to elect the receipt of the proposed dividend in cash or in additional ADSs. There can be no assurance that ADR holders or beneficial owners of ADSs generally, or any ADR holder or beneficial owner of ADSs in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of ordinary shares.

If the depositary determines in its sole discretion that any distribution described above is not practicable with respect to any or all ADR holders, the depositary may choose any method of distribution that it deems practicable for such ADR holder, including the distribution of some or all of any cash, foreign currency, securities or other property (or appropriate documents evidencing the right to receive some or all of any such cash, foreign currency, security or other property) and/or it may retain some or all of such items, without paying interest on or investing them, on behalf of the ADR holder as deposited securities, in which case the ADSs will also represent the retained items. To the extent the depositary does not reasonably believe it will be permitted by applicable law, rule or regulation to convert foreign currency into U.S. dollars and distribute such U.S. dollars to some or all of the ADR holders, the depositary may in its discretion distribute the foreign currency received by the depositary to, or hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the ADR holders entitled to receive the same. To the extent the depositary holds such foreign currency, any and all costs and expenses related to, or arising from, the holding of such foreign currency shall be paid from such foreign currency thereby reducing the amount so held.

Any U.S. dollars will be paid via wire transfer and/or distributed by checks drawn on a bank in the United States for whole dollars and cents. Fractional cents will be withheld without liability and dealt with by the depositary in accordance with its then current practices.

 *The depositary is not responsible if it fails to determine that any distribution or action is lawful or reasonably practicable.* 

 *There can be no assurance that the depositary will be able to convert any currency at a specified exchange rate or sell any property, rights, ordinary shares or other securities at a specified price, nor that any of such transactions can be completed within a specified time period. All purchases and sales of securities will be handled by the depositary in accordance with its then current policies, which are currently set forth on the "Disclosures" page (or successor page) of www.adr.com (as updated by the depositary from time to time, "ADR.com").* 

#### Deposit, Withdrawal and Cancellation

#### How does the depositary issue ADSs?
The depositary will issue ADSs if you or your broker deposit ordinary shares or evidence of rights to receive ordinary shares with the custodian and pay the fees and expenses owing to the depositary in connection with such issuance. In the case of the ADSs to be issued under this prospectus, we will arrange with the underwriters named herein to deposit such ordinary shares.

In connection with the deposit of ordinary shares, the depositary or its custodian may require the following in a form satisfactory to it: (i) a written order directing the depositary to issue to, or upon the written order of, the person or persons designated in such order ADSs representing such deposited securities; (ii) proper endorsements or duly executed instruments of transfer in respect of such deposited ordinary shares; (iii) instruments assigning to the depositary, its custodian or a nominee of either any distribution on or in respect of such deposited ordinary shares or indemnity therefor; and (iv) proxies entitling the custodian to vote such deposited ordinary shares. The deposited ordinary shares and any such additional items are referred to as "deposited securities." As soon as practicable after the custodian receives deposited securities pursuant to any such deposit or pursuant to a distribution or change affecting deposited securities, the custodian shall present such deposited securities for registration of transfer into the name of the depositary, its custodian or a nominee of either, in each case for the benefit of ADR holders, to the extent

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such registration is practicable, at the cost and expense of the person making such deposit (or for whose benefit such deposit is made) and shall obtain evidence satisfactory to it of such registration.

The custodian will hold all deposited securities (including those being deposited by or on our behalf in connection with the offering to which this prospectus relates) for the account and to the order of the depositary, in each case for the benefit of ADR holders, to the extent not prohibited by law. ADR holders and beneficial owners thus have no direct ownership interest in the ordinary shares and only have such rights as are contained in the deposit agreement. The custodian will also hold any additional securities, property and cash received on or in substitution for the deposited securities.

Deposited securities are not intended to and shall not, constitute proprietary assets of the depositary, the custodian or their nominees. Beneficial ownership in deposited securities is intended to be and shall at all times during the term of the deposit agreement continue to be, vested in the beneficial owners of the ADSs representing such deposited securities. Notwithstanding anything else contained herein, in the deposit agreement, in the form of ADR and/or in any outstanding ADSs, the depositary, the custodian and their respective nominees are intended to be and shall at all times during the term of the deposit agreement be, the record holder(s) only of the deposited securities represented by the ADSs for the benefit of the ADR holders. The depositary, on its own behalf and on behalf of the custodian and their respective nominees, disclaims any beneficial ownership interest in the deposited securities held on behalf of the ADR holders.

Upon each deposit of ordinary shares, receipt of related delivery documentation and compliance with the other provisions of the deposit agreement, including the payment of the fees and charges of the depositary and any taxes or other fees or charges owing, the depositary will issue an ADR or ADRs in the name or upon the order of the person entitled thereto evidencing the number of ADSs to which such person is entitled. All of the ADSs issued will, unless specifically requested to the contrary, be part of the depositary's direct registration system and a registered holder will receive periodic statements from the depositary which will show the number of ADSs registered in such ADR holder's name. An ADR holder can request that the ADSs not be held through the depositary's direct registration system and that a certificated ADR be issued.

#### How do ADR holders cancel an ADS and obtain deposited securities?
When you turn in your ADR certificate at the depositary's office, or when you provide proper instructions and documentation in the case of direct registration ADSs, subject to the provisions of or governing our ordinary shares (including, without limitation, our governing documents and all applicable laws, rules and regulations), the depositary will, upon payment of certain applicable fees, charges and taxes, deliver the underlying shares to you or upon your written order. Delivery of deposited securities in certificated form will be made at the custodian's office (or from the custodian to the extent dematerialized). If, at any time each ADS represents a fraction of one ordinary share, unless otherwise agreed by the depositary, ADSs may only be cancelled in multiples of such number of shares as will permit whole shares to be delivered. At your risk, expense and request, the depositary may deliver deposited securities (including any certificates therefor) at such other place as you may request.

The depositary may only restrict the withdrawal of deposited securities in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • temporary delays caused by closing our transfer books or those of the depositary or the deposit of ordinary shares in connection with voting at a shareholders' meeting, or the payment of dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the payment of fees, taxes and similar charges; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • compliance with any U.S. or foreign laws or governmental regulations relating to the ADRs or to the withdrawal of deposited securities.

This right of withdrawal may not be limited by any other provision of the deposit agreement.

#### Record Dates
The depositary may, after consultation with us if practicable, fix record dates (which, to the extent applicable, shall be as near as practicable to any corresponding record dates set by us) for the determination of the registered ADR holders who will be entitled (or obligated, as the case may be):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to receive any distribution on or in respect of deposited securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to give instructions for the exercise of voting rights,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to pay any fees assessed by, or owing to, the depositary for administration of the ADR program and for any expenses as provided for in the ADR, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to receive any notice or to act or be obligated in respect of other matters,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all subject to the provisions of the deposit agreement.

#### Voting Rights

#### How do I vote?
If you are an ADR holder and the depositary asks you to provide it with voting instructions, you may instruct the depositary how to exercise the voting rights for the ordinary shares which underlie your ADSs. As soon as practicable after receipt from us of notice of any meeting at which the holders of ordinary shares are entitled to vote, or of our solicitation of consents or proxies from holders of ordinary shares, the depositary shall fix the ADS record date in accordance with the provisions of the deposit agreement, *provided* that if the depositary receives a written request from us in a timely manner and at least thirty (30) days prior to the date of such vote or meeting, the depositary shall, at our expense, distribute to the registered ADR holders a "voting notice" stating (i) final information particular to such vote and meeting and any solicitation materials, (ii) that each ADR holder on the record date set by the depositary will, subject to any applicable provisions of the laws of England and Wales, be entitled to instruct the depositary as to the exercise of the voting rights, if any, pertaining to the deposited securities represented by the ADSs evidenced by such ADR holder's ADRs and (iii) the manner in which such instructions may be given, including instructions for giving a discretionary proxy to a person designated by us. Each ADR holder shall be solely responsible for the forwarding of voting notices to the beneficial owners of ADSs registered in such ADR holder's name. There is no guarantee that ADR holders and beneficial owners generally or any holder or beneficial owner in particular will receive the notice described above with sufficient time to enable such ADR holder or beneficial owner to return any voting instructions to the depositary in a timely manner.

Following actual receipt by the ADR department responsible for proxies and voting of ADR holders' instructions (including, without limitation, instructions of any entity or entities acting on behalf of the nominee for The Depository Trust Company, or "DTC"), the depositary shall, in the manner and on or before the time established by the depositary for such purpose, endeavor to vote or cause to be voted the deposited securities represented by the ADSs evidenced by such ADR holders' ADRs in accordance with such instructions insofar as practicable and permitted under the provisions of or governing deposited securities.

Under the laws of England and Wales and our Articles of Association, (i) voting on all resolutions at any meeting of our shareholders is to be conducted on a show of hands, unless a poll is demanded by our shareholders or is demanded by the chairman of the meeting or is required by our Articles of Association. A poll may be demanded by (a) the chairman, (b) not fewer than two shareholders present or in person or by proxy at the meeting and entitled to vote on the resolution, (c) any shareholder(s) present in person or by proxy at the meeting representing in the aggregate not less than 10% of the total voting rights of all the shareholders having the right to attend and vote on the resolution (excluding any voting rights attaching to treasury shares) or (d) any shareholders present in person or by proxy at the meeting holding our shares conferring a right to vote on the resolution (excluding any voting rights attaching to the treasury shares) being shares on which an aggregate sum has been paid up equal to not less than 10% of the total sum paid up on all the shares conferring that right; (ii) an ordinary resolution is passed on a show of hands if it is approved by a simple majority (more than 50%) of the votes cast by shareholders present (in person or by proxy) and entitled to vote. If a poll is demanded, an ordinary resolution is passed if it is approved by holders representing a simple majority of the total voting rights of shareholders present, in person or by proxy or in advance, who, being entitled to vote, vote on the resolution; and (iii) a special resolution requires the affirmative vote of not less than 75% of the votes cast on a show of hands by shareholders present, in person or by proxy, at the meeting and entitled to vote. If a poll is demanded, a special resolution is passed if it is approved by shareholders representing not less than 75% of the total voting rights of shareholders who, being entitled to vote, vote in person, by proxy or in advance.

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ADR holders are strongly encouraged to forward their voting instructions to the depositary as soon as possible. For instructions to be valid, the ADR department of the depositary that is responsible for proxies and voting must receive them in the manner and on or before the time specified, notwithstanding that such instructions may have been physically received by the depositary prior to such time. The depositary will not itself exercise any voting discretion in respect of deposited securities. The depositary and its agents will not be responsible for any failure to carry out any instructions to vote any of the deposited securities, for the manner in which any voting instructions are given, including instructions to give a discretionary proxy to a person designated by us, for the manner in which any vote is cast, including, without limitation, any vote cast by a person to whom the depositary is instructed to grant a discretionary proxy pursuant to the terms of the deposit agreement, or for the effect of any such vote. Notwithstanding anything contained in the deposit agreement or any ADR, the depositary may, to the extent not prohibited by any law, rule or regulation, or by the rules, regulations or requirements of any stock exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the depositary in connection with any meeting of or solicitation of consents or proxies from holders of deposited securities, distribute to the registered holders of ADRs a notice that provides such ADR holders with or otherwise publicizes to such ADR holders instructions on how to retrieve such materials or receive such materials upon request (i.e., by reference to a website containing the materials for retrieval or a contact for requesting copies of the materials).

There can be no assurance that you will receive voting materials in sufficient time to instruct the depositary to vote. If notice of a meeting and the related voting matters is not transmitted to the depositary with sufficient advance notice, or if the solicitation of voting instructions is not practicable or permitted under applicable law or the terms of the deposit agreement, including due to timing constraints and the involvement of brokers, dealers or other intermediaries outside of our control, you, or persons who hold their ADSs through brokers, dealers or other third parties, may not have the opportunity to exercise voting rights with respect to the ordinary shares underlying your ADSs.

#### Reports and Other Communications

#### Will ADR holders be able to view our reports?
The deposit agreement, the provisions of or governing deposited securities and any written communications from us which are both received by the custodian or its nominee as a holder of deposited securities and made generally available to the holders of deposited securities, are available for inspection by ADR holders at the offices of the depositary in the United States, on the SEC's internet website or upon request to the depositary (which request may be refused by the depositary at its discretion).

Additionally, if we make any written communications generally available to holders of our shares and we furnish copies thereof (or English translations or summaries) to the depositary, it will distribute the same to registered ADR holders.

#### Fees and Expenses

#### What fees and expenses will I be responsible for paying?
The depositary may charge each person to whom ADSs are issued, including, without limitation, issuances against deposits of ordinary shares, issuances in respect of share distributions, rights and other distributions, issuances pursuant to a stock dividend or stock split declared by us or issuances pursuant to a merger, exchange of securities or any other transaction or event affecting the ADSs or deposited securities, and each person surrendering ADSs for withdrawal of deposited securities or whose ADRs are cancelled or reduced for any other reason, a fee of up to $5.00 for each 100 ADSs (or any portion thereof) issued, delivered, reduced, cancelled or surrendered, or upon which a share distribution or elective distribution is made or offered, as the case may be. The depositary may sell (by public or private sale) sufficient securities and property received in respect of a share distribution, rights and/or other distribution prior to such deposit to pay such charge.

The following additional fees, charges and expenses shall also be incurred by the ADR holders, the beneficial owners, by any party depositing or withdrawing ordinary shares or by any party surrendering ADSs and/or to whom ADSs are issued (including, without limitation, issuance pursuant to a stock dividend

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or stock split declared by us or an exchange of stock regarding the ADSs or the deposited securities or a distribution of ADSs), whichever is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a fee of up to $0.05 per ADS held for any cash distribution made, or for any elective cash/stock dividend offered, pursuant to the deposit agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an aggregate fee of up to $0.05 per ADS per calendar year (or portion thereof) for services performed by the depositary in administering the ADRs (which fee may be charged on a periodic basis during each calendar year and shall be assessed against holders of ADRs as of the record date or record dates set by the depositary during each calendar year and shall be payable in the manner described in the next succeeding provision);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an amount for the reimbursement of such fees, charges and expenses as are incurred by the depositary and/or any of its agents (including, without limitation, the custodian, as well as charges and expenses incurred on behalf of ADR holders in connection with compliance with foreign exchange control regulations or any law or regulation relating to foreign investment) in connection with the servicing of the ordinary shares or other deposited securities, the sale of securities (including, without limitation, deposited securities), the delivery of deposited securities or otherwise in connection with the depositary's or its custodian's compliance with applicable law, rule or regulation (which charges and expenses may be assessed on a proportionate basis against ADR holders as of the record date or dates set by the depositary and shall be payable at the sole discretion of the depositary by billing such ADR holders or by deducting such charge or expense from one or more cash dividends or other cash distributions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a fee of up to $0.05 per ADS held for the direct or indirect distribution of securities (other than ADSs or rights to purchase additional ADSs as described under "Distributions on Deposited Securities, Sales" above) or the net cash proceeds from the public or private sale of any such securities, regardless of whether any such distribution and/or sale is made by, for, or received from, or (in each case) on behalf of, the depositary, us and/or any third party (which fee may be assessed against ADR holders as of a record date set by the depositary);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • stock transfer or other taxes and other governmental charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a transaction fee per cancellation request (including any cancellation request made through SWIFT, facsimile transmission or any other method of communication) as disclosed on the "Disclosures" page (or successor page) of ADR.com and any applicable delivery expenses (which are payable by such persons or ADR holders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • transfer or registration fees for the registration of transfer of deposited securities on any applicable register in connection with the deposit or withdrawal of deposited securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • fees of any division, branch or affiliate of the depositary utilized by the depositary to direct, manage and/or execute any public and/or private sale of securities under the deposit agreement.

To facilitate the administration of various depositary receipt transactions, including disbursement of dividends or other cash distributions and other corporate actions, the depositary may engage the foreign exchange desk within JPMorgan Chase Bank, N.A. (the "Bank") and/or its affiliates in order to enter into spot foreign exchange transactions to convert foreign currency into U.S. dollars ("FX Transactions"). For certain currencies, FX Transactions are entered into with the Bank or an affiliate, as the case may be, acting in a principal capacity. For other currencies, FX Transactions are routed directly to and managed by an unaffiliated local custodian (or other third-party local liquidity provider), and neither the Bank nor any of its affiliates is a party to such FX Transactions.

The foreign exchange rate applied to a FX Transaction will be either (i) a published benchmark rate, or (ii) a rate determined by a third-party local liquidity provider, in each case plus or minus a spread, as applicable. The depositary will disclose which foreign exchange rate and spread, if any, apply to such currency on the "Disclosures" page (or successor page) of ADR.com. Such applicable foreign exchange rate and spread may (and neither the depositary, the Bank nor any of their affiliates is under any obligation to ensure that such rate does not) differ from rates and spreads at which comparable transactions are entered into with other customers or the range of foreign exchange rates and spreads at which the Bank or any of its affiliates enters into FX Transactions in the relevant currency pair on the date of the FX Transaction.

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Additionally, the timing of execution of a FX Transaction varies according to local market dynamics, which may include regulatory requirements, market hours and liquidity in the foreign exchange market or other factors. Furthermore, the Bank and its affiliates may manage the associated risks of their position in the market in a manner they deem appropriate without regard to the impact of such activities on the depositary, us, ADR holders or beneficial owners. *The spread applied does not reflect any gains or losses that may be earned or incurred by the Bank and its affiliates as a result of risk management or other hedging related activity.* 

Notwithstanding the foregoing, to the extent we provide U.S. dollars to the depositary, neither the Bank nor any of its affiliates will execute a FX Transaction as set forth herein. In such case, the depositary will distribute the U.S. dollars received from us.

 *Further details relating to the applicable foreign exchange rate, the applicable spread and the execution of FX Transactions will be provided by the depositary on ADR.com. Each holder and beneficial owner by holding or owning an ADR or ADS or an interest therein, and we, each acknowledge and agree that the terms applicable to FX Transactions disclosed from time to time on ADR.com will apply to any FX Transaction executed pursuant to the deposit agreement.* 

We will pay all other fees, charges and expenses of the depositary and any agent of the depositary (except the custodian) pursuant to agreements from time to time between us and the depositary.

The right of the depositary to charge and receive payment of fees, charges and expenses survives the termination of the deposit agreement, and shall extend for those fees, charges and expenses incurred prior to the effectiveness of any resignation or removal of the depositary.

The fees and charges described above may be amended from time to time by agreement between us and the depositary.

The depositary anticipates reimbursing us for certain expenses incurred by us that are related to the establishment and maintenance of the ADR program upon such terms and conditions as we and the depositary may agree from time to time. The depositary may make available to us a set amount or a portion of the depositary fees charged in respect of the ADR program or otherwise upon such terms and conditions as we and the depositary may agree from time to time. The depositary collects its fees for issuance and cancellation of ADSs directly from investors depositing ordinary shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect its annual fee for depositary services by deduction from cash distributions, or by directly billing investors, or by charging the book-entry system accounts of participants acting for them. The depositary will generally set off the amounts owing from distributions made to holders of ADSs. If, however, no distribution exists and payment owing is not timely received by the depositary, the depositary may refuse to provide any further services to ADR holders that have not paid those fees and expenses owing until such fees and expenses have been paid. At the discretion of the depositary, all fees and charges owing under the deposit agreement are due in advance and/or when declared owing by the depositary.

Under certain limited circumstances, the depositary may reduce or waive certain fees, charges and expenses provided in the ADRs and in the deposit agreement, including, without limitation, those described above that would normally be charged on ADSs issued to or at the direction of, or otherwise held by, us and/or certain ADR holders and beneficial owners and holders and beneficial owners of our ordinary shares.

#### Payment of Taxes
ADR holders and/or beneficial owners must pay any tax or other governmental charge payable by the custodian or the depositary on any ADS or ADR, deposited security or distribution. If any taxes or other governmental charges (including any penalties and/or interest) shall become payable by or on behalf of the custodian or the depositary with respect to any ADR, any deposited securities represented by the ADSs evidenced thereby or any distribution thereon such tax or other governmental charge shall be paid by the ADR holder thereof to the depositary and by holding or owning, or having held or owned, an ADR or any ADSs evidenced thereby, the ADR holder and all beneficial owners thereof and all prior ADR holders and beneficial owners thereof, jointly and severally, agree to indemnify, defend and save harmless each of

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the depositary and its agents in respect of such tax or other governmental charge. Notwithstanding the depositary's right to seek payment from current or former ADR holders and beneficial owners, each ADR holder and beneficial owner and each prior ADR holder and beneficial owner, by holding or owning, or having held or owned, an ADR or an interest in ADSs acknowledges and agrees that the depositary has no obligation to seek payment of amounts owing from any current or prior beneficial owner. If an ADR holder owes any tax or other governmental charge, the depositary may (i) deduct the amount thereof from any cash distributions, or (ii) sell deposited securities (by public or private sale) and deduct the amount owing from the net proceeds of such sale. In either case, the ADR holder remains liable for any shortfall. If any tax or governmental charge is unpaid, the depositary may also refuse to effect any registration, registration of transfer, split up or combination of ADRs or withdrawal of deposited securities until such payment is made. If any tax or governmental charge is required to be withheld on any cash distribution, the depositary may deduct the amount required to be withheld from any cash distribution or, in the case of a noncash distribution, sell the distributed property or securities (by public or private sale) in such amounts and in such manner as the depositary deems necessary and practicable to pay such taxes and distribute any remaining net proceeds or the balance of any such property after deduction of such taxes to the ADR holders entitled thereto. Neither we nor the depositary nor any of our or its respective agents, shall be liable to ADR holders or beneficial owners of the ADSs for failure of any of such holders or beneficial owners to comply with applicable tax laws, rules and/or regulations.

As an ADR holder or beneficial owner, you will be agreeing to indemnify us, the depositary, its custodian and any of our or their respective officers, directors, employees, agents and affiliates against and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained, which obligations shall survive any transfer or surrender of ADSs or the termination of the deposit agreement.

#### Reclassifications, Recapitalizations and Mergers
If we take certain actions that affect the deposited securities, including (i) any change in par value, split up, consolidation, cancellation or other reclassification of deposited securities or (ii) any distributions of shares or other property not made to holders of ADRs or (iii) any recapitalization, reorganization, merger, consolidation, liquidation, receivership, bankruptcy or sale of all or substantially all of our assets, then the depositary may choose to and shall if reasonably requested by us:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • amend the form of ADR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • distribute additional or amended ADRs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • distribute cash, securities or other property it has received in connection with such actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • sell by public or private sale any securities or property received and distribute the proceeds as cash; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • none of the above.

If the depositary does not choose any of the above options, any of the cash, securities or other property it receives will constitute part of the deposited securities and each ADS will then represent a proportionate interest in such property.

#### Amendment and Termination

#### How may the deposit agreement be amended?
We may agree with the depositary to amend the deposit agreement and the ADSs without your consent for any reason. ADR holders must be given at least thirty (30) days' notice of any amendment that imposes or increases any fees on a per ADS basis, charges or expenses (other than stock transfer or other taxes and other governmental charges, transfer or registration fees, a transaction fee per cancellation request (including any cancellation request made through SWIFT, facsimile transmission or any other method of communication), applicable delivery expenses or other such fees, charges or expenses), or otherwise prejudices any substantial existing right of ADR holders or beneficial owners. Such notice need not describe in detail

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the specific amendments effectuated thereby, but must identify to ADR holders and beneficial owners a means to access the text of such amendment. If an ADR holder or beneficial owner continues to hold an ADR or ADRs, after being so notified, such ADR holder and any beneficial owner are deemed to agree to such amendment and to be bound by the deposit agreement as so amended. No amendment, however, will impair your right to surrender your ADSs and receive the underlying securities, except in order to comply with mandatory provisions of applicable law.

Any amendments or supplements that (i) are reasonably necessary (as agreed by us and the depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act or (b) the ADSs or ordinary shares to be traded solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by ADR holders, shall be deemed not to prejudice any substantial rights of ADR holders or beneficial owners. Notwithstanding the foregoing, if any governmental body or regulatory body should adopt new laws, rules or regulations that would require amendment or supplement of the deposit agreement or the form of ADR to ensure compliance therewith, we and the depositary may amend or supplement the deposit agreement and the form of ADR (and all outstanding ADRs) at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the deposit agreement in such circumstances may become effective before a notice of such amendment or supplement is given to ADR holders or within any other period of time as required for compliance.

Notice of any amendment to the deposit agreement or form of ADRs shall not need to describe in detail the specific amendments effectuated thereby and failure to describe the specific amendments in any such notice shall not render such notice invalid, *provided*, *however*, that, in each such case, the notice given to the ADR holders identifies a means for ADR holders and beneficial owners to retrieve or receive the text of such amendment (i.e*.*, upon retrieval from the SEC's, the depositary's or our website or upon request from the depositary).

#### How may the deposit agreement be terminated?
The depositary may at any time and shall at our written direction, terminate the deposit agreement and the ADRs by mailing notice of such termination to the registered holders of ADRs at least thirty (30) days prior to the date fixed in such notice for such termination, or by providing such notice by any other means permitted under the deposit agreement (including electronic transmission), *provided* that such notice is given at least thirty (30) days prior to the Termination Date; *provided*, *however*, if the depositary shall have (i) resigned as depositary under the deposit agreement, notice of such termination by the depositary shall not be provided to registered ADR holders unless a successor depositary shall not be operating under the deposit agreement within sixty (60) days of the date of such resignation and (ii) been removed as depositary under the deposit agreement, notice of such termination by the depositary shall not be provided to registered holders of ADRs unless a successor depositary shall not be operating under the deposit agreement on the 60th day after our notice of removal was first provided to the depositary. Notwithstanding anything to the contrary in the deposit agreement, the depositary may terminate the deposit agreement (i) without notifying us, but subject to giving thirty (30) days' notice to the ADR holders, under the following circumstances: (a) in the event of our bankruptcy, liquidation proceedings or insolvency, (b) if our ordinary shares are delisted from a "national securities exchange" (that has registered with the Commission under Section 6 of the Exchange Act), (c) if we effect (or will effect) a redemption of all or substantially all of the deposited securities, or a cash or share distribution representing a return of all or substantially all of the value of the deposited securities, (d) there are no deposited securities with respect to ADSs remaining, including if the deposited securities are cancelled, or the deposit securities have been deemed to have no value or (e) there occurs a merger, consolidation, sale of assets or other transaction as a result of which securities or other property are delivered in exchange for or in lieu of deposited securities and (ii) immediately without prior notice to the Company, any ADR holder or beneficial owner or any other person if (a) required by any law, rule or regulation relating to sanctions by any governmental authority or body, (b) the depositary would be subject to liability under or pursuant to any law, rule or regulation or (c) required by any governmental authority or body, in each case under (ii) as determined by the depositary in its reasonable discretion.

If our shares are not listed and publicly traded on a stock exchange or in a securities market as of the date so fixed for termination or if, for any reason, the depositary does not sell the deposited securities, then after such date fixed for termination, the depositary shall use its reasonable efforts to ensure that the ADSs

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cease to be eligible for settlement within DTC and that neither DTC nor any of its nominees shall thereafter be an ADR holder. At such time as the ADSs cease to be DTC eligible and/or neither DTC nor any of its nominees is an ADR holder, to the extent we are not, to the depositary's knowledge, insolvent or in bankruptcy or liquidation, the depositary shall (i) cancel all outstanding ADRs; (ii) request DTC to provide the depositary with information on those holding ADSs through DTC and, upon receipt thereof, revise the ADR register to reflect the information provided by DTC; (iii) instruct its custodian to deliver all deposited securities to us, a subsidiary or affiliate of ours (the company representative) or an independent trust company engaged by us (the trustee) to hold those deposited securities in trust for the beneficial owners of the ADRs if we are not permitted to hold any of the deposited securities under applicable law and/or we have directed the depositary to deliver such deposited securities to the company representative or trustee along with a stock transfer form and/or such other instruments of transfer covering such deposited securities as are needed under applicable law, in either case referring to the names set forth on the ADR register and (iv) provide us with a copy of the ADR register.

Upon receipt of any instrument of transfer covering such deposited securities and the ADR Register, we have agreed that we will, depending on what is legally required under local law, either deliver to each person reflected on such ADR register appropriate documentation to effect the transfer to such persons of the deposited securities previously represented by the ADSs evidenced by their ADRs, approve the transfer of the deposited securities previously represented by their ADRs to the persons listed on the ADR register (as applicable), procure the relevant updates to the register of members of the Company to reflect the transfer of the deposited securities previously represented by their ADRs to the persons listed on the ADR register (as applicable) and provide the depositary with a certified copy of the updated register of our shareholders.

To the extent the depositary reasonably believes that we are insolvent, as determined by applicable law, or if we are in receivership, have filed for bankruptcy and/or are otherwise in restructuring, administration or liquidation and in any such case the deposited securities are not listed and publicly traded on a securities exchange after the termination date, or if, for any reason, the depositary believes it is not able to or cannot practicably sell the deposited securities promptly and without undue effort, the depositary shall notify the ADR holders of such and thereafter the deposited securities shall be deemed to have no value (and such ADR holders shall be deemed to have instructed the depositary that the deposited securities have no value). The depositary may (and, by holding an ADR or an interest therein, all holders irrevocably consent and agree that the depositary may) instruct its custodian to deliver all deposited securities to us (acting, as applicable by an administrator, receiver, administrative receiver, liquidator, provisional liquidator, restructuring officer, interim restructuring officer, trustee, controller or other entity overseeing the bankruptcy, insolvency, administration, restructuring or liquidation process) and notify us that the deposited securities are surrendered for no consideration. The deposit agreement requires us, subject to applicable law, to promptly accept the surrender of the deposited securities for no consideration and deliver to the depositary a written notice confirming (i) the acceptance of the surrender of the deposited securities for no consideration and (ii) the cancellation of such deposited securities. Promptly after notifying us that the deposited securities are surrendered for no consideration and irrespective of whether we have complied with the immediately preceding sentence, the depositary shall notify ADR holders that their ADSs have been cancelled with no consideration being payable to such ADR holders.

Upon the depositary's compliance with the provisions of any of the above three paragraphs, the depositary and its agents shall be discharged from all and cease to have any, obligations under the deposit agreement and the ADRs.

If our ordinary shares are listed and publicly traded on a securities exchange and the depositary believes that it is able, permissible and practicable to sell the deposited securities without undue effort, then the depositary may endeavor to publicly or privately sell (as long as it may lawfully do so) the deposited securities, which sale may be effected in a block sale/single lot transaction and, after the settlement of such sale(s), to the extent legally permissible and practicable, distribute or hold in an account (which may be a segregated or unsegregated account) the net proceeds of such sale(s), less any amounts owing to the depositary (including, without limitation, cancellation fees), together with any other cash then held by it under the deposit agreement, in trust, without liability for interest, for the *pro rata* benefit of the holders entitled thereto. After making such sale, the depositary shall be discharged from all obligations in respect of the deposit agreement and the ADRs, except to account for such net proceeds and other cash.

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#### Limitations on Obligations and Liability

#### Limits on our obligations and the obligations of the depositary; limits on liability to ADR holders, beneficial owners and others
Prior to the issue, registration, registration of transfer, split-up, combination, or cancellation of any ADRs, or the delivery of any distribution in respect thereof and from time to time in the case of the production of proofs as described below, we or the depositary or its custodian may require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • payment with respect thereto of (i) any stock transfer or other tax or other governmental charge, (ii) any stock transfer or registration fees in effect for the registration of transfers of ordinary shares or other deposited securities upon any applicable register and (iii) any applicable fees and expenses described in the deposit agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the production of proof satisfactory to it of (i) the identity of any signatory and genuineness of any signature and (ii) such other information, including without limitation, information as to citizenship, residence, exchange control approval, beneficial or other ownership of, or interest in, any securities, compliance with applicable law, regulations, provisions of or governing deposited securities and terms of the deposit agreement and the ADRs, as it may deem necessary or proper; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • compliance with such regulations as the depositary may establish consistent with the deposit agreement or as the depositary believes are required, necessary or advisable in order to comply with applicable laws, rules and regulations.

The issuance of ADRs, the acceptance of deposits of ordinary shares, the registration, registration of transfer, split-up or combination of ADRs or the withdrawal of ordinary shares, may be suspended, generally or in particular instances, when the ADR register or any register for deposited securities is closed or when any such action is deemed required, necessary or advisable by the depositary for any reason *provided* that the ability to withdraw ordinary shares may only be limited under the following circumstances: (i) temporary delays caused by closing transfer books of the depositary or our transfer books or the deposit of ordinary shares in connection with voting at a shareholders' meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar charges and (iii) compliance with any laws or governmental regulations relating to ADRs or to the withdrawal of deposited securities. The depositary may close the ADR register (and/or any portion thereof) at any time or from time to time when deemed expedient by it.

The deposit agreement expressly limits the obligations and liability of the depositary, the depositary's custodian or ourselves and each of our and their respective directors, officers, employees, agents and affiliates, *provided*, *however*, that no provision of the deposit agreement is intended to constitute a waiver or limitation of any rights that ADR holders or beneficial owners may have under the Securities Act or the Exchange Act, to the extent applicable. The deposit agreement provides that each of us, the depositary and our respective directors, officers, employees, agents and affiliates will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • incur or assume no liability (including, without limitation, to ADR holders or beneficial owners) if any present or future law, rule, regulation, fiat, order or decree of the United States, England and Wales or any other country or jurisdiction, or of any governmental or regulatory authority or any securities exchange or market or automated quotation system, the provisions of or governing any deposited securities, any present or future provision of our Articles of Association, any act of God, war, terrorism, epidemic, pandemic, nationalization, expropriation, currency restrictions, extraordinary market conditions, work stoppage, strike, civil unrest, revolutions, rebellions, explosions, cyber, ransomware or malware attack, computer failure or circumstance our, the depositary's or our respective directors', officers', employees', agents' or affiliates' direct and immediate control shall prevent or delay, or shall cause any of them to be subject to any civil or criminal penalty in connection with, any act which the deposit agreement or the ADRs provide shall be done or performed by any such party (including, without limitation, voting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • incur or assume no liability (including, without limitation, to ADR holders or beneficial owners) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or things which by the terms of the deposit agreement it is provided shall or may be done or performed or

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any exercise or failure to exercise discretion under the deposit agreement or the ADRs including, without limitation, any failure to determine that any distribution or action may be lawful or reasonably practicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • incur or assume no liability (including, without limitation, to holders or beneficial owners) if it performs its obligations specifically set forth in the deposit agreement and ADRs without gross negligence, willful misconduct or fraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in the case of the depositary and its agents, be under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any deposited securities the ADSs or the ADRs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in the case of us and our agents, be under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any deposited securities the ADSs or the ADRs, which in our or our agents' opinion, as the case may be, may involve us in expense or liability, unless indemnity satisfactory to us or our agent, as the case may be, against all expense (including fees and disbursements of counsel) and liability is furnished as often as may be requested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • not be liable (including, without limitation, to ADR holders or beneficial owners) for any action or inaction by it in reliance upon the advice of or information from any legal counsel, any accountant, any person presenting ordinary shares for deposit, any registered holder of ADRs, or any other person believed by it to be competent to give such advice or information and/or, in the case of the depositary, from us; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • may rely and shall be protected in acting upon any written notice, request, direction, instruction or document believed by it to be genuine and to have been signed, presented or given by the proper party or parties.

The depositary shall not be a fiduciary or have any fiduciary duty to ADR holders or beneficial owners.

The depositary and its agents may fully respond to any and all demands or requests for information maintained by or on its behalf in connection with the deposit agreement, any registered holder or holders of ADRs, any ADRs or otherwise related to the deposit agreement or ADRs to the extent such information is requested or required by or pursuant to any lawful authority, including without limitation laws, rules, regulations, administrative or judicial process, banking, securities or other regulators. The depositary shall not be liable for the acts or omissions made by, or the insolvency of, any securities depository, clearing agency or settlement system. Furthermore, the depositary shall not be responsible for and shall incur no liability in connection with or arising from, the insolvency of any custodian that is not a branch or affiliate of JPMorgan. Notwithstanding anything to the contrary contained in the deposit agreement or any ADRs, the depositary shall not be responsible for and shall incur no liability in connection with or arising from, any act or omission to act on the part of the custodian except to the extent that any registered ADR holder has incurred liability directly as a result of the custodian having (i) committed fraud or willful misconduct in the provision of custodial services to the depositary or (ii) failed to use reasonable care in the provision of custodial services to the depositary as determined in accordance with the standards prevailing in the jurisdiction in which the custodian is located. The depositary and the custodian(s) may use third-party delivery services and providers of information regarding matters such as, but not limited to, pricing, proxy voting, corporate actions, class action litigation and other services in connection with the ADRs and the deposit agreement and use local agents to provide services such as, but not limited to, attendance at any meetings of security holders of issuers. Although the depositary and the custodian will use reasonable care (and cause their agents to use reasonable care) in the selection and retention of such third-party providers and local agents, they will not be responsible for any errors or omissions made by them in providing the relevant information or services.

The depositary has no obligation to inform ADR holders or beneficial owners about the requirements of the laws, rules or regulations or any changes therein or thereto of England and Wales, the United States or any other country or jurisdiction or of any governmental or regulatory authority or any securities exchange or market or automated quotation system.

Additionally, none of the depositary, the custodian or us, or any of their or our respective directors, officers, employees, agents or affiliates shall be liable for the failure by any registered holder of ADRs or

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beneficial owner to obtain the benefits of credits or refunds of non-U.S. tax paid against such ADR holder's or beneficial owner's income tax liability. The depositary is under no obligation to provide the ADR holders and beneficial owners, or any of them, with any information about our tax status. None of us, the depositary, the custodian or any of our or their respective directors, officers, employees, agents or affiliates shall incur any liability for any tax or tax consequences that may be incurred by registered ADR holders or beneficial owners on account of their ownership or disposition of ADRs or ADSs.

Neither the depositary nor its agents will be responsible for any failure to carry out any instructions to vote any of the deposited securities, for the manner in which any voting instructions are given, including instructions to give a discretionary proxy to a person designated by us, for the manner in which any vote is cast, including, without limitation, any vote cast by a person to whom the depositary is instructed to grant a discretionary proxy pursuant to the terms of the deposit agreement, or for the effect of any such vote. The depositary shall endeavor to effect any sale of securities or other property and any conversion of currency, securities or other property, in each case as is referred to or contemplated in the deposit agreement or the form of ADR, in accordance with the depositary's normal practices and procedures under the circumstances applicable to such sale or conversion, but shall have no liability (in the absence of its own willful default, gross negligence or fraud or that of its agents, officers, directors or employees) with respect to the terms of any such sale or conversion, including the price at which such sale or conversion is effected, or if such sale or conversion shall not be practicable, or shall not be believed, deemed or determined to be practicable by the depositary. Specifically, the depositary shall not have any liability for the price received in connection with any public or private sale of securities (including, without limitation, for any sale made at a nominal price), the timing thereof or any delay in action or omission to act nor shall it be responsible for any error or delay in action, omission to act, default or negligence on the part of the party so retained in connection with any such sale or proposed sale. The depositary shall not incur any liability in connection with or arising from any failure, inability or refusal by us or any other party, including any share registrar, transfer agent or other agent appointed by us, the depositary or any other party, to process any transfer, delivery or distribution of cash, ordinary shares, other securities or other property, including, without limitation upon the termination of the deposit agreement, or otherwise to comply with any provisions of the deposit agreement that are applicable to it. The depositary may rely upon instructions from us or our counsel in respect of any approval or license required for any currency conversion, transfer or distribution. The depositary shall not incur any liability for the content of any information submitted to it by us or on our behalf for distribution to ADR holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the deposited securities, for the validity or worth of the deposited securities, for the creditworthiness of any third party, for allowing any rights to lapse upon the terms of the deposit agreement or for the failure or timeliness of any notice from us. The depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the depositary or in connection with any matter arising wholly after the removal or resignation of the depositary. Notwithstanding any other provision of the deposit agreement or the ADRs to the contrary, neither we or the depositary, nor any of our or their respective agents shall be liable to the other for any indirect, special, punitive or consequential damages (excluding reasonable fees and expenses of counsel) or lost profits, in each case of any form incurred by any of them, or liable to any other person or entity (including, without limitation, ADR holders or beneficial owners), for any such damages, or any fees or expenses of counsel in connection therewith, whether or not foreseeable and regardless of the type of action in which such a claim may be brought; *provided*, *however*, that (i) notwithstanding the foregoing and, for the avoidance of doubt, the depositary and its agents shall be entitled to reasonable legal fees and expenses in defending against any claim for such damages and (ii) to the extent such damages arise from or out of a claim brought by a third party (including, without limitation, ADR holders or beneficial owners) against the depositary or any of its agents, the depositary and its agents shall be entitled to full indemnification from us for all such damages and reasonable fees and expenses of counsel in connection therewith, unless such damages are found to have been a direct result of the gross negligence, willful misconduct or fraud of the depositary.

In the deposit agreement each party thereto (including, for avoidance of doubt, each ADR holder and beneficial owner) irrevocably waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in any suit, action or proceeding against the depositary and/or us directly or indirectly arising out of or relating to the shares or other deposited securities, the ADSs or the ADRs, the deposit agreement or any transaction contemplated therein, or the breach thereof (whether based on contract, tort, common law or any other theory). No provision of the deposit agreement or the ADRs is intended to constitute a

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waiver or limitation of any rights which an ADR holder or any beneficial owner may have under the Securities Act or the Exchange Act, to the extent applicable.

The depositary and its agents may own and deal in any class of securities of our company and our affiliates and in ADSs.

#### Disclosure of Interest in ADSs
To the extent that the provisions of or governing any deposited securities may require disclosure of or impose limits on beneficial or other ownership of, or interest in, deposited securities, other shares and other securities and may provide for blocking transfer, voting or other rights to enforce such disclosure or limits, you as ADR holders or beneficial owners agree to comply with all such disclosure requirements and ownership limitations and to comply with any reasonable instructions we may provide in respect thereof. For instance, we reserve the right to instruct you to deliver your ADSs for cancellation and withdrawal of the deposited securities so as to permit us to deal directly with you as a holder and/or beneficial owner of ordinary shares.

#### Books of Depositary
The depositary or its agent will maintain a register for the registration, registration of transfer, combination and split-up of ADRs, which register shall include the depositary's direct registration system. Registered holders of ADRs may inspect such records at the depositary's office at all reasonable times, but solely for the purpose of communicating with other ADR holders in the interest of the business of our company or a matter relating to the deposit agreement. Such register (and/or any portion thereof) may be closed at any time or from time to time, when deemed expedient by the depositary.

The depositary will maintain facilities for the delivery and receipt of ADRs.

#### Appointment
In the deposit agreement, each registered holder of ADRs and each beneficial owner, upon acceptance of any ADSs or ADRs (or any interest in any of them) issued in accordance with the terms and conditions of the deposit agreement will be deemed for all purposes to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • be a party to and bound by the terms of the deposit agreement and the applicable ADR or ADRs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • appoint the depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the deposit agreement and the applicable ADR or ADRs, to adopt any and all procedures necessary to comply with applicable laws and to take such action as the depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the deposit agreement and the applicable ADR and ADRs, the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • acknowledge and agree that (i) nothing in the deposit agreement or any ADR shall give rise to a partnership or joint venture among the parties thereto, nor establish a fiduciary or similar relationship among such parties, (ii) the depositary, its divisions, branches and affiliates and their respective agents, may from time to time be in the possession of nonpublic information about us, ADR holders, beneficial owners and/or their respective affiliates, (iii) the depositary and its divisions, branches and affiliates may at any time have multiple banking relationships with us, ADR holders, beneficial owners and/or the affiliates of any of them, (iv) the depositary and its divisions, branches and affiliates may, from time to time, be engaged in transactions in which parties adverse to us, ADR holders, or beneficial owners may have interests, (v) nothing contained in the deposit agreement or any ADR(s) shall (a) preclude the depositary or any of its divisions, branches or affiliates from engaging in any such transactions or establishing or maintaining any such relationships, or (b) obligate the depositary or any of its divisions, branches or affiliates to disclose any such transactions or relationships or to account for any profit made or payment received in any such transactions or relationships, (vi) the depositary shall not be deemed to have knowledge of any information held by any branch, division or affiliate of the depositary and (vii) notice to an ADR holder shall be deemed, for all purposes of the deposit agreement and the ADRs, to constitute notice to any and all beneficial owners of the ADSs evidenced by such ADR holder's ADRs. For all purposes under the deposit agreement and the ADRs,

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the ADR holders thereof shall be deemed to have all requisite authority to act on behalf of any and all beneficial owners of the ADSs evidenced by such ADRs.

#### Consent to Jurisdiction

#### Claims between the Company and the Depositary
Under the deposit agreement, we have submitted to the non-exclusive jurisdiction of the state and federal courts in New York, New York, and have appointed an agent for service of process on our behalf. Subject to the terms of the deposit agreement, any legal suit, action or proceeding arising out of or based upon the deposit agreement, the ADSs, the ADRs or the transactions contemplated thereby may be brought by us or the depositary in such courts.

The deposit agreement further provides that the depositary may, at its option, institute actions against us arising out of or based upon the deposit agreement, the ADSs, the ADRs or the transactions contemplated thereby in any competent court in England and Wales.

#### Claims involving ADS holders and beneficial owners
Under the deposit agreement, by holding or owning an ADR or ADS or an interest therein, ADR holders and beneficial owners each irrevocably agree that any legal suit, action or proceeding arising out of or based upon the deposit agreement, the ADSs, the ADRs or the transactions contemplated therein or thereby, other than claims arising under the federal securities laws, may be instituted only in the state or federal courts in New York, New York. ADS holders and beneficial owners irrevocably waive any objection which they may now or hereafter have to the laying of venue of any such suit, action or proceeding and irrevocably submit to the non-exclusive jurisdiction of such courts. This forum provision may increase your costs and limit your ability to bring a claim in a judicial forum that you find favorable for disputes with the depositary or us, or the depositary's or our respective directors, officers or employees, which may discourage such lawsuits against the depositary, us and the depositary's and our respective directors, officers or employees. However, it is possible that a court could find this choice of forum provision to be inapplicable or unenforceable. The enforceability of similar choice of forum provisions has been challenged in legal proceedings.

#### Federal securities law claims
Notwithstanding the foregoing, holders of ADSs and beneficial owners will not be deemed to have waived compliance with the federal securities laws and the rules and regulations promulgated thereunder.

Claims arising under the Securities Act may be brought in federal or state courts as provided in Section 22 of the Securities Act. Claims arising under the Exchange Act are subject to the exclusive jurisdiction of the federal courts pursuant to Section 27 of the Exchange Act.

#### Jury Trial Waiver
In the deposit agreement, each party thereto (including, for the avoidance of doubt, each ADR holder and beneficial owner of, and/or holder of interests in, ADSs or ADRs) irrevocably waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in any suit, action or proceeding against the depositary and/or us directly or indirectly arising out of, based on or relating in any way to the shares or other deposited securities, the ADSs or the ADRs, the deposit agreement or any transaction contemplated therein, or the breach thereof (whether based on contract, tort, common law or any other theory), including any claim under the U.S. federal securities laws.

The waiver of jury trial provision applies to all holders of ADSs, including purchasers who acquire ADSs on the secondary market. As the waiver relates to claims arising as a matter of contract in relation to the ADSs, we believe that, as a matter of construction of the clause, the waiver would likely continue to apply to ADS holders who withdraw the ordinary shares represented by the ADSs from the ADS facility with respect to claims arising before the withdrawal, and the waiver would most likely not apply to ADS holders who subsequently withdraw the ordinary shares represented by ADSs from the ADS facility with

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respect to claims arising after the withdrawal. If we or the depositary opposed a jury trial demand based on the waiver, the court would determine whether the waiver was enforceable in the facts and circumstances of that case in accordance with applicable case law.

If we or the depositary were to oppose a jury trial demand based on such waiver, the court would determine whether the waiver was enforceable in the facts and circumstances of that case in accordance with applicable state and federal law, including whether a party knowingly, intelligently and voluntarily waived the right to a trial by jury. The waiver to right to a trial by jury in the deposit agreement is not intended to be deemed a waiver by any holder or beneficial owner of our or the depositary's compliance with any provisions of U.S. federal securities laws or the rules and regulations promulgated thereunder.

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#### ORDINARY SHARES AND ADSS ELIGIBLE FOR FUTURE SALE
Prior to this offering, there has been no public market in the United States for our ordinary shares or the ADSs, and we cannot assure you that there will be an active public market for our ADSs following this offering. We cannot predict what effect sales of ADSs in the public market or the availability of ADSs for sale will have on the market price of our ADSs. Future sales of substantial amounts of our ADSs in the public market, including ordinary shares issued upon exercise of options, or the perception that such sales may occur, however, could adversely affect the market price of our ADSs and also could adversely affect our future ability to raise capital through the sale of ADSs or other equity-related securities at times and prices we believe appropriate.

Upon completion of this offering, based on ordinary shares outstanding as of , 2026, ordinary shares (including those represented by ADSs), or ordinary shares (including those represented by ADSs) if the underwriters exercise their option to purchase additional ADSs in full, will be outstanding. All of the ADSs expected to be sold in this offering will be freely tradable without restriction or further registration under the Securities Act, except for ADSs held by our "affiliates," as that term is defined in Rule 144 under the Securities Act, who are subject to lock-up restrictions or are restricted from selling shares by Rule 144. Certain remaining outstanding ordinary shares constitute "restricted securities" as that term is defined under Rule 144 and may be resold in the public market only if their offer and sale is registered under the Securities Act or if the offer and sale of those securities qualify for an exemption from registration, including exemptions provided by Rules 144 and 701 under the Securities Act, which are summarized below.

As a result of the lock-up agreements described below and the provisions of Rules 144 or 701, and assuming no extension of the lock-up period and no exercise of the underwriters' option to purchase additional ADSs, the ADSs that will be deemed "restricted securities" will be available for sale in the public market following the completion of this offering as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ADSs or ordinary shares, as applicable, will be eligible for sale on the date of this prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ADSs or ordinary shares, as applicable, will be eligible for sale upon expiration of the lock-up agreements described below, beginning more than 90 days, after the date of this prospectus.

#### Rule 144
In general, a person who has beneficially owned our ordinary shares or ADSs that are restricted securities for at least six months would be entitled to sell such securities, *provided* that (1) such person is not deemed to have been one of our affiliates at the time of, or at any time during the 90 days preceding, a sale and (2) we are subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale. Persons who have beneficially owned our ordinary shares or ADSs that are restricted securities for at least six months but who are our affiliates at the time of, or any time during the 90 days preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three month period only a number of securities that does not exceed the greater of either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • One percent of the number of our ordinary shares then outstanding, in the form of ADSs or otherwise, which will equal approximately ordinary shares immediately after completion of this offering based on the number of ordinary shares outstanding as of , 2026; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the average weekly trading volume of our ADSs on NYSE American during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale;

*provided*, in each case, that we are subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale. Such sales both by affiliates and by non-affiliates must also comply with the manner of sale, current public information and notice provisions of Rule 144 to the extent applicable.

#### Rule 701
In general, under Rule 701, any of our employees, board members, officers, consultants or advisors who purchase ordinary shares or ADSs from us in connection with a compensatory share or option plan or other written agreement before the effective date of this offering is entitled to resell such shares 90 days

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after the effective date of this offering in reliance on Rule 144, without having to comply with the holding period requirements or other restrictions contained in Rule 701.

The SEC has indicated that Rule 701 will apply to typical share options granted by an issuer before it becomes subject to the reporting requirements of the Exchange Act, along with the shares acquired upon exercise of such options, including exercises after the date of this prospectus. Securities issued in reliance on Rule 701 are restricted securities and, subject to the contractual restrictions described below, beginning 90 days after the date of this prospectus, may be sold by persons other than "affiliates," as defined in Rule 144, subject only to the manner of sale provisions of Rule 144 and by "affiliates" under Rule 144 without compliance with its one-year minimum holding period requirement.

#### Regulation S
Regulation S provides generally that sales made in offshore transactions are not subject to the registration or prospectus-delivery requirements of the Securities Act.

#### Lock-up Agreements
We, our directors and officers and certain of our shareholders, have agreed, subject to certain exceptions, not to offer, pledge sell, contract to sell, transfer, lend or otherwise dispose of, directly or indirectly, any ADSs, ordinary shares or securities convertible into or exchangeable or exercisable for ADSs or ordinary shares, for 90 days, after the date of this prospectus without first obtaining the written consent of BMO Capital Markets Corp. These agreements are described below under the section captioned "Underwriters."

#### Share Options
We may file one or more registration statements on Form S-8 under the Securities Act to register the offer and sale of any ordinary shares issued or reserved for issuance under our share plans. We expect to file the registration statement covering these ordinary shares after the date of this prospectus, which will permit the resale of such shares by persons who are non-affiliates of ours in the public market without restriction under the Securities Act, subject, with respect to certain of the ordinary shares, to the provisions of the lock-up agreements described above.

For more information, see "Management — Equity Compensation Arrangements."

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#### MATERIAL TAX CONSIDERATIONS
The following summary contains a description of certain United Kingdom and U.S. federal income tax consequences of the acquisition, ownership and disposition of ADSs, but it does not purport to be a comprehensive description of all the tax considerations that may be relevant to a decision to purchase ADSs. The summary is based upon the tax laws of the United Kingdom and regulations thereunder and on the tax laws of the United States and regulations thereunder as of the date hereof, which are subject to change.

#### Material United Kingdom Tax Considerations
 *For purposes of this section, all references to "the Company" refer to Guardian Metal Resources PLC only.* 

The following is intended as a general guide to current U.K. tax law and HMRC published practice (which is not binding) applying as at the date of this prospectus (both of which are subject to change at any time, possibly with retrospective effect) relating to the holding of ADSs. It does not constitute legal or tax advice and does not purport to be a complete analysis of all U.K. tax considerations relating to the holding of ADSs, or all of the circumstances in which holders of ADSs may benefit from an exemption or relief from U.K. taxation. It is written on the basis that the Company does not (and will not at any time) derive 75% or more of its qualifying asset value, directly or indirectly from U.K. land, and that the Company is and remains solely resident in the U.K. for tax purposes and will be subject to the U.K. tax regime.

Except to the extent that the position of non-U.K. resident persons is expressly referred to, this guide relates only to persons who are resident for tax purposes solely in the U.K. (and, in the case of individuals, who are taxed on the arising basis rather than under the four-year foreign income and gains regime (or any similar special regime)), who do not have a permanent establishment, branch, agency (or equivalent) or fixed base in any other jurisdiction with which the holding of the ADSs is connected, and who are absolute beneficial owners of the ADSs (and do not hold the ADSs through an Individual Savings Account or a Self-Invested Personal Pension) and who hold the ADSs as investments (together, "U.K. Holders").

This guide may not relate to certain classes of U.K. Holders, such as (but not limited to):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons who are connected with the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • charities or tax-exempt organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • collective investment schemes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • pension schemes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • market makers, intermediaries, brokers or dealers in securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons who have (or are deemed to have) acquired their ADSs by virtue of an office or employment or who are or have been officers or employees of the Company or any of its affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • individuals who are (or may be) entitled to claim, or have claimed, the four-year foreign income and gains regime (or any successor regime).

Based on published HMRC guidance we would expect that HMRC will regard a holder of ADSs as holding the beneficial interest in the underlying shares and therefore these paragraphs assume that a holder of ADSs is the beneficial owner of the underlying ordinary shares and any dividends paid in respect of the underlying ordinary shares (where the dividends are regarded for U.K. purposes as that person's own income) for U.K. direct tax purposes.

THESE PARAGRAPHS ARE A SUMMARY OF CERTAIN U.K. TAX CONSIDERATIONS AND ARE INTENDED AS A GENERAL GUIDE ONLY AND NOT A SUBSTITUTE FOR DETAILED TAX ADVICE. IT IS RECOMMENDED THAT ALL HOLDERS OF ADSs OBTAIN LEGAL AND TAX ADVICE AS TO THE CONSEQUENCES OF THE ACQUISITION, OWNERSHIP AND DISPOSAL OF THE ADSs IN THEIR OWN PARTICULAR CIRCUMSTANCES FROM

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THEIR OWN ADVISORS. IN PARTICULAR, NON-U.K. RESIDENT PERSONS, PERSONS WHO ARE NOT (OR MAY NOT BE) DOMICILED OR DEEMED DOMICILED IN THE U.K., OR PERSONS SUBJECT TO TAXATION IN ANY JURISDICTION OTHER THAN THE U.K. ARE ADVISED TO CONSIDER THE POTENTIAL IMPACT OF ANY RELEVANT DOUBLE TAXATION AGREEMENTS.

#### U.K. Taxation of Dividends
 *Withholding Tax* 

Dividends paid by the Company will not be subject to any withholding or deduction at source for or on account of U.K. tax.

 *Income Tax* 

An individual U.K. Holder may, depending on their particular circumstances, be subject to U.K. income tax on dividends received from the Company. An individual holder of ADSs who is not resident for tax purposes in the United Kingdom should not be chargeable to U.K. income tax on dividends received from the Company unless they carry on (whether solely or in partnership) a trade, profession or vocation in the U.K. through a permanent establishment, branch or agency to which the ADSs are attributable. There are certain exceptions for trading in the U.K. through independent agents, such as some brokers and investment managers.

U.K. Holders will generally be liable to income tax in respect of dividends or other income distributions of the Company. A U.K. Holder will generally benefit from an allowance in the form of an exemption from tax for the first £500 of dividend income received in the 2025/26 tax year ("Dividend Allowance"). Any dividends above the Dividend Allowance (taking account of any other dividend income received by the U.K. Holder in the same tax year) will be taxable at 8.75% (to the extent they fall within an individual's basic rate band), 33.75% (to the extent they fall within an individual's higher rate band) or 39.35% (to the extent they fall within an individual's additional rate band) for the 2025/26 tax year.

For the purposes of determining which of the taxable bands dividend income falls into, dividend income is treated as the highest part of a U.K. Holder's income. In addition, dividends within the Dividend Allowance count towards an individual's basic and higher rate limits for the purposes of determining whether the threshold for higher rate or additional rate income tax is exceeded and will therefore affect the level of savings allowance to which they are entitled.

 *Corporation Tax* 

A corporate holder of ADSs that is not resident for tax purposes in the United Kingdom should not be chargeable to U.K. corporation tax on dividends received from the Company unless it carries on (whether solely or in partnership) a trade in the United Kingdom through a permanent establishment to which the ADSs are attributable.

Corporate U.K. Holders should not be subject to U.K. corporation tax on any dividend received from the Company so long as the dividend qualifies for an exemption, which should be the case, although certain conditions must be met. It should be noted that the exemptions, whilst of wide application, are not comprehensive and are subject to anti-avoidance rules in relation to a dividend. If the conditions for an exemption are not satisfied or such anti-avoidance provisions apply, or such U.K. Holder elects for an otherwise exempt dividend to be taxable, U.K. corporation tax will be chargeable on the amount of such dividend, at the rate of corporation tax then applicable to that corporate U.K. Holder. For the financial year beginning April 1, 2025, the main rate is 25% and the small profits rate is 19%

#### U.K. Taxation of Disposals
A disposal or deemed disposal of ADSs by a U.K. Holder may, depending on the U.K. Holder's circumstances and subject to any available exemptions or reliefs (such as, in the case of certain individuals

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and trustees, the annual exempt amount), give rise to a chargeable gain or an allowable loss for the purposes of U.K. capital gains tax or, in the case of a corporate U.K. Holder, corporation tax on chargeable gains.

Where an individual U.K. Holder realizes a chargeable gain on the disposal of ADSs, the gain (together with any other chargeable gains and allowable losses of the individual in the same tax year) will, after taking account of any available annual exempt amount, be subject to U.K. capital gains tax. Following changes introduced on October 30, 2024, the rate of capital gains tax is 18% to the extent that such gains fall within the unused part of the individual's basic rate band and 24% to the extent that such gains fall above the basic rate band. The amount of capital gains tax payable will be subject to the availability of any exemptions, reliefs and/or allowable losses of the individual U.K. Holder.

If a corporate U.K. Holder becomes liable to U.K. corporation tax on the disposal (or deemed disposal) of ADSs, any chargeable gain will be subject to U.K. corporation tax at the rate applicable to that corporate U.K. Holder, subject to any exemptions, reliefs and/or allowable losses. For the financial year beginning April 1, 2025, the main rate of corporation tax is 25% and the small profits rate is 19%, with marginal relief for profits between those thresholds.

A holder of ADSs that is not a resident for tax purposes in the United Kingdom should not normally be liable to U.K. capital gains tax or corporation tax on chargeable gains on a disposal (or deemed disposal) of ADSs, unless that person carries on (whether solely or in partnership) a trade, profession or vocation in the United Kingdom through a permanent establishment, branch or agency to which the ADSs are attributable. However, an individual holder of ADSs who has ceased to be resident for tax purposes in the United Kingdom and subsequently becomes resident in the United Kingdom again after a period of temporary nonresidence may, in certain circumstances, be liable to U.K. capital gains tax on any chargeable gain realized on a disposal (or deemed disposal) of ADSs during that period, on their return to the United Kingdom, subject to any available exemptions or reliefs.

#### Stamp Duty and Stamp Duty Reserve Tax
 *The discussion below relates to the holders of ordinary shares or ADSs wherever resident. However it should be noted that special rules may apply to certain persons such as market makers, brokers, dealers or intermediaries.* 

 *Issue of Ordinary Shares* 

No U.K. stamp duty or stamp duty reserve tax ("SDRT"), is generally payable on the issue of the underlying ordinary shares in the Company.

 *Transfers of Ordinary Shares* 

Ordinary shares in the Company are admitted to trading on AIM, a recognized growth market, and are not listed on any recognized stock exchange. On this basis, transfers of the Company's ordinary shares should not give rise to any liability to U.K. stamp duty or SDRT, *provided* the ordinary shares continue to satisfy the conditions for the "growth market" exemption and no specific anti-avoidance provisions apply.

If, in the future, the Company's ordinary shares were to cease to qualify for the growth market exemption (for example, because they were admitted to listing on a recognized stock exchange), an unconditional agreement to transfer ordinary shares would normally give rise to a charge to SDRT at the rate of 0.5% of the amount or value of the consideration payable for the transfer, with the purchaser liable for the SDRT. Transfers of ordinary shares in certificated form would then also generally be subject to stamp duty at the rate of 0.5% of the amount or value of the consideration given for the transfer (rounded up to the nearest £5), normally payable by the purchaser, and any SDRT charge would be cancelled or, if already paid, repaid (generally with interest) where the relevant transfer instrument is duly stamped within six years of the SDRT charge arising or is otherwise exempt from stamp duty.

 *Clearance services and depositary receipts* 

U.K. legislation contains provisions which can, in principle, impose stamp duty or SDRT at a rate of 1.5% on issues or transfers of shares into a depositary receipt system or clearance service. However, following

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legislative changes effective from January 1, 2024, no stamp duty or SDRT is payable at this 1.5% rate on issues of ordinary shares into the ADS facility, or on transfers of ordinary shares into the ADS facility that are integral to the capital raising or listing arrangements described in this prospectus, *provided* the relevant statutory conditions are satisfied. This exemption, which previously applied through HMRC practice following EU court decisions, now has statutory footing under the Finance Act 2024.

For the purposes of this exemption, transfers qualify as exempt where they are part of arrangements pursuant to which the Company's securities (or depositary receipts for such securities) are listed on a recognized stock exchange for the first time and where those arrangements do not affect the beneficial ownership of the securities. This would include transfers by existing shareholders to the depositary on a no change of beneficial ownership basis solely to facilitate the NYSE American listing through the ADR program.

It is understood that HMRC regards the facilities of DTC as a clearance service for these purposes, and we are not aware of any election having been made by DTC under section 97A of the Finance Act 1986. On this basis, no SDRT should arise on paperless transfers of ADSs within DTC, and no U.K. stamp duty should generally be payable on an instrument transferring ADSs, *provided* that it is executed and retained outside the United Kingdom.

Stamp duty or SDRT could, in certain cases, still arise at the 1.5% rate on transfers of ordinary shares into a depositary receipt system or clearance service which do not fall within the statutory exemptions referred to above. Prospective holders should seek specific advice before entering into arrangements that might involve such transfers.

While the initial deposit of shares into the ADR facility as part of the listing arrangements is exempt from the 1.5% charge, investors should be aware that subsequent deposits of ordinary shares into the ADR facility (for example, to convert AIM-traded shares into NYSE American-traded ADRs for sale) will incur a 1.5% SDRT charge payable by the person depositing the shares. This represents a significant cost for investors wishing to arbitrage between the AIM and NYSE American markets or to convert their holdings from one form to the other.

 *Transfers of ADSs* 

No stamp duty or SDRT will be payable on the paperless transfer of ADSs through the facilities of DTC (*provided*, as noted above, that no Section 97A election has been made by DTC).

No U.K. stamp duty will, in practice, be payable on a written instrument transferring an ADS *provided* that the instrument of transfer is executed and remains at all times outside the United Kingdom. Where these conditions are not met, the transfer of, or agreement to transfer, an ADS could, depending on the circumstances, attract a charge to U.K. stamp duty at the rate of 0.5% of the value of the consideration. However, in practice it should not be necessary to pay any U.K. stamp duty on such an instrument or agreement unless it is required for any purposes in the United Kingdom. If it is necessary to pay stamp duty, it may also be necessary to pay interest and penalties.

#### Material U.S. Federal Income Tax Considerations
The following are material U.S. federal income tax consequences to you of the ownership and disposition of our ADSs or ordinary shares, but this discussion does not purport to be a comprehensive description of all of the tax considerations that may be relevant to your decision to own the ADSs or ordinary shares.

This discussion applies to you only if you are a U.S. Holder (as defined below), you acquire our ADSs in this offering and you hold the ADSs or underlying ordinary shares as capital assets for U.S. federal income tax purposes. In addition, it does not describe all of the tax consequences that may be relevant in light of your particular circumstances, including any minimum tax, the Medicare contribution tax on net investment income and tax consequences applicable to you if you are subject to special rules, such as if you are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a financial institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an insurance company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a regulated investment company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a dealer or electing trader in securities that uses a mark-to-market method of tax accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a person that holds ADSs or ordinary shares as part of a straddle, integrated or similar transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a person whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an entity classified as a partnership for U.S. federal income tax purposes or a partner or member thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a tax-exempt entity, "individual retirement account" or "Roth IRA;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a person that directly, indirectly or constructively owns ADSs or ordinary shares representing 10% or more of our stock by vote or value; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a person that holds ADSs or ordinary shares in connection with a trade or business outside the United States.

If you are a partnership (or other entity classified as a partnership for U.S. federal income tax purposes) that owns ADSs or ordinary shares, the U.S. federal income tax treatment of your partners will generally depend on their status and your activities. If you are a partnership that intends to acquire our ADSs or ordinary shares, you should consult your tax adviser as to the particular U.S. federal income tax consequences to you and your partners of owning and disposing of our ADSs or ordinary shares.

This discussion is based on the Internal Revenue Code of 1986, as amended (the "Code"), administrative pronouncements, judicial decisions, and final, temporary and proposed Treasury regulations, all as of the date hereof, any of which is subject to change, possibly with retroactive effect. This discussion assumes that each obligation under the deposit agreement and any related agreement will be performed in accordance with its terms.

For purposes of this discussion you are a "U.S. Holder" if you are, for U.S. federal income tax purposes, a beneficial owner of the ADSs or ordinary shares and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a citizen or individual resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state therein or the District of Columbia; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.

In general, if you own our ADSs you will be treated as the owner of the underlying ordinary shares represented by those ADSs for U.S. federal income tax purposes. Accordingly, no gain or loss will be recognized if you exchange your ADSs for the underlying ordinary shares represented by those ADSs.

This discussion does not address the effects of any state, local or non-U.S. tax laws, or any U.S. federal taxes other than income taxes (such as U.S. federal estate or gift tax consequences). You should consult your tax adviser concerning the U.S. federal, state, local and non-U.S. tax consequences of owning and disposing of our ADSs or ordinary shares in your particular circumstances.

#### Passive Foreign Investment Company Rules
In general, a non-U.S. corporation will be a passive foreign investment company (a "PFIC") for U.S. federal income tax purposes for any taxable year in which (i) 75% or more of its gross income consists of passive income, or (ii) 50% or more of the average value of its assets (generally determined on a quarterly basis) consists of assets that produce, or are held for the production of, passive income. For purposes of the above calculations, a non-U.S. corporation that directly or indirectly owns at least 25% by value of the ordinary shares of another corporation is generally treated as if it held its proportionate share of the assets of the other corporation and received directly its proportionate share of the income of the other corporation. Passive income generally includes interest, dividends, certain rents and royalties, net gains from assets that produce passive income and net gains from transactions in commodities, with certain exceptions for active business income, including an exception for certain active business commodities income (the "Commodities

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Exception"). Cash is generally a passive asset for PFIC purposes. The value of a company's goodwill and other intangible assets is active under the PFIC rules to the extent attributable to activities that produce active income.

Our PFIC status for the current or any future taxable year is an annual factual determination that can be made only after the end of that year and will depend on the composition of our income and assets and the value of our assets from time to time. Prior to our mines becoming operational, our gross income may consist primarily of government grants and consultancy and technical service fees, if any (which we believe are likely to be treated as active income) and interest (which is passive income). The receipt of government grants and consultancy and technical service fees may be non-recurring in nature, and the government grants may be subject to various conditions. Therefore, there can be no assurance as to the amount of non-passive income that we will earn for any taxable year. It is possible that our non-passive gross income (if any) for our current taxable year, and possibly our future taxable years, will constitute 25% or less of our total gross income, in which case we will be a PFIC for such years. Once we commence earning income from sales of minerals in future taxable years, our PFIC status may depend upon the extent to which our income will be treated as active under the Commodities Exception, the application of which may not be entirely clear in all cases.

Furthermore, because we expect to hold a significant amount of cash, our PFIC status for any taxable year may depend in part on the value of our goodwill and other intangible assets, particularly prior to our mines becoming operational. If the value of our goodwill and other intangible assets for any taxable year is determined by reference to our market capitalization, the risk of us being or becoming a PFIC for any taxable year will increase if our market capitalization fluctuates or declines significantly following this offering.

For the reasons explained above, we may be a PFIC for our current or any other taxable year.

If we are a PFIC for any taxable year and any corporate non-U.S. entity in which we own or are deemed to own equity interests is also a PFIC (a "Lower-tier PFIC"), you will be deemed to own a proportionate amount (by value) of the shares of each Lower-tier PFIC and will be subject to U.S. federal income tax according to the rules described in the next paragraph on (i) certain distributions by the Lower-tier PFIC and (ii) dispositions of shares of the Lower-tier PFIC, in each case as if you held such shares directly, even though you will not receive any proceeds of those distributions or dispositions.

In general, if we are a PFIC for any taxable year during which you own our ADSs or ordinary shares, gain recognized by you on a sale or other disposition (including certain pledges) of your ADSs or ordinary shares will be allocated ratably over your holding period. The amounts allocated to the taxable year of the sale or disposition and to any year before we became a PFIC will be taxed as ordinary income. The amount allocated to each other taxable year will be subject to tax at the highest rate in effect for individuals or corporations, as appropriate, for that taxable year, and an interest charge will be imposed on the resulting tax liability for each such year. Furthermore, to the extent that distributions received by you in any taxable year on your ADSs or ordinary shares exceed 125% of the average of the annual distributions on the ADSs or ordinary shares received during the preceding three taxable years or your holding period, whichever is shorter, the excess distributions will be subject to taxation in the same manner as gain, discussed immediately above. Under a rule commonly referred to as the "once a PFIC always a PFIC" rule, if we are a PFIC for any taxable year during which you own ADSs or ordinary shares, we will generally continue to be treated as a PFIC with respect to you for all succeeding years during which you own the ADSs or ordinary shares, even if we cease to meet the threshold requirements for PFIC status, unless you make a timely "deemed sale" election, in which case any gain on the deemed sale will be taxed under the PFIC rules described above.

Alternatively, if we are a PFIC and if the ADSs or ordinary shares, as applicable, are "regularly traded" on a "qualified exchange" (each as defined in applicable Treasury regulations), you may be able to make a mark-to-market election with respect to the ADSs or ordinary shares that will result in tax treatment different from the general tax treatment for PFICs described in the preceding paragraph. The ADSs and ordinary shares will be treated as regularly traded for any calendar year in which more than a *de minimis* quantity of the ADSs or ordinary shares, as applicable, are traded on a qualified exchange on at least 15 days during each calendar quarter. The NYSE American, where the ADSs are expected to be listed, is a qualified exchange for this purpose. A non-U.S. exchange is a "qualified exchange" if it is regulated by a

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governmental authority in the jurisdiction in which the exchange is located and meets certain trading volume, listing, financial disclosure, surveillance, and other requirements, and it is unclear whether AIM, where the ordinary shares are listed, will be treated as satisfying these requirements. The U.S. Internal Revenue Service (the "IRS") has not identified specific foreign exchanges that are "qualified" for this purpose. If you are a U.S. Holder of ordinary shares, you should consult your tax adviser regarding whether a mark-to-market election would be available to your ordinary shares. If you make a valid mark-to-market election with respect to your ADS (or ordinary shares, if the election is available to ordinary shares), you generally will recognize as ordinary income any excess of the fair market value of the ADSs or ordinary shares at the end of each taxable year over their adjusted tax basis, and will recognize an ordinary loss in respect of any excess of the adjusted tax basis of the ADSs or ordinary shares over their fair market value at the end of the taxable year to the extent of the net amount of income previously included as a result of the mark-to-market election. If you make the election, your tax basis in the ADSs or ordinary shares will be adjusted to reflect the income or loss amounts recognized. Any gain recognized on the sale or other disposition of ADSs or ordinary shares in a taxable year in which we are a PFIC will be treated as ordinary income and any loss will be treated as an ordinary loss (but only to the extent of the net amount of income previously included as a result of the mark-to-market election, with any excess treated as capital loss). If you make a valid mark-to-market election, distributions paid on ADSs or ordinary shares will be treated as discussed under "—Taxation of Distributions" below (but subject to the discussion in the following paragraph). Once made, the election will remain in effect for all taxable years in which we are a PFIC, unless it is revoked with the consent of the IRS, or the ADSs or ordinary shares cease to be regularly traded on a qualified exchange. There is no provision of law or official guidance that provides for a right to make a mark-to-market election with respect to any Lower-tier PFIC. As a result, if you make a mark-to-market election with respect to our ADSs or ordinary shares, you could nevertheless be subject to the PFIC rules described in the preceding paragraph with respect to your indirect interest in any Lower-tier PFIC. You should consult your tax adviser regarding the availability and advisability of making a mark-to-market election in your particular circumstances if we are a PFIC for any taxable year.

If we are a PFIC (or are treated as a PFIC with respect to you under the "once a PFIC always a PFIC" rule) for any taxable year in which we pay a dividend or the preceding taxable year, the favorable tax rate described below with respect to "qualified dividend income" paid to certain non-corporate U.S. Holders will not apply.

We do not intend to provide information necessary to make "qualified electing fund" elections which, if available, would result in tax treatment different from the general tax treatment for PFICs described above.

If we are a PFIC for any taxable year during which you own ADSs or ordinary shares, you will generally be required to file annual reports on IRS Form 8621. You should consult your tax adviser regarding our PFIC status for any taxable year and the potential application of the PFIC rules to your ownership of ADSs or ordinary shares.

#### Taxation of Distributions
The following discussion is subject to the discussion under "— Passive Foreign Investment Company Rules" above.

We currently do not intend to make distributions to our shareholders and ADS holders. Any distributions paid on the ADSs or ordinary shares, other than certain *pro rata* distributions of ADSs or ordinary shares, will be treated as dividends to the extent paid out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Because we do not maintain calculations of our earnings and profits under U.S. federal income tax law, it is expected that distributions generally will be reported to you as dividends. The amount of any dividend will generally be treated as foreign-source dividend income (unless we become at least 50% owned by U.S. persons, in which case all or a substantial portion of any dividend we pay may be treated as U.S. source dividend income). Dividends will not be eligible for the dividends-received deduction generally available to U.S. corporations under the Code.

Subject to applicable limitations, if you are a non-corporate U.S. Holder, dividends paid to you may be eligible for taxation as "qualified dividend income" taxable at a favorable rate if certain conditions are satisfied, including that (1) we are not a PFIC (and are not treated as a PFIC with respect to a particular U.S.

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Holder under the "once a PFIC always a PFIC" rule) for our taxable year in which the dividend is paid or the preceding taxable year, (2) we are eligible for the benefits of the tax treaty between the United States and the United Kingdom or our ADSs or ordinary shares on which the dividends are paid are readily tradeable on an established securities market in the United States and (3) certain holding period and other requirements are met. Because our ADSs (but not our ordinary shares) are expected to be listed on the NYSE American, our ADSs are expected to be considered readily tradeable on an established securities market in the United States. There can be no assurance, however, that our ADSs will remain listed on NYSE American and therefore be considered readily tradeable on an established securities market in later years. If you are a non-corporate U.S. Holder you should consult your tax adviser regarding the availability of this favorable tax rate and any applicable limitations generally (e.g., taking into account whether we are or were a PFIC for any taxable year) and in your particular circumstances.

Dividends generally will be included in your income on the date of receipt by you (in the case of ordinary shares) or by the depositary (in the case of ADSs). The amount of income with respect to a dividend paid in pounds sterling will be the U.S. dollar amount calculated by reference to the spot rate in effect on the date of receipt, regardless of whether the payment is in fact converted into U.S. dollars on that date. If the dividend is converted into U.S. dollars on the date of receipt, you generally should not be required to recognize foreign currency gain or loss in respect of the amount received. You may have foreign currency gain or loss, taxable as U.S.-source ordinary income or loss, if the dividend is converted into U.S. dollars after the date of receipt.

#### Sale or Other Taxable Disposition of ADSs or Ordinary Shares
The following discussion is subject to the discussion under "— Passive Foreign Investment Company Rules" above.

You will generally recognize capital gain or loss on a sale or other taxable disposition of ADSs or ordinary shares in an amount equal to the difference between the amount realized on the sale or disposition and your tax basis in the ADSs or ordinary shares disposed of, in each case as determined in U.S. dollars. The gain or loss will be long-term capital gain or loss if, at the time of the sale or disposition, you have owned the ADSs or ordinary shares for more than one year. If you are a non-corporate U.S. Holder, any long-term capital gains recognized by you will generally be subject to tax rates that are lower than those applicable to ordinary income. The deductibility of capital losses is subject to limitations.

Such gain or loss will generally be U.S.-source gain or loss for foreign tax credit purposes. Any U.K. stamp duty or SDRT (as discussed above under "— Material United Kingdom Tax Considerations") imposed upon transfers of our ADSs or ordinary shares will not be creditable for U.S. federal income tax purposes. U.S. Holders should consult their tax advisers regarding whether any such U.K. stamp duty or SDRT may be deductible or reduce the amount of gain (or increase the amount of loss) recognized upon a sale or other disposition of our ADSs or ordinary shares.

#### Information Reporting and Backup Withholding
Payments of dividends and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries may be subject to information reporting and backup withholding, unless (i) you are a corporation or other "exempt recipient" and establish that status if required to do so and (ii) in the case of backup withholding, you provide a correct taxpayer identification number and certify that you are not subject to backup withholding. The amount of any backup withholding from a payment to you will be allowed as a credit against your U.S. federal income tax liability and may entitle you to a refund, *provided* that the required information is timely furnished to the IRS.

If you are an individual or one of certain specified entities, you may be required to report information relating to your ownership of ADSs or ordinary shares, or non-U.S. accounts through which your ADSs or ordinary shares are held. You should consult your tax adviser regarding your reporting obligations with respect to our ADSs and ordinary shares.

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#### UNDERWRITERS
We and the underwriters named below have entered into an underwriting agreement, dated the date of this prospectus, with respect to the ADSs being offered. Subject to certain conditions, each underwriter has severally agreed to purchase the respective number of ADSs shown opposite its name in the following table.

---

| | |
|:---|:---|
| **Underwriters**  | **Number of ADSs**  |
| BMO Capital Markets Corp.  |  |
| Total  |  |

---

The underwriters are committed to take and pay for all of the ADSs being offered, if any are taken, other than the ADSs covered by the option described below unless and until that option is exercised. If an underwriter fails or refuses to purchase any of its committed ADSs, the purchase commitments of the non-defaulting underwriters may be increased or the offering may be terminated.

We have agreed to indemnify the several underwriters against certain liabilities, including liabilities under the Securities Act and to contribute to payments that the underwriters may be required to make for these liabilities.

The underwriters do not expect sales to discretionary accounts to exceed 5% of the total number of ADSs offered.

#### Option to Purchase Additional ADSs
The underwriters have an option to buy up to an additional ADSs from us at the public offering price less the underwriting discount to cover sales by the underwriters of a greater number of ADSs than the total number set forth in the table above. They may exercise this option for 45 days from the date of this prospectus solely to cover any overallotments. If any ADSs are purchased pursuant to this option, the underwriters will severally purchase ADSs in approximately the same proportion as set forth in the table above, and the underwriters will offer the additional ADSs on the same terms as those on which the ADSs are being offered.

#### Commissions and Discounts
The underwriters propose to offer the ADSs directly to the public at the initial public offering price set forth on the cover of this prospectus and to certain dealers at such offering price less a concession not in excess of $ per ADS. After the initial public offering of the ADSs, the offering price and the selling concession may from time to time be changed by the underwriters at any time and without notice.

The following table shows the per ADS and total underwriting discounts and commissions to be paid by us to the underwriters assuming both no exercise and full exercise of the underwriters' option to purchase additional ADSs.

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| | | |
|:---|:---|:---|
| | **No Exercise**  | **Full Exercise**  |
| Per ADS  |  | $&nbsp;&nbsp; |
| Total  |  | $&nbsp;&nbsp; |

---

We estimate that the total expenses of the offering, including registration, filing and listing fees, printing fees and legal and accounting expenses, but excluding underwriting discounts and commissions, will be approximately $, all of which will be paid by us. We have agreed to reimburse the underwriters for certain of their expenses incurred in connection with the clearance of this offering with the Financial Industry Regulatory Authority, Inc. in an amount not to exceed $.

#### No Sales of Similar Securities
We and our officers and directors and certain holders of our capital stock and options holding % of our issued and outstanding ordinary shares as of , 2026 have agreed with the underwriters

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that, for a period of 90 days after the date of this prospectus, subject to certain exceptions, we and they will not (1) offer, sell, pledge, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of (or enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition), directly or indirectly, including the filing (or participation in the filing) with the SEC of a registration statement under the Securities Act to register, any ADSs or our ordinary shares or any securities convertible into or exercisable or exchangeable for our ADSs, ordinary shares or warrants or other rights to acquire ADSs or our ordinary shares of which such officer, director or holder is now, or may in the future become, the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act), or (2) enter into any swap or other derivatives transaction that transfers to another, in whole or in part, directly or indirectly, any of the economic benefits or risks of ownership of such ADSs or ordinary shares, securities, warrants or other rights to acquire ADSs or ordinary shares, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of ADSs, ordinary shares or other securities, in cash or otherwise, or (3) publicly disclose the intention to enter into any transaction described in clause (1) or (2) above, except with the prior written consent of BMO Capital Markets Corp.

The restrictions above do not apply to the following, subject to certain limitations set forth in the lock-up agreements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

transfers of securities as a *bona fide* gift;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

transfers or dispositions of securities to any trust for the direct or indirect benefit of the lock-up signatory or any member of the immediate family of the lock-up signatory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

transfers of securities to affiliates, limited partners, general partners, limited liability company members or stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv)

transfers of securities by will, other testamentary document or intestate succession to the legal representative, heir, beneficiary or a member of the immediate family of the lock-up signatory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v)

surrenders or forfeitures of securities to satisfy tax withholding obligations upon exercise or vesting of options or equity awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vi)

transfers of securities made by operation of law, including pursuant to a qualified domestic relations order or in connection with a divorce settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vii)

exercise of options, warrants, restricted share or restricted share units granted pursuant to our equity incentive plans and outstanding on the date of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (viii)

transactions relating to securities acquired in this offering or in open market transactions after the date of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ix)

transfers of securities made in connection with a bona fide third-party tender offer, merger, consolidation or other similar transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (x)

entry into any trading plan established pursuant to Rule 10b5-1 under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (xi)

transfers of securities by the lock-up signatory to its investment manager or advisor with discretionary authority over the lock-up signatory's investments; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (xii)

transfers made with the prior written consent of BMO Capital Markets Corp.

*provided*, however, that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in the case of clause (i), (ii), (iii), (iv), (vi) or (xi) above, it will be a condition to such transfer or disposition that the transferee agrees to be bound in writing by restrictions set forth above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any transfer or disposition pursuant to clause (i), (ii), (iii), (iv), (vi) or (xi) above will not involve a disposition for value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in the case of any transfer or distribution pursuant to clause (i), (ii), (iii), (iv), (v), (vii), (viii) or (xi) above, no filing by the undersigned or any other party under the Exchange Act or under

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applicable English laws, rules and regulations shall be required or made voluntarily during the lock-up period in connection with such transfer or distribution, other than (x) any notification required to be made by the undersigned to the Company pursuant to Chapter 5 (Vote Holder and Issuer Notification Rules) of the Disclosure Guidance and Transparency Rules sourcebook of the FCA Handbook and (y) notifications to the market pursuant to Rule 17 of the AIM Rules; *provided* that, if any filing under Section 16(a) of the Exchange Act, or other public filing, report or announcement required to be made under the Exchange Act reporting a reduction in beneficial ownership of ordinary shares in connection with such transfer or distribution is legally required to be made during the lock-up period, such filing, report or announcement shall clearly indicate in the footnotes thereto the nature and conditions of such transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in the case of clause (x) above, such trading plan does not provide for any sales or other dispositions of securities during the lock-up period and no filing under the Exchange Act or under the AIM Rules shall be voluntarily made during the lock-up period by or on behalf of the lock-up signatory or the Company regarding the establishment of any such trading plan pursuant to Rule 10b5-1, *provided* that if a filing under the Exchange Act or under the AIM Rules is required, such announcement or filing shall include a statement to the effect that no transfer of securities may be made under such Rule 10b5-1 trading plan during the lock-up period.

See "Ordinary Shares and ADSs Eligible for Future Sale" for a discussion of certain transfer restrictions.

#### Determination of Offering Price
Prior to the offering, there has been only limited over-the-counter trading in the ordinary shares in the United States, and there has been no public market for our ADSs in the United States. The initial public offering price will be negotiated among us and the representatives. Among the factors to be considered in determining the initial public offering price of the ADSs, in addition to prevailing market conditions, will be the trading price of our ordinary shares on AIM, our historical performance, estimates of our business potential and earnings prospects, an assessment of our management and the consideration of the above factors in relation to market valuation of companies in related businesses.

#### Listing
Our ordinary shares trade on AIM, a market of the London Stock Exchange, under the symbol "GMET". We intend to apply to list our ADSs on NYSE American under the symbol "GMTL".

#### Price Stabilization, Short Positions, Penalty Bids and Market Making

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The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representatives have repurchased ADSs sold by or for the account of such underwriter in stabilizing or short covering transactions.

Purchases to cover a short position and stabilizing transactions, as well as other purchases by the underwriters for their own accounts, may have the effect of preventing or retarding a decline in the market price of our stock, and together with the imposition of the penalty bid, may stabilize, maintain or otherwise affect the market price of the ADSs. As a result, the price of our ADSs may be higher than the price that otherwise might exist in the open market. The underwriters are not required to engage in these activities and may end any of these activities at any time. These transactions may be effected on the NYSE American, in the over-the-counter market or otherwise.

#### Electronic Distribution
In connection with this offering, certain of the underwriters or securities dealers may distribute prospectuses by electronic means, such as e-mail. In addition, a prospectus in electronic format may be made available on websites maintained by one or more underwriters, or selling group members, if any, participating in this offering. Other than the prospectus in electronic format, the information on such websites is not part of this prospectus. The representatives may agree to allocate a number of ADSs to underwriters for sale to their online brokerage account holders. Internet distributions will be allocated by the representatives to underwriters that may make internet distributions on the same basis as other allocations.

#### Other Relationships
The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, brokerage and other financial and non-financial activities and services. Certain of the underwriters and their respective affiliates have provided, and may in the future provide, a variety of these services to us and to persons and entities with relationships with us, for which they received or will receive customary fees and expenses.

In the ordinary course of their various business activities, the underwriters and their respective affiliates, officers, directors and employees may purchase, sell or hold a broad array of investments and actively trade securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments for their own account and for the accounts of their customers, and such investment and trading activities may involve or relate to our assets, securities and/or instruments (directly, as collateral securing other obligations or otherwise) and/or persons and entities with relationships with us. The underwriters and their respective affiliates may also communicate independent investment recommendations, market color or trading ideas and/or publish or express independent research views in respect of such assets, securities or instruments and may at any time hold, or recommend to clients that they should acquire, long and/or short positions in such assets, securities and instruments.

#### Offer Restrictions Outside the United States
Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

#### Australia
No prospectus or other disclosure document, as defined in the Corporations Act 2001 (Cth) of Australia, or Corporations Act, in relation to our securities has been or will be lodged with the Australian

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Securities & Investments Commission, or ASIC. This document has not been lodged with ASIC and is only directed to certain categories of exempt persons. Accordingly, if you receive this document in Australia:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) you confirm and warrant that you are either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) a "sophisticated investor" under section 708(8)(a) or (b) of the Corporations Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) a "sophisticated investor" under section 708(8)(c) or (d) of the Corporations Act and that you have provided an accountant's certificate to us which complies with the requirements of section 708(8)(c)(i) or (ii) of the Corporations Act and related regulations before the offer has been made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) a person associated with the company under section 708(12) of the Corporations Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) a "professional investor" within the meaning of section 708(11)(a) or (b) of the Corporations Act, and to the extent that you are unable to confirm or warrant that you are an exempt sophisticated investor, associated person or professional investor under the Corporations Act, any offer made to you under this document is void and incapable of acceptance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) you warrant and agree that you will not offer any of our securities for resale in Australia within 12 months of that security being issued unless any such resale offer is exempt from the requirement to issue a disclosure document under section 708 of the Corporations Act.

#### Canada
The ADSs may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 *Prospectus Exemptions* or subsection 73.3(1) of the *Securities Act* (Ontario), and are permitted clients, as defined in National Instrument 31-103 *Registration Requirements, Exemptions and Ongoing Registrant Obligations*. Any resale of the ADSs must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, *provided* that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 (or, in the case of securities issued or guaranteed by the government of a non-Canadian jurisdiction, section 3A.4) of National Instrument 33-105 *Underwriting Conflicts* ("NI 33-105"), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

#### China
The information in this document does not constitute a public offer of the securities, whether by way of sale or subscription, in the People's Republic of China (excluding, for purposes of this paragraph, Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan). The securities may not be offered or sold directly or indirectly in the PRC to legal or natural persons other than directly to "qualified domestic institutional investors."

#### European Economic Area
In relation to each member state of the European Economic Area (each, a "Member State") no ADSs have been offered or will be offered pursuant to this offering to the public in that Member State prior to the publication of a prospectus in relation to the ADSs that has been approved by the competent authority in that Member State or, where appropriate, approved in another Member State and notified to the competent authority in that Member State, all in accordance with the Prospectus Regulation (as defined below), except that offers of ADSs may be made to the public in that Member State at any time:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to any legal entity which is a qualified investor as defined under Article 2 of the Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the Prospectus Regulation), subject to obtaining the prior consent of the underwriters for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in any other circumstances falling within Article 1(4) of the Prospectus Regulation;

*provided* that no such offer of ADSs shall require us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation.

For purposes of this provision, the expression an "offer to the public" in relation to any ADSs in any Member State means the communication in any form and by any means of sufficient information on the terms of the offer and any ADSs to be offered so as to enable an investor to decide to purchase or subscribe for any ADSs, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129 (as amended).

The sellers of the ADSs have not authorized and do not authorize the making of any offer of securities through any financial intermediary on their behalf, other than offers made by the underwriters with a view to the final placement of the securities as contemplated in this prospectus. Accordingly, no purchaser of the ADSs, other than the underwriters, is authorized to make any further offer of the ADSs on behalf of the sellers or the underwriters.

#### France
 *Neither this prospectus nor any other offering material relating to the securities described in this prospectus has been submitted to the clearance procedures of the Autorité des Marchés Financiers or of the competent authority of another member state of the European Economic Area and notified to the Autorité des Marchés Financiers. The securities have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in France. Neither this prospectus nor any other offering material relating to the securities has been or will be:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • released, issued, distributed or caused to be released, issued or distributed to the public in France; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • used in connection with any offer for subscription or sale of the securities to the public in France.

Such offers, sales and distributions will be made in France only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *to qualified investors (investisseurs qualifiés) and/or to a restricted circle of investors (cercle restreint d'investisseurs), in each case investing for their own account, all as defined in, and in accordance with articles L.411-2, D.411-1, D.411-2, D.734-1, D.744-1, D.754-1 and D.764-1 of the French Code monétaire et financier;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to investment services providers authorized to engage in portfolio management on behalf of third parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *in a transaction that, in accordance with article L.411-2-II-1° -or-2° -or 3° of the French Code monétaire et financier and article 211-2 of the General Regulations (Règlement Général) of the Autorité des Marchés Financiers, does not constitute a public offer (appel public à l'épargne).* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The securities may be resold directly or indirectly, only in compliance with articles L.411-1, L.411-2, L.412-1 and L.621-8 through L.621-8-3 of the French Code *monétaire et financier*.

#### Hong Kong
The securities may not be offered or sold in Hong Kong by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies Ordinance (Cap. 32, Laws of Hong Kong), or (ii) to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder, or (iii) in other circumstances which do not result in the document being a "prospectus" within the meaning of the Companies Ordinance (Cap. 32, Laws of Hong Kong) and no advertisement, invitation or document relating to the securities may be issued or may be in the possession of any person for the purpose of issue (in each

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case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to the securities which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder.

#### Israel
The ADSs by this prospectus have not been approved or disapproved by the Israeli Securities Authority (the "ISA"), nor have such ADSs been registered for sale in Israel. The ADSs may not be offered or sold, directly or indirectly, to the public in Israel, absent the publication of a prospectus. The ISA has not issued permits, approvals or licenses in connection with the offering or publishing of the prospectus; nor has it authenticated the details included herein, confirmed their reliability or completeness, or rendered an opinion as to the quality of the ADSs being offered. Any resale in Israel, directly or indirectly, to the public of the ADSs offered by this prospectus is subject to restrictions on transferability and must be effected only in compliance with the Israeli securities laws and regulations.

#### Italy
The offering of the ADSs in the Republic of Italy has not been authorized by the Italian Securities and Exchange Commission (*Commissione Nazionale per le Società e la Borsa*) (the "CONSOB") pursuant to the Italian securities legislation and, accordingly, no offering material relating to the ADSs may be distributed in Italy and such securities may not be offered or sold in Italy in a public offer within the meaning of Article 1.1(t) of Legislative Decree No. 58 of February 24, 1998 ("Decree No. 58"), other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to Italian qualified investors, as defined in Article 100 of Decree No. 58 by reference to Article 34-ter of CONSOB Regulation no. 11971 of May 14, 1999 ("Regulation No. 1197l") as amended ("Qualified Investors"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in other circumstances that are exempt from the rules on public offer pursuant to Article 100 of Decree No. 58 and Article 34-ter of Regulation No. 11971 as amended.

Any offer, sale or delivery of the ADSs or distribution of any offer document relating to the ADSs in Italy (excluding placements where a Qualified Investor solicits an offer from the issuer) under the paragraphs above must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • made by investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with Legislative Decree No. 385 of September 1, 1993 (as amended), Decree No. 58, CONSOB Regulation No. 16190 of October 29, 2007 and any other applicable laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in compliance with all relevant Italian securities, tax and exchange controls and any other applicable laws.

Any subsequent distribution of the ADSs in Italy must be made in compliance with the public offer and prospectus requirement rules provided under Decree No. 58 and the Regulation No. 11971 as amended, unless an exception from those rules applies. Failure to comply with such rules may result in the sale of such ADSs being declared null and void and in the liability of the entity transferring the ADSs for any damages suffered by the investors.

#### Japan
The securities offered in this prospectus have not been and will not be registered under the Financial Instruments and Exchange Law of Japan. The securities have not been offered or sold and will not be offered or sold, directly or indirectly, in Japan or to or for the account of any resident of Japan (including any corporation or other entity organized under the laws of Japan), except (i) pursuant to an exemption from the registration requirements of the Financial Instruments and Exchange Law and (ii) in compliance with any other applicable requirements of Japanese law.

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#### Portugal
 *This document is not being distributed in the context of a public offer of financial securities (oferta púbica de valores mobiliários) in Portugal, within the meaning of Article 109 of the Portuguese Securities Code (Código dos Valores Mobiliários). The ADSs have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in Portugal. This document and any other offering material relating to the ADSs have not been, and will not be, submitted to the Portuguese Securities Market Commission (Comissão do Mercado de Valores Mobiliários) for approval in Portugal and, accordingly, may not be distributed or caused to distributed, directly or indirectly, to the public in Portugal, other than under circumstances that are deemed not to qualify as a public offer under the Portuguese Securities Code. Such offers, sales and distributions of ADSs in Portugal are limited to persons who are "qualified investors" (as defined in the Portuguese Securities Code). Only such investors may receive this document and they may not distribute it or the information contained in it to any other person.* 

#### Singapore
No document or material has been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, no document or material in connection with the offer or sale, or invitation for subscription or purchase, of the ADSs will be circulated or distributed, nor may the ADSs be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to an institutional investor (as defined in Section 4A of the Securities and Futures Act 2001 of Singapore, as modified or amended from time to time (the "SFA")) under Section 274 of the SFA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to an accredited person (as defined in Section 4A of the SFA) pursuant to and in accordance with the conditions specified in Section 275 of the SFA.

#### Sweden
This document has not been, and will not be, registered with or approved by Finansinspektionen (the "Swedish Financial Supervisory Authority"). Accordingly, this document may not be made available, nor may the ADSs be offered for sale in Sweden, other than under circumstances that are deemed not to require a prospectus under the Swedish Financial Instruments Trading Act (1991:980) (Sw. lag (1991:980) *om handel med finansiella instrument*). Any offering of ADSs in Sweden is limited to persons who are "qualified investors" (as defined in the Financial Instruments Trading Act). Only such investors may receive this document and they may not distribute it or the information contained in it to any other person.

#### Switzerland
The ADSs are not intended to be offered, sold or otherwise made available to and must not be offered, sold or otherwise made available to any Swiss retail investor in Switzerland. For these purposes, a "Swiss retail investor" means a person who is a retail client, as defined in Article 4 paragraph 2 FinSA (i.e., a client not being a Professional Client according to FinSA).

#### United Arab Emirates
Neither this document nor the ADSs have been approved, disapproved or passed on in any way by the Central Bank of the United Arab Emirates or any other governmental authority in the United Arab Emirates, nor have we received authorization or licensing from the Central Bank of the United Arab Emirates or any other governmental authority in the United Arab Emirates to market or sell the ADSs within the United Arab Emirates. This document does not constitute and may not be used for the purpose of an offer or invitation. No services relating to the ADSs, including the receipt of applications and/or the allotment or redemption of such ADSs, may be rendered within the United Arab Emirates by us.

No offer or invitation to subscribe for ADSs is valid or permitted in the Dubai International Financial Centre.

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#### United Kingdom
In relation to the United Kingdom, no ADSs have been offered or will be offered pursuant to this offering to the public in the United Kingdom prior to the publication of a prospectus in relation to the ADSs that either (i) has been approved by the Financial Conduct Authority or (ii) is to be treated as if it had been approved by the Financial Conduct Authority in accordance with the transitional provisions in Regulation 74 of the Prospectus (Amendment etc.) (EU Exit) Regulations 2019, except that offers of ADSs may be made to the public in the United Kingdom at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to any legal entity which is a qualified investor as defined under Article 2 of the UK Prospectus Regulation (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the UK Prospectus Regulation), subject to obtaining the prior consent of the representatives of the underwriters for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in any other circumstances falling within section 86 of the Financial Services and Markets Act 2000, as amended (the "FSMA"),

*provided* that no such offer of ADSs shall require any underwriter to publish a prospectus pursuant to section 85 of the FSMA or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation.

For the purposes of this provision, the expression an "offer to the public" in relation to any ADSs in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and any ADSs to be offered so as to enable an investor to decide to purchase or subscribe for any ADSs, and the expression "UK Prospectus Regulation" means Regulation (EU) 2017/ 1129 as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018.

Any invitation or inducement to engage in investment activity (within the meaning of Section 21 of FSMA) received in connection with the issue or sale of the ADSs has only been communicated or caused to be communicated and will only be communicated or caused to be communicated in the United Kingdom in circumstances in which Section 21(1) of FSMA does not apply to us.

In the United Kingdom, this document is being distributed only to, and is directed at "qualified investors" (as defined in Article 2 of the UK Prospectus Regulation) who (i) are "investment professionals" as defined within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO"), (ii) are high net worth entities or other persons falling within Article 49(2)(a) to (d) of the FPO or (iii) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) in connection with the issue or sale of any ADSs may otherwise be lawfully communicated or caused to be communicated (all such persons being referred to as "relevant persons"). This document must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

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#### EXPENSES OF THE OFFERING
We estimate that our expenses in connection with this offering, other than underwriting discounts and commissions, will be as follows:

---

| | |
|:---|:---|
| | **Amount**  |
| SEC registration fee  | $6905.00 |
| FINRA filing fee  | 7350.00 |
| Stock Exchange listing fee  | \* |
| NYSE American listing fee  | \* |
| Printing and engraving expenses  | \* |
| Legal fees and expenses  | \* |
| Accounting fees and expenses  | \* |
| Miscellaneous costs  | \* |
| Total  | \* |

---

All amounts in the table are estimates except the SEC registration fee, the FINRA filing fee and the listing fee. We will pay all of the expenses of this offering.

\*

To be filed by amendment.

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#### LEGAL MATTERS
Certain matters of U.S. federal and New York State law will be passed upon for us by Davis Polk & Wardwell LLP and for the underwriters by Skadden, Arps, Slate, Meagher & Flom LLP. The validity of the ordinary shares underlying the ADSs to be offered in this offering and certain other matters of English law will be passed upon for us by Haynes and Boone CDG LLP.

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#### EXPERTS
The consolidated financial statements as of June 30, 2025 and 2024 and for the years then ended, included in this prospectus have been so included in reliance on the report of PKF Littlejohn LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The current address of PKF Littlejohn LLP is 15 Westferry Circus, Canary Wharf, London E14 4HD, United Kingdom.

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#### SERVICE OF PROCESS AND ENFORCEMENT OF CIVIL LIABILITIES
We are incorporated and currently existing under the laws of England and Wales. In addition, certain of our directors and officers reside outside the United States, and most of the assets of our non-U.S. subsidiaries are located outside the United States. As a result, it may be difficult for investors to effect service of process on us or those persons in the United States or to enforce in the United States judgments obtained in United States courts against us or those persons based on the civil liability or other provisions of the United States securities laws or other laws. In addition, uncertainty exists as to whether the courts of England and Wales would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liabilities provisions of the securities laws of the United States or any state in the United States; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • entertain original actions brought in England and Wales against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

We have been advised by Haynes and Boone CDG LLP that there is currently no treaty between (i) the United States and (ii) England and Wales providing for reciprocal recognition and enforcement of judgments of United States courts in civil and commercial matters (although the United States and the United Kingdom are both parties to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards) and that a final judgment for the payment of money rendered by any general or state court in the United States based on civil liability, whether or not predicated solely upon the United States securities laws, would not be automatically enforceable in England and Wales. We have also been advised by Haynes and Boone CDG LLP that any final and conclusive monetary judgment for a definite sum obtained against us in United States courts with competent jurisdiction would be treated by the courts of England and Wales as a cause of action in itself and sued upon as a debt at common law so that no retrial of the issues would be necessary, *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the relevant U.S. court had jurisdiction over the original proceedings according to English conflicts of laws principles at the time when proceedings were initiated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • England and Wales courts had jurisdiction over the matter on enforcement, and we were duly served with process within such jurisdiction or permission was given for service, and process was duly served, outside such jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the U.S. judgment was final and conclusive on the merits in the sense of being final and unalterable in the court that pronounced it and being for a definite sum of money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the judgment given by the courts was not (directly or indirectly) in respect of penalties, taxes, fines or similar fiscal or revenue obligations (or otherwise based on a U.S. law that an English court considers to relate to a penal, revenue or other public law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the judgment was not procured by, or impeachable on the grounds of, fraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the bringing of proceedings in the original court was not contrary to an agreement under which the dispute was to be settled otherwise by proceedings in that court, unless the defendant agreed or submitted to the jurisdiction of that court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • recognition or enforcement of the judgment in England and Wales would not be contrary to public policy or the Human Rights Act 1998;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the proceedings pursuant to which judgment was obtained were not contrary to natural justice, and the judgment is not opposed to natural justice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the U.S. judgment was not arrived at by doubling, trebling or otherwise multiplying a sum assessed as compensation for the loss or damages sustained and is not otherwise a judgment in respect of which section 5 of the Protection of Trading Interests Act 1980 has the effect of precluding courts in the U.K. from entertaining proceedings at common law for the recovery of any sum payable under such a judgment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • there is not a prior decision of an English court or the court of another jurisdiction on the issues in question between the same parties; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the English enforcement proceedings were commenced within the limitation period.

Whether these requirements are met in respect of a judgment based upon the civil liability provisions of the United States securities laws, including whether the award of monetary damages under such laws would constitute a penalty, is an issue for the court making such decision.

Subject to the foregoing, by obtaining a judgment from the courts in England and Wales investors may be able to enforce in England and Wales judgments in civil and commercial matters that have been obtained from U.S. federal or state courts. Nevertheless, we cannot assure you that any such judgment obtained from U.S. federal or state courts will be so recognized or enforceable in England and Wales.

If an English court gives judgment for the sum payable under a U.S. judgment, the English judgment will be enforceable by methods generally available for this purpose. In addition, it may not be possible to obtain an English judgment or to enforce that judgment if the judgment debtor is or becomes subject to any insolvency or similar proceedings, or if the judgment debtor has any setoff or counterclaim against the judgment creditor. Also note that, in any enforcement proceedings, the judgment debtor may raise any counterclaim that could have been brought if the action had been originally brought in England unless the subject of the counterclaim was in issue and denied in the U.S. proceedings.

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#### WHERE YOU CAN FIND ADDITIONAL INFORMATION
We have filed with the SEC a registration statement (including amendments and exhibits to the registration statement) on Form F-1 under the Securities Act. This prospectus, which is part of the registration statement, does not contain all of the information set forth in the registration statement. The rules and regulations of the SEC allow us to omit certain information from this prospectus that is included in the registration statement and the exhibits and schedules to the registration statement. For further information, we refer you to the registration statement and the exhibits and schedules filed as part of the registration statement.

Statements made in this prospectus concerning the contents of any contract, agreement or other document are not complete descriptions of all terms of these documents. If a document has been filed as an exhibit to the registration statement, we refer you to the copy of the document that has been filed for a complete description of its terms. Each statement in this prospectus relating to a document filed as an exhibit is qualified in all respects by the filed exhibit. You should read this prospectus and the documents that we have filed as exhibits to the registration statement of which this prospectus is a part completely.

Upon the closing of this offering, we will become subject to the informational requirements of the Exchange Act. Accordingly, we will be required to file reports and other information with the SEC, including annual reports on Form 20-F and reports on Form 6-K. The SEC maintains an internet website that contains reports and other information about issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov.

As a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our officers, directors and principal shareholders are exempt from the short-swing profit recovery provisions and "short-selling" provisions contained in Sections 16(b) and 16(c), respectively, of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

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#### GUARDIAN METAL RESOURCES PLC

#### INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

---

| | |
|:---|:---|
| | **Page**  |
|  **Unaudited Consolidated Interim Financial Statements as of and for the Six Months Ended December 31, 2025 and December 31, 2024**  |  |
|  [Unaudited Consolidated Statement of Comprehensive Income for the Six Months Ended December 31, 2025 and December 31, 2024](#fUCSOC1)  | [F-2](#fUCSOC1) |
|  [Unaudited Consolidated Statement of Financial Position as of December 31, 2025 and December 31, 2024](#fUCSOF1)  | [F-3](#fUCSOF1) |
|  [Unaudited Consolidated Statement of Changes in Equity for the Six Months Ended December 31, 2025 and December 31, 2024](#fUCSOCE1)  | [F-4](#fUCSOCE1) |
|  [Unaudited Consolidated Statement of Cash Flows for the Six Months Ended December 31, 2025 and December 31, 2024](#fUCSOCFF1)  | [F-5](#fUCSOCFF1) |
| [Notes to the Unaudited Consolidated Financial Statements](#fNTTCI1)  | [F-6](#fNTTCI1) |
|  **Audited Consolidated Financial Statements as of and for the Years Ended June 30, 2025 and June 30, 2024**  |  |
| [Independent Auditor's Report to the Members of Guardian Metal Resources plc](#fROIR)  | [F-12](#fROIR) |
| [Consolidated Statement of Comprehensive Income for the Years Ended June 30, 2025 and 2024](#fCSOC)  | [F-13](#fCSOC) |
| [Consolidated Statement of Financial Position as of June 30, 2025 and 2024](#fCSOF)  | [F-14](#fCSOF) |
| [Consolidated Statement of Changes in Equity for the Years Ended June 30, 2025 and 2024](#fCSOC1)  | [F-15](#fCSOC1) |
| [Consolidated Statement of Cash Flows for the Years Ended June 30, 2025 and 2024](#fCSOC2)  | [F-16](#fCSOC2) |
| [Notes to the Audited Consolidated Financial Statements](#fNTTC)  | [F-17](#fNTTC) |

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#### GUARDIAN METAL RESOURCES PLC

#### UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 31 DECEMBER 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Note**  | **Note**  | **6 months <br> ended <br> 31-Dec-25 <br> (unaudited)**  | **6 months <br> ended <br> 31-Dec-24 <br> (unaudited)**  | **Year <br> ended <br> 30-Jun-25 <br> (audited)**  |
|  |  |  | **US$'000**  | **US$'000**  | **US$'000**  |
| **Continuing operations** |  |  |  |  |  |
| Other income  |  |  |  | 2 | 2 |
| **Gross profit**  |  |  |  | 2 | 2 |
| Administrative expenses  |  | **6** | (4792) | (988) | (2719) |
| **Loss from operating activities**  |  |  | (4792) | (986) | (2717) |
| Finance income  |  |  | 21 |  | 6 |
| Loss before taxation  |  |  | (4771) | (986) | (2711) |
| Taxation  |  |  |  |  |  |
| **Loss for the period from continuing operations**  |  |  | (4771) | (986) | (2711) |
| **Items that will or may be reclassified to profit or loss** |  |  |  |  |  |
| Exchange translation  |  |  | (427) | (101) | 908 |
| **Total other comprehensive (loss)/income**  |  |  | (427) | (101) | 908 |
|  **Total comprehensive loss for the period attributable to owners of the <br> company**  |  |  | **(5198)** | **(1087)** | **(1803)** |
|  **Earnings per share from continuing operations attributable to the ordinary equity holder of the parent:**  |  |  |  |  |  |
| Basic and diluted loss per share $ |  | **7** | (0.03) | (0.01) | (0.02) |

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#### GUARDIAN METAL RESOURCES PLC

#### UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Note**  | **31-Dec-25 <br> (unaudited)**  | **31-Dec-24 <br> (unaudited)**  | **30-Jun-25 <br> (audited)**  |
|  |  | **US$'000**  | **US$'000**  | **US$'000**  |
| **Assets** |  |  |  |  |
| **Non-current assets** |  |  |  |  |
| Intangible assets  | **9** | 26807 | 12347 | 17906 |
| Other non-current assets  |  | 25 |  |  |
| **Total non-current assets**  |  | 26832 | 12347 | 17906 |
| **Current assets** |  |  |  |  |
| Trade and other receivables  | **11** | 245 | 179 | 175 |
| Cash and cash equivalents  |  | 10562 | 2489 | 1873 |
| **Total current assets**  |  | 10807 | 2668 | 2048 |
| **Total assets**  |  | **37639** | **15015** | **19954** |
| **Liabilities** |  |  |  |  |
| **Current liabilities** |  |  |  |  |
| Trade and other payables  | **12** | 2896 | 368 | 1776 |
| **Total current liabilities**  |  | 2896 | 368 | 1776 |
| **Total liabilities**  |  | 2896 | 368 | 1776 |
| **Net assets**  |  | **34743** | **14647** | **18178** |
| **Equity** |  |  |  |  |
| Share capital  | **8** | 2131 | 1517 | 1739 |
| Share premium  | **8** | 37613 | 13667 | 17557 |
| Shares to be issued  |  |  | 21 |  |
| Capital contribution reserve  |  | 5897 | 5897 | 5897 |
| Share based payments reserve  |  | 1639 | 168 | 324 |
| Exchange reserve  |  | 675 | 93 | 1102 |
| Accumulated losses  |  | (13212) | (6716) | (8441) |
| **Total equity**  |  | **34743** | **14647** | **18178** |

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#### GUARDIAN METAL RESOURCES PLC

#### UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 31 DECEMBER 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Share <br> capital**  | **Share <br> premium**  | **Shares to <br> be issued**  | **Capital <br> contribution <br> reserve**  | **Share <br> based <br> payment <br> reserve**  | **Exchange <br> reserve**  | **Accumulated <br> losses**  | **Total <br> equity**  |
|  | **US$'000**  | **US$'000**  | **US$'000**  | **US$'000**  | **US$'000**  | **US$'000**  | **US$'000**  | **US$'000**  |
| Balance at 1 July 2024 *(audited)*  | 1346 | 9680 | 174 | 5897 | 162 | 194 | (5730) | 11723 |
| Loss for the period  |  |  |  |  |  |  | (986) | (986) |
| Currency translation  |  |  |  |  |  | (101) |  | (101) |
|  **Total comprehensive loss for the period**  |  |  |  |  |  | (101) | (986) | (1087) |
| Issue of ordinary shares  | 171 | 3987 | (153) |  |  |  |  | 4005 |
| Share-based payments  |  |  |  |  | 6 |  |  | 6 |
| **Total transactions with owners**  | 171 | 3987 | (153) |  | 6 |  |  | 4011 |
|  Balance at 31 December 2024 *(unaudited)*  | 1517 | 13667 | 21 | 5897 | 168 | 93 | (6716) | 14647 |
| Loss for the period  |  |  |  |  |  |  | (1725) | (1725) |
| Currency translation  |  |  |  |  |  | 1009 |  | 1009 |
|  **Total comprehensive income/(loss) for the period**  |  |  |  |  |  | 1009 | (1725) | (716) |
| Issue of ordinary shares  | 222 | 4019 | (21) |  |  |  |  | 4220 |
| Share issue costs  |  | (129) |  |  |  |  |  | (129) |
| Share-based payments  |  |  |  |  | 156 |  |  | 156 |
| **Total transactions with owners**  | 222 | 3890 | (21) |  | 156 |  |  | 4247 |
|   ***Balance at 30 June 2025 <br> (audited)***  | **1739** | **17557** | **—** | **5897** | **324** | **1102** | **(8441)** | **18178** |
| Loss for the period  |  |  |  |  |  |  | (4771) | (4771) |
| Currency translation  |  |  |  |  |  | (427) |  | (427) |
|  **Total comprehensive loss for the period**  |  |  |  |  |  | (427) | (4771) | (5198) |
| Issue of ordinary shares  | 392 | 21323 |  |  |  |  |  | 21715 |
| Share issue costs  |  | (1267) |  |  |  |  |  | (1267) |
| Share-based payments  |  |  |  |  | 1315 |  |  | 1315 |
| **Total transactions with owners**  | 392 | 20056 |  |  | 1315 |  |  | 21763 |
|  **Balance at 31 December 2025 *(unaudited)***  | **2131** | **37613** | **—** | **5897** | **1639** | **675** | **(13212)** | **34743** |

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#### GUARDIAN METAL RESOURCES PLC

#### UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Note**  | **Note**  | **6 months <br> ended <br> 31-Dec-25 <br> (unaudited)**  | **6 months <br> ended <br> 31-Dec-24 <br> (unaudited)**  | **Year <br> ended <br> 30-Jun-25 <br> (audited)**  |
|  |  |  | **US$'000**  | **US$'000**  | **US$'000**  |
| **Cash flows from operating activities** |  |  |  |  |  |
| Loss for the period  |  |  | (4772) | (986) | (2711) |
| Adjustments for: |  |  |  |  |  |
| Share-based payment expense  |  |  | 1315 | 6 | 162 |
| Expenses settled in shares  |  |  |  | 26 | 63 |
| Foreign exchange differences  |  |  | (298) | 1 | 444 |
|  |  |  | (3755) | (953) | (2042) |
| Changes in working capital: |  |  |  |  |  |
| Decrease in trade and other receivables  |  |  | 31 | 60 | 40 |
| Increase/(decrease) in trade and other payables  |  |  | 1107 | (467) | 880 |
| **Net cash used in operating activities**  |  |  | (2617) | (1360) | (1122) |
| **Cash flows from investing activities** |  |  |  |  |  |
| Purchase of intangibles  |  | **9** | (9082) | (3131) | (8038) |
| Investment in financial assets  |  |  | (25) |  |  |
| **Net cash used in investing activities**  |  |  | (9107) | (3131) | (8038) |
| **Cash flows from financing activities** |  |  |  |  |  |
| Proceeds from issue of share capital  |  | **8** | 21715 | 3979 | 8091 |
| Share issue costs  |  | **8** | (1267) |  | (123) |
| **Net cash generated from financing activities**  |  |  | 20448 | 3979 | 7968 |
| Net increase/(decrease) in cash and cash equivalents  |  |  | 8724 | (512) | (1192) |
| Cash and cash equivalents at beginning of period  |  |  | 1873 | 3033 | 3033 |
| Effect of foreign currency exchange rates  |  |  | (35) | (32) | 32 |
| **Cash and cash equivalents at end of period**  |  |  | **10562** | **2489** | **1873** |

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#### NOTES TO THE CONSOLIDATED INTERIM REPORT FOR SIX MONTHS ENDED 31 DECEMBER 2025
1. Reporting entity

Guardian Metal Resources plc is a public company limited by shares which is incorporated and domiciled in England and Wales. The address of the Company's registered office is C/O Orana Corporate LLP, 25 Eccleston Place, London, United Kingdom, SW1W 9NF. The unaudited consolidated financial statements of the Group as at and for the period ended 31 December 2025 include the Company and its subsidiaries. The Company is the parent company of Golden Metal Resources LLC, Pilot Metals Inc. and BFM Resources Inc.; the subsidiaries are registered and domiciled in the US. The Group is primarily involved in the exploration and exploitation of mineral resources in the US.

2. Basis of preparation

These condensed consolidated interim financial statements for the six months ended 31 December 2025 include results of Guardian Metal Resources Plc (the "**Company**") and its subsidiaries (the "**Group**") and have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting' ("IAS 34") as issued by the International Accounting Standards Board ("IASB"), using the accounting policies set out in the Group's consolidated financial statements for the year ended 30 June 2025.

The interim financial statements are presented in United States Dollar (US$) and prepared on a historical cost basis, except for certain financial instruments measured at fair value.

These condensed consolidated interim financial statements do not include all the information and disclosures required in the annual financial statements prepared in accordance with International Financial Reporting Standards ("IFRS") and should be read in conjunction with the Group's audited consolidated financial statements for the year ended 30 June 2025.

IFRS as adopted in the United Kingdom is fully aligned with IFRS as issued by the IASB for the periods presented. Accordingly, there are no differences between IFRS as adopted in the United Kingdom and IFRS as issued by the IASB that would affect the Group's condensed consolidated interim financial statements.

The Board of Directors approved these condensed consolidated interim financial statements on 12 February 2026.

(a) Statement of compliance

These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' as issued by the IASB. They do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The 2025 interim financial report has not been audited.

Statutory accounts for the year ended 30 June 2025 have been delivered to the Registrar of Companies. The auditors reported on those accounts and their report was unqualified and did not contain a statement under s498(2) or (3) of the Companies Act 2006.

(b) Accounting policies

The condensed consolidated interim financial statements have been prepared using accounting policies consistent with those applied in the Group's audited consolidated financial statements for the year ended 30 June 2025 and those expected to be applied for the year ended 30 June 2026.

There have been no changes in accounting policies during the six-month period ended 31 December 2025 that have had a material impact on the condensed consolidated interim financial statements.

(c) Judgements and estimates

The preparation of the condensed consolidated interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

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In preparing these condensed consolidated interim financial statements, the significant judgements and key sources of estimation uncertainty were consistent with those disclosed in the Group's audited consolidated financial statements for the year ended 30 June 2025, and there have been no material changes during the six-month period ended 31 December 2025.

(d) Going concern

The condensed consolidated interim financial statements have been prepared on a going concern basis. Although the Group's assets are not generating revenues, the Directors have considered all available information, including the Group's proven ability to raise additional equity funding from its supportive shareholder base, and believe that the Group will have sufficient resources to meet its committed and contractual expenditure for at least the next 12 months from the reporting date. Accordingly, the Directors continue to adopt the going concern basis of accounting in preparing the interim financial statements for the period ended 31 December 2025.

(e) Seasonality

The Group's operations are not subject to significant seasonality or cyclicality. Exploration expenditure is incurred based on planned work programmes rather than seasonal factors.

3. Significant events during the period

During the six months ended 31 December 2025, the Group successfully completed a US$21.0 million private placement equity fundraise through the issue of 25,945,000 ordinary shares to support key workstreams across the Group's co-flagship Nevada-based tungsten projects, Pilot Mountain and Tempiute. Share issuance costs of US$1.3 million were recorded as a reduction of equity. A further 3,114,996 ordinary shares were issued during the period raising $0.7 million pursuant to the exercise of warrants and options. In aggregate, 29,059,996 ordinary shares were issued for cash during the period, as reflected in Note 8 and the consolidated statement of changes in equity.

The Group also received a US$6.2 million award from the United States Department of War to support the rapid advancement and Pre-Feasibility Study ("**PFS**") for the 100%-owned Pilot Mountain tungsten Project in Nevada. The award is for reimbursement of costs incurred on the PFS. As at 31 December 2025, no cash reimbursements had been received and, accordingly, no amounts were recognized in the interim financial statements. When cash reimbursements are received they will be offset against the value of the Pilot Mountain asset in accordance with the provisions of IAS 20.

The Group acquired additional mining claims forming the Pilot North Tungsten Project which have been recognised in the value of intangible assets in the unaudited statement of financial position, and, at a corporate level, completed changes to the Board of Directors with Mr. Michael X. Schlumpberger replacing Mr. Mick Billing as Non-Executive Director. Director compensation and share-based payment expense are recognised within administrative expenses in accordance with IFRS 2. No termination or severance payments were made in connection with Mr. Billing's retirement.

These events, where applicable, have been reflected in the condensed consolidated interim financial statements. Other than the events described above, there were no events or transactions during the period that were material to the condensed consolidated interim financial statements.

4. Financial risk management and financial instruments

 *Risks and uncertainties* 

The Group's activities expose it to a variety of financial risks, including market risk (foreign exchange risk and equity price risk), credit risk and liquidity risk.

The Board continually assesses and monitors the key financial risks of the business. The key financial risks that could affect the Group's medium-term performance and the factors that mitigate those risks have not substantially changed from those set out in the Group's 2025 Annual Report and Financial Statements, a copy of which is available from the Group's website: https://www.guardianmetalresources.com/.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5. Adoption of new and revised standards and interpretations

The Group has adopted all recognition, measurement and disclosure requirements of IFRS, including any new and revised standards and Interpretations of IFRS. The adoption of these standards and amendments did not have any material impact on the financial results or position of the Group.

Standards which are in issue but not yet effective:

At the date of authorisation of these financial statements, the following Standards and Interpretation, which have not yet been applied in these financial statements, were in issue but not yet effective.

---

| | | |
|:---|:---|:---|
| **Standard or Interpretation**  | **Description**  | **Effective date for annual accounting <br> period beginning on or after**  |
| IFRS 18 | Presentation and Disclosure in Financial Statements | 1 January 2026 |

---

The Group has not early adopted any of the above standards and intends to adopt them when they become effective.

6. Administrative expenses

Administrative expenses for the period ended 31 December 2025 of US$4,792k (December 2024: US$988k) include a share-based payment charge of US$1,315k (December 2024: US$6k) in relation to the Company's share options.

7. Earnings per share

#### Basic loss per share
The calculation of basic and diluted loss per share is based on the loss attributable to ordinary shareholders and a weighted average number of ordinary shares in issue. The basic and diluted earnings per share are the same given the loss for the year, making the outstanding share options and warrants anti-dilutive.

---

| | | | |
|:---|:---|:---|:---|
| | **Period ended <br> 31 December <br> 2025**  | **Period ended <br> 31 December <br> 2024**  | **Year ended <br> 30 June 2025**  |
| Weighted average number of ordinary shares (No.)  | 167408387 | 117357621 | 123960520 |
| Loss attributable to ordinary shareholders (US$'000)  | 4771 | 986 | 2711 |
| **Basic loss per share ($)**  | **0.03** | **0.01** | **0.02** |

---

8. Share Capital

---

| | | | |
|:---|:---|:---|:---|
| | **Number of <br> ordinary shares**  | **Share <br> capital**  | **Share <br> premium**  |
|  | **No.**  | **US$'000**  | **US$'000**  |
| Balance at 31 December 2024 *(Unaudited*)  | 122406991 | 1517 | 13667 |
| Expenses settled in shares  | 100000 | 2 | 35 |
| Shares issued in relation to acquisition  | 150000 | 2 | 63 |
| Issued for cash  | 16781980 | 218 | 3921 |
| Expenses relating to share issues  |  |  | (129) |
| Balance as at 30 June 2025 *(Audited*)  | 139438971 | 1739 | 17557 |
| Expenses relating to share issues  |  |  | (1267) |
| Issued for cash  | 29059996 | 392 | 21323 |
| **Balance at 31 December 2025 *(Unaudited)***  | **168498967** | **2131** | **37613** |

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The shares have attached to them full voting, dividend, and capital distribution (including winding up) rights; they do not confer any rights of redemption.

During the period ended 31 December 2025, the Company received notice to exercise warrants over 991,276 new ordinary shares of 1p each at an exercise price of 10.75 pence per warrant share, raising $143,155 (£106,562), notice to exercise warrants over 1,103,720 new ordinary shares of 1 pence each at an exercise price of 17 pence per warrant, raising $252,063 (£187,632), and notice to exercise warrants over 120,000 new ordinary shares of 1 pence each at an exercise price of 37.50 pence per warrant, raising $60,533 (£45,000) for the Company. In addition, the Company received notice to exercise options over 800,000 new ordinary shares of 1 pence each at a price of 14 pence per option, raising $148,347 (£112,000) for the Company, and notice to exercise options over 100,000 new ordinary shares of 1 pence each at an exercise price of 40 pence per option, raising $52,528 (£40,000) for the Company.

9. Intangibles

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Pilot <br> Mountain <br> Project**  | **Tempiute <br> Project**  | **Other <br> Projects**  | **Total <br> Prospecting and <br> exploration rights**  |
|  | **US$'000**  | **US$'000**  | **US$'000**  | **US$'000**  |
| Balance at 01 July 2024  | 8662 | 268 | 350 | 9280 |
| Additions  | 7632 | 292 | 179 | 8103 |
| Effect of foreign exchange  | 470 |  | 53 | 523 |
| **Balance at 30 June 2025**  | **16764** | **560** | **582** | **17906** |
| Additions  | 5510 | 3261 | 311 | 9082 |
| Effect of foreign exchange  | (163) | (3) | (15) | (181) |
| **Balance at 31 December 2025**  | **22111** | **3818** | **878** | **26807** |

---

Intangible assets relate to exploration and evaluation project costs capitalised as at 31 December 2025. Additions to project costs during the period ended 31 December 2025 were in relation to projects in Nevada, USA. The exploration projects comprise of the Pilot Mountain Project, Tempiute Project, Pilot Mountain North Project, Golconda Summit Project, Stonewall Project and Garfield Project. The Group is the operator of the Golconda Summit Project, and this is held under an earn-in right from the mineral claim owner under an option agreement.

At Pilot Mountain, activity during the period supported an accelerated programme of resource definition, technical studies and development work, culminating in the publication of an updated S-K 1300 compliant Technical Summary Report and Mineral Resource Estimate. The updated estimate delivered a material increase in open-pit constrained Indicated Mineral Resources relative to the 2018 scoping study, strengthening the foundation for advancement of the project toward completion of a Pre-Feasibility Study. Drilling, geological interpretation and supporting technical work continued during the period in line with the planned completion of the Pre-Feasibility Study in H1 2026.

At Tempiute, the Company commenced its inaugural diamond drilling programme, which confirmed consistent scheelite-bearing skarn mineralisation beyond the limits of historical mining. In parallel, geophysical, geochemical, metallurgical and gallium-related studies were advanced, together with preparatory site works and infrastructure upgrades, to support future resource definition and development planning. During the period, the Company also secured additional mineralised ground, extending the prospective strike length of the project and enhancing its district-scale potential and advanced studies to better understand the on-site historical tungsten mine tailings and mineralised stockpiles.

The Pilot Mountain North Project, established through the acquisition of additional mining claims within the Walker Lane Mineral Belt, advanced through geological mapping, sampling and initial field evaluations. Results to date support the potential for geological continuity with the Pilot Mountain system and the project's strategic role within the Company's broader Nevada tungsten development hub.

Limited, targeted exploration activity was also undertaken across the Company's wider Nevada portfolio, including the Garfield and Golconda Summit projects, with work focused on maintaining project tenure and selectively advancing high-priority targets. No material activity was undertaken at Stonewall during the period.

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10. Capital Commitments

The Company has 100 per cent ownership of the Pilot Mountain, Pilot Mountain North, Garfield and Stonewall, and Kibby Basin lithium projects, and an earn-in option for up to 100 per cent of the Tempiute Project and up to 100 per cent of the Golconda Summit Project.

On 21 May 2021, the Company became the operator of the Golconda Summit Project when it entered into an Assignment and Assumption Agreement with GR Silver Mining and the Company was also assigned the Golconda Option Agreement to earn-in up to 100 per cent. GR Silver Mining historically entered into the Golconda Option Agreement to acquire 100 per cent title and interest with Eureka Resources, a private Nevada based company. Under the terms of the Assignment and Assumption Agreement, the Company has assumed the obligation to pay the remaining liability of US$275,000 due under the Golconda Option Agreement to Eureka Resources. Eureka Resources holds a 1 per cent net smelter royalty over the Golconda Summit Project which can be bought back at any time by the Company within one year after commencement of production for US$1,000,000.

Annual payments of US$50,000 are payable by the Company on or before 11 August of each of 2023, 2024, 2025, 2026 and 2027 and the Company holds an option to purchase the leased claims for US$335,000, less the amount of annual payments made. Guardian Metal is committed to approximately US$10,000 per annum for vehicle management costs/claim related fees.

On 17 June 2021, Golden Metal Resources LLC acquired the Garfield and Stonewall Projects from the Sunrise Resources Group. Under the terms of the Acquisition Agreements, the Sunrise Resources Group retain a 2 per cent royalty over the Garfield and Stonewall Projects. 1 per cent of each project royalty may be repurchased by the Company for US$1,000,000 at any time. Guardian Metal is committed to approximately US$32,000 per annum for vehicle management costs/claim related fees in relation to Garfield, and approximately US$4,000 per annum in relation to Stonewall.

On 1 November 2021, the Company acquired Black Fire Industrial Minerals Pty Ltd from Thor Mining Plc in order to acquire the Pilot Mountain Project. Certain mining claims within the Pilot Mountain Project are subject to a two per cent royalty held Nevada Select Royalty based on actual proceeds from the sale of minerals. In addition, Nevada Select Royalty is entitled to receive non-refundable prepayments in respect of the Pilot Metals Royalty at a current rate of US$40,000 per annum. Guardian Metal is committed to approximately US$32,000 per annum for vehicle management costs/claim related fees.

In January 2025, the Company signed an option agreement to purchase 100 per cent of the Tempiute Tungsten Project. During the term of the agreement, the Company is committed to paying the owner US$25,000 every six months, which is to be netted against the purchase price should the Company elect to exercise its option. Further, the Company shall pay the owner US$25,000 on the fifth anniversary of the deed and on each succeeding anniversary until the Company commences commercial production of minerals from the property. Each payment represents an advance payment of any royalties due to the owner. The agreement allows the Company to terminate at any time without incurring additional liabilities beyond payments accrued up to the termination date. As such, no liability for future payments has been recognised in the financial statements.

The Company is not committed to any costs in relation to the Kibby Basin Project.

11. Trade and other receivables

---

| | | | |
|:---|:---|:---|:---|
| | **Period ended <br> 31 December <br> 2025**  | **Period ended <br> 31 December <br> 2024**  | **Year ended <br> 30 June 2025**  |
|  | **US$'000**  | **US$'000**  | **US$'000**  |
| VAT receivable  | 74 | 62 | 50 |
| Other receivables  | 171 | 117 | 125 |
| **Trade and other receivables**  | **245** | **179** | **175** |

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12. Trade and other payables

---

| | | | |
|:---|:---|:---|:---|
| | **Period ended <br> 31 December <br> 2025**  | **Period ended <br> 31 December <br> 2024**  | **Year ended <br> 30 June 2025**  |
|  | **US$'000**  | **US$'000**  | **US$'000**  |
| Trade payables  | 1290 | 260 | 1140 |
| Other payables  | 707 | 18 | 65 |
| Accrued expenses  | 899 | 90 | 571 |
| **Trade and other payables**  | **2896** | **368** | **1776** |

---

13. Post balance sheet events

On 2 January 2026, Guardian Metal issued 229,249 new ordinary shares of 1.0p each pursuant to the Company's STIP awards for 2025.

At the date of this interim report, the Company had 168,728,216 Ordinary Shares in issue.

14. Availability of interim report

A copy of these results will be made available for inspection at the Company's registered office during normal business hours on any weekday. The Company's registered office is at C/O Orana Corporate Llp, 25 Eccleston Place, London, United Kingdom, SW1W 9NF. A copy can also be downloaded from the Company's website at https://www.guardianmetalresources.com/. Guardian Metal Resources is registered in England and Wales with registered number 13351178.

#### \*\*Ends\*\*

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#### Report of Independent Registered Public Accounting Firm

#### To the Shareholders and Board of Directors of Guardian Metal Resources plc

#### Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated statement of financial position of Guardian Metal Resources plc and its subsidiaries (the "Group") as of June 30, 2025 and 2024 and the related consolidated statements of comprehensive income, changes in equity and cash flows for each of the two years in the period ended June 30, 2025, including the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Group as of June 30, 2025 and 2024 and the results of its operations and its cash flows for each of the two years in the period ended June 30, 2025 in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

#### Basis for opinion
These consolidated financial statements are the responsibility of the Group's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Group is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Group's auditor since 25 August 2025.

/s/ PKF Littlejohn LLP

PKF Littlejohn LLP

London, England

Date: 16 December 2025

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#### GUARDIAN METAL RESOURCES PLC

#### CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Note**  | **Year ended <br> 30 June 2025**  | **Year ended <br> 30 June 2024**  |
|  |  | **US$'000**  | **US$'000**  |
| **Continuing operations** |  |  |  |
| Revenue  |  |  |  |
| Gross profit  |  |  |  |
| Other income  |  | 2 |  |
| Administrative expenses  | **5** | (2719) | (1376) |
| **Loss from operating activities**  |  | (2717) | (1376) |
| Finance income  |  | 6 |  |
| **Loss before taxation**  |  | (2711) | (1376) |
| Taxation  | **7** |  |  |
| **Loss for the year from continuing operations**  |  | (2711) | (1376) |
| **Other comprehensive (loss)/ income** |  |  |  |
| **Items that will or may be reclassified to profit or loss:** |  |  |  |
| Exchange translation  |  | 908 | (13) |
| Total other comprehensive (loss)/income  |  | 908 | (13) |
|  **Total comprehensive (loss) for the year attributable to owners of the Company**  |  | **(1803)** | **(1389)** |
|  Earnings per share from continuing operations attributable to the ordinary <br> equity holder of the parent:  |  |  |  |
| **Basic and diluted loss per share (pence)**  | **14** | (0.02) | (0.02) |

---

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#### GUARDIAN METAL RESOURCES PLC

#### CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Note**  | **30 June 2025**  | **30 June 2024**  |
|  |  | **US$'000**  | **US$'000**  |
| **Assets** |  |  |  |
| **Non-current assets** |  |  |  |
| Intangible assets  | **8** | 17906 | 9280 |
| **Total non-current assets**  |  | 17906 | 9280 |
| **Current assets** |  |  |  |
| Trade and other receivables  | **10** | 175 | 236 |
| Cash and cash equivalents  | **11** | 1873 | 3033 |
| **Total current assets**  |  | **2048** | **3269** |
| **Total assets**  |  | 19954 | 12549 |
| **Liabilities** |  |  |  |
| **Current liabilities** |  |  |  |
| Trade and other payables  | **16** | 1776 | 826 |
| **Total current liabilities**  |  | 1776 | 826 |
| **Total liabilities**  |  | 1776 | 826 |
| **Net assets**  |  | **18178** | **11723** |
| **Equity** |  |  |  |
| Share capital  | **12** | 1739 | 1346 |
| Share premium  | **12** | 17557 | 9680 |
| Shares to be issued  | **12** |  | 174 |
| Capital contribution reserve  | **13** | 5897 | 5897 |
| Share based payment reserve  | **13** | 324 | 162 |
| Exchange reserve  | **13** | 1102 | 194 |
| Accumulated losses  |  | (8441) | (5730) |
| **Total equity**  |  | **18178** | **11723** |

---

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#### GUARDIAN METAL RESOURCES PLC

#### CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Share <br> capital**  | **Share <br> premium**  | **Shares to <br> be issued**  | **Capital <br> contribution <br> reserve**  | **Share based <br> payment <br> reserve**  | **Exchange <br> reserve**  | **Accumulated <br> losses**  | **Total <br> equity**  |
|  | **US$'000**  | **US$'000**  | **US$'000**  | **US$'000**  | **US$'000**  | **US$'000**  | **US$'000**  | **US$'000**  |
| **Balance at 01 July 2023**  | 1043 | 6195 |  | 5897 | 51 | 207 | (4354) | 9039 |
| Loss for the year  |  |  |  |  |  |  | (1376) | (1376) |
| Currency translation  |  |  |  |  |  | (13) |  | (13) |
|  **Total comprehensive income / (expense) for the year**  |  |  |  |  |  | (13) | (1376) | (1389) |
| Issue of ordinary shares  | 303 | 3542 | 174 |  |  |  |  | 4019 |
| Share issue costs  |  | (71) |  |  |  |  |  | (71) |
| Share-based payments  |  | 14 |  |  | 111 |  |  | 125 |
| **Total transactions with owners**  | 303 | 3485 | 174 |  | 111 |  |  | 4073 |
| **Balance at 30 June 2024**  | **1346** | **9680** | **174** | **5897** | **162** | **194** | **(5730)** | **11723** |
| **Balance at 01 July 2024**  | 1346 | 9680 | 174 | 5897 | 162 | 194 | (5730) | 11723 |
| Loss for the year  |  |  |  |  |  |  | (2711) | (2711) |
| Currency translation  |  |  |  |  |  | 908 |  | 908 |
|  **Total comprehensive (expense) for the year**  |  |  |  |  |  | 908 | (2711) | (1803) |
| Issue of ordinary shares  | 393 | 8006 | (174) |  |  |  |  | 8225 |
| Share issue costs  |  | (129) |  |  |  |  |  | (129) |
| Share-based payments  |  |  |  |  | 162 |  |  | 162 |
| **Total transactions with owners**  | 393 | 7877 | (174) |  | 162 |  |  | 8258 |
| **Balance at 30 June 2025**  | **1739** | **17557** | **—**  | **5897** | **324** | **1102** | **(8441)** | **18178** |

---

The following describes the nature and purpose of each reserve:

Share capital: amount subscribed for share capital at nominal value.

Share premium: amount subscribed for share capital in excess of nominal value.

Share based payment reserve: amounts recognised for the fair value of share options and warrants granted.

Exchange reserve: foreign exchange differences in re-translation.

Capital contribution reserve: relates to the assignment of receivables from subsidiary undertakings for which no consideration is expected to be paid.

Accumulated losses: cumulative net losses recognised in the financial statements.

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#### GUARDIAN METAL RESOURCES PLC

#### CONSOLIDATED STATEMENT OF CASH FLOWS AS AT 30 JUNE 2025

---

| | | |
|:---|:---|:---|
| | **Year ended 30 June <br> 2025**  | **Year ended 30 June <br> 2024**  |
|  | **US$'000**  | **US$'000**  |
| **Cash flows used in operating activities** |  |  |
| Loss for the year from continuing activities  | (2711) | (1376) |
| Adjustments for: |  |  |
| Share-based payment expense  | 162 | 111 |
| Expenses settled in shares  | 63 | 142 |
| Foreign exchange differences  | 444 | (3) |
|  | (2042) | (1126) |
| Changes in working capital: |  |  |
| Decrease in trade and other receivables  | 40 | 53 |
| Increase in trade and other payables  | 880 | 415 |
| **Net cash outflows in operating activities**  | (1122) | (658) |
| **Cash flows from investing activities** |  |  |
| Purchase of intangibles  | (8038) | (1496) |
| **Net cash outflows from investing activities**  | (8038) | (1496) |
| **Cash flows from financing activities** |  |  |
| Proceeds from issue of share capital  | 8091 | 3876 |
| Share issue costs  | (123) | (57) |
| **Net cash inflows from financing activities**  | 7968 | 3819 |
| (Decrease)/ increase in cash and cash equivalents  | (1192) | 1665 |
| Cash and cash equivalents at beginning of year  | 3033 | 1371 |
| Effect of foreign currency exchange rates  | 32 | (3) |
| **Cash and cash equivalents at 30 June**  | **1873** | **3033** |

---

#### Non-cash transactions during the year
During the year, the Company settled expenses totalling US$63k (2024: US$142k) via the issue of shares, or via warrant exercises. This amount has been deducted from the proceeds from the issue of share capital.

In addition, 150,000 ordinary shares were issued as non-cash consideration, valued at $65k (GBP £53k), in connection with the earn-in option agreement for the Tempiute Tungsten Project. As this represents an investing activity settled in equity rather than cash, it has not been included in the proceeds from the issue of share capital.

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#### GUARDIAN METAL RESOURCES PLC

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. Reporting entity

Guardian Metal Resources plc is a public company limited by shares which is incorporated and domiciled in England and Wales. The address of the Company's registered office is 25 Eccleston Place, London, England, SW1W 9NF. The consolidated financial statements of the Company as at and for the year ended 30 June 2025 include the Company and its subsidiaries. The Company is the parent company of Golden Metal Resources LLC, Pilot Metals Inc. and BFM Resources Inc., and the subsidiaries are registered and domiciled in the U.S. The Group is primarily involved in the exploration and exploitation of mineral resources in the U.S.

2. Going concern

The financial statements are prepared on a going concern basis. In assessing whether the going concern assumption is appropriate, the Directors have taken into account all relevant available information about the current and future position of the Group, including current level of resources and the required level of spending on exploration and corporate activities. As at the reporting date the Group had a cash balance of $1,873k. Subsequent to the reporting date the Group secured a funding award of $6.2 million and completed a private placement of $21.0 million.

The Board has reviewed the Group's cash flow forecasts up until December 2026 having regard to its current financial position and operational objectives. The predominant focus of operational activities over the period to June 2026 will be the delivery of a Pre-Feasibility Study on its Pilot Mountain Project and a maiden resource at its Tempiute Project, for which both are fully funded. The cash flow forecasts indicate that the Group has the funds available to meet its operational activities and corporate activities through to December 2026, and thus has sufficient working capital and cash flows to continue in operational existence. Taking this into consideration, the Company has therefore adopted the going concern basis of accounting in the preparation of the financial statements.

3. Basis of preparation

(a) Statement of compliance

The consolidated financial statements have been prepared in accordance with international financial reporting standards (IFRS) as issued by the International Accounting Standards Board (IASB). The financial statements are prepared on the historical cost basis or the fair value basis where the fair value of relevant assets or liabilities has been applied, which applies to all listed investments held by the Group.

The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to the period presented, unless otherwise stated.

(b) (i) New and amended standards, and interpretations issued and effective for the first time for annual reporting periods commencing on 1 January 2025 and have been adopted in preparing these financial statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates) — effective 1 January 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) New standards, amendments and interpretations in issue but not yet effective

At the date of approval of these financial statements, the following standards and interpretations which have not been applied in these financial statements were in issue for the period beginning 1 January 2026 but not yet effective:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Amendments IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments\*; and Amendments IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • IFRS 18 — Presentation and Disclosure of Financial Statements — effective 1 January 2027; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • IFRS 19 — Subsidiaries without Public Accountability: Disclosures — effective 1 January 2027.

The Directors do not expect that the adoption of these standards will have a material impact on the financial information of the Group in future periods.

(c) Functional and presentation currency

The consolidated financial statements are presented in United States Dollar (US$). The Company's functional currency is Pounds Sterling (£). All financial information presented has been rounded to the nearest thousand dollars, except where otherwise indicated.

(d) Use of estimates and judgements

The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimates are revised and in any future years affected.

The estimates and assumptions that have the most significant effect on the amounts recognised in the consolidated financial statements and/or have a significant risk of resulting in a material adjustment within the next financial year are as follows:

#### Group
 *Carrying value of intangible assets — Note 8* 

In arriving at the carrying value of intangible assets, the Group determines the need for impairment in accordance with IFRS 6 based on the level of geological knowledge and confidence of the mineral resources. Such decisions are taken on the basis of the exploration and research work carried out in the period utilising expert reports.

 *Valuation of share-based payments — Note 15* 

Accounting for some equity-settled share-based payment awards requires the use of valuation models to estimate the future share price performance of the Company. These models require the Directors to make assumptions regarding the share price volatility, risk free rate and expected life of awards in order to determine the fair values of the awards at grant dates.

4. Significant accounting policies

The accounting policies set out below have been applied consistently throughout the year presented in these consolidated financial statements and have been applied consistently by Group entities.

(a) Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company made up to 30 June each year. The prior year comparatives are for the year ended 30 June 2024.

Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.

Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The contractual arrangement with the other vote holders of the investee;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Rights arising from other contractual arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Group's voting rights and potential voting rights.

The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the period are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.

Acquisitions of mineral exploration licences through the acquisition of non-operational corporate structures that do not represent a business and therefore do not meet the definition of a business combination, are accounted for as the acquisition of an asset.

Where an acquisition transaction constitutes the acquisition of an asset and not a business, the consideration paid is allocated to assets and not a business, the consideration paid is allocated to assets and liabilities acquired based on their relative fair values.

Deferred tax is not recognised upon an asset acquisition.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by other members of the Group. All intragroup assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

(b) Business combinations

On acquisition, the assets and liabilities of a subsidiary are measured at their fair value at the date of acquisition. Any excess of the cost of the acquisition over the fair values of the identifiable net assets acquired is recognised as goodwill. If the aggregate of the acquisition-date fair value of the consideration transferred and the amount recognised for the non-controlling interest (and where the business combination is achieved in stages, the acquisition-date fair value of the acquirer's previously held equity interest in the acquiree) is lower than the fair value of the assets, liabilities and contingent liabilities and the fair value of any pre-existing interest held in the business acquired, the difference is recognised in profit and loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) Subsidiaries and acquisitions

Business combinations are accounted for using the acquisition method as at the acquisition date — i.e., when control is transferred to the Group. Control is when the investor has power over the investee, exposure or rights, to variable returns from its involvements with the investee, and the ability to use its power over the investee to affect the amount of the investor's returns.

The results of subsidiaries acquired or disposed of during the year are included in the statement of comprehensive income from the effective date of acquisition, or up to the effective date of disposal, as appropriate.

 *Investments and loans in subsidiaries* 

The Company recognises its investments in and loans to subsidiaries at cost less any provision for impairment. The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected credit loss allowance for all loans to subsidiaries, except those classified as part of the net investment in subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) Transactions eliminated on consolidation

Intra-group balances and transactions, and any income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) Foreign currency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) Foreign currency transactions

The financial information of the Group is presented in the currency of the primary economic environment in which the entity operates (United States Dollar (US$)). The functional currency of the Company is Pounds Sterling (£).

In preparing the financial information of the Group, transactions in currencies other than the entity's functional currency (foreign currencies) are recorded at the rates of exchange prevailing on the dates of the transactions. At the balance sheet date, monetary items denominated in foreign currencies are retranslated at the rates prevailing at the balance sheet date. Exchange differences arising on the settlement of monetary items and on the retranslation of monetary items are included in the statement of comprehensive income for the period.

The results and financial position of all Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

Assets and liabilities for the statement of financial position presented are translated at the closing rate at the date of that statement of financial position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • income and expenses for the income statement are translated at average exchange rates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all resulting exchange differences are recognised as a separate component of equity.

Foreign currency differences arising on retranslation into an entity's functional currency are recognised in profit or loss

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) Foreign operations

The assets and liabilities of foreign operations are translated to United States Dollar at exchange rates at the reporting date. The income and expenses of foreign operations are translated to United States Dollar at exchange rates at the dates of the transactions, with differences recognised in other comprehensive income.

When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign currency gains and losses arising from such items are considered to form part of a net investment in the foreign operation and are recognised in other comprehensive income and presented in the exchange reserve in equity.

(d) Financial instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) Financial assets

The Group classifies its financial assets into one of the categories discussed below, depending on the purpose for which the asset was acquired. The Group's accounting policy for each category is as follows:

 *Amortised cost* 

The Group assesses at the reporting date whether there is objective evidence that a financial asset, or a group of financial assets, is impaired. A financial asset, or a group of financial assets, is impaired, and impairment losses are incurred, only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a "loss event"), and that loss event (or events) has an impact on the estimated future cash flows of the financial asset, or group of financial assets, that can be reliably estimated.

Receivables that are known to be uncollectible are written off by reducing the carrying amount directly. The Group considers that there is evidence of impairment if any of the following indicators are present:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • significant financial difficulties of the debtor;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • probability that the debtor will enter bankruptcy or financial reorganisation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • default or delinquency in payments.

 *Loans and receivables* 

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets. The Group's loans and receivables comprise other receivables.

Loans and receivables are initially recognised at fair value through profit or loss and are subsequently measured at amortised cost using the effective interest rate method, less provision for impairment.

 *Cash and cash equivalents* 

Cash and cash equivalents comprise cash at bank and in hand and short term highly liquid deposits which are subject to an insignificant risk of changes in value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) Financial liabilities

The Group classifies its financial liabilities into one of the categories discussed below, depending on the purpose for which the liability was incurred. The Group's accounting policy for each category is as follows:

 *Amortised cost* 

The Group's financial liabilities held at amortised cost are recognised in the statement of financial position when the Group becomes a party to the contractual provision of the instrument.

Financial liabilities measured at amortised cost comprise trade payables and other short-dated monetary liabilities, which are initially recognised at fair value and subsequently carried at amortised cost using the effective interest rate method.

 *Determination of Fair values* 

All assets and liabilities for which fair value is measured or disclosed in the historical financial information are categorised within the fair value hierarchy. The fair value hierarchy prioritises the inputs to valuation techniques used to measure fair value. The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments and other assets and liabilities for which the fair value was used:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • level 1: quoted prices in active markets for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • level 2: inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

(e) Share capital

 *Ordinary shares* 

Ordinary shares are classified as equity. There is one class of ordinary share in issue, as detailed in note 12.

(f) Capital contribution

Capital contribution relates to the assignment of receivables from subsidiary undertakings for which no consideration is expected to be paid.

(g) Intangible assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) Prospecting and exploration rights

Rights acquired with subsidiaries are recognised at fair value at the date of acquisition. Other rights acquired and development expenditure is recognised at cost.

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The Group recognises expenditure as exploration and evaluation assets when it determines that those assets will be successful in finding specific mineral resources (IFRS 6 assets). Expenditure included in the initial measurement of exploration and evaluation assets and which are classified as intangible assets relate to the acquisition of rights to undertake topographical, geological, geochemical and geophysical studies, exploratory drilling, trenching, sampling and other activities to evaluate the technical feasibility and commercial viability of extracting a mineral resource.

Capitalisation of pre-production expenditure ceases when the mining property is capable of commercial production.

When a project is deemed not feasible, related costs are expensed as incurred. Costs incurred include any costs pertaining to technical and administrative overheads. Administration costs that are not directly attributable to a specific exploration area are expensed as incurred, and subsequently capitalised if it is reasonably certain that a resource will be defined.

Capitalised development expenditure will be measured at cost less accumulated amortisation and impairment losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) Impairment

Intangible assets not yet available for use are tested for impairment annually. Whenever events or changes in circumstance indicate that the carrying amount of an asset may not be recoverable, an asset is reviewed for impairment. An assets carrying value is written down to its estimated recoverable amount (being the higher of the fair value less costs to sell and value in use) if that is less than the assets carrying amount.

Impairment reviews for deferred exploration and evaluation expenditure are carried out on a project-by-project basis, with each project representing a potential single cash generating unit. An impairment review is undertaken when indicators of impairment arise such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • unexpected geological occurrences that render the resource uneconomic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • title to the asset is compromised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • variations in mineral prices that render the project uneconomic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • substantive expenditure on further exploration and evaluation of mineral resources is neither budgeted nor planned; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the period for which the Group has the right to explore has expired and is not expected to be renewed.

Impairment losses are recognised in profit or loss. For all assets, an impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

(h) Director benefits — share based payments

The grant date fair value of share-based payment awards granted to Directors is recognised as a director expense, with a corresponding increase in equity, over the period that the Directors become unconditionally entitled to the awards. The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant-date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.

Market vesting conditions are factored into the fair value of all options granted. If all other vesting conditions are satisfied, a charge is made irrespective of whether market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

Where terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the income statement over the remaining vesting period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(i) Taxation

Tax expense or credit comprises current and deferred tax. Current and deferred tax is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) Current tax

Current tax is based on the taxable profit or loss for the year calculated using tax rates that have been enacted or substantively enacted by the end of the reporting year. The Company does not currently generate taxable profits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) Deferred tax

Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases and is accounted for using the balance sheet liability method.

Deferred tax is calculated at the tax rates that have been enacted or substantively enacted and are expected to apply in the period when the liability is settled, or the asset realised. Deferred tax is charged or credited to the statement of comprehensive income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.

Judgement is applied in making assumptions about future taxable income to determine the extent to which the Company recognises deferred tax assets, as well as the anticipated timing of the utilisation of the losses.

(j) Segmental information

An operating segment is defined as a component of an entity that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the entity's chief operating decision maker ("CODM") and for which discrete financial information is available.

The Company's CODM is the Board of Directors. The Board reviews consolidated financial information of the Group for the purposes of allocating resources and assessing performance.

During the year ended 30 June 2025, the Group operated as a single operating and reportable segment, being the exploration and evaluation of mineral resources in Nevada, United States. The Group is an exploration-stage company and does not generate revenues.

The information reviewed by the CODM includes consolidated financial information relating to operating expenditures and cash position. The CODM does not regularly review discrete measures of profit or loss by project or geographical area, nor does the CODM regularly review discrete information regarding assets or liabilities by project or geographical area.

The CODM reviews total assets as reported in the consolidated statement of financial position when making decisions regarding resource allocation. No separate measures of segment assets or liabilities are reviewed.

As a result, the Group has a single operating and reportable segment, and the segment information is the same as that presented in the consolidated statement of comprehensive income, consolidated statement of financial position, consolidated statement of changes in equity and consolidated statement of cash flows.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5. Operating expenses

---

| | | |
|:---|:---|:---|
| | **Year ended <br> 30 June 2025**  | **Year ended <br> 30 June 2024**  |
|  | **US$'000**  | **US$'000**  |
| Operating expenses include: |  |  |
| Staff costs  | 506 | 354 |
| Share based payment expense  | 162 | 124 |
| Auditor's remuneration – audit services  | 95 | 37 |
| Other administrative expenses  | 1956 | 861 |
|  | **2719** | **1376** |

---

6. Directors' emoluments

---

| | | |
|:---|:---|:---|
| | **Year ended <br> 30 June 2025**  | **Year ended <br> 30 June 2024**  |
|  | **US$'000**  | **US$'000**  |
| **Group and Company** |  |  |
| Social security contributions  | 43 | 32 |
| Directors' salary and fees  | 463 | 322 |
| Share based payments  | 162 | 124 |
| **Total** | **668** | **478** |

---

The monthly average number of Directors during the year was:

---

| | | |
|:---|:---|:---|
| | **Year ended <br> 30 June 2025**  | **Year ended <br> 30 June 2024**  |
| **Group and Company** |  |  |
| Directors  | 5 | 5 |
| **Total** | **5** | **5** |

---

Emoluments disclosed above include the following amounts paid to the highest Director:

---

| | | |
|:---|:---|:---|
| | **Year ended <br> 30 June 2025**  | **Year ended <br> 30 June 2024**  |
|  | **US$'000**  | **US$'000**  |
| Emoluments for qualifying services  | 270 | 213 |
| **Total** | **270** | **213** |

---

All employees of the Company are Directors, who together have authority and responsibility for planning, directing and controlling the activities of the Group.

7. Taxation

---

| | | |
|:---|:---|:---|
| | **Year ended <br> 30 June 2025**  | **Year ended <br> 30 June 2024**  |
|  | **US$'000**  | **US$'000**  |
| **Reconciliation of tax (credit)/expense** |  |  |
| Losses from operations  | 2711 | 1376 |
| Tax using the Company's effective domestic tax rate of 19% (2024: 19%)  | (515) | (261) |
| Effects of: |  |  |
| Disallowable expenditure  | 162 | 126 |
| Current losses with no recognisable deferred tax asset  | 353 | 135 |
|  | **—** | **—** |

---

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#### Factors that may affect future tax charges
At the year end, the UK Company had unused tax losses available for offset against suitable future profits of approximately US$4,613k (2024: US$2,405k). A deferred tax asset has not been recognised in respect of such losses due to uncertainty of future profit streams. The main rate of UK corporation tax during the year ended 30 June 2025 was 25 per cent, however the Company has applied the small profits rate being 19 per cent which is applicable to companies with profits under £50,000 (2024: 19 per cent).

8. Intangible assets

---

| | |
|:---|:---|
| | **Group <br> Prospecting and <br> exploration <br> rights**  |
|  | **US$'000**  |
| As at 01 July 2023  | 7796 |
| Additions  | 1496 |
| Effect of foreign exchange  | (12) |
| **Balance at 30 June 2024**  | **9280** |
| Additions  | 8103 |
| Effect of foreign exchange  | 523 |
| **Balance at 30 June 2025**  | **17906** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Pilot <br> Mountain <br> Project**  | **Tempiute <br> Project**  | **Other <br> Projects**  | **Total <br> Prospecting and <br> exploration rights**  |
|  | **US$'000**  | **US$'000**  | **US$'000**  | **US$'000**  |
| As at 01 July 2023  | 7445 |  | 351 | 7796 |
| Additions | 1228 | 268 |  | 1496 |
| Effect of foreign exchange  | (11) |  | (1) | (12) |
| **Balance at 30 June 2024**  | **8662** | **268** | **350** | **9280** |
| Additions | 7632 | 292 | 179 | 8103 |
| Effect of foreign exchange  | 470 |  | 53 | 523 |
| **Balance at 30 June 2025**  | **16764** | **560** | **582** | **17906** |

---

Intangible assets relate to exploration and evaluation project costs capitalised as at 30 June 2025. Additions to project costs during the year ended 30 June 2025 were in relation to projects in Nevada, USA. The exploration projects comprise of the Pilot Mountain Project, Tempiute Project, Golconda Summit Project, Stonewall Project and Garfield Project. The Group is the operator of the Golconda Summit Project, and this is held under an earn-in right from the mineral claim owner under an option agreement.

Considerable progress was made across Pilot Mountain during the period. Following the completion of a high-resolution Induced Polarization (IP) survey completed during the previous period, results were announced which included the delineation of multiple exploration targets designated for further exploration. Following up on this, ground magnetics was completed principally over the Desert Scheelite deposit area which led to the identification of a significant magnetic anomaly located immediately south of this target area. Notice level permits were then obtained and within the period, the Company's first ever diamond drilling programme commenced with initial assay results generally confirming the position grades and thickness of the historical Mineral Resource Estimate (MRE). On the Garfield Property during the year, surface sampling and prospecting was reported by the Company including high-grade epithermal gold vein structures along with elevated silver and copper. The other projects in the Company portfolio were not significantly active as the company focused on tungsten.

During the year, Guardian added a second co-flagship project through the acquisition of the option to purchase the historical Tempiute (Emerson) tungsten mine in Lincoln County, Nevada. A Letter of Intent

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was signed on 31 October 2024, with the definitive agreement completed on 27 January 2025. Since the acquisition, Guardian has advanced preparatory workstreams at Tempiute in support of a planned late summer 2025 drilling programme. The combination of historical production, existing infrastructure, and new exploration potential establishes Tempiute as a highly complementary asset to Pilot Mountain, further strengthening Guardian's ability to deliver scale within a Nevada-based tungsten production hub. Compilation of the extensive historical dataset from this former tungsten producing mine area was progressed with initial 3D models developed to support planned future exploration.

Garfield was advanced considerably during the previous period. This includes several ground-based work programmes which were subsequently followed up with further staking increasing the overall size and prospectivity of the project. Multiple porphyry targets were generated by follow up geophysical surveys and in particular at the High-Grade and Power-Line Zones. Inversions completed over the magnetic results confirmed the presence of two buried and sizeable magnetic anomalies which are found directly underneath considerable zones of copper anomalism (in rock and soil) at surface within the two zones. The Pamlico Gold Zone was also discovered during the period which presented both high-grade copper/silver and gold at surface within this area.

Kibby Basin was acquired via staking by the Group in July 2023. Subsequent to that, a full detailed historical data compilation was completed with the results of that work released shortly thereafter. The results highlighted an untested conductor within the project which is found stratigraphically below multiple lithium rich intervals which were interested by a previous operator within the basin.

Guardian Metal is also the operator of the Golconda Summit Project which is held under an earn-in right from the mineral claim owner under an option agreement. No work was completed on the Golconda Summit Project during the period.

9. Investments in subsidiaries

---

| | | |
|:---|:---|:---|
| | **Year ended <br> 30 June 2025**  | **Year ended <br> 30 June 2024**  |
|  | **US$'000**  | **US$'000**  |
| **Non-current investments** |  |  |
| Investment in Golden Metal Resources LLC  |  |  |
| Investment in Pilot Metals Inc.  | 5880 | 5880 |
| Investment in BFM Resources Inc.  | 17 | 17 |
| **Total** | **5897** | **5897** |

---

During the year, the Group reviewed the classification of a loan receivable from a subsidiary previously presented within current assets as 'amounts due from group undertakings.' Management has determined that this balance forms part of the net investment in the subsidiary, as there is no intention of demanding payment in the foreseeable future. Accordingly, the loan has been reclassified as a non-current asset within 'Investments in subsidiaries.'

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Subsidiaries**  | **Activity**  | **Country of <br> incorporation**  | **Ownership interest**  | **Registered office**  |
| **Golden Metal Resources LLC**  | Mining and exploration | USA | 100% of ordinary shares held directly | 3800 Howard Hughes Parkway <br> STE 1000, <br> Las Vegas, NV 89169, USA |
| **Pilot Metals Inc.**  | Mining and exploration | USA | 100% of ordinary shares held directly | 241 Ridge Street <br> STE 210. <br> Reno, NV 89501, USA |
| **BFM Resources Inc.**  | Mining and exploration | USA | 100% of ordinary shares held directly | 241 Ridge Street <br> STE 210. <br> Reno, NV 89501, USA |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10. Trade and other receivables

---

| | | |
|:---|:---|:---|
| | **Group**  | **Group**  |
| | **As at 30 June <br> 2025**  | **As at 30 June <br> 2024**  |
|  | **US$'000**  | **US$'000**  |
| VAT receivable  | 50 | 47 |
| Other receivables  | 125 | 189 |
| **Trade and other receivables**  | **175** | **236** |

---

11. Cash and cash equivalents

---

| | | |
|:---|:---|:---|
| | **Group**  | **Group**  |
| | **As at 30 June <br> 2025**  | **As at 30 June <br> 2024**  |
|  | **US$'000**  | **US$'000**  |
| Bank balances  | 1873 | 3033 |
| **Cash and cash equivalents**  | **1873** | **3033** |

---

12. Share capital

---

| | | |
|:---|:---|:---|
| | **Number of ordinary shares**  | **Number of ordinary shares**  |
| | **Year ended <br> 30 June 2025**  | **Year ended <br> 30 June 2024**  |
| Balance at beginning of year  | 109832217 | 85000255 |
| Expenses settled in shares  | 170000 | 617647 |
| Shares issued in relation to acquisition  | 150000 |  |
| Issued for cash  | 29286754 | 24214315 |
| **In issue at 30 June – fully paid (par value 0.1p)**  | **139438971** | **109832217** |

---

---

| | | |
|:---|:---|:---|
| | **Ordinary share capital**  | **Ordinary share capital**  |
| | **Year ended <br> 30 June 2025**  | **Year ended <br> 30 June 2024**  |
|  | **US$'000**  | **US$'000**  |
| Balance at beginning of year  | 1346 | 1043 |
| Expenses settled in shares  | 2 |  |
| Shares issued in relation to acquisition  | 2 |  |
| Share issues  | 389 | 303 |
| **Balance at end of year**  | **1739** | **1346** |

---

---

| | | |
|:---|:---|:---|
| | **Share premium**  | **Share premium**  |
| | **Year ended <br> 30 June 2025**  | **Year ended <br> 30 June 2024**  |
|  | **US$'000**  | **US$'000**  |
| Balance at beginning of year  | 9680 | 6195 |
| Expenses settled in shares  | 61 |  |
| Shares issued in relation to acquisition  | 63 |  |
| Share issues  | 7882 | 3542 |
| Expenses relating to share issues  | (129) | (57) |
| **Balance at 30 June**  | **17557** | **9680** |

---

The shares have attached to them full voting, dividend, and capital distribution (including winding up) rights; they do not confer any rights of redemption.

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On 15 August 2024, the Company announced it had completed a strategic financing raising $2,762,667 (£2,154,075) through a direct subscription of 7,978,054 new ordinary shares of 1 pence each at a price of 27 pence per share, representing 6.7% of the enlarged share capital of the Company.

On 15 November 2024, it was announced that the Company had issued 70,000 new ordinary shares of 1 pence each in lieu of supplier fees to the value of $26,597 (£21,000), at a price of 30 pence per share.

On 6 January 2025, the Company completed a strategic fundraise of $915,321 (£750,000) through the issue of 2,500,000 new ordinary shares of 1 pence each in a placing with a single institutional investor at an issue price of 30 pence per share, representing 2% of the enlarged issued share capital of the Company.

On 27 January, the Company announced it had signed an option agreement with Hinkinite Resources LLC ("Hinkinite"), to acquire 100% of the Tempiute Project, and issued 150,000 new ordinary shares as consideration to Hinkinite at a price of 35 pence per share for a total of $65,222 (£52,500).

During the year ended 30 June 2025, the Company received notice to exercise warrants over 16,408,700 new ordinary shares of 1 pence each at an exercise price of 17 pence per warrant, raising $3,646,984 (£2,789,479), and notice to exercise warrants over 2,500,000 new ordinary shares or 1 pence each at an exercise price of 25 pence per warrant, raising $808,321 (£625,000) for the Company.

Shares to be issued at 30 June 2024 were issued during the year, resulting in a share capital and premium movement of $173,588 (£136,859).

13. Reserves

#### Accumulated losses
Accumulated losses comprise cumulative accounting profits and losses since incorporation.

#### Share capital
The share capital comprises the issued ordinary shares of the Company at par value.

#### Share premium
The share premium comprises the excess value recognised from the issue of ordinary shares above par value.

#### Exchange reserve
The exchange reserve comprises exchange differences arising on translation of assets from functional currency £ to presentational currency US$. As the Group is primarily involved in the exploration and exploitation of mineral resources in the US, the consolidated and Company financial statements are presented in US$.

#### Share based payment reserve
The share based payment reserve comprises of amounts recognised for the fair value of share options and warrants granted.

#### Capital contribution
The capital contribution represents the value of loans assigned from subsidiary undertakings as part of a Group reorganisation. The loans were acquired by the Company following the collapse of three Group companies, namely Golden Metal Resources Australia Pty Ltd, Black Fire Industrial Minerals Pty Ltd and Industrial Minerals (USA) Pty Ltd, and the acquisition of debt due to Thor Mining Plc.

A Share Purchase Agreement (SPA) was entered into with Thor Mining Plc on 14 December 2021 for the acquisition of 1,256,350 ordinary shares in Black Fire Industrial Minerals Pty Ltd by Golden Metal

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Resources Australia Pty Ltd. Debt due to Thor Mining Plc from BFM Resources Inc. and Pilot Metals Inc. of AUD$1,873k and AUD$2,064k respectively was acquired by Golden Metal Resources Australia Pty Ltd during the transaction.

Following the transaction, Golden Metal Resources Australia Pty Ltd, Black Fire Industrial Minerals Pty Ltd and Industrial Minerals (USA) Pty Ltd, all previously subsidiaries of the Company, were deregistered or liquidated. Intragroup debt amounting to US$5,897k, including the debt acquired from Thor Mining Plc by Golden Metal Resources Australia Pty Ltd, was transferred to the Company. This has been recognised as a capital contribution in these Financial Statements.

Consideration of US$1,765k, comprising 48,118,920 ordinary shares and 12,500,000 warrants for ordinary shares in Power Metal Resources Plc and a US$115k cash sum, was settled by Power Metal Resources Plc to Thor Mining Plc on behalf of Golden Metal Resources Australia Pty Ltd.

The consideration paid by Power Metal Resources Plc of US$1,765k was recharged to the Company and capitalised as an intangible asset.

14. Earnings per share

#### Basic and diluted loss per share
The calculation of basic and diluted loss per share is based on the loss attributable to ordinary shareholders of US$2,711k (2024: US$1,376k), and a weighted average number of ordinary shares in issue of 123,960,520 (2024: 89,803,058). The basic and diluted earnings per share are the same given the loss for the year, making the outstanding share options and warrants anti-dilutive.

15. Share options and warrants

#### Reconciliation of outstanding share options:

---

| | | |
|:---|:---|:---|
| **2025**  | **Number of <br> options**  | **Weighted <br> average exercise <br> price (£'s)**  |
| Outstanding at 1 July 2024  | 6004860 | 0.13 |
| Granted during the year  | 1400000 | 0.09 |
| **Outstanding at 30 June 2025**  | **7404860** | **0.18** |
| **Exercisable at 30 June 2025**  | **6704860** | **0.18** |

---

---

| | | |
|:---|:---|:---|
| **2024**  | **Number of <br> options**  | **Weighted <br> average exercise <br> price (£'s)**  |
| Outstanding at 1 July 2023  | 2104860 | 0.11 |
| Granted during the year  | 3900000 | 0.14 |
| **Outstanding at 30 June 2024**  | **6004860** | **0.25** |
| **Exercisable at 30 June 2024**  | **5303240** | **0.13** |

---

The weighted average contractual life of the options outstanding at the reporting date is one year and 167 days (2024: two years and 95 days).

Exercise prices of share options outstanding at 30 June 2025 are 10.75p, 14p and 40p.

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The fair values of the options granted during the year were calculated using the Black Scholes Model with the following assumptions:

---

| | | |
|:---|:---|:---|
| **Date granted**  | **September 2024**  | **January 2025**  |
| Risk free interest rate  | 3.638%  | 4.107%  |
| Expected volatility  | 68.297%  | 64.824%  |
| Expected dividend yield  | 0%  | 0%  |
| Life of the option  | 1.5 years  | 1.5 years  |
| Share price at measurement date  | £0.305  | £0.328  |
| **Fair value**  | **£69,877**  | **£31,878**  |

---

In the current year, expected volatility was calculated using the Company's historical share price over the one-year period prior to the grant date, whereas in the prior year it was based on the average volatility of five similar companies in the same industry.

US$162k has been recognised as a share-based payment expense in the Statement of Comprehensive Income related to portion of share options deemed to have vested during the year.

#### Directors' Options
There were no options issued to Directors during the year.

#### Reconciliation of outstanding warrants

---

| | | |
|:---|:---|:---|
| | **Number of <br> warrants**  | **Weighted <br> average <br> exercise price <br> (£'s)**  |
| Outstanding at 1 July 2024  | 21106446 | 0.14 |
| Granted during the year  | 4209027 | 0.40 |
| Exercised  | (18908700) | 0.18 |
| Lapsed  | (102750) | 0.17 |
| **Outstanding at 30 June 2025**  | **6304023** | **0.31** |
| **Exercisable at 30 June 2025**  | **6304023** | **0.31** |

---

---

| | | |
|:---|:---|:---|
| **2024**  | **Number of <br> warrants**  | **Weighted <br> average <br> exercise price <br> (£'s)**  |
| Outstanding at 1 July 2023  | 36840444 | 0.14 |
| Granted during the year  | 2500000 | 0.25 |
| Exercised  | (16964315) | (0.11) |
| Lapsed  | (1269683) | (0.11) |
| **Outstanding at 30 June 2024**  | **21106446** | **0.18** |
| **Exercisable at 30 June 2024**  | **21106446** | **0.18** |

---

The weighted average contractual life of the warrants outstanding is 260 days (2024: 352 days).

Exercise prices of share options outstanding at 30 June 2025 are 10.75p, 17p, 37.5p and 40p.

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The fair values of the warrants granted during the year were calculated using the Black Scholes Model with the following assumptions:

---

| | | |
|:---|:---|:---|
| **Date granted**  | **January 2025**  | **January 2025**  |
| Warrants granted  | 120000  | 100000  |
| Risk free interest rate  | 4.240%  | 4.140%  |
| Expected volatility  | 70%  | 69%  |
| Expected dividend yield  | 0%  | 0%  |
| Life of the option  | 1 year  | 1 year  |
| Share price at measurement date  | £0.300  | £0.350  |
| **Fair value**  | **£7,605**  | **£8,296**  |

---

The remaining warrants were issued in conjunction with the placing, therefore the fair value is deemed to be included in the share price and have not been valued separately.

#### Directors' warrants
There were no warrants issued to Directors during the year.

16. Trade and other payables

---

| | | |
|:---|:---|:---|
| | **Group**  | **Group**  |
| | **As at <br> 30 June <br> 2025**  | **As at <br> 30 June <br> 2024**  |
|  | **($ in thousands)**  | **($ in thousands)**  |
| Trade payables  | 1140 | 251 |
| Other payables  | 65 | 54 |
| Accrued expenses  | 571 | 521 |
| **Trade and other payables**  | **1776** | **826** |

---

17. Financial instruments

#### Financial risk management

#### Overview
The Group has exposure to the following risks arising from financial instruments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • credit risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • liquidity risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • market risk

This note presents information about the Group's exposure to each of the above risks, the Group's objectives, policies and processes for measuring and managing risk, and the Group's management of capital.

#### Risk management framework
The Company's board of Directors has overall responsibility for the establishment and oversight of the Group's risk management framework.

The Group's risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the

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Group's activities. The Group, through its training, management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations.

Cost may be an appropriate estimation of fair value at the measurement date only in limited circumstances, such as for a pre-revenue entity when there is no catalyst for change in fair value, or if the transaction date is relatively close to the measurement date. Other indicators include insufficient recent information; a wide range of possible fair values and cost represents the best estimate.

#### Financial instruments measured at fair value
The fair value hierarchy of financial instruments measured at fair value is provided below. The different levels have been defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly (level 2); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).

There have been no transfers between levels during the period. Additions to level 3 during the period are valued based on cost of investment, for both the Group and the Company.

#### Financial assets carried at amortised cost

---

| | | |
|:---|:---|:---|
| | **Group**  | **Group**  |
| | **As at <br> 30 June <br> 2025**  | **As at <br> 30 June <br> 2024**  |
|  | **($ in thousands)**  | **($ in thousands)**  |
| Cash and cash equivalents  | 1873 | 3033 |
|  | **1873** | **3033** |

---

#### Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations.

#### Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was as follows:

---

| | | |
|:---|:---|:---|
| | **Group**  | **Group**  |
| | **As at <br> 30 June <br> 2025**  | **As at <br> 30 June <br> 2024**  |
|  | **($ in thousands)**  | **($ in thousands)**  |
| Trade and other receivables  | 125 | 189 |
| Cash and cash equivalents  | 1873 | 3033 |
|  | **1998** | **3222** |

---

Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation.

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The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the impact of netting agreements.

#### Non-derivative financial liabilities carried at amortised cost

#### Group

---

| | | | | |
|:---|:---|:---|:---|:---|
| **30 June 2025**  | **Carrying <br> amount**  | **2 months <br> or less**  | **3 – 12 months**  | **More than <br> 1 year**  |
|  | **($ in thousands)**  | **($ in thousands)**  | **($ in thousands)**  | **($ in thousands)**  |
| Trade and other payables  | 1205 | 1205 |  |  |
|  | **1205** | **1205** |  |  |

---

#### Exposure to credit risk

#### Group and Company

---

| | | | | |
|:---|:---|:---|:---|:---|
| **30 June 2024**  | **Carrying <br> amount**  | **2 months <br> or less**  | **3 – 12 months**  | **More than <br> 1 year**  |
|  | **($ in thousands)**  | **($ in thousands)**  | **($ in thousands)**  | **($ in thousands)**  |
| Trade and other payables  | 305 | 305 |  |  |
|  | **305** | **305** |  |  |

---

The Group reviews its facilities regularly to ensure that it has adequate funds for operations and expansion plans.

#### Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group's income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. Due to the nature of the Group's operations, it will be mainly exposed to fluctuations in the price of tungsten, copper and gold. The Group, where able, will look to hedge its foreign currency exposure.

#### Currency risk
The Group operates internationally and is exposed to foreign currency risk arising on cash and cash equivalents and receivables denominated in a currency other than the respective functional currencies of Group entities. The currencies in which these transactions primarily are denominated are Sterling (GBP), Canadian Dollar (CAD) and Australian Dollar (AUD). The following balances were held in foreign currency at the reporting date are:

---

| | | |
|:---|:---|:---|
| | **Group**  | **Group**  |
| | **30 June <br> 2025**  | **30 June <br> 2024**  |
|  | **($ in thousands)**  | **($ in thousands)**  |
| **Net foreign currency financial assets/(liabilities)** |  |  |
| GBP  | 1258 | 2988 |
| CAD  |  | (84) |
| AUD  | (8) |  |
| **Total net exposure**  | **1250** | **2904** |

---

#### Sensitivity analysis
A 10 per cent strengthening of sterling against the respective currencies at 30 June would have increased/(decreased) equity and profit or loss by the amounts shown below:

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Profit and Loss**  | **Profit and Loss**  | **Equity**  | **Equity**  |
| | **30 June <br> 2025**  | **30 June <br> 2024**  | **30 June <br> 2025**  | **30 June <br> 2024**  |
|  | **($ in thousands)**  | **($ in thousands)**  | **($ in thousands)**  | **($ in thousands)**  |
| **Group and Company** |  |  |  |  |
| GBP  | (126) | (299) | (126) | (299) |
| CAD  |  | 8 |  | 8 |
| AUD  | 1 |  | 1 |  |
| **Total net exposure**  | **(125)** | **(291)** | **(125)** | **(291)** |

---

A 10 per cent weakening of the sterling against the respective currencies would have an equal but opposite effect.

#### Capital risk management
The Group's policy is to maintain a strong capital base to maintain investor, creditor and market confidence and to sustain future development of the business. The capital structure of the business consists of cash and cash equivalents, debt and equity, which at 30 June 2025 for the Group totalled US$18,178k (2024: US$11,723k) and for the Company totalled US$21,651k (2024: US$14,451k). The total cash and cash equivalents is set out above and in note 11. Debt comprises various items which are set out above and in note 16.

#### Fair values and carrying amounts
The carrying values of financial assets and liabilities are all approximate to their fair values per the statement of financial position.

18. Related parties

Intragroup debt amounting to US$5,897k (2024:US$5,897k), including the debt acquired from Thor Mining Plc by Golden Metal Resources Australia Pty Ltd, was transferred to the Company following a Group re-organisation in the period ending June 2022. The amount receivable from Pilot Metals Inc. and BFM Resources Inc. as at 30 June 2025 amounted to US$5,897k (2024: US$5,897k). There is no interest charged on the intragroup debt, management do not expect to demand repayment in the foreseeable future. Therefore it is deemed part of the net investment in the subsidiaries and classed as non-current.

Loans from the substantial shareholder, Power Metals Resources Plc included £250k received in April 2024, which was repaid in full in January 2025. The total balance at year end is $nil.

During the year, transactions totalling $4.9m, including a management charge for director fees totalling $120k (£88k) (2024: $Nil) which related to work performed were transferred to Golden Metal Resources LLC, the Company's wholly owned subsidiary (2024: US$32k). The total balance owing at the year end is $4.9m (2024: US$25k).

#### Transactions with key management personnel:
During the year the Company paid US$31.1k (2024: US$30.2k) to MBB Trading Pty Ltd, a company in which M Billing has a beneficial interest in, for his director services. These fees are in line with his Director contract.

During the year the Company paid US$50.8k (2024: US$22.4k) to The Zephyr Group LLC, a company in which JT Starzecki has a beneficial interest in, for his director services. These fees are in line with his Director contract.

19. Capital commitments

The Company has 100 per cent ownership of the Pilot Mountain, Garfield and Stonewall, and Kibby Basin lithium projects, and an earn-in option for up to 100 per cent of the Tempiute Project and up to 100 per cent of the Golconda Summit Project.

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On 21 May 2021, the Company became the operator of the Golconda Summit Project when it entered into an Assignment and Assumption Agreement with GR Silver Mining and the Company was also assigned the Golconda Option Agreement to earn-in up to 100 per cent. GR Silver Mining historically entered into the Golconda Option Agreement to acquire 100 per cent title and interest with Eureka Resources, a private Nevada based company. Under the terms of the Assignment and Assumption Agreement, the Company has assumed the obligation to pay the remaining liability of US$275,000 due under the Golconda Option Agreement to Eureka Resources. Eureka Resources holds a 1 per cent net smelter royalty over the Golconda Summit Project which can be bought back at any time by the Company within one year after commencement of production for US$1,000,000.

Annual payments of US$50,000 are payable by the Company on or before 11 August of each of 2023, 2024, 2025, 2026 and 2027 and the Company holds an option to purchase the leased claims for US$335,000, less the amount of annual payments made. Guardian Metal is committed to approximately $10,000 per annum for vehicle management costs/claim related fees.

On 17 June 2021, Golden Metal Resources LLC acquired the Garfield and Stonewall Projects from the Sunrise Resources Group. Under the terms of the Acquisition Agreements, the Sunrise Resources Group retain a 2 per cent royalty over the Garfield and Stonewall Projects. 1 per cent of each project royalty may be repurchased by the Company for US$1,000,000 at any time. Guardian Metal is committed to approximately $32,000 per annum for vehicle management costs/claim related fees in relation to Garfield, and approximately $4,000 per annum in relation to Stonewall.

On 1 November 2021, the Company acquired Black Fire Industrial Minerals Pty Ltd from Thor Mining Plc in order to acquire the Pilot Mountain Project. Certain mining claims within the Pilot Mountain Project are subject to a two per cent royalty held Nevada Select Royalty based on actual proceeds from the sale of minerals. In addition, Nevada Select Royalty is entitled to receive non-refundable prepayments in respect of the Pilot Metals Royalty at a current rate of US$40,000 per annum. Guardian Metal is committed to approximately $32,000 per annum for vehicle management costs/claim related fees.

In January 2025, the Company signed an option agreement to purchase 100 per cent of the Tempiute Tungsten Project. During the term of the agreement, the Company is committed to paying the owner US$25,000 every six months, which is to be netted against the purchase price should the Company elect to exercise its option. Further, the Company shall pay the owner US$25,000 on the fifth anniversary of the deed and on each succeeding anniversary until the Company commences commercial production of minerals from the property. Each payment represents an advance payment of any royalties due to the owner. The agreement allows the Company to terminate at any time without incurring additional liabilities beyond payments accrued up to the termination date. As such, no liability for future payments has been recognised in the financial statements.

The Company is not committed to any costs in relation to the Kibby Basin Project.

20. Post balance sheet events

On 23 July 2025, the Company announced that its wholly owned subsidiary, Golden Metal Resources LLC, had been approved for an award of US$6.2 million by the United States Department of Defense under Title III of the Defense Production Act. The award will support the advancement of the Pilot Mountain Project, including funding a comprehensive pre-feasibility study and key environmental studies.

On the same date, the Company announced the successful completion of a strategic equity fundraising, raising gross proceeds of approximately US$21 million (GBP £15.6 million) through the issue of 25,495,000 new ordinary shares at a price of £0.60 per share. The fundraising was led by the Company's largest shareholder, UCAM Limited, and will support development work at both Pilot Mountain and Tempiute, including resource drilling, engineering studies, and permitting.

On 25 July 2025, the Company reported the exercise of 2,094,996 warrants, raising a total of approximately US$380k (GBP £294k). The exercises included participation from certain directors of the Company and increased the total issued share capital to 150,812,301 ordinary shares.

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On 28 July 2025, the Company announced the expansion of the Tempiute Project through the acquisition of additional claims, including the historical Schofield open pit mine. The acquisition, completed for US$40k extends the mineralised strike length at Tempiute to approximately 3km and is held royalty-free.

On 19 August 2025, the Company announced that its significant shareholder, Power Metal Resources plc had sold its remaining 24,699,825 ordinary shares in Guardian Metal for £13,584,904 representing a price of 55p per Sale Share to an investment fund managed by Duquesne Family Office LLC.

On 26 August 2025, the Company announced that it has become a member of the Defense Industrial Base Consortium (DIBC) and the Cornerstone Program. As Guardian Metal continues to pursue partnership opportunities to strengthen its relationship with the U.S. Government, it has joined these groups as another step forward in its progress.

On 8 September 2025, the company announced that it intends to undertake an offering for ordinary shares (or ADRs) in the United States and complete a related listing on a US securities exchange, with the offering and listing expected to be completed during H1 2026.

On 12 September 2025, the Company announced the exercise of warrants over 40,000 new ordinary shares of 1 pence each in the Company at an exercise price of 37.5p per Warrant Share, raising £15,000 for the Company.

On 26 September 2025, the Company announced the exercise of warrants over 80,000 new ordinary shares of 1 pence each in the Company at an exercise price of 37.5p per Warrant Share, raising £30,000 for the Company.

On 31 October 2025, the Company announced the exercise of options over 300,000 new ordinary shares of 1 pence each in the Company at an exercise price of 22.7p per Share, raising £68,000 for the Company.

On 14 November 2025, the Company announced the exercise of warrants over 100,000 new ordinary shares of 1 pence each in the Company at an exercise price of 0.14p per Warrant Share, raising £14,000 for the Company.

On 28 November 2025, the Company announced the exercise of options over 500,000 new ordinary shares of 1 pence each in the Company at an exercise price of 0.14p per Warrant Share, raising £70,000 for the Company.

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![[MISSING IMAGE: lg_guardianmetal-4c.jpg]](lg_guardianmetal-4c.jpg)

### Guardian Metal Resources PLC

#### PROSPECTUS

### BMO Capital Markets
, 2026

 **Through and including , 2026 (the 25th day after the date of this prospectus), all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.** 

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#### PART II INFORMATION NOT REQUIRED IN PROSPECTUS

#### Item 6. Indemnification of Directors and Officers.
Members of the registrant's board of directors and its officers have the benefit of the following indemnification provisions in the registrant's Articles of Association:

Subject to the provisions of and so far as may be permitted under the law of England and Wales, every director, alternate director, secretary or other officer (other than any person (whether an officer or not) engaged by the Company as auditor) shall be entitled to be indemnified by the Company (and the Company shall also be able to indemnify directors of any associated company (as defined in section 256 of the Companies Act 2006) out of the assets of the Company against all losses or liabilities which he may sustain or incur in or about the actual or purported execution or discharge of the duties of his office or the exercise or purported exercise of his powers or otherwise in relation thereto, *provided* that no director of the Company or an associated company is indemnified by the Company against: (a) any liability incurred by the director to the Company or an associated company; (b) any liability incurred by the director to pay a fine imposed in criminal proceedings or a sum payable to a regulatory authority by way of a penalty in respect of non-compliance with any requirements of a regulatory nature; or (c) any liability incurred by the director (i) in defending any criminal proceedings in which that director is convicted, (ii) in defending any civil proceedings brought by the registrant or an associated company where final judgment is against the director or (iii) in connection with any applications under sections 661(3), 661(4) or 1157 of the Companies Act 2006 for which the court refuses to grant him relief.

Subject to the provisions of and so far as may be permitted by under the laws of England and Wales, and without prejudice to Article 179.1 of our Articles of Association, the board of directors shall have the power to purchase and maintain insurance at the expense of the Company for or for the benefit of any persons who are or were at any time directors, officers or employees of the Company, any holding company of the Company, or any other body, whether or not incorporated, in which the Company or such holding company or any of the predecessors of the Company or such holding company has or had any interest whether direct or indirect or which is in any way allied to or associated with the Company, or any subsidiary undertaking of the Company or of such other body (a "Relevant Company"), or who were or were at any time trustees of any pension fund or employees' share scheme in which employees of any Relevant Company are interested, including (without prejudice to the generality of the foregoing) insurance against any liability incurred by such persons in respect of any negligence, default, breach of duty or breach of trust of which they may be guilty in relation to a Relevant Company arising out of any act or omission in the actual or purported execution or discharge of their duties or in the exercise or purported exercise of their powers or otherwise in relation to their duties, powers or offices in relation to any Relevant Company, or any such pension fund or employees' share scheme.

The underwriting agreement the registrant will enter into in connection with the offering of ADSs being registered hereby provides that the underwriters will indemnify, under certain conditions, the registrant's board of directors and its officers against certain liabilities arising in connection with this offering.

#### Item 7. Recent Sales of Unregistered Securities.
During the past three years, we issued securities that were not registered under the Securities Act as set forth below. We believe that each of such issuances was exempt from registration under the Securities Act in reliance on Section 4(a)(2) of the Securities Act, Rule 701 and/or Regulation S under the Securities Act.

The following is a summary of transactions during the preceding three fiscal years involving sales of our securities that were not registered under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • On May 3, 2023, 2,374,319 shares were issued to Power Metal Resources PLC. The total value of these shares was $255,920 and was offset against loans owed to Power Metal Resources PLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • On May 10, 2023, in connection with our admission to trading on AIM, we issued 23,317,643 new ordinary shares at a price of $0.10 (£0.085), raising gross proceeds of $2,499,722 (£1,982,000) before expenses.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • On May 10, 2023, we also issued an aggregate of 882,353 ordinary shares to our directors as bonus shares, with a total value of $94,591 (£75,000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • On June 9, 2023, 805,882 contract shares were issued to Mrs. Turkmani for consulting fees for a two-year period with a total value of $86,171.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • On August 2, 2023, we agreed with two suppliers of professional and marketing services with invoices totaling $66,732 (£52,500) that that their fees would be settled via the issue of 617,647 new ordinary shares of 1.0p each valued at 8.5p per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • On March 11, 2024, we completed a strategic raise of $955,485 (£750,000), before issue costs, through the issue of 5,000,000 new ordinary shares of 1.0p each in a subscription from Purebond at an issue price of 15.0p per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • On June 10, 2024, we completed a strategic raise of $644,466 (£506,250), through the issue of 2,250,000 new ordinary shares of 1.0p each in a subscription from Purebond at an issue price of 22.5p per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • On August 15, 2024, we completed a strategic raise of $2,750,000 (£2,154,074.58), through the issue of 7,978,054 new ordinary shares of 1.0p each in subscriptions from certain investors at an issue price of 27.0p per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • During the year ended June 30, 2024, we received notice to exercise warrants over 16,159,263 new ordinary shares of £0.01 each at an exercise price of 10.75p per warrant share, which raised £1,737,121.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • During the year ended June 30, 2024, we received notice to exercise warrants over 805,052 new ordinary shares of £0.01 each at an exercise price of 17.00p per warrant share, raising an additional £136,859.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • During the year ended June 30, 2025, a total of 18,908,700 warrants over new ordinary shares were exercised, raising aggregate gross proceeds of approximately $4,455,305 (£3,414,479). In addition, we completed strategic equity fundraisings resulting in the issuance of a total of 10,478,054 new ordinary shares, raising aggregate gross proceeds of approximately $3,677,988 (£2,904,075) before expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • On July 23, 2025, we completed a private placement raising approximately £15.6 million (approximately $21.0 million) through the issue of 25,945,000 ordinary shares at a price of £0.60 per share to new and existing shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • On July 31, 2025, we issued 2,094,996 ordinary shares upon the exercise of outstanding warrants, of which 991,276 were exercised at an exercise price of £0.1075 per share and 1,103,720 were exercised at an exercise price of £0.17 per share, raising approximately £294,000 in gross proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • On September 18, 2025, we issued 40,000 ordinary shares upon the exercise of outstanding warrants at an exercise price of £0.375 per share, raising £15,000 in gross proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • On October 2, 2025, we issued 80,000 ordinary shares upon the exercise of outstanding warrants at an exercise price of £0.375 per share, raising £30,000 in gross proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • On November 6, 2025, we issued 300,000 ordinary shares upon the exercise of outstanding options at an exercise price of £0.226 per share, raising £68,000 in gross proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • On November 20, 2025, we issued 100,000 ordinary shares upon the exercise of outstanding options at an exercise price of £0.0014 per share, raising £14,000 in gross proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • On December 4, 2025, we issued 500,000 ordinary shares upon the exercise of outstanding options at an exercise price of £0.14 per share, raising £70,000 in gross proceeds.

These issuances were exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) of the Securities Act, Rule 701 and/or Regulation S under the Securities Act.

No underwriter or underwriting discount or commission was involved in any of the transactions set forth in Item 7. However, in connection with certain fundraises, we paid broker commissions solely to brokers for investors they introduced. No other commissions or incentives were paid.

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#### Item 8. Exhibits and Financial Statement Schedules.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The Exhibit Index is hereby incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Financial Statement Schedules.

All schedules have been omitted because they are not required, are not applicable or the information is otherwise set forth in the consolidated financial statements and related notes thereto.

#### Item 9. Undertakings.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction, the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) The undersigned registrant hereby further undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

------

[**TABLE OF CONTENTS**](#TOC2)

#### EXHIBIT INDEX

---

| | |
|:---|:---|
| **Exhibit No.**  | **Description**  |
| &nbsp;&nbsp; 1.1\* | Form of Underwriting Agreement |
| &nbsp;&nbsp; 3.1 | [Articles of Association of the Registrant](tm2532978d7_ex3-1.htm)  |
| &nbsp;&nbsp; 4.1 | [Form of Deposit Agreement](tm2532978d7_ex4-1.htm)  |
| &nbsp;&nbsp; 4.2 | [Form of American Depositary Receipt (included in Exhibit 4.1)](tm2532978d7_ex4-1.htm)  |
| &nbsp;&nbsp; 5.1 | [Opinion of Haynes and Boone CDG LLP, counsel to the Registrant, as to the validity of the ordinary shares underlying the ADSs (including consent)](tm2532978d7_ex5-1.htm)  |
| 10.1 | [Exploration Lease and Option to Purchase Agreement Tempiute Project](tm2532978d7_ex10-1.htm)  |
| 10.2 | [Right of First Refusal Agreement between the Company and UCAM](tm2532978d7_ex10-2.htm)  |
| 10.3 | [Right of First Refusal Agreement between the Company and Duquesne](tm2532978d7_ex10-3.htm)  |
| 10.4 | [Form of Deed of Indemnity between the Registrant and each of its directors](tm2532978d7_ex10-4.htm)  |
| 14.1 | [Code of Conduct](tm2532978d7_ex14-1.htm)  |
| 21.1 | [List of subsidiaries of the Registrant](tm2532978d7_ex21-1.htm)  |
| 23.1 | [Consent of PKF Littlejohn LLP an independent registered public accounting firm](tm2532978d7_ex23-1.htm)  |
| 23.2 | [Consent of RESPEC Company LLC](tm2532978d7_ex23-2.htm)  |
| 23.3 | [Consent of Argus Media Group](tm2532978d7_ex23-3.htm)  |
| 23.4 | [Consent of Haynes and Boone CDG LLP (included in Exhibit 5.1)](tm2532978d7_ex5-1.htm)  |
| 24.1 | [Power of Attorney (included in signature page to Registration Statement)](#tSIG)  |
| 96.1 | [S-K 1300 Technical Report Summary and Mineral Resource Estimate entitled "SK 1300 Technical Report Summary Pilot Mountain Tungsten Project"](tm2532978d7_ex96-1.htm)  |
| 107 | [Filing Fee Table](tm2532978d6_ex-filingfees.htm)  |

---

\*

To be filed by amendment.

------

[**TABLE OF CONTENTS**](#TOC)

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in London, United Kingdom on February 26, 2026.

#### GUARDIAN METAL RESOURCES PLC
By:

/s/ Oliver Friesen

Name:

Oliver Friesen

Title:

Chief Executive Officer

------

[**TABLE OF CONTENTS**](#TOC)

KNOW ALL PERSONS BY THESE PRESENTS that each person whose signature appears below hereby constitutes and appoints Oliver Friesen and Benjamin James Hodges and each of them, his or her true and lawful attorneys-in-fact and agents, with full power to act separately and full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and all additional registration statements pursuant to Rule 462(b) of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorney-in-fact and agent full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or either of them or his or her or their substitute or substitutes may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons on February 26, 2026 in the capacities indicated:

---

| | |
|:---|:---|
| **Name**  | **Title**  |
| /s/ Oliver Friesen <br>Oliver Friesen  | Chief Executive Officer and Director <br> (Principal Executive Officer)  |
| /s/ Benjamin James Hodges <br>Benjamin James Hodges  | Finance Director <br> (Principal Financial Officer and <br> Principal Accounting Officer)  |
| /s/ Jason Thomas Starzecki <br>Jason Thomas Starzecki  | Executive Chairman and Director  |
| /s/ Mark Burnett <br>Mark Burnett  | Director  |
| /s/ Michael X. Schlumpberger <br>Michael X. Schlumpberger  | Director  |

---

------

[**TABLE OF CONTENTS**](#TOC)

#### SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE OF REGISTRANT
Pursuant to the requirements of the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Guardian Metal Resources PLC has signed this registration statement on February 26, 2026.

#### Golden Metal Resources LLC
By:

/s/ Jason Thomas Starzecki

Name:

Jason Thomas Starzecki

Title:

Authorized Signatory

------

## Exhibit 3.1

**Exhibit 3.1**

**THE COMPANIES ACT 2006**

**(AS AMENDED)**

**PUBLIC COMPANY LIMITED BY SHARES**

**ARTICLES OF ASSOCIATION**

**OF**

**GOLDEN METAL RESOURCES PLC**

**(Amended by Special Resolution dated 23 February 2022)**

**PRELIMINARY**

1. In these Articles the following words and expressions shall have the following meanings unless the context otherwise requires:

---

| | |
|:---|:---|
| **"AIM"** | means the market of that name operated by the Stock Exchange; |
| "the Act" | the Companies Act 2006 including any statutory modification or re-enactment thereof for the time being in force; |
| "these Articles" | these articles of association or such other articles of association of the Company as are from time to time in force; |
| "the Auditors" | the auditors for the time being of the Company; |
| "the Board" | the board of Directors; |
| "certificated share" | a share in the capital of the Company that is not an uncertificated share and references in these Articles to a share being held in certificated form shall be construed accordingly; |
| "Companies Acts" | has the meaning given by section 2 of the Act and includes any enactment passed after the Act which may, by virtue of that or any other enactment, be cited together with the Act as "the Companies Acts"; |

---

---

| | |
|:---|:---|
| "the Directors" | the directors for the time being of the Company or, as the case may be, the directors present at a duly convened meeting of the board of directors or any duly authorised committee thereof at which a quorum is present; |
| "electronic communication" | any document or information sent or supplied in electronic form within the meaning of section 1168 of the Act; |
| "electronic form" and "electronic means" | have the same meaning as in section 1168 of the Act; |
| "member" | a person who has agreed to become a member of the Company and whose name is entered in the Company's register of members; |
| "month" | calendar month; |
| "the Office" | the registered office for the time being of the Company; |
| "Operator" | has the meaning given in the Regulations; |
| "paid up" | includes credited as paid up; |
| "the Register" | either or both of the register of members and the Operator register of members of the Company; |
| "the Regulations" | the Uncertificated Securities Regulations 2001 (SI 2001 No. 3755) including any statutory modification or re-enactment thereof and any rules made thereunder and for the time being in force; |
| "relevant system" | the computer-based system, and procedures, which enable title to units of a security to be evidenced and transferred without written instrument, and which facilitate supplementary and incidental matters in accordance with the Regulations; |
| "Secretary" | the secretary or joint secretary for the time being of the Company and any assistant or deputy secretary, and any person appointed by the Directors to perform the duties of the secretary of the Company; |
| "signed" and "signature" | includes, subject to any laws applicable at the time that a document is signed or a signature affixed, an electronic signature or other form of verification that is acceptable to the Board; |

---

---

| | |
|:---|:---|
| "the Stock Exchange" | the London Stock Exchange plc; |
| "the Statutes" | means the Act, the Regulations and every other statute for the time being in force including every statutory modification or re-enactment thereof concerning companies and affecting the Company; |
| "uncertificated share" | (subject to Regulation 42(11)(a) of the Regulations) a share in the capital of the Company title to which is recorded on the Operator register of members of the Company and which may, by virtue of the Regulations, be transferred by means of a relevant system and references in these Articles to a share being held in uncertificated form shall be construed accordingly; |
| "in writing" and "written" | includes writing and any other way of representing or copying words legibly so that they are permanent, or subject to any laws applicable at the time the writing is created, in electronic form. |

---

Where the context so admits words and expressions used in the Regulations shall bear the same meaning in these Articles.

Where, in relation to a share, these Articles refer to a relevant system, the reference is to the relevant system in which that share is a participating security at the relevant time.

Words importing the singular number only include the plural number and vice versa.

Words importing one gender only include the other genders. Words importing persons include corporations.

Words and expressions defined in the Statutes shall, unless the context otherwise requires, have the same meanings in these Articles.

The headings in these Articles are inserted for convenience only and shall not affect the construction hereof

2. No regulations or articles set out in any statute, or in any statutory instrument or other subordinate legislation made under any
statute, concerning companies shall apply as the regulations or articles of the Company.

**LIMITED LIABILITY**

3. The liability of the members of the Company is limited to the amount, if any, unpaid on the shares in the Company held by them.

**CHANGE OF NAME**

4. The Company may change its name by resolution of the Board.

**SHARES**

5. Without prejudice to any special rights previously conferred on the holders of any existing shares or class of shares, any share in
the capital of the Company may be issued with such rights (including preferred, deferred or other special rights) or such restrictions,
whether in regard to dividend, voting, return of capital or otherwise as the Company may by ordinary resolution determine.

6. Subject to any rights attached to any existing shares or class of shares, shares may be issued which are to be redeemed or are liable
to be redeemed at the option of the Company or the shareholder on such terms and conditions and in such manner as shall be provided by
the Board prior to the date on which such shares were allotted.

7. The Company shall not give any financial assistance for the acquisition of shares in the Company except and in so far as permitted
by the Statutes.

8. The shares of the Company shall not be allotted at a discount and save as permitted by the Statutes shall not be allotted except as
paid up at least as to one-quarter of their nominal value and the whole of any premium thereon.

9. The Company may exercise the powers of paying commissions conferred by the Statutes to the fullest extent thereby permitted. Such
commission may be satisfied by the payment of cash or the allotment of fully or partly paid shares or partly in one way and partly in
the other. The Company may also on any issue of shares pay such brokerage as may be lawful.

10. Save as otherwise provided in the Statutes or in these Articles, all unissued shares (whether forming part of the original or any
increased capital) shall be at the disposal of the Directors who may (subject to the provisions of the Statutes) allot (with or without
conferring a right of renunciation), grant options over, offer or otherwise deal with or dispose of them to such persons at such times
and generally on such terms and conditions as they may determine. The Directors may at any time after the allotment of any share but before
any person has been entered in the Register as the holder thereof recognise a renunciation thereof by the allottee in favour of some other
person and may accord to any allottee of a share a right *to* effect such renunciation upon and subject to such terms and conditions as the Directors
may think fit to impose.

11. Save as otherwise provided in these Articles or as otherwise required by the Act the Company shall be entitled to treat the person
whose name appears on the Register in respect of any share as the absolute owner thereof, and accordingly shall not, except as ordered
by a court of competent jurisdiction or as required by the Statutes, be bound to recognise any trust or equity or any equitable, contingent,
future, partial or other claim to or interest in any share on the part of any other person whether or not it shall have express or other
notice thereof.

**SHARE CERTIFICATES**

12. Subject to the Statutes, the Board may by resolution determine, either generally or in any particular case or cases, that share certificates
need not be issued under a seal. The Board may by resolution decide, either generally or in any particular case or cases, that any signatures
on any share certificate need not be autographic but may be applied to the certificates by mechanical means or may be printed on them
or that the certificates need not be signed by any person.

13. Any person (except where the holding of shares is in uncertificated form or via a recognised person in respect of whom the Company
is not required by law to complete and have ready for delivery a certificate) upon becoming the registered holder of any shares in the
Company shall be entitled, without payment, to one certificate for all the certificated shares registered in his name, or in the case
of shares of more than one class being registered in his name, to a separate certificate for each class of shares so registered and on
transferring part of the shares of any class registered in his name he shall be entitled without payment to one certificate for the balance
of shares retained by him and registered in his name.

14. Upon delivery to the Directors of any certificate which is worn out or defaced they may order the same to be cancelled and may issue
a new certificate in its place, and if any certificate is lost, stolen or destroyed, then, subject to compliance with such conditions
as to evidence and indemnity (with or without security) as the Directors shall deem fit, a new certificate shall be given to the party
entitled, in place of the lost, stolen or destroyed certificate.

15. Every certificate issued under the last preceding Article shall be issued without payment, but there shall be paid to the Company
a sum equal to any exceptional out of pocket expenses incurred by the Company in respect of any such issue.

16. The Company shall not be bound to issue more than one certificate in respect of shares registered in the joint names of two or more
persons and such certificate shall be delivered to the person first named on the Register in respect of such shares. The Company shall
not be bound to register more than four persons as joint holders (except in the case of executors or trustees of a deceased member).

**UNCERTIFICATED SHARES**

17. Subject to the provisions of the Regulations, the Board may permit the holding of shares in any class of shares in uncertificated
form and the transfer of title to shares in that class by means of a relevant system and may determine that any class of shares shall
cease to be a participating security.

18. Shares in the capital of the Company that fall within a certain class shall not form a separate class of shares from other shares
in that class because any share in that class:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is held in uncertificated form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is permitted in accordance with the Regulations to become a participating security.

19. Where any class of shares is a participating security and the Company is entitled under any provision of the Act, the Regulations
or these Articles to sell, transfer or otherwise dispose of, forfeit, re-allot, accept the surrender of or otherwise enforce a lien over
a share held in uncertificated form, the Company shall be entitled, subject to the provisions of the Act, the Regulations, these Articles
and the facilities and requirements of the relevant system:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to require the holder of that uncertificated share by notice to change that share into certificated form within the period specified
in the notice and to hold that share in certificated form so long as required by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to require the holder of that uncertificated share by notice to give any instructions necessary to transfer title to that share by
means of the relevant system within the period specified in the notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to require the holder of that uncertificated share by notice to appoint any person to take any step, including without limitation
the giving of any instructions by means of the relevant system, necessary to transfer that share within the period specified in the notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to require the Operator to convert that uncertificated share into certificated form in accordance with Regulation 32(2)(c) of
the Regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to take any action that the Board considers appropriate to achieve the sale, transfer, disposal, forfeiture, re-allotment or surrender
of that share or otherwise to enforce a lien in respect of that share.

**VARIATION OF RIGHTS**

20. If at any time the capital is divided into different classes of shares all or any of the rights or privileges attached to any
class may, subject to the provisions of the Act, be varied or abrogated either (a) in such manner (if any) as may be provided by
such rights, or (b) in the absence of any such provision either with the consent in writing of the holders of at least three-fourths
of the nominal amount of the issued shares of that class or with the sanction of a special resolution passed at a separate meeting of
the holders of the issued shares of that class, but not otherwise. The creation or issue of shares ranking pari passu with or subsequent
to the shares of any class shall not (unless otherwise expressly provided by these Articles or the rights attached to such last mentioned
shares as a class) be deemed to be a variation of the rights of such shares.

21. To every such separate general meeting all of the provisions of these Articles relating to general meetings shall mutatis mutandis
and so far as applicable, apply provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1. the necessary quorum at such meeting shall be two persons holding or representing by proxy at least one-third in nominal value of
the issued shares of the class in question and at an adjourned meeting one person holding shares of the class in question or his proxy;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2. any holder of shares of the class in question present in person or by proxy and entitled to vote at the meeting may demand a poll.

**CALLS ON SHARES**

22. The Directors may (subject to the terms of allotment thereof) from time to time make such calls as they think fit upon the members
in respect of all monies unpaid on the shares held by them whether on account of the nominal amount of the shares or by way of premium
provided that at least 14 days' notice be given of each call. Each member shall pay the amount of each call made on him to the person
and at the time and place specified by the Directors in the said notice.

23. A call may be made payable by instalments and may, at any time before receipt by the Company of a sum due thereunder, either be revoked
or postponed in whole or in part.

24. A call shall be deemed to have been made at the time when the resolution of the Directors authorising such call was passed. The Directors
may make arrangements on the issue of shares for a difference between the holders of such shares in the amount of calls to be paid and
the time of payment of such calls.

25. The joint holders of a share shall be jointly and severally liable to pay all costs in respect of it.

26. If the sum payable in respect of any call or instalment is not paid on or before the day appointed for payment, the holder for the
time being of the share in respect of which the sum is due, shall pay interest
on the sum at such rate as may be fixed by the terms of allotment of the share or, if no rate is fixed, at the appropriate rate (as defined
by the Act) from the time appointed for payment until the actual payment, and all expenses that may have been incurred by the Company
by reason of such non-payment but the Directors may if they think fit waive the payment of such interest and expenses or any part thereof.

27. The Directors may, if they think fit, receive from any member willing to advance the same all or any part of the money unpaid upon
the shares held by him beyond the sums actually called up; and upon the money being paid in advance, or so much thereof as from time
to time exceeds the amount of the calls then made upon the shares in respect of which such advance shall have been made, the Company may
pay interest at such rate (not exceeding, without the sanction of the Company given by ordinary resolution, the appropriate rate aforesaid)
as the member paying such sum in advance and the Directors agree upon, but no part of such monies shall be included or taken into account
in ascertaining the amount of the dividend payable upon the shares in respect of which such advance has been made.

28. If by the terms of issue of any shares, or otherwise, any amount is made payable at any fixed date or by instalments and whether on
account of the nominal value of the shares or by way of premium thereon, every such amount shall be payable as if it were a call duly
made by the Directors of which due notice had been given and all the provisions of these Articles as to the payment of calls and interest
and expenses in connection therewith and as to the forfeiture of shares for non-payment of calls shall apply to every such amount and
the shares in respect of which it is payable.

**FORFEITURE AND LIEN**

29. If any member fails to pay any call or instalment of a call on or before the day appointed for payment, the Directors may at any time
thereafter during such time as the call or instalment or any part thereof remains unpaid, serve a notice on such member requiring him
to pay the same, together with any interest that may have accrued thereon and all expenses incurred by the Company by reason of such non-payment.

30. The notice shall name a further day (not being less than 14 days from the date of the notice) on or before which and a place where
such call or instalment and all such interest and expenses are to be paid. The notice shall also state that in the event of non-payment
at or before the time and at the place appointed, the shares in respect of which such call was made or instalment is payable will be liable
to be forfeited.

31. If the requirements of any such notice as aforesaid are not complied with, any shares in respect of which such notice shall have been
given may, at any time thereafter but before payment of all calls or instalments, interest and expenses due in respect thereof, be forfeited
by a resolution of the Directors to that effect. Forfeiture shall be deemed to occur at the time of the passing of the said resolution
and shall extend to all dividends declared in respect of the forfeited shares but not actually paid before the forfeiture. The Directors may accept
the surrender of any share liable to be forfeited hereunder on such terms as they think fit.

32. When any share has been forfeited or surrendered, notice of forfeiture or surrender shall be served upon the person who was, before
forfeiture or surrender, the holder of the share or the person entitled thereto by transmission and an entry of the forfeiture or surrender
made in the Register; but no forfeiture shall be invalidated by any omission or neglect to give such notice or make such entry as aforesaid.
Subject to the provisions of the Act any share so forfeited or surrendered shall be deemed to be the property of the Company and the Directors may, within 3 years of such forfeiture or surrender sell, re-allot, or otherwise dispose of the same in such manner as they
think fit, either to the person who was the holder of the shares before the forfeiture or surrender, or to any other person and either
with or without any past or accruing dividends and in the case of re-allotment, with or without any money paid thereon by the former holder
being credited as paid up thereon. Any share not disposed of within a period of 3 years from the date of its forfeiture or surrender shall
be cancelled in accordance with the provisions of the Act.

33. The Directors may at any time before any share so forfeited or surrendered is cancelled, sold, re-allotted or otherwise disposed of,
annul the forfeiture or surrender upon such terms as they think fit.

34. Any member whose shares have been forfeited or surrendered shall immediately cease to be a member in respect of those shares and shall
surrender to the Company for cancellation the certificate for the forfeited or surrendered shares but shall notwithstanding remain liable
for and shall forthwith pay to the Company all monies which at the date of forfeiture or surrender were then payable by him in respect
of the shares, together with interest thereon, from the time of forfeiture until payment, at such rate as may be fixed by the terms of
allotment of the shares or, if no rate is so fixed, at the appropriate rate aforesaid but the Directors may waive payment wholly or in
part or enforce payment without any allowance for the value of the shares at the time of forfeiture or surrender or for any consideration
received upon their disposal.

35. The Company shall have a first and paramount lien upon every share, (not being a fully paid share) registered in the name of each
member (whether solely or jointly with others) for any amount (whether presently payable or not) called or payable in respect of such
share, and such lien shall apply to all dividends from time to time declared or other monies payable in respect of such share. The registration
of a transfer of a share shall, unless otherwise agreed, operate as a waiver of the Company's lien, if any, on such share. The Directors
may waive any lien which has arisen and may resolve that any share is wholly or partly exempt from the provisions of this Article.

36. The Company may sell in such manner as the Directors think fit, any share on which the Company has a lien but no sale shall be made
unless a sum in respect of which the lien exists is presently payable nor until the expiration of fourteen days after a written notice
stating and demanding payment of the sum payable and giving notice of the intention
to sell in default of such payment being made has been given to the registered holder for the time being of the share or the person entitled
thereto by reason of his death or bankruptcy or otherwise by operation of law.

37. The net proceeds of such sale after payment of the costs thereof, shall be applied in or towards payment or satisfaction of such part
of the amount in respect of which the lien exists as is presently payable. The balance, if any, shall (subject to a like lien for sums
not presently payable as existed upon the shares before the sale) be paid to the person entitled to the shares at the date of sale. For
giving effect to any such sale the Directors may authorise some person to transfer the shares sold to or in accordance with the directions
of the purchaser.

38. Upon any sale or re-allotment after forfeiture or surrender or upon any sale for enforcing any lien in purported exercise of the powers
hereinbefore given, the Directors may in the case of a sale nominate some person to execute a transfer of the shares sold in the name
and on behalf of the registered holder (or other persons entitled thereto by reason of his death or bankruptcy) and may in any such case
cause the name of the purchaser or allottee to be entered in the Register in respect of the shares sold or re-allotted, and the purchaser
or allottee shall not be bound to see to the regularity of the proceedings or to the application of the purchase or subscription money,
and after his name has been entered in the Register in respect of such shares, the validity of the sale or forfeiture shall not be impeached
by any person and the remedy of any person aggrieved by the sale or forfeiture shall be in damages only and against the Company exclusively.

39. A statutory declaration in writing that the declarant is a Director or the Secretary of the Company and that a share has been duly
forfeited or surrendered or sold to satisfy a lien of the Company on a date stated in the declaration shall be conclusive evidence of
the facts therein stated as against all persons claiming to be entitled to such share.

**TRANSFER OF SHARES**

40. Title to any securities of the Company may be evidenced and title to and interests in securities may be transferred without a written
instrument in accordance with statutory regulations from time to time made under the Statutes, and the Board shall have power to implement
any arrangements it may think fit for such evidencing and transfer which accord with those regulations.

41. Subject to the preceding Article, all transfers of certificated shares may be effected by transfer in writing in any usual or common
form or in such other form as shall be approved by the Directors. The instrument of transfer shall be signed by or on behalf of the transferor
(and in the case of a transfer of a partly paid share, by the transferee) and the transferor shall be deemed to remain the holder of the
share until the name of the transferee is entered in the Register in respect of it. When registered the instrument of transfer shall be
retained by the Company.

42. The Directors may in their absolute discretion and without giving any reason refuse to register any instrument of transfer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.1. unless it is in respect of a fully paid share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.2. unless it is in respect of a share on which the Company does not have a lien;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.3. unless it is in respect of only one class of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.4. if it is in favour of more than four joint holders as transferees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.5. to an entity which is not a natural or legal person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.6. to a minor, to a person in respect of whom a receiving order or adjudication order in bankruptcy has been made which remains undischarged
or to a person who is then suffering from mental disorder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.7. unless the conditions referred to in
Article 43 have been satisfied;

provided always that the Directors shall at all times when considering an instrument of transfer in respect of partly paid shares have regard to the requirements of **AIM** and the Stock Exchange so as to ensure that the Company does not prevent dealings in its shares on an open and proper basis. If the Board refuses to register a transfer of any shares it shall send to the transferee notice of the refusal, as required by section 771 of the 2006 Act, within 2 months after the date on which, in respect of certificated shares, the transfer was lodged with the Company, or, in respect of uncertificated shares, the date on which the appropriate instruction was received by or on behalf of the Company, in each case in accordance with the facilities and requirements of the relevant system concerned.

43. Every instrument of transfer must be left at the Office (duly stamped if necessary), or at such other place as the Directors may from
time to time determine, accompanied by the certificate for the shares to which it relates and such evidence as the Directors may reasonably
require to prove the title of the transferor and the due execution by him of the transfer.

44. In the case of a transfer by a recognised clearing house or a nominee of a recognised clearing house or of a recognised investment
exchange the lodgement of share certificates with the instrument of transfer will only be necessary if and to the extent that certificates
have been issued in respect of the shares in question. The expressions "recognised clearing house" and "recognised investment
exchange" shall have the meanings given to them in the Financial Services and Markets Act 2000.

45. No fee shall be payable for registering any transfer, probate, letters of administration, certificate of marriage or death, power
of attorney, stop notice, court order or other document relating to or affecting the title to any shares
or the right to transfer the same.

46. All instruments of transfer which are registered shall be retained by the Company, but any instrument of transfer which the Directors
may refuse to register shall (except in the case of fraud) be returned to the person depositing the same.

**TRANSMISSION OF SHARES**

47. In the case of the death of a member, the survivor or survivors, where the deceased was a joint holder, and the legal personal representative
of the deceased, where he was a sole holder or only surviving holder, shall be the only persons recognised by the Company as having any
title to his interest in any share(s); but nothing in these Articles shall release the estate of a deceased member from any liability
in respect of any share which has been held by him solely or jointly with any other person.

48. Any person becoming entitled to a share in consequence of the death or bankruptcy of a member or otherwise by operation of law may,
upon such evidence being produced as may from time to time properly be required by the Directors and subject as hereinafter provided,
elect either to be registered himself as holder of the share or to have some person nominated by him registered as the transferee thereof,
but the Directors shall, in either ease, have the same right to decline registration as they would have had in the case of a transfer
of the share by the member registered as the holder of any such share before his death or bankruptcy or other event, as the case may be.

49. If the person so becoming entitled shall elect to be registered himself, he shall deliver or send to the Company a notice in writing
signed by him stating that he so elects. If he shall elect to have another person registered he shall testify his election by executing
to that person a transfer of the share. All the limitations, restrictions and provisions of these Articles relating to the right to transfer
and the registration of transfers of shares shall be applicable to any such notice or transfer as aforesaid as if the death or bankruptcy
of the member or other event had not occurred and the notice of transfer were a transfer signed by the member registered as the holder
of any such share.

50. A person becoming entitled to a share by reason of the death or bankruptcy of the holder or
 otherwise by operation of law shall, upon supplying to the Company such evidence as the Directors may reasonably require to show his
 title to the share, be entitled to the same dividends and other advantages to which he would be entitled if he were the registered
 holder of the share, except that he shall not, before being registered as a member *in* respect of the share, be entitled *in* respect
 of *it* to exercise any right conferred by membership in relation to meetings of the Company (including meetings of the holders
 of any class of shares in the Company) provided always that the Directors may at any time give notice requiring any such person to
 elect either to be registered or to transfer the share, and if the notice is not complied with within sixty days the Directors may
 thereafter withhold payment of all dividends, bonuses or other monies payable in respect of the share until the requirements
of the notice have been complied with.

**UNTRACEABLE SHAREHOLDERS**

51. The Company shall be entitled to sell at the best price reasonably obtainable at the time of sale any share of a member or any share
to which a person is entitled by transmission if and provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.1. for a period of twelve years no cheque, warrant or order sent by the Company through the post in a prepaid letter addressed to the
member or to the person entitled by transmission to the share at his address on the Register or other the last known address given by
the member or the person entitled by transmission to which cheques, warrants and orders are to be sent has been cashed and no communication
has been received by the Company from the member or the person entitled by transmission provided that in such period of twelve years at
least three dividends whether interim or final on or in respect of the share in question have become payable and no such dividend during
that period has been claimed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.2. at the expiration of the said period of twelve years the Company has given notice of its intention to sell such share by advertisement
in a national daily newspaper and a newspaper circulating in the area in which the last known address of the member or the address at
which service of notices may be effected in the manner authorised by these Articles is located (but so that such advertisements need not
refer to the names of the holder(s) of the share or identify the share in question); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.3. the Company has not during the further period of three months after the publication of the advertisements and prior to the exercise
of the power of sale received any communication from the member or person entitled by transmission; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.4. if the shares are listed or dealt in on AIM or the Stock Exchange, the Company has given notice in writing to **AIM** or the Stock
Exchange of its intention to sell such shares.

52. If during any twelve year period or three month period referred to in Article 51.1 and 51.3 of the preceding Article further
shares have been issued in respect of those held at the beginning of such twelve year period or of any previously issued during such periods
and all the other requirements of such Article have been satisfied in respect of the further shares, the Company may also sell the
further shares.

53. To give effect to any sale pursuant to the previous Articles the Directors may authorise any person
 to execute as transferor an instrument of transfer of the said share and such instrument of transfer shall be as effective as if it
 had been executed by the registered holder of or person entitled
by transmission to such share. The transferee shall not be bound to see to the application of the purchase monies and the title of the
transferee shall not be affected by any irregularity or invalidity in the proceedings relating thereto. The net proceeds of sale shall
belong to the Company which shall be obliged to account to the former member or other person previously entitled as aforesaid for an amount
equal to such proceeds and shall enter the name of such former member or other person in the books of the Company as a creditor for such
amount. No trust shall be created in respect of the debt, no interest shall be payable in respect of the same and the Company shall not
be required to account for any money earned on the net proceeds, which may be employed in the business of the Company or invested
in such investments (other than shares of the Company or its holding company (if any)) as the Directors may from time to time think fit.

54. If on two consecutive occasions cheques, warrants or orders in payment of dividends or other monies payable in respect of any share
have been sent through the post or otherwise in accordance with the provisions of these Articles but have been returned undelivered or
left uncashed during the periods for which the same are valid or any transfer by bank or other funds transfer system has not been satisfied,
the Company need not thereafter despatch further cheques, warrants or orders and need not thereafter transfer any sum (as the case may
be) in payment of dividends or other monies payable in respect of the share in question until the member or other person entitled thereto
shall have communicated with the Company and supplied in writing to the Office an address for the purpose.

**ALTERATION OF SHARE CAPITAL**

55. Subject to any direction given to the Directors by the Company in general meeting, whenever as the result of any consolidation or
sub-division of shares members of the Company are entitled to any issued shares of the Company in fractions, the Directors may deal with
such fractions as they shall determine and in particular may sell the shares to which members are so entitled in fractions to any person
(including, subject to the provisions of the Statutes, the Company) and pay and distribute to and amongst the members entitled to such
shares in due proportions the net proceeds of the sale or where the net proceeds in respect of any holding do not exceed £3.00 such
proceeds may be paid to the Company. For the purpose of giving effect to any such sale the Directors may nominate some person to execute
a transfer in respect of the shares sold in favour of the purchaser and may cause the name of the purchaser to be entered in the Register
as the holder of the shares comprised in any such transfer and the purchaser shall not be bound to see to the application of the purchase
money nor shall his title to the shares be affected by any irregularity or invalidity in the proceedings in reference to the sale.

56. Subject to the provisions of the Statutes the Company may from time to time by special resolution reduce its share capital, any capital
redemption reserve fund and any share premium account in any manner authorised by law.

**WARRANTS OR OPTIONS TO SUBSCRIBE FOR SHARES**

57. The Company may, subject to the provisions of the Act and of these Articles, issue warrants or grant options to subscribe for shares
in the Company. Such warrants or options shall be issued on such terms and subject to such conditions as may be resolved upon by the Board
including, without prejudice to the generality of the foregoing, terms and conditions which provide that, on a winding up of the Company,
a holder of warrants or grantee of options may be entitled to receive, out of the assets of the Company available in the liquidation pari
passu with the holders of shares of the same class as the shares in respect of which the subscription rights conferred by the warrants
or the options can be exercised, such sum as he would have received had he exercised the subscription rights conferred by his warrants
or options prior to the winding up but after deduction of the price (if any) payable on exercise of such subscription rights.

**GENERAL MEETINGS**

58. The Directors and the Company shall hold general meetings as annual general meetings in accordance with the requirements of the Statutes,
at such time and place as may be determined by the Directors, including partly (but not wholly) by means of electronic facility or facilities,
as may be determined by the Board.

59. The Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.1. Convene a general meeting of the Company whenever they think fit and general meetings shall also be convened on such requisition,
or in default may be convened by such requisitionists, as provided by the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.2. Any meeting convened under this Article by requisitionists shall be convened in the same manner as nearly as possible as that
in which meetings are to be convened by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.3. The Board may make whatever arrangements it considers fit to allow those entitled to do so to attend and participate in any general
meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.4. The Board shall determine in relation to each general meeting the means of attendance at and participation in the meeting, including
whether the persons entitled to attend and participate in the meeting shall be enabled to do so (but not wholly):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.4.1. by means of electronic facility or facilities (and for the avoidance of doubt the Board shall be under no obligation to offer or provide
such facility or facilities, whatever the circumstances); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.4.2. by simultaneous attendance and participation by means of electronic facility or facilities at a satellite meeting place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.4.3. to participate in the business for which the meeting has been convened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.4.4. to hear all persons who speak (whether by the use of microphones, loudspeakers, audio-visual communications equipment or otherwise)
in the principal meeting place and any satellite meeting place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.4.5. to be heard by all other persons so present in the same way, and the meeting shall be deemed to take place
at the place where the chairman of the meeting presides (the principal meeting place, with any other location where that meeting takes
place being referred in these Articles as a satellite meeting). The chair shall be present at, and the meeting shall be deemed to take
place at, the principal meeting place and the powers of the chair shall apply equally to each satellite meeting place, including their
power to adjourn the meeting as referred to in Article 72.

**NOTICE OF GENERAL MEETINGS**

60. Subject to the requirements set out in the Act, any notice of general meeting may be given by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.1. in hard copy form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.2. in electronic form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.3. by means of a website,

or partly by one of these means and partly by another of these means. Notices of general meeting shall be given in accordance with these articles.

61. An annual general meeting shall be called by not less than 21 days' notice in writing; all other general meetings shall be called
by not less than 14 days' notice in writing. The notice shall be exclusive of the day on which it is served or deemed to be served and
of the day for which it is given and shall specify the place, the day and hour of meeting and, in case of special business, the general
nature of such business. The notice shall be given to all the members, other than those members who, under the provisions of these Articles
or the terms of issue of the shares they hold, are not entitled to receive notice of the meeting, and to the Directors and to the Auditors.
A notice calling an annual general meeting shall specify the meeting as such and the notice convening a meeting to pass a special resolution
shall specify the intention to propose the resolution as such.

62. A general meeting shall, notwithstanding that it is called by shorter notice than that specified in the last preceding Article, be
deemed to have been duly called if consent to short notice is given in accordance with the Statutes.

63. In every notice calling a meeting of the Company or any class of the members of the Company there shall appear with reasonable prominence
a statement that a member entitled to attend and vote is entitled to appoint one or more proxies to attend and, on a poll, to vote instead
of him, and that a proxy need not also be a member.

64. The accidental omission to send notice of or any other document relating to a meeting to, or the non-receipt of any such notice or
other document by, any person entitled to receive the same shall not invalidate the proceedings at any general meeting.

**PROCEEDINGS AT GENERAL MEETINGS**

65. If, at any general meeting at which members are entitled to participate by means of electronic facility or facilities determined
by the Board pursuant to Article 59, any document is required to be on display or to be available for inspection at the meeting (whether
prior to or for the duration of the meeting or both), the Company shall ensure that it is available in electronic form to persons entitled
to inspect it for at least the required period of time, and this will be deemed to satisfy any such requirement.

66. All business shall be deemed special that is transacted at a general meeting other than an annual general meeting and also all business
transacted at an annual general meeting with the exception of receiving and considering the annual accounts and the reports of the Directors
and of the Auditors thereon, the appointment of Directors in the place of those retiring, the declaration of a dividend and the appointment
of the Auditors (when special notice of the resolution for such appointment is not required by the Act) and fix, or determine the manner
of the fixing of, their remuneration.

67. Where by any provision contained in the Act special notice is required of a resolution, that resolution shall not be effective unless
notice of the intention to move it has been given to the Company not less than 28 days (or such shorter period as the Act permits) before
the meeting at which it is moved, and the Company shall give to its members, subject as provided in these Articles, notice of any such
resolution as provided by the Act.

68. Save as otherwise provided in these Articles the quorum for a general meeting shall be two members present in person or by proxy and
entitled to vote on the business to be transacted.

69. No business shall be transacted at any general meeting unless the requisite quorum shall be present when the meeting proceeds to business
and throughout the duration of the meeting. The appointment of a chairman in accordance with the provisions of these Articles shall not
be treated as part of the business of the meeting.

70. If within ten minutes (or such longer period as the chairman may decide) from the time appointed for the meeting a quorum is not present,
then the meeting, if convened by or upon the requisition of members, shall be dissolved. In any other case it shall stand adjourned to
such time (being not less than 14 days nor more than 28 days from then) and place or places, with such means of attendance and participation
(including partly but not wholly by means of electronic facility or facilities), as the chairman (or, in default, the Board) shall appoint.
At any such adjourned meeting the member or members present in person or by proxy and entitled ta vote shall constitute a quorum and have
power to decide upon all matters which could properly have been disposed of at the meeting from which the adjournment took place. The
Company shall give not less than 7 clear days' notice of any meeting adjourned for the want of a quorum and the notice shall state that
the member or members present as aforesaid shall form a quorum.

71. The chairman (if any) of the Board shall preside as chairman at every general meeting of the Company. If there is no chairman of the
Board, or if he is not present at any meeting within 15 minutes after the time appointed for holding the meeting, or if he is unwilling
to act, the Directors present shall select one of their number to be chairman. If no board member is expected to attend the meeting the
Board may appoint the Secretary in advance of the general meeting or the annual general meeting to be the chairman and, failing that,
the members present and entitled to vote shall choose one of their number to be chairman.

72. The chairman may, with the consent of any meeting at which a quorum is present (and shall, if so directed by the meeting), adjourn
the meeting from time to time and from place to place. No business shall be transacted at any adjourned meeting other than the business
left unfinished at the meeting from which the adjournment took place.

73. Whenever a meeting is adjourned for 28 days or more, at least 7 clear days' notice in writing specifying the place, the day and hour
of the adjourned meeting shall be given to the members, the Directors and the Auditors but it shall not be necessary to specify in such
notice the nature of the business to be transacted at the adjourned meeting. Save as aforesaid it shall not be necessary to give any notice
of an adjournment.

74. If an amendment shall be proposed to any resolution under consideration but shall in good faith be ruled out of order by the chairman
of the meeting the proceedings on the substantive resolution shall not be invalidated by any error in such ruling. In the case of a resolution
duly proposed as a special resolution no amendment thereto (other than an amendment to correct a patent error) may in any event be considered
or voted upon.

75. At any general meeting a resolution put to the vote of the meeting shall be decided by a show of hands unless (before, or upon the
declaration of the result of, the show of hands) a poll is demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.1. by the chairman; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.2. by not less than two members present in person or by proxy and entitled to vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.3. by a member or members present in person or by proxy representing not less than one-tenth of the total voting rights of all the members
having the right to vote at the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.4. by a member or members present in person or by proxy holding shares conferring a right to vote at the meeting, being shares on
 which an aggregate sum has been paid up equal to not less than one-tenth of the total sum paid up on all the shares conferring that
 right. Unless a poll is demanded, a declaration
by the chairman that the resolution has been carried or carried by a particular majority or lost or not carried by a particular majority
and an entry to that effect in the book containing the minutes of proceedings of the Company, shall be conclusive evidence of the fact
without proof of the number or proportion of the votes recorded in favour of or against such resolution.

76. A valid instrument appointing a proxy shall be deemed to confer authority to demand or join in demanding a poll and for the purposes
of the immediately preceding Article a demand by a proxy or a member or other person entitled to vote shall be deemed to be a demand
by that member or other person.

77. If a poll is demanded as aforesaid it shall be taken in such manner and at such time and place as the chairman of the meeting directs,
and either at once, or after an interval or adjournment (but not more than 30 days after the date of the meeting or adjourned meeting
at which the poll was demanded), and the result of the poll shall be deemed to be the resolution of the meeting at which the poll was
demanded. The demand for a poll may be withdrawn. No notice need be given of a poll not taken immediately if the time and place at which
it is to be taken are announced at the meeting at which it is demanded. In any other case at least 7 clear days' notice shall be given
specifying the time and place at which the poll is to be taken.

78. Any poll duly demanded with regard to the election of a chairman of a meeting at which such poll is demanded or on any question of
adjournment shall be taken at the meeting and without adjournment.

79. A demand for a poll shall not prevent *the* continuation of a meeting for the transaction of any business other than the question
on which a poll has been demanded.

**VOTING**

80. Subject to the provisions of the Act and to any special rights or restrictions as *to* voting attached to any shares or class
of shares or otherwise provided by these articles, upon a show of hands every member who (being an individual) is present in person or
(being a corporation) is present by a duly authorised representative and in each case is entitled to vote shall have one vote and every
proxy present who has been duly appointed by a member shall have one vote and upon a poll every member present in person or by proxy and
entitled to vote shall have one vote for every share held by him. Any resolution put to a vote at a general meeting which is held partly
by electronic facilities, shall be decided by a poll. A member who is a patient within the meaning of the Mental Health Act 1983 may vote,
whether on a show of hands or on a poll, by his receiver, curator bonis or other person authorised in that behalf appointed by the Court
and such receiver, curator bonis or other person may, on a poll, vote by proxy.

81. If two or more persons are jointly entitled to shares for the time being conferring a right to vote, any one of such persons may
vote at any meeting, either personally or by proxy, in respect thereof as if he were solely entitled thereto, and if more than one of
such joint holders be present at any meeting, either personally or by proxy, the member whose name stands first on the Register as one
of the holders of such shares, and no other, shall be entitled to vote in respect of the same.

82. No member shall, unless the Directors otherwise determine, be entitled to be present or to vote on any question, either in person
or by proxy, at any general meeting of the Company or upon any poll, or to be reckoned in any quorum or to exercise any other right or
privilege conferred by membership in relation to general meetings of the Company or of the holder of any class of shares in the Company
in respect of any shares held by him if any calls or other moneys due and payable by him to the Company in respect of those shares remain
unpaid.

83. Votes may be given either personally or by proxy. A proxy need not be a member of the Company and a member may appoint one or more
than one person to act as his proxy provided that each proxy is appointed to exercise the rights attached to a different share or shares
held by the member. The appointment of a proxy shall not preclude a member from attending and voting in person on a show of hands or on
a poll on any matter in respect of which the proxy or proxies is or are appointed. If and to the extent that a member personally votes
his shares, his proxy or proxies shall not be entitled to vote and any vote cast by a proxy in such circumstances shall be ignored. If
a member appoints more than one person to act as his proxy the appointment of each such proxy shall specify the shares held by the member
in respect of which each such proxy is to vote and no member may appoint more than one proxy (save in the alternate) to vote in respect
of any one share held by that member. The appointment of a proxy shall, subject to the provisions of the Statutes, be deemed to confer
authority to demand or join in demanding a poll and to speak at any meeting and to vote (whether on a show of hands or on a poll) on any
resolution or amendment of a resolution put to the meeting for which it is given.

84. The appointment of a proxy and the power of attorney or other authority, if any, under which it is signed, or a notarially certified
copy thereof, shall be deposited or delivered at such place as may be specified for that purpose for the purpose of receiving electronic
communications in the notice convening the meeting or in the appointment of proxy or if no place is so specified at the Office at least
48 hours (excluding any part of a day which is not a working day) before the time appointed for holding the meeting or adjourned meeting
at which the person named in such appointment proposes to vote or, in the case of a poll taken more than 48 hours (excluding any part
of a day which is not a working day) after it is demanded, be deposited or delivered as aforesaid after the poll has been demanded and
not less than 24 hours (excluding any part of a day which is not a working day) before the time appointed for the taking of the poll or
in the case of a poll not taken forthwith but taken not more than 48 hours (excluding any part of a day which is not a working day) after
it was demanded, be delivered at the meeting at which the poll was demanded to the Chairman of the meeting or to any Director; otherwise
the person so named shall not be entitled to vote in respect thereof. The appointment
of a proxy shall, unless the contrary is stated thereon, be valid as well for any adjournment of the meeting as for the meeting to which
it relates and for any poll arising from any such meeting or adjourned meeting. The valid appointment of a proxy or proxies relating to
more than one meeting (including any adjournment thereof), having once been delivered to the Company for the purposes of any meeting shall
not have to be re-lodged or otherwise re-registered with the Company for the purposes of any subsequent meeting to which *it* relates.
The appointment of a proxy shall, subject to the provisions of the Statutes, be in writing and if it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not in an electronic form, it must be executed by the appointor, or on his behalf by his attorney duly authorised in writing, or if
such appointor is a corporation under its common seal or executed on its behalf by an officer or attorney duly authorised in that behalf
(and the Directors may, but shall not be bound to, require evidence of authority of such officer or attorney);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in electronic form, it must be submitted by or on behalf of the appointer and authenticated.

85. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.1. The Board may allow a proxy for a holder of any shares in uncertificated form to be appointed by electronic means or by means of a
website in the form of an uncertificated proxy instruction. The Board may also allow any supplement to the uncertificated proxy instruction
or any amendment or revocation of any uncertificated proxy instruction to be made by a further uncertificated proxy instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.2. The Board may decide what method should be used to determine at what time the instruction or notification is treated as being received
by the Company. The Board may treat any notification purporting or expressed to be sent on behalf of a holder of a share in uncertificated
form as sufficient evidence of the authority of the person sending the instruction to send it on behalf of that holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.3. For the purposes of this Article 85, an uncertificated proxy instruction is a properly authenticated dematerialised instruction
and/or other instruction or notification, sent through a relevant system to a participant in that system chosen by the Board to act for
the Company. The uncertificated proxy instruction may be in any form and subject to any terms and conditions that the Board deems appropriate,
but always subject to the facilities and requirements of the relevant system.

86. A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous death or incapacity
of the principal or revocation of the instrument of proxy or the authority under which it was executed or transfer of the share in respect
of which the vote is given, provided no intimation in writing of the death, or incapacity, revocation or
transfer shall have been received at the Office or such other place as is specified for depositing the instrument of proxy before the
time for holding the meeting or adjourned meeting or the holding of a poll subsequently thereto at which such vote is given.

87. Subject to the provisions of the Statutes, a resolution in writing signed by all the members for the time being entitled to receive
notice of and to attend and vote at general meetings (or being corporations by their duly authorised representatives) shall be as valid
and effective as if the same had been passed at a general meeting of the Company duly convened and held, and may consist of two or more
documents in like form each signed by one or more of the members.

**CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS**

88. Any corporation which is a member of the Company may by a resolution of its directors or other governing body authorise such person
as it thinks fit to act as its representative at any meeting of the Company or of any class of members of the Company, and the person
so authorised shall be entitled to exercise the same powers on behalf of the corporation which he represents as that corporation could
exercise if it were an individual member of the Company and such corporation shall for the purposes of these Articles be deemed to be
present in person at any such meeting if a person so authorised is present thereat.

**DISCLOSURE OF INTERESTS IN SHARES**

89. The following provisions of this Article shall apply in relation to the disclosure of interests in shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.1. For the purposes of these articles, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Disclosure Notice" means a notice issued by or on behalf of the Company requiring information about interests in its shares
pursuant to section 793 of the 2006 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Specified Shares" means all or, as the case may be, some of the shares specified in a Disclosure Notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Restrictions" means one or more, as determined by the Directors, of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that the member holding the Specified Shares shall not be entitled, in respect of those shares, to attend or be counted in the quorum
or vote either personally or by proxy at any general meeting or at any separate meeting of the holders of any class of shares or upon
any poll or to exercise any other right or privilege in relation to any general meeting or any meeting of the holders of any class of
shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that, unless effected pursuant to article 89.3(c), no transfer of the Specified Shares in certificated form shall be effective or
shall be registered by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) that no dividend or other money payable shall be paid in respect of the Specified Shares and that, in circumstances where an offer
of the right to elect to receive shares instead of cash in respect of any dividend is or has been made, any election made under that offer
in respect of such Specified Shares shall not be effective,

provided that only the restriction referred to in sub-paragraph (i) may be determined by the Directors to apply if the Specified Shares represent less than 0.25% of the relevant class at the time of issue of the Disclosure Notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Restriction Notice" means a notice issued by or on behalf of the Company stating, or substantially to the effect, that
the Specified Shares referred to in that notice shall be subject to one or more of the Restrictions stated in that notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a person other than the member holding a share shall be treated as appearing to be interested (as that word is construed for the purposes
of Part 22 of the Act) in that share if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the member has informed the Company, whether under any statutory or regulatory provision relating to disclosure of interests or otherwise,
that the person is, or may be, or has been at any time during the three years immediately preceding the date upon which the Disclosure
Notice is issued, so interested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Directors (after taking account of any information obtained from the member or, pursuant to a Disclosure Notice, from any other
person) know or have reasonable cause to believe that the person is, or may be, or has been at any time during the three years immediately
preceding the date upon which the Disclosure Notice is issued, so interested; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in response to a Disclosure Notice, the member or any other person appearing to be so interested has failed to establish the identities
of all those who are so interested and (after taking into account the response and any other relevant information) the Company has reasonable
cause to believe that such person is or may be so interested; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Company shall not be treated as having received the information required by a Disclosure Notice in accordance with the terms of
such Disclosure Notice in circumstances where the Directors know or have reasonable
cause to believe that the information provided is false or materially incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.2. Notwithstanding anything in these articles to the contrary, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Disclosure notice has been sent or supplied to a member or any other person appearing to be interested in Specified Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company has not received (in accordance with the terms of such Disclosure Notice) the information required in the notice in respect
of any of the Specified Shares within fourteen days after such Disclosure Notice was sent or supplied,

then the Directors may determine that the member holding the Specified Shares shall, upon the issue of a Restriction Notice referring to those Specified Shares in respect of which information has not been received, be subject to the Restrictions referred to in such Restriction Notice, and upon the issue of such Restriction Notice such member shall be so subject. As soon as practicable after the issue of a Restriction Notice the Company shall serve a copy of the notice on the member holding the Specified Shares but the accidental omission to do so, or the non-receipt by the member of the copy, shall not invalidate or otherwise affect the application of this article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.3. The Restrictions on shares shall cease to apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either in whole or in part at any time the Directors may determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon the Company receiving in accordance with the terms of the relevant Disclosure Notice the information required in that Disclosure
Notice in respect of those shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Company receives an executed instrument of transfer (or a transfer of uncertificated shares is effected under the relevant
system) in respect of those shares, which would otherwise be given effect to, pursuant to a party not connected (within the meaning given
in section 839 of the Income and Corporation Taxes Act 1988) with the member holding such shares or with any other person appearing to
be interested in such shares where such sale is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on a recognised investment exchange (within the meaning given in section 285 of the Financial Services and Markets Act 2000);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on any stock exchange outside the United Kingdom on which the Company's shares are normally dealt; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) on acceptance of an offer made to all holders (or all the holders other than the person making the offer or his nominees) of the shares
of the class of which the shares subject to the Restrictions
form part to acquire those shares or a specified portion of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.4. Subject to the requirements of AIM and the London Stock Exchange, notwithstanding sub-paragraph (c) of article 89.3 the Restrictions
on shares shall continue to apply if within ten days of receipt of the instrument of transfer the Directors decide that they have reasonable
cause to believe that the change in the registered holder of those shares would not be as a result of an arm's length sale resulting in
a material change in the beneficial interests in those shares. Where the Directors make a decision pursuant to this article 88.4, the
Company shall notify the purported transferee of the decision as soon as practicable and any person may make representations in writing
to the Directors concerning the decision. The Company shall not be liable to any person as a result of having imposed Restrictions or
deciding that such Restrictions shall continue to apply if the Directors acted in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.5. Where dividends or other moneys are not paid as a result of Restrictions having been imposed on shares, such dividends or other moneys
shall accrue and, upon the relevant restriction ceasing to apply, shall be payable (without interest) to the person who would have been
entitled had the restriction not been imposed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.6. Shares which the Company offers or procures to be offered pro rata (or pro rata ignoring fractional entitlements and ignoring shares
not offered to certain members by reason of legal or practical problems associated with offering shares outside the United Kingdom) to
holders of shares which are subject to Restrictions shall on issue become subject to the same Restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.7. The Directors shall at all times have the right, at their discretion, to suspend, in whole or in part, any Restriction Notice either
permanently or for any given period and to pay to a trustee any dividend payable in respect of any shares subject to Restrictions or in
respect of any shares issued in right of shares subject to Restrictions. Notice of any suspension, specifying the sanctions suspended
and the period of suspension, shall be given to the relevant holder in writing within seven days after any decision to implement such
a suspension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.8. The limitations on the powers of the Directors to impose and retain Restrictions are without prejudice to the Company's power to apply
to the court pursuant to the Statutes to apply the Restrictions or any other restrictions on any conditions.

**DIRECTORS**

90. Unless and until otherwise determined by the Company in general meeting the number of Directors shall be not less than two and until
so fixed there shall be no maximum number of Directors.

91. The Directors shall be paid out of the funds of the Company by way of fees for their services as Directors such sums (if any) as the
Directors may from time to time determine. The Directors (other than Alternate Directors) shall be entitled to receive by way of fees
for their services as Directors such sum as the Board may from time to time determine (not exceeding £500,000 per annum in aggregate
or such other sum as the Company in general meeting shall from time to time determine). Such sum (unless otherwise directed by the resolution
of the Company) shall be divided amongst the directors in such proportion and in such manner that the Board may determine or in default
of such termination, equally. Any such fees payable pursuant to this article exclude any payment for salary, remuneration, bonuses or
other amounts payable in relation to other services provided to the Company and payable to a director pursuant to any other provisions
of these Articles shall accrue from day to day.

92. The Directors shall also be entitled to be repaid all reasonable travelling, hotel and other expenses incurred by them respectively
in or about the performance of their duties as Directors including any expenses incurred in attending meetings of the Board or of committees
of the Board or general meetings and if in the opinion of the Directors it is desirable that any of their number should make any special
journeys or perform any special services on behalf of the Company or its business, such Director or Directors may be paid such reasonable
additional remuneration and expenses therefor as the Directors may from time to time determine.

93. A Director shall not require a share qualification. A Director who is not a member of the Company shall be entitled to receive notice
of and attend and speak at all general meetings of the Company and at all separate general meetings of the holders of any class of shares
in the capital of the Company.

**ALTERNATE DIRECTORS**

94. Any Director may by written notice to the Board appoint any other Director, or any other person who is approved by the Board as hereinafter
provided, to be his alternate and every such alternate shall (subject to his giving to the Company an address within the United Kingdom
at which notices may be served on him) be entitled to receive notices of all meetings of the Board and of any committee of the Board of
which his appointor is a member and, in the absence of his appointor from meetings of the Board or any such committee to attend and vote
at such meetings and to exercise all the powers, rights, duties and authorities of his appointor provided always that no appointment of
a person other than a Director shall be operative unless and until such appointment shall have been approved by a majority of the Directors.

95. A Director may at any time revoke the appointment of an alternate appointed by him and, subject to such approval as may be required,
appoint another person in his place. If a Director shall die or cease to hold the office of Director, otherwise than by retiring and being
re-elected at the same meeting at which he retires, the appointment of his alternate shall thereupon cease and
determine. An alternate Director need not hold a share qualification and shall not be counted in reckoning the maximum or minimum number
of Directors allowed by these Articles for the time being. A Director or any other person may act as alternate Director to represent more
than one Director. A Director acting as alternate shall, in addition to his own vote (if any), have an additional vote at meetings of
the Board or any committee thereof for each Director for whom he acts as alternate but he shall count as only one for the purpose of determining
whether a quorum is present.

96. Every person acting as an alternate Director shall, whilst so acting, be an officer of the Company and shall alone be responsible
to the Company for his own acts and defaults and he shall not be deemed to be the agent of or for the Director appointing him. The remuneration
(if any) of any such alternate Director shall be payable by the Director appointing him and shall be agreed between the alternate Director
and his appointer.

**EXECUTIVE DIRECTORS**

97. Subject to the provisions of the Act the Directors may from time to time appoint one or more of their body to be a managing director
or joint managing directors of the Company or as an executive director, to hold such other executive office in relation to the management
of the business of the Company as they may decide and upon such terms and for such period as they may determine and, without prejudice
to the terms of any service agreement entered into in any particular case, may at any time revoke any such appointment and appoint another
or others in his or their place or places.

98. The salary or remuneration of any managing director or executive director of the Company shall, subject as provided in any service
agreement, be such as the Directors may from time to time determine and may either be a fixed sum of money, or may be determined in whole
or in part by reference to the business done or profits made, or may include the making of provisions for the payment to him, his widow
or other dependants, of a pension on retirement from the office or employment to which he is appointed and for the participation in pension
and life assurance benefits, or may be upon such other terms as the Directors determine.

99. The Directors may from time to time entrust to and confer upon a managing director or executive director for the time being such of
the powers exercisable under these Articles by the Directors (other than power to make calls or forfeit shares) as they may think fit
and may confer such powers for such time, and to be exercised for such objects and purposes, and upon such terms and conditions, and with
such restrictions as they may think expedient; and they may confer such powers either collaterally with or to the exclusion of and in
substitution for all or any of the powers of the Directors in that connection and may from time to time revoke, withdraw, alter or vary
all or any of such powers.

**POWERS AND DUTIES OF DIRECTORS**

100. The business of the Company shall be managed by the Directors who in addition to the powers and authorities expressly conferred upon
them, by these Articles or otherwise, may exercise all such powers and do all such acts and things as may be exercised or done by the
Company, and as are not by the Statutes or by these Articles required to be exercised or done by the Company in general meeting, subject
nevertheless to such directions as may be given by the Company in general meeting provided that no direction given by the Company in general
meeting shall invalidate any prior act of the Directors which would have been valid if such direction had not been given, and the provisions
contained in these Articles as to any specific power of the Directors shall not be deemed to abridge or restrict the general powers hereby
given.

101. The Directors may exercise all the powers of the Company to give or award pensions, annuities, gratuities and superannuation or other
allowances or benefits to any persons who are or have at any time been Directors of or employed by or in the service of the Company or
of any company which is a subsidiary company of or allied or associated with the Company or any such subsidiary and to the wives, widows,
children and other relatives and dependants of any such persons and may establish, maintain, support, subscribe to and contribute to all
kinds of schemes, trusts and funds for the benefit of such persons or any of them or any class of them, and so that any Director shall
be entitled to receive and retain for his own benefit any such pension, annuity, gratuity, allowance or other benefit (whether under any
such fund or scheme or otherwise) and may vote as a Director in respect of the exercise of any of the powers by this Article conferred
upon the Directors, notwithstanding that he is or may be or become interested therein.

102. The Directors may establish, maintain and give effect to any scheme approved by an ordinary resolution for the allotment of or the
grant of options to subscribe for shares of the Company to persons (including Directors) in the employment of the Company or any subsidiary
of the Company and may exercise all the powers conferred on them by the scheme (including any power to alter or add to its provisions).
These Articles shall be deemed to be modified so far as may be necessary to give effect to the scheme in respect of any shares in issue
or under option. The Directors may procure that any of the matters referred to in this Article are done by the Company either alone
or in conjunction with any other company.

103. The Directors may from time to time and at any time by power of attorney appoint any company, firm or person or body of persons, whether
nominated directly or indirectly by the Directors, to be the attorney or attorneys of the Company for such purposes and with such powers,
authorities, and discretions (not exceeding those vested in or exercisable by the Directors under these Articles) and for such period
and subject to such conditions as they may think fit and any such powers of attorney may contain such provisions for the protection and
convenience of persons dealing with any such attorney as the Directors may think fit and may also authorise any such attorney to sub-delegate
all or any of the powers, authorities and discretions vested in him.

104. The Company may exercise the powers conferred upon the Company by the Act with regard to the keeping of an overseas branch register
and the Directors may (subject to the provisions of the Act) make and vary such regulations as they may think fit respecting the keeping
of any such register and shall give to the Registrar of Companies notice in the prescribed form of the situation of the office where any
overseas branch register is kept.

105. Without prejudice to the provisions of these Articles, the Directors shall have the power to purchase and maintain insurance for or
for the benefit of any persons who are or were at any time directors, officers or employees of the Company, or of any other company which
is its holding company or subsidiary or in which the Company or any such holding company or subsidiary or any of the predecessors of the
Company or of any such holding company or subsidiary has any interest, whether direct or indirect, or of any other body (whether or not
incorporated) in which the Company or any such other company has an interest, or who are or were at any time trustees of any pension fund
in which employees of the Company or any such other company or body are interested, including (without prejudice to the generality of
the foregoing) insurance against any liability incurred by such persons in respect of any act or omission in the actual or purported execution
and/or discharge of their duties and/or the exercise or purported exercise of their powers and/or otherwise in relation to or in connection
with their duties, powers or offices in relation to the Company or any such other company, body or pension fund.

106. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106.1. Subject to the provisions of the Statutes a Director may hold any office or place of profit under the Company in conjunction with
the office of Director for such period, and on such terms as to remuneration and otherwise, as the Directors may determine, and a Director
or any firm in which he is interested may act in a professional capacity for the Company and he or such firm shall be entitled to remuneration
for professional services as if he were not a Director provided that a Director or any such firm shall not act as auditor to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106.2. Subject to the provisions of the Statutes no Director shall be disqualified by his office from contracting with the Company (whether
with regard to any such office or place of profit or acting in a professional capacity or as vendor, purchaser or otherwise howsoever)
and may be interested in dealings of any nature whatsoever with the Company. No contract, arrangement, or dealing shall be liable to be
avoided, nor shall any Director so contracting, dealing or being so interested be liable to account to the Company for any profit arising
out of any such contract, arrangement, or dealing to which he is a party or in which he is interested by reason of his being a Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106.3. A Director may hold office as a director or other officer of or be otherwise interested in any other company of which the Company
is a member or in which the Company is otherwise interested
and unless otherwise agreed shall not be liable to account to the Company for any remuneration or other benefits receivable by him as
a director or officer of, or by virtue of his interest in, such other company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106.4. Without prejudice to the requirements of the Statutes, a Director, including an alternate Director, who is in any way whether directly
or indirectly, interested in a contract or proposed contract with the Company shall declare the nature of his interest at a meeting of
the Board. In the case of a proposed contract the declaration shall be made at the meeting of the Board at which the question of entering
into the contract is first taken into consideration or, if the Director was not at the date of that meeting interested in the proposed
contract, at the next meeting of the Board held after he became so interested. In a case where the Director becomes interested in a contract
after it is made the declaration shall be made at the first meeting of the Board held after the Director becomes so interested. In a case
where the Director is interested in a contract which has been made before he was appointed a Director the declaration shall be made at
the first meeting of the Board held after he is so appointed. For the purposes of this Article a general notice given to the Board
by a Director to the effect that he is a member of any specified company or firm and is to be regarded as interested in any contract which
may, after the date of the notice be made with that company or firm, or he is to be regarded as interested in any contract which may after
the date of the notice be made with a specified person who is connected with him (within the meaning of Section 252 of the Act) shall
(if such Director shall give the same at a meeting of the Board or shall take reasonable steps to secure that it is brought up and read
at the next meeting of the Board after it is given) be deemed a sufficient declaration of interest in relation to any contract so made.
In this Article the expression **"contract"** shall be construed as including any transaction or arrangement, whether
or not constituting a contract.

107. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107.1. The Board of Directors may, subject to the quorum and voting requirements set out in this Article, authorise any matter which would
otherwise involve a Director breaching his duty under the Act to avoid conflicts of interest **("Conflict").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107.2. A Director seeking authorisation in respect of a Conflict shall declare to the Board of Directors the nature and extent of his interest
in a Conflict as soon as is reasonably practicable. The Director shall provide the Board of Directors with such details of the relevant
matter as are necessary for the Board of Directors to decide how to address the Conflict together with such additional information as
may be requested by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107.3. Any Director (including the relevant Director) may propose that the relevant Director be authorised in relation to any matter the
subject of a Conflict. Such proposal and any authority given by the Board of Directors shall be effected in the same way that any other
matter may be proposed to and resolved upon by the Board of Directors under the provisions of these
Articles save that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the relevant Director and any other Director with a similar interest shall not count towards the quorum nor vote on any resolution
giving such authority, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the relevant Director and any other Director with a similar interest may, if the Directors so decide, be excluded from any Board meeting
while the Conflict is under consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107.4. Where the Board of Directors gives authority in relation to a Conflict

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Board of Directors may (whether at the time of giving the authority or subsequently) (a) require that the relevant Director
is excluded from the receipt of information, the participation in discussion and/or the making of decisions (whether at meetings of the
Board of Directors or otherwise) relating to the Conflict, and (b) impose upon the relevant Director such other terms for the purpose
of dealing with the Conflict as it may determine,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the relevant Director will be obliged to conduct himself in accordance with any terms imposed by the Board of Directors in relation
to the Conflict,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Board of Directors may provide that where the relevant Director obtains (otherwise than through his position as a Director of
the Company) information that is confidential to a third party, the Director will not be obliged to disclose that information to the Company,
or to use or apply the information in relation to the Company's affairs, where to do so would amount to a breach of that confidence,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the terms of the authority shall be recorded in writing (but the authority shall be effective whether or not the terms are so recorded),
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Board of Directors may revoke or vary such authority at any time but this will not affect anything done by the relevant Director
prior to such revocation in accordance with the terms of such authority.

108. A Director shall (in the absence of some other material interest than is indicated below) be entitled to be counted in the quorum
and to vote in respect of any resolution concerning any of the following matters namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108.1. the giving of any guarantee, security or indemnity to him in respect of money lent by or obligations incurred by him or by any other
person at the request of or for the benefit of the Company or any of its subsidiary undertakings insofar as the Act permits; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108.2. the giving of any guarantee, security or indemnity to a third party in respect of a debt or obligation of the Company
or any of its subsidiary undertakings for which he himself has assumed responsibility in whole or in part under a guarantee or indemnity
or by the giving of security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108.3. any proposal concerning an offer of shares or debentures or other securities (including options and warrants) of or by the Company
or any of its subsidiary undertakings for subscription or purchase in which offer he is or may be entitled to participate as a holder
of securities or in the underwriting or sub-underwriting thereof, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108.4. any contract, arrangement, transaction or other proposal concerning any other body corporate in which he is interested, directly or
indirectly and whether as an officer or shareholder or otherwise howsoever provided that he is not the holder of or beneficially interested
in one per cent or more of any class of the equity share capital of such body corporate (or of any third body corporate through which
his interest is derived) or of the voting rights available to members of the relevant body corporate (any such interest being deemed for
the purpose of this Article to be a material interest in all circumstances); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108.5. any contract, arrangement, transaction or other proposal concerning the adoption, modification or operation of a superannuation fund
or retirement, death or disability benefits scheme under which he may benefit and which has been approved by or is subject to and conditional
upon approval by the Board of the Inland Revenue for taxation purposes or which does not accord to any Director as such any privilege
or advantage not accorded to the employees to which such scheme or fund relates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108.6. any contract, arrangement, transaction or proposal concerning the adoption, modification or operation of any scheme for enabling employees
including full time executive directors of the Company and/or any subsidiary to acquire shares of the Company or any arrangement for the
benefit of employees of the Company or any of its subsidiaries under which the Director benefits in a similar manner to employees and
which does not accord to any Director as such, any privilege or advantage not generally accorded to the employees to whom such scheme
relates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108.7. any proposal concerning any insurance which the Company proposes to purchase and/or maintain for or for the benefit of any Director
or for the benefit of persons who include Directors.

109. Save as herein provided, a Director shall not vote in respect of any contract or arrangement or any other proposal whatsoever in which
he has any interest which (together with any interest of any person connected with him) is to his knowledge a material interest otherwise
than by virtue of his interests in shares or debentures or other securities of or otherwise through the Company or in respect of which
he has any duty which conflicts with his duty to the Company. A Director shall not be counted in the quorum at a meeting in relation
to any resolution in respect of which he is debarred from voting.

110. Where proposals are under consideration concerning the appointment (including fixing or varying the terms of appointment) of two or
more Directors to offices or employments with the Company or any company in which the Company is interested, such proposals may be divided
and considered in relation to each Director separately and in such cases each of the Directors concerned (if not debarred from voting
under Article 108.4) shall be entitled to vote (and be counted in the quorum) in respect of each resolution except that concerning
his own appointment.

111. If any question shall arise at any meeting as to the materiality of a Director's interest or as to the entitlement of any Director
to vote and such question is not resolved by his voluntarily agreeing to abstain from voting, such question shall be referred to the chairman
of the meeting whose ruling in relation to any other Director shall be final and conclusive except in a case where the nature or extent
of the interests of the Director concerned have not been fairly disclosed.

112. Subject to the provisions of the Act the Company may by ordinary resolution suspend or relax the provisions of these Articles 108
to 111 to any extent or ratify any transaction not duly authorised by reason of a contravention of Articles 108 to 111.

113. A general notice given to the Directors by a Director (if it is given at a meeting of Directors, or if such Director takes reasonable
steps to secure that it is read at the next meeting of Directors after it is given) to the effect that he is a member of a specified company
or firm and is to be regarded as interested in any contract which may, after the date of the notice, be made with that company or firm,
shall for the purpose of the Act be deemed to be a sufficient declaration of interest in relation to any contract so made.

114. A Director may be or continue to be or may become a Director or other officer or servant of, or otherwise interested in any other
company in which the Company is in any way interested and shall not (in the absence of agreement to the contrary) be liable to account
to the Company for any emoluments or other benefits received or receivable by him as Director, officer or servant of, or from his interest
in, such other company.

115. The Directors may exercise or procure the exercise of the voting rights attached to shares in any other body corporate in which the
Company is or becomes in any way interested and may exercise any voting rights, to which they are entitled as Directors of any such other
body corporate, in such manner as they shall in their absolute discretion think fit, including the exercise thereof in favour of any resolution
appointing themselves or any of them as directors, officers or servants of such other body corporate, and fixing their remuneration as
such, and may vote as Directors of the Company in connection with any of the matters aforesaid.

116. The Directors may make such arrangements as the Directors think fit for the management and transaction of the Company's affairs in
the United Kingdom or elsewhere and may for that purpose appoint local boards, managers and agents and delegate to them any of the powers
of the Directors (other than the power to borrow and make calls) with power to sub-delegate and may at any time remove any person so appointed
and may annul or vary any such delegation.

117. The Directors may from time to time appoint any person to an office or employment having a designation or title including the word
 "director" or attach to any existing office or employment with the Company such a designation or title. The inclusion of the
word "director" in the designation or title of any office or employment with the Company (other than the office of managing
or joint managing or deputy or assistant Managing Director) shall not imply that the holder thereof is a Director of the Company nor shall
such holder thereby be empowered in any respect to act as a Director of the Company or be deemed to be a Director for any of the purposes
of these Articles.

118. The Directors may at any time require any corporate member to furnish any information, supported (if the Directors so require) by
a statutory declaration, which they may consider necessary for the purpose of determining whether or not such member is a close company
within the meaning of Section 414 of the Income and Corporation Taxes Act 1988 (or any statutory modification or re-enactment thereof
for the time being in force).

**BORROWING POWERS**

119. The Directors may exercise all the powers of the Company to borrow money, indemnify and guarantee and subject (in the case of any
security convertible into shares) to Section 551 of the Act to mortgage or charge its undertaking, property and uncalled capital,
or any part thereof, and to issue debentures and other securities whether outright or as collateral security for any debt liability or
obligation of the Company or of any third party.

120. The Directors may exercise all the powers of the Company to borrow or raise money upon or by the issue or sale of any bonds, debentures,
or securities, and upon such terms as to time of repayment, rate of interest, price of issue, or sale, payment of premium or bonus upon
redemption or repayment or otherwise as they may think proper, including a right for the holders of bonds, debentures, or securities,
to exchange the same for shares in the Company of any class authorised to be issued.

121. The Directors may confer upon any mortgagees or persons in whom any debenture or security is vested, such rights and powers as they
think necessary or expedient; and they may vest any property of the Company in trustees for the purpose of securing any monies so borrowed
or raised, and confer upon the trustees or any receiver to be appointed by them or by any debenture-holder such rights and powers as the
Directors may think necessary or expedient in relation to the undertaking or property of the Company, or the management
or the realisation thereof or the making, receiving, or enforcing of calls upon the members in respect of unpaid capital, and otherwise,
and may make and issue debentures to trustees for the purpose of further security, and any such trustees may be remunerated.

122. The Directors may give security for the payment of any monies payable by the Company in like manner as for the payment of monies borrowed
or raised, but in such case the amount shall for the purposes of the above limitation be reckoned as part of the money borrowed.

123. The fee to be paid by any person other than a creditor or member of the Company for each inspection of the register of charges to
be kept under the Act shall be the appropriate charge as defined by the Act.

**DISQUALIFICATION OF DIRECTORS**

124. The office of a Director shall be vacated in any of the following events, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124.1. if he resigns his office by a signed notice in writing given to the Company or offers in writing to resign and the Directors resolve
to accept such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124.2. if he becomes prohibited by law from acting as a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124.3. if a bankruptcy order is made against him or if he compounds with his creditors generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124.4. if an order is made by any court of competent jurisdiction on the ground (however formulated) of mental disorder for his detention
or for the appointment of a guardian or receiver or other person to exercise powers with respect to his property and affairs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124.5. A registered medical practitioner who is treating him gives a written opinion to the Company stating that that person has become physically
or mentally incapable of acting as a director and may remain so for more than three months; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124.6. if, not having leave of absence from the Directors he or his alternate (if any) fails to attend meetings of the Directors for 6 successive
months unless prevented by illness, unavoidable accident or other cause which may seem to the Directors to be sufficient, and the Directors
resolve that his office be vacated.

**RETIREMENT, ELECTION AND APPOINTMENT OF DIRECTORS**

125. At each annual general meeting, one-third of the Directors shall retire from office provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125.1. if their number is more than three, but not a multiple thereof then the number nearest to but not exceeding one-third shall retire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125.2. if their number is two, one of such Directors shall retire; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125.3. if their number is one that Director shall retire;

and a Director retiring at a meeting shall if he is not reappointed at such meeting retain office until the meeting appoints someone in his place or if it does not do so, the dissolution of such meeting.

126. The Directors to retire by rotation in each year shall be those who have been longest in office since their last appointment or reappointment
but as between persons who became or were last reappointed on the same day those to retire shall (unless the Directors otherwise agree
among themselves) be determined by lot.

127. A retiring Director shall be eligible for reappointment. The Directors to retire on each occasion (both as to number and identity)
shall be determined by the composition of the Directors at the start of business on the date of the notice convening the annual general
meeting and no Director shall be required to retire or be relieved from retiring by reason of any change in the number or identity of
the Directors after that time on the date of the notice but before the close of the meeting.

128. The Company at the meeting at which a Director retires under any provision of these Articles may by ordinary resolution fill the office
being vacated by electing to that office the retiring Director or some other person eligible for election. In default the retiring Director
shall be deemed to have been re-elected except in any of the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128.1. where at such meeting it is expressly resolved not to fill such office or a resolution for the re-election of such Director is put
to the meeting and lost;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128.2. where such Director has given notice in writing to the Company that he is unwilling to be re-elected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128.3. where such Director has attained any retiring age applicable to him as Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128.4. where the default is due to the moving of a resolution in contravention of the next following article.

129. A resolution for the appointment of two or more persons as Directors by a single resolution shall be void unless a resolution that
it shall be so proposed has first been agreed to by the meeting without any vote being given against it.

130. No person except a retiring Director shall, (unless recommended by the Directors for election) be eligible for appointment
to the office of Director unless not more than 28 days and not less than 7 days before
the day of the meeting at which the appointment is to take place, there shall have been left at the Office written notice signed by a
member duly qualified to attend and vote at such meeting stating his intention to propose such person for election, together with a written
notice signed by such person of his willingness to be elected.

131. The Company may from time to time by ordinary resolution, increase or reduce the number of Directors then in office and may also determine
in what order of rotation such increased or reduced number is to go out of office. The Comp1my may by ordinary resolution appoint any
person who is willing to act to be a Director, either to fill a casual vacancy or as an additional Director.

132. Without prejudice to the power of the Company to appoint Directors pursuant to these Articles the Directors shall have power at any
time to appoint any person either to fill a casual vacancy or as an addition to the Board but so that the total number of Directors shall
not exceed any maximum number fixed in accordance with these Articles. Subject to the provisions of the Act and of these Articles, any
Director so appointed shall retire from office at the annual general meeting of the Company next following such appointment and will then
be eligible for election during such meeting and he shall not retire by rotation at such meeting or be taken into account in determining
the rotation of retirement of Directors at such meeting.

133. The Company may by ordinary resolution, of which special notice has been given in accordance with the provisions of the Statutes,
remove any Director before the expiration of his period of office notwithstanding anything in these Articles or in any agreement between
the Company and such Director. Such removal shall be without prejudice to any claim such Director may have for damages for breach of any
contract of service between him and the Company.

134. The Company may by ordinary resolution appoint another person in place of a Director removed from office under the immediately preceding
Article, and without prejudice to the powers of the Directors under Article 132 the Company in general meeting may appoint any person
to be a Director either to fill a casual vacancy or as an additional Director. A person appointed in place of a Director so removed shall
be treated (for the purpose of determining the time at which he or any other Director is to retire by rotation) as if he had become a
Director on the day on which the Director in whose place he is appointed was last appointed or reappointed.

135. No person shall be or become incapable of being appointed a Director by reason of his having reached the age of 70 or any other age,
nor shall special notice be required in connection with the appointment or the approval of the appointment of such person.

**PROCEEDINGS OF DIRECTORS AND COMMITTEES**

136. The Directors may meet together for the dispatch of business, adjourn and otherwise regulate their meetings as they think fit and
determine the quorum necessary for the transaction of business. Until otherwise determined two Directors shall constitute a quorum. Questions
arising at any meeting shall be decided by a majority of votes. In case of an equality of votes the chairman shall have a second or casting
vote. One Director may, and the Secretary shall at the request of a Director, at any time summon a meeting of the Directors. It shall
not be necessary to give notice of a meeting of the Directors to a Director who is not within the United Kingdom. Any Director may waive
notice of any meeting and any such waiver may be retrospective.

137. Notice of Board meetings shall be deemed to be duly given to a Director if it is given to him personally or by word of mouth or sent
in writing to him at his last known address or any other address given by him to the Company for this purpose. **A** Director absent
or intending to be absent from the United Kingdom may request the Board that notices of Board meetings shall during his absence be sent
in writing to him at his last known address or any other address given by him to the Company for this purpose, whether or not out of the
United Kingdom.

138. The Directors may elect a chairman or joint chairmen and one or more deputy chairmen of their meetings (which may also be an executive
office in relation to the management of the business of the Company) and may at any time remove any of them from such office; but if no
such chairman or deputy chairman is elected, or if at any meeting neither the chairman nor a deputy chairman is present at the time appointed
for holding the same, the Directors present shall choose one of their number to be chairman of such meeting.

139. A duly convened meeting of the Directors for the time being at which a quorum is present shall be competent to exercise all or any
of the authorities, powers, and discretions by or under these Articles for the time being vested in or exercisable by the Directors generally.

140. The continuing Directors may act notwithstanding any vacancy in their body, but if and so long as the number of Directors or Director
is reduced below the number fixed by or pursuant to these Articles as the necessary quorum of Directors the continuing Directors or Director
may act only for the purpose of increasing the number of Directors to that number or of summoning a general meeting of the Company, but
for no other purpose. If there be no Director or Directors able or willing **to** act then any two members may summon a general meeting
for the purpose of appointing Directors.

141. A resolution in writing signed by all the Directors for the time being entitled to receive notice of a meeting of the Directors shall
be as valid and effective for all purposes as a resolution of those Directors passed at a meeting duly convened and held, and may consist
of several documents in any medium each accurately stating the terms of the resolution and each signed by one or more of the Directors.
Such a resolution need not be signed by an alternate Director if it is signed by the Director who appointed him. No signature is necessary
if electronic communications are used, subject to any terms and conditions the Board may decide.

142. Any one or more (including without limitation, all) of the members of the Board or any committee of the Directors may participate
in a meeting of the Directors or of such committee, (a) by means of a conference telephone or videoconference or similar communications
equipment allowing all persons participating in the meeting to hear each other at the same time, or (b) by a telephone call from
the chairman of the meeting (whether before or at the same time or after any other call made by the chairman of the meeting for the purposes
of that meeting) following disclosure of all material points raised at the meeting (including during any such call). A person participating
in a meeting by such means shall be deemed present in person at the meeting and shall be entitled to vote and be counted in the quorum
accordingly. Such a meeting shall be deemed to have occurred then, in the case of (a), at the place where most of the participants are
present, or, if there is no such place, where the chairman of the meeting is then present and in the case of (b), where the chairman of
the meeting is then present. The word "meeting" in these Articles shall be construed accordingly.

143. The Directors may delegate any of their powers or discretions (including without prejudice to the generality of the foregoing all
powers and discretions whose exercise involves or may involve any payment to or the conferring of any other benefit on all or any of the
Directors) to committees consisting of one or more members of their body and (if thought fit) one or more other persons co-opted as hereinafter
provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143.1. Insofar as any such power or discretion is delegated to a committee any reference in these Articles to the exercise by the Directors
of such power or discretion shall be read and construed as if it were a reference to the exercise of such power or discretion by such
committee. Any committee so formed shall in the exercise of the powers and discretions so delegated conform to any regulations that may
from time to time be imposed by the Directors in default of which the meetings and proceedings of a committee consisting of more than
one member shall be governed mutatis mutandis by the provisions of these Articles regulating the proceedings and meetings of the Directors.
Any such regulations may provide for or authorise the co-opted members to have voting rights as members of the committee but so that (a) the
number of co-opted members shall be less than one-half of the total number of members of the committee and (b) no resolution of the
committee shall be effective unless a majority of the members of the committee present throughout the meeting of the committee are Directors.

144. The Directors shall cause minutes to be made of the following matters, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144.1. of all appointments of officers, and committees made by the Directors, and of their salary or remuneration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144.2. of the names of Directors present at every meeting of the Board or of committees of Directors, and all business transacted at such
meetings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144.3. of all orders, resolutions and proceedings of all meetings of the Company, of the holders of any class of shares in the Company and
of the Directors and committees of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144.4. Any such minute, if purporting to be signed by the chairman of the meeting at which the proceedings were held, or by the chairman
of the next succeeding meeting, shall be receivable as prima facie evidence of the matters stated in such minutes without any further
proof.

145. All acts done by a meeting of the Directors, or of a committee, or by any person acting as a Director, shall, notwithstanding that
it is afterwards discovered that there was some defect in the appointment of any person or persons acting as aforesaid, or that they or
any of them were or was disqualified from holding office or not entitled to *vote,* or had in any way *vacated* their or his
office, be as valid as if *every* such person had been duly appointed, and were duly qualified and had continued to be a Director.

**SECRETARY**

146. Subject to the provisions of the Act the Directors shall appoint a secretary or joint secretaries and shall fix his or their remuneration
and terms and conditions of employment and shall have power to appoint one or more persons to be an assistant or deputy secretary. The
Directors may from time to time remove any persons so appointed and appoint another or others in his place.

147. Any person so appointed under Article 146 shall conform to such regulations as the Directors may from time to time resolve. Nevertheless
persons having dealings with the Company shall be entitled to assume that each joint secretary is entitled by himself to do anything required
or authorised to be done by the Secretary.

**AUTHENTICATION OF DOCUMENTS**

148. Any Director or the Secretary or any person appointed by the Board for the purpose shall have power to authenticate any documents
affecting the constitution of the Company and any resolution passed by the Company or the Board or any committee, and any book, record,
document or account relating to the business of the Company and to certify copies or extracts of such resolution, book, record, document
or account as true copies or extracts, and if any resolution, book, record, document or account is elsewhere than at the Office the local
manager or other officer of the Company having the custody of them shall be deemed to be a person appointed by the Board. A document purporting
to be a copy of a resolution, or an extract from the minutes of a meeting, of the Company or of the Board or any committee, which is certified
shall be conclusive evidence in favour of all persons dealing with the Company upon the faith of such certified copy that such resolution
has been duly passed or, as the case may be, that any minute so extracted is a true and accurate record of proceedings at a duly constituted
meeting.

**RESERVES**

149. Subject to the provisions of the Act the Directors may before recommending any dividends whether preferential or otherwise carry to
reserve out of the profits of the Company such sums as they think proper. All sums standing to reserve may be applied from time to time
in the discretion of the Directors for meeting depreciation or contingencies or for special dividends or bonuses or for equalising dividends
or for repairing, improving or maintaining any of the property of the Company or for such other purposes as the Directors may think conducive
to the objects of the Company or any of them and pending such application may either be employed in the business of the Company or be
invested in such investments as the Directors think fit. The Directors may divide the reserve into such special funds as they think fit,
and may consolidate into one fund any special funds or any parts of any special funds into which the reserve may have been divided as
they think fit. Any sum which the Directors may carry to reserve out of the unrealised profits of the Company shall not be mixed with
any reserve to which profits available for distribution have been carried. The Directors may also without placing the same to reserve
carry forward any profits which they may think it not prudent to divide.

**DIVIDENDS AND OTHER PAYMENTS**

150. The Company may by ordinary resolution declare a dividend to be paid to the members according to their respective rights and interests,
but no such dividend shall exceed the amount recommended by the Directors.

151. No dividend or other monies payable by the Company shall bear interest as against the Company.

152. Subject to the rights of the holders of any shares entitled to any priority preference or special privilege (if any), all dividends
shall be declared and paid to the members in proportion to the amounts paid up on the shares in respect whereof the dividend is paid,
but no amount paid up on a share in advance of calls shall be treated for the purpose of this Article as paid up on the share. Subject
as aforesaid all dividends shall be apportioned and paid proportionately to the amounts paid up on the shares during any portion or portions
of the period in respect of which the dividend is paid; but if any share is issued on terms that it shall rank for dividend as if paid
up in full or in part from a particular date whether past or future, it shall rank accordingly.

153. If several persons are registered as joint holders of any share any one of such persons may give valid receipts for all dividends
and payments on account of dividends in respect of such share.

154. The Directors may from time to time declare and pay an interim dividend to the members and may also pay the fixed dividends payable
on any shares of the Company half yearly or otherwise on fixed dates.

155. No dividend or interim dividend shall be payable except in accordance with the provisions of the Statutes.

156. All dividends, interest or other sums payable and unclaimed for six months after having been declared may be invested or otherwise
made use of by the Directors for the benefit of the Company until claimed. All dividends unclaimed for a period of 12 years after the
date the dividend became due for payment shall be forfeited and shall revert to the Company. The payment of any unclaimed dividend, interest
or other sum payable by the Company on or in respect of any share into a separate account shall not constitute the Company a trustee thereof.

157. Every dividend shall belong and be paid (subject to the Company's lien) to those members who shall be on the Register at the date
fixed by the Directors for the purpose of determining the persons entitled to such and (whether the date of payment or some other date)
notwithstanding any subsequent transfer or transmission of shares.

158. The Directors may deduct from any dividend or other monies payable to any member on or in respect of a share all such sums as may
be due from him to the Company on account of calls or otherwise in relation to shares of the Company.

159. The Company may pay any dividend, interest or other sum payable in cash or by direct debit, bank transfer, cheque, dividend warrant,
or money order and may remit the same by post to the members or persons entitled thereto, and in case of joint holders, to the member
whose name stands first in the Register, or to such person and address as the holder or joint holders may direct, and the Company shall
not be responsible for any loss of any such cheque, warrant, or order, every such cheque, warrant, or order, shall be made payable to
the order of the person to whom it is sent, or to such person as the holder or joint holders may in writing direct, and the payment of
the cheque, warrant or order shall be a good discharge to the Company.

160. Any general meeting declaring a dividend may direct payment of such dividend wholly or in part by the distribution of specific assets
and in particular of paid up shares or debentures of any other company, and the Directors shall give effect to any such direction, provided
that no such distribution shall be made unless recommended by the Directors. Where any difficulty arises in regard to the distribution,
the Directors may settle the same as they think expedient, and in particular may issue fractional certificates, and may fix the value
for distribution of such specific assets or any part thereof, and may determine that cash payments may be made to any members upon the
footing of the value so fixed, in order to adjust the rights of all parties, and may vest any such assets in trustees upon trust for the
persons entitled to the dividend as may seem expedient to the Directors.

161. Subject to and without prejudice to the provisions of these Articles the Directors may offer the holders of ordinary shares the right
to elect to receive ordinary shares, credited as fully paid, instead of
cash in respect of all or part of such dividend or dividends as may be declared by the Company pursuant to Article 150 or, as the
case may be, by the Directors pursuant to Article 154, subject to such exclusions or restrictions as the Directors may in their absolute
discretion deem necessary or desirable in relation to compliance with legal or practical problems under the laws of or the requirements
of any recognised regulatory body or any stock exchange in any territory in so far as they may relate to the Company.

The following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161.1. the Directors shall not exercise their powers under this Article in respect of a particular dividend unless the Company in general
meeting has authorised the exercise of those powers in respect of that dividend or in respect of dividends (including that dividend) to
be declared or paid during or in respect of a specified period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161.2. the basis of allotment shall be determined by the Directors so that as nearly as may be considered convenient without involving any
rounding up of fractions, the value (calculated by reference to the average quotation) of the new ordinary shares (including any fractional
entitlement) to be allotted instead of any amount of dividend shall equal such amount. For such purpose the "average quotation"
of an ordinary share shall be the average of the middle market quotations for a fully paid ordinary share of the Company as derived from
the Daily Official List of the Stock Exchange on the business day on which the ordinary shares are first quoted **"ex"** the
relevant dividend and the four subsequent business days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161.3. no shareholder may receive a fraction of a share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161.4. the Directors may make such arrangements as they consider necessary or expedient in relation to any offer to be made pursuant to this
Article including but not limited to the giving of notice to ordinary shareholders of the right of election offered to them, the
provision of forms of election (whether in respect of a particular dividend or dividends generally) and determination of the procedure
for making and revoking such elections and the place at which, and the latest time by which, forms of election and any other relevant
documents must be lodged in order to be effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161.5. the dividend (or that part of the dividend in respect of which a right of election has been offered) shall not be declared or payable
on ordinary shares in respect of which the said election has been duly made ("the elected shares") and instead thereof additional
ordinary shares shall be allotted to the holders of the elected shares on the basis of allotment determined as aforesaid. For such purpose,
the Directors shall capitalise out of such of the sums standing to the credit of reserves (including any share premium account or capital
redemption reserve) or any of the profits which could otherwise have been applied in paying dividends in cash as the Directors may determine,
a sum equal to the aggregate nominal amount of the additional ordinary
shares to be allotted on such basis and apply the same in paying up in full the appropriate number of unissued ordinary shares for allotment
and distribution to and amongst the holders of the elected shares on such basis. A resolution of the Directors capitalising any part of
such reserves or profits shall have the same effect as if such capitalisation had been declared with the authority of an ordinary resolution
of the Company in accordance with Article 162 and in relation to any such capitalisation the Directors may exercise all the powers
conferred on them by that Article without need of such ordinary resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161.6. the additional ordinary shares so allotted shall be allotted as of the record date for determining the entitlements of holders of
elected shares to make elections as described in this Article, or on such other date, as the Directors may in their absolute discretion
determine and shall rank equally in all respects with the fully paid ordinary shares then in issue except that the ordinary shares so
allotted will not rank for any dividend or other distribution or other entitlement which has been declared, made, paid or payable by reference
to such record date.

**CAPITALISATION OF PROFITS**

162. The Directors may with the authority of an ordinary resolution of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162.1. subject as hereinafter provided, resolve to capitalise any undistributed profits of the Company not required for paying any preferential
dividend (whether or not they are available for distribution) or any sum standing to the credit of the Company's share premium account
or capital redemption reserve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162.2. appropriate the sum resolved to be capitalised to the members who would have been entitled to it if it were distributed by way of
dividend and in the same proportions and apply such sum on their behalf either in or towards paying up the amounts, if any, for the time
being unpaid on any shares held by them respectively, or in paying up in full unissued shares or debentures of the Company of a nominal
amount equal to that sum and allot the shares or debentures credited as fully paid to those members, or as they may direct, in those proportions
or partly in one way and partly in the other but the share premium account, the capital redemption reserve and any profits which are not
available for distribution may, for the purposes of this regulation, only be applied in paying up unissued shares to be allotted to members
credited as fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162.3. make such provision by the issue of fractional certificates or by payment in cash or otherwise as they determine in the case of shares
or debentures becoming distributable under this Article in fractions (including provisions whereby fractional entitlements are disregarded
or the benefit thereof accrues to the Company rather than to the members concerned); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162.4. authorise any person to enter on behalf of all the members concerned into an agreement with the Company providing for the allotment
to them respectively, credited as fully paid, of any shares or debentures to which they are entitled upon such capitalisation, any agreement
made under such authority being binding on all such members.

**RECORD DATES**

163. Notwithstanding any other provision of these Articles the Company or the Board may fix any date as the record date for any dividend,
distribution, allotment or issue and such record date may be on or at any time before any date on which such dividend, distribution, allotment
or issue is paid or made and on or at any time before or after any date on which such dividend, distribution, allotment or issue is declared.

**ACCOUNTS**

164. The Directors shall cause accounting records to be kept in accordance with the provisions of the Statutes.

165. The accounting records shall be kept at the Office or, subject to the provisions of the Statutes, such other place or places as the
Directors think fit, and shall always be open to the inspection of the Directors.

166. The Directors shall from time to time determine whether and to what extent and at what time and places, and under what conditions
or regulations the accounting records of the Company, or any of them, shall be open to the inspection of the members, and no member (not
being a Director) shall have any right of inspecting any accounting record or other document of the Company except as conferred by statute
or authorised by the Directors or by the Company in general meeting.

167. A copy of the Company's annual accounts, including all documents required by law to be annexed to the balance sheet which is to be
laid before the Company in general meeting, together with copies of the Directors' and of the Auditors' reports or, if the Directors so
determine, summary financial statements in accordance with the Act shall (in accordance with and subject as provided by the Act) not less
than 21 clear days before the date of the meeting be sent to every member (whether or not he is entitled to receive notices of general
meetings of the Company) and every holder of debentures of the Company (whether or not he is so entitled) and the Auditors and all other
persons entitled to receive notice of general meetings of the Company.

**SEALS AND EXECUTION OF DOCUMENTS**

168. The Directors may provide a common seal and/or an official seal for the Company and shall have power from time to time to destroy
the same and to substitute a new seal in its place.

169. The Directors shall provide for the safe custody of every seal of the Company. Documents may only be executed under seal or as a deed
on behalf of the Company if such execution is authorised by a resolution of the Directors or of a committee of the Directors which authority
may be of a general nature and need not apply only to specific documents or transactions. Every document so authorised to be executed
on behalf of the Company shall be signed by one Director and the Secretary or by two Directors or by one Director in the presence of a
witness who attests the signature or by such person or persons as the Board may approve (whether or not the Directors have also resolved
that the common seal or the official seal shall also be affixed to such document) save that as regards any certificates or other securities
of the Company the Directors may by resolution determine that such signatures or either of them shall be dispensed with or affixed by
some mechanical or electronic means.

**CHEQUES, BILLS AND NOTES**

170. The Directors may draw, make, accept, or endorse, or authorise any other person or persons to draw, make, accept, or endorse any cheques,
bills of exchange, promissory notes or other negotiable instruments, provided that every cheque, bill of exchange, promissory note or
other negotiable instrument drawn, made or accepted shall be signed by such persons or person as the Directors may appoint for the purpose.

**NOTICES**

171. Subject to any laws applicable at the time of despatch as to the method of delivery, a notice or other document (including a share
certificate) may be served by the Company upon any member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171.1. by delivering it by hand to the registered address of that member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171.2. by sending it by post or other delivery service in an envelope (with postage or delivery paid) to the registered address of that member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171.3. by fax (except for share certificates) to a fax number notified to the Company by that member in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171.4. in electronic form (except for share certificates) to an address notified to the Company by that member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171.5. (by the Company) by means of a website (other than notices calling a meeting of directors), or partly by one of these means and partly by another
of these means.

172. Members whose registered address shall not be in the United Kingdom, and who shall not have given to the Company an address for service
of notices in the United Kingdom, shall not be entitled to receive
any notices whatsoever, but the Directors may, if they think proper, serve any notice upon such member in the above manner.

173. A notice or other document addressed to a member at his registered address or address for service in the United Kingdom shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173.1. if delivered by hand, be treated as being delivered at the time that it is handed to or left for that member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173.2. if sent by post or other delivery service not referred to below, be treated as being delivered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if delivered, at the time of delivery; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if posted, on receipt or 24 hours after the time it was posted if sent by first class post or 48 hours after the time it was posted
if sent by second class post, whichever occurs first;

and it shall be proved conclusively that a notice or document was delivered by post or other delivery service by showing that the envelope containing the notice or document was properly addressed and put into the post system or given to delivery agents with postage or delivery paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173.3. subject to the provisions of the Act, if in electronic form any notice or other document given or supplied under these articles may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if sent by fax or email (provided that a fax number or an address for email has been notified to or by the Company for that purpose),
be sent by the relevant form of electronic communication to that address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if delivered or sent by first class post (airmail if overseas) in an electronic form (such as sending a disk by post), be so delivered
or sent as if in hard copy form under article 173.2; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be sent by such electronic means (as defined in section 1168 of the Act) as the Company may specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on its website from time to time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by notice (in hard copy or electronic form) to all members of the Company from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173.4. if in electronic form any notice or document given or supplied under these articles shall be deemed to have been served and be effective:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if sent by facsimile or email (where a fax number or an address for email has been notified to or by the Company for that purpose), on
receipt or 48 hours after the time it was sent, whichever occurs first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if posted in an electronic form, on receipt or 48 hours after the time it was posted, whichever occurs first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if delivered in an electronic form, at the time of delivery; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if sent by any other electronic means as referred to in article 173.3(c) above, at the time such delivery is deemed to occur
under the Act,

and where the Company is able to show that any notice or other document given or sent under these articles by electronic means was properly addressed with the electronic address supplied by the intended recipient, the giving or sending of that notice or other document shall be effective notwithstanding any receipt by the Company at any time of notice either that such method of communication has failed or of the intended recipient's non-receipt.

174. If at any time by reason of the suspension or any curtailment of or disruption to the postal or telecommunications services in the
United Kingdom the Company is unable effectively to convene a general meeting by notices sent through the post, by fax or electronic communication
and the Board has resolved that it is necessary to do so in the interests of the Company, a general meeting may be convened:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174.1. by a notice advertised on the same date in at least one United Kingdom national daily newspaper and such notice shall be deemed to
have been duly served on all members entitled thereto at noon on the day when the advertisement appears. In any such case the Company
shall send confirmatory copies of the notice by post if at least 5 days prior to the meeting the posting of notices again becomes practicable;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174.2. by a notice delivered by hand to the registered address of all the members entitled thereto and such notice shall be deemed to have
been duly served on all members entitled thereto on the day when the notice has been delivered to the registered address of the last such
member. In proving such service, it shall be sufficient to prove that the notice was properly delivered and no proof of receipt by any
such members is required.

175. All notices directed to be given to the members shall with respect to any share to which persons are jointly entitled, be given to
whichever of such persons is named first in the Register, and notice so given shall be sufficient notice to all the holders of such share.
If the person first named in the Register has a registered address outside the United Kingdom and has not given the Company an address
for service within the United Kingdom the joint holders shall not be entitled to any notice.

176. A person entitled to a share in consequence of the death or bankruptcy of a member shall be entitled upon supplying
to the Company such evidence as the Directors may reasonably require to show his title to the share and upon supplying an address within
the United Kingdom for the service of notices, to have served upon or delivered to him at such address any notice or document to which
the member, but for his death or bankruptcy, would be entitled and such service or delivery shall for all purposes be deemed a sufficient
service or delivery of such notice or document on all persons interested (whether jointly with or as claiming through or under him) in
the share. Save as aforesaid any notice or document delivered or sent by post to or left at the address of any member in pursuance of
these Articles shall, notwithstanding that such member is then dead or bankrupt and whether or not the Company has notice of his death
or bankruptcy, be deemed to have been duly served or delivered in respect of any share registered in the name of such member as sole or
first-named joint holder.

177. Subject to such restrictions affecting the right to receive notice as are for the time being applicable to the holders of any class
of shares, notice of every general meeting shall be given in any manner authorised by these Articles to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177.1. every member except those members who (having no registered address within the United Kingdom) have not supplied to the Company an
address within the United Kingdom for the giving of notices to them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177.2. the Auditors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177.3. the Directors and (if any) alternate Directors;

and no other person shall be entitled to receive notices of general meetings other than as expressly provided in any agreement by which the Company is bound.

**DESTRUCTION OF DOCUMENTS**

178. The Company may destroy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178.1. any share certificate which has been cancelled at any time after the expiry of one year from the date of such cancellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178.2. any variation or cancellation of any dividend mandate at any time after the expiry of two years from the date such variation or cancellation
was recorded by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178.3. any notification of change of name or address at any time after the expiry of two years from the date such notification was recorded
by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178.4. any instrument of transfer of shares which has been registered at any time after the expiry of six years from the date of registration;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178.5. any other document on the basis of which any entry in the Register is made at any time after the expiry of six years from the date
an entry in the Register was first made in respect of it; and it shall conclusively be presumed
in favour of the Company that every share certificate so destroyed was a valid certificate duly and properly cancelled and that every
instrument of transfer so destroyed was a valid and effective instrument duly and properly registered and that every other document destroyed
under this Article was a valid and effective document in accordance with the recorded particulars of that document in the books or
records of the Company Provided always that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the foregoing provisions of this Article shall apply only to the destruction of a document in good faith and without express
notice to the Company that the preservation of such document was relevant to a claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) nothing contained in this Article shall be construed as imposing upon the Company any liability in respect of the destruction
of any document earlier than as stated in this Article or in any case where the conditions of Article 178.5(a) are not
fulfilled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) references in this Article to the destruction of any document include references to its disposal in any manner.

**INDEMNITY**

179. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179.1. Subject to the provisions of and so far as may be permitted by the Statutes, every Director or other officer of the Company (excluding
the Company's auditors) shall be entitled to be indemnified by the Company (and the Company shall also be able to indemnify directors
of any associated company (as defined in section 256 of the Act)) out of the assets of the Company against all losses or liabilities which
he may sustain or incur in or about the actual or purported execution or discharge of the duties of his office or the exercise or purported
exercise of his powers or otherwise in relation thereto provided that no director of the Company or any associated company is indemnified
by the Company against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any liability incurred by the director to the Company or any associated company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any liability incurred by the director to pay a fine imposed in criminal proceedings or a sum payable to a regulatory authority by
way of a penalty in respect of non-compliance with any requirements of a regulatory nature; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any liability incurred by the director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in defending any criminal proceedings in which he is convicted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in defending civil proceedings brought by the Company or any associated company in which final judgment (within the meaning set out
in section 234 of the Act) is given against him; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in connection with any application under sections 661(3) or 661(4) or 1157 of the Act (as the case may be) for which the
court refuses to grant him relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179.2. Subject to the provisions of and so far as may be permitted by the Statutes, and without prejudice to article 179.1, the Board shall
have the power to purchase and maintain insurance at the expense of the Company for or for the benefit of any persons who are or were
at any time directors, officers or employees of any Relevant Company (as defined in the following article) or who were or were at any
time trustees of any pension fund or employees' share scheme in which employees of any Relevant Company are interested, including (without
prejudice to the generality of the foregoing) insurance against any liability incurred by such persons in respect of any negligence, default,
breach of duty or breach of trust of which they may be guilty in relation to a Relevant Company arising out of any act or omission in
the actual or purported execution or discharge of their duties or in the exercise or purported exercise of their powers or otherwise in
relation to their duties, powers or offices in relation to any Relevant Company, or any such pension fund or employees' share scheme.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179.3. For the purposes of article 179.2, "Relevant Company" shall mean the Company, any holding company of the Company or any
other body, whether or not incorporated, in which the Company or such holding company or any of the predecessors of the Company or such
holding company has or had any interest whether direct or indirect or which is in any way allied to or associated with the Company, or
any subsidiary undertaking of the Company or of such other body.

**WINDING UP**

180. The liquidator on any winding-up of the Company (whether voluntary or compulsory) may with the authority of a special resolution,
divide among the members in kind the whole or any part of the assets of the Company and whether or not the assets shall consist of property
of one kind, or shall consist of properties of different kinds, and for such purpose may set such value as he deems fair upon any one
or more class or classes of property, and may determine how such division shall be carried out as between members or classes of members
but so that if any such division shall be otherwise than in accordance with the existing rights of the members, every member shall have
the same right of dissent and other ancillary rights as if such resolution were a special resolution passed in accordance with Section 110
of the Insolvency Act 1986.

**PROVISION FOR EMPLOYEES ON CESSATION OR TRANSFER OF BUSINESS**

181. The Company may exercise the power conferred upon it by Section 187 of the Insolvency Act 1986 and Section 247 of the Act
with the prior sanction of a resolution of the Board.

**TAKEOVERS**

182. If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at any time when the Company is not subject to the UK City Code on Takeovers and Merges (the **"Code")** or any successor
or other regime (whether statutory or non-statutory) governing the conduct of takeovers and mergers in the UK (any of such being the **"Takeover Regime");** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any person (together with any persons held to be acting with him) acquires any interest in shares in the Company and as a result he
(whether or not with any other persons) would (in the opinion of the Board) have been obliged under the Takeover Regime to extend an offer
(a **"Mandatory Offer")** to the holders of any other securities in the Company had the Takeover Regime applied to the Company
(such person or persons who would from time to time have been required to have made such an offer being the **"Mandatory Offeror(s)");** and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Mandatory Offeror(s) fail(s) to make such an offer on terms no less favourable (in the opinion of the Board) to the
other holders of securities than he/they would have been obliged to offer under the provisions of the Takeover Regime had it applied (a **"Compliant Offer")** within 21 days following the date on which the obligation would have arisen,

the Board shall be entitled, but not obliged, to suspend with immediate *effect,* with notification thereof being given to the Mandatory Offeror(s) or (if different) the registered holders of the shares in the Company in which they have an interest, all voting rights attributable to the shares in the Company in which the Board considers the Mandatory Offeror(s) from time to time to have an interest. Any such suspension may, at the discretion of the Board extend for any period during which the obligation to make a Mandatory Offer would have continued to exist under the Takeover Regime unless and until a Compliant Offer is made.

In applying the foregoing provisions the Board shall be entitled but not obliged to take into account any notes included in, or prepared in connection with, the Takeover Regime and any views of the supervisory body under the Takeover Regime.

The Board shall have no liability to any shareholder of the Company, any person who has any interest in the shares in the Company, or any other person for the manner in which they exercise or refrain from exercising any suspension powers under this Article or for any determination which the Board makes as to the application of the provisions of this Article to any particular circumstances.

## Exhibit 4.1

**Exhibit 4.1**

![](tm2532978d7_ex4-1img001.jpg)

D E P O S I T A G R E E M E N T A M O N G G U A R D I A N M E T A L R E S O U R C E S P L C , J P M O R G A N C H A S E B A N K , N . A . , A S D E P O S I T A R Y , A N D H O L D E R S A N D B E N E F I C I A L O W N E R S O F A M E R I C A N D E P O S I T A R Y R E C E I P T S

![](tm2532978d7_ex4-1img002.jpg)

![](tm2532978d7_ex4-1img002.jpg)

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | Page |
| PARTIES |  | 1 |
| RECITALS |  | 1 |
| Section 1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain Definitions |  |
| (a) | ADR Register | 1 |
| (b) | ADRs; Direct Registration ADRs | 1 |
| (c) | ADS | 1 |
| (d) | Beneficial Owner | 1 |
| (e) | Commission | 2 |
| (f) | Custodian | 2 |
| (g) | Deliver, execute, issue et al. | 2 |
| (h) | Delivery Order | 2 |
| (i) | Deposited Securities | 2 |
| (j) | Direct Registration System | 2 |
| (k) | Holder | 2 |
| (l) | Removal Notice Date | 3 |
| (m) | Resignation Notice Date | 3 |
| (n) | Securities Act of 1933 | 3 |
| (o) | Securities Exchange Act of 1934 | 3 |
| (p) | Shares | 3 |
| (q) | Termination Date | 3 |
| (r) | Transfer Office | 3 |
| (s) | Withdrawal Order | 3 |
| Section 2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of ADRs | 3 |
| Section 3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit of Shares | 4 |
| Section 4. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issue of ADRs | 5 |
| Section 5. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions on Deposited Securities | 5 |
| Section 6. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withdrawal, Delivery and Transfer of Deposited Securities | 6 |
| Section 7. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substitution of ADRs | 6 |
| Section 8. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cancellation and Destruction of ADRs; Maintenance of Records | 7 |
| Section 9. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Custodian | 7 |
| Section 10. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lists of Holders | 8 |
| Section 11. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depositary's Agents | 8 |
| Section 12. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resignation and Removal of the Depositary; Appointment of Successor Depositary | 8 |
| Section 13. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports | 9 |
| Section 14. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Shares | 9 |
| Section 15. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification | 10 |
| Section 16. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices | 12 |
| Section 17. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparts | 13 |
| Section 18. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Third-Party Beneficiaries; Holders and Beneficial Owners as Parties; Binding Effect; Disclaimer of Beneficial Ownership | 13 |
| Section 19. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severability | 13 |
| Section 20. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governing Law; Consent to Jurisdiction | 13 |
| Section 21. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agent for Service | 15 |
| Section 22. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver of Immunities | 16 |
| Section 23. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver of Jury Trial | 16 |

---

---

| | |
|:---|:---|
| **TESTIMONIUM** |  |
| **SIGNATURES** | 17.0 |

---

-i-

![](tm2532978d7_ex4-1img002.jpg)

---

| | | |
|:---|:---|:---|
| **EXHIBIT A** | **EXHIBIT A** | **EXHIBIT A** |
| Page | Page | Page |
| **FORM OF FACE OF ADR** | **FORM OF FACE OF ADR** | A-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Introductory Paragraph | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Introductory Paragraph | A-1 |
| (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of ADSs | A-2 |
| (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withdrawal of Deposited Securities | A-3 |
| (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers, Split-Ups and Combinations of ADRs | A-4 |
| (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain Limitations to Registration, Transfer etc. | A-4 |
| (5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liability of Holder or Beneficial Owner for Taxes, Duties and Other Charges | A-5 |
| (6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclosure of Interests | A-7 |
| (7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charges of Depositary | A-7 |
| (8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Available Information | A-11 |
| (9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Execution | A-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature of Depositary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature of Depositary | A-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address of Depositary's Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address of Depositary's Office | A-11 |
| **FORM OF REVERSE OF ADR** | **FORM OF REVERSE OF ADR** | A-12 |
| (10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions on Deposited Securities; Sales | A-12 |
| (11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Record Dates | A-15 |
| (12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting of Deposited Securities | A-15 |
| (13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes Affecting Deposited Securities | A-17 |
| (14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exoneration | A-17 |
| (15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resignation and Removal of Depositary; the Custodian | A-21 |
| (16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment | A-22 |
| (17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination | A-23 |
| (18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appointment; Acknowledgements and Agreements | A-26 |
| (19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver | A-27 |
| (20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jurisdiction | A-27 |
| (21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elective Distributions in Cash or Shares | A-28 |

---

-ii-

![](tm2532978d7_ex4-1img002.jpg)

DEPOSIT AGREEMENT, dated as of _____________ __, 2026 (the "**Deposit Agreement**"), among GUARDIAN METAL RESOURCES PLC, a public limited company incorporated under the laws of England and Wales, and its successors (the "**Company**"), JPMORGAN CHASE BANK, N.A., a national banking association organized under the laws of the United States of America, as depositary hereunder (in such capacity, the "**Depositary**"), and all Holders (as defined below) and Beneficial Owners (as defined below) from time to time of American depositary receipts issued hereunder evidencing American depositary shares ("**ADSs**") representing deposited Shares (as defined below). The Company hereby appoints the Depositary as depositary for the Deposited Securities (as defined below) and hereby authorizes and directs the Depositary to act in accordance with the terms set forth in this Deposit Agreement. All capitalized terms used herein have the meanings ascribed to them in Section 1 or elsewhere in this Deposit Agreement. The parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Certain Definitions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**ADR Register**" is defined in paragraph (3) of the form of ADR (*Transfers, Split-Ups and Combinations of ADRs*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**ADRs**" mean the American Depositary Receipts executed and delivered hereunder. ADRs may be either in physical certificated form or Direct Registration ADRs (as hereinafter defined). ADRs in physical certificated form, and the terms and conditions governing the Direct Registration ADRs, shall be substantially in the form of Exhibit A annexed hereto (the "**form of ADR**"). The term "**Direct Registration ADR**" means an ADR, the ownership of which is recorded on the Direct Registration System. References to "ADRs" shall include certificated ADRs and Direct Registration ADRs, unless the context otherwise requires. The form of ADR is hereby incorporated herein and made a part hereof; the provisions of the form of ADR shall be binding upon the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to paragraph (13) of the form of ADR (*Changes Affecting Deposited Securities*), each "**ADS**" evidenced by an ADR represents the right to receive, and to exercise the beneficial ownership interests in, the number of Shares specified in the form of ADR attached hereto as Exhibit A (as may be amended from time to time) that are on deposit with the Depositary and/or the Custodian and a pro rata share in any other Deposited Securities, subject, in each case, to the terms of this Deposit Agreement and the ADSs. The ADS(s)-to-Share(s) ratio is subject to amendment as provided in the form of ADR (which may give rise to fees contemplated in paragraph (7) thereof (*Charges of Depositary*)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Beneficial Owner**" means as to any ADS, any person or entity having a beneficial ownership interest in such ADS. A Beneficial Owner need not be the Holder of the ADR evidencing such ADS. If a Beneficial Owner of ADSs is not a Holder, it must rely on the Holder of the ADR(s) evidencing such ADSs in order to assert any rights or receive any benefits under this Deposit Agreement. The arrangements between a Beneficial Owner of ADSs and the Holder of the corresponding ADRs may affect the Beneficial Owner's ability to exercise any rights it may have.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Commission**" means the United States Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Custodian**" means the agent or agents of the Depositary (singly or collectively, as the context requires) and any additional or substitute Custodian appointed pursuant to Section 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The terms "**deliver**," "**execute**," "**issue**," "**register**," "**surrender**," "**transfer**" or "**cancel**," when used with respect to (i) Shares shall refer, where the context requires, to an entry or entries or an electronic transfer or transfers in an account or accounts maintained by institutions authorized under applicable law to effect transfers of securities (which may include CREST) and not to the physical transfer of certificates representing the Shares and (ii) Direct Registration ADRs, shall refer to an entry or entries or an electronic transfer or transfers in the Direct Registration System, and, when used with respect to ADRs in physical certificated form, shall refer to the physical delivery, execution, issuance, registration, surrender, transfer or cancellation of certificates representing the ADRs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Delivery Order**" is defined in Section 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Deposited Securities**" as of any time means all Shares at such time deposited under this Deposit Agreement and any and all other Shares, securities, property and cash at such time held by the Depositary or the Custodian in respect or in lieu of such deposited Shares and other Shares, securities, property and cash. Deposited Securities are not intended to, and shall not, constitute proprietary assets of the Depositary, the Custodian or their nominees. Beneficial ownership in Deposited Securities is intended to be, and shall at all times during the term of the Deposit Agreement continue to be, vested in the Beneficial Owners of the ADSs representing such Deposited Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Direct Registration System**" means the system for the uncertificated registration of ownership of securities established by The Depository Trust Company ("**DTC**") and utilized by the Depositary pursuant to which the Depositary may record the ownership of ADRs without the issuance of a certificate, which ownership shall be evidenced by periodic statements issued by the Depositary to the Holders entitled thereto. For purposes hereof, the Direct Registration System shall include access to the Profile Modification System maintained by DTC, which provides for automated transfer of ownership between DTC and the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Holder**" means the person or persons in whose name an ADR is registered on the ADR Register. For all purposes under the Deposit Agreement and the ADRs, a Holder shall be deemed to have all requisite authority to act on behalf of any and all Beneficial Owners of the ADSs evidenced by the ADR(s) registered in such Holder's name.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Removal Notice Date**" means the earliest date on which the Company provided notice of removal to the Depositary pursuant to Section 12(b) of this Deposit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Resignation Notice Date**" means the date on which the Depositary provided notice of its resignation to the Company pursuant to Section 12(a) of this Deposit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Securities Act of 1933**" means the United States Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Securities Exchange Act of 1934**" means the United States Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Shares**" mean the ordinary shares of the Company, and shall include the rights to receive Shares specified in paragraph (1) of the form of ADR (*Issuance of ADSs*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Termination Date**" means the date this Deposit Agreement is terminated in accordance with paragraph (17) of the form of ADR (*Termination*), which, for the avoidance of doubt, shall be either (i) the date fixed for termination in a notice of termination as contemplated therein or (ii) a date determined by the Depositary in the case of a termination not requiring prior notice of termination as contemplated in subparagraph (a)(iii) therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Transfer Office**" is defined in paragraph (3) of the form of ADR (*Transfers, Split-Ups and Combinations of ADRs*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Withdrawal Order**" is defined in Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Form of ADRs**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Direct Registration ADRs*. Notwithstanding anything in this Deposit Agreement or in the form of ADR to the contrary, ADSs shall be evidenced by Direct Registration ADRs, unless certificated ADRs are specifically requested by the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Certificated ADRs*. ADRs in certificated form shall be printed or otherwise reproduced at the discretion of the Depositary in accordance with its customary practices in its American depositary receipt business, or at the request of the Company typewritten and photocopied on plain or safety paper, and shall be substantially in the form set forth in the form of ADR, with such changes as may be required by the Depositary or the Company to comply with their obligations hereunder, any applicable law, regulation or usage or to indicate any special limitations or restrictions to which any particular ADRs are subject. ADRs may be issued in denominations of any number of ADSs. ADRs in certificated form shall be executed by the Depositary by the manual or facsimile signature of a duly authorized officer of the Depositary. ADRs in certificated form bearing the manual or facsimile signature of anyone who was at the time of execution a duly authorized officer of the Depositary shall bind the Depositary, notwithstanding that such officer has ceased to hold such office prior to the delivery of such ADRs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Binding Effect.* Holders of ADRs, and the Beneficial Owners of the ADSs evidenced by such ADRs, shall each be bound by the terms and conditions of this Deposit Agreement and of the form of ADR, regardless of whether such ADRs are Direct Registration ADRs or certificated ADRs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Deposit of Shares**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Requirements.* In connection with the deposit of Shares hereunder, the Depositary or the Custodian may require the following in a form satisfactory to it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a written order ("**Delivery Order**") directing the Depositary to issue to, or upon the written order of, the person or persons designated in such order a Direct Registration ADR or ADRs evidencing the number of ADSs representing such deposited Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) proper endorsements or duly executed instruments of transfer in respect of such deposited Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) instruments assigning to the Depositary, the Custodian or a nominee of either any distribution on or in respect of such deposited Shares or indemnity therefor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) proxies entitling the Custodian to vote such deposited Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Registration of Deposited Securities.* As soon as practicable after the Custodian receives Deposited Securities pursuant to any such deposit or pursuant to paragraph (10) (*Distributions on Deposited Securities*) or (13) (*Changes Affecting Deposited Securities*) of the form of ADR, the Custodian shall present such Deposited Securities for registration of transfer into the name of the Depositary, the Custodian or a nominee of either, in each case for the benefit of Holders, to the extent such registration is practicable, at the cost and expense of the person making such deposit (or for whose benefit such deposit is made) and shall obtain evidence satisfactory to it of such registration. Deposited Securities shall be held by the Custodian for the account and to the order of the Depositary for the benefit of Holders of ADRs (to the extent not prohibited by law) at such place or places and in such manner as the Depositary shall determine. Notwithstanding anything else contained herein, in the form of ADR and/or in any outstanding ADSs, the Depositary, the Custodian and their respective nominees are intended to be, and shall at all times during the term of this Deposit Agreement be, the record holder(s) only of the Deposited Securities represented by the ADSs for the benefit of the Holders. The Depositary, on its own behalf and on behalf of the Custodian and their respective nominees, disclaims any beneficial ownership interest in the Deposited Securities held on behalf of the Holders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Delivery of Deposited Securities.* Deposited Securities may be delivered by the Custodian to any person only under the circumstances expressly contemplated in this Deposit Agreement. To the extent that the provisions of or governing the Shares make delivery of certificates therefor impracticable, Shares may be deposited hereunder by such delivery thereof as the Depositary or the Custodian may reasonably accept, including, without limitation, by causing them to be credited to an account maintained by the Custodian for such purpose with the Company or an accredited intermediary, such as a bank, acting as a registrar for the Shares, together with delivery of the documents, payments and Delivery Order referred to herein to the Custodian or the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Issue of ADRs**. At the request, risk and expense of the person depositing Shares or rights to receive Shares, the Depositary may accept such Shares and/or deposits for forwarding to the Custodian and may deliver ADRs at a place other than its office. After any such deposit of Shares, the Custodian shall notify the Depositary of such deposit and of the information contained in any related Delivery Order by letter, first class airmail postage prepaid, or by SWIFT, facsimile transmission or any other method of communication as may be agreed by the Custodian and the Depositary. After receiving such notice from the Custodian, the Depositary, subject to this Deposit Agreement, shall properly issue at the Transfer Office, to or upon the order of any person named in such notice, an ADR or ADRs registered as requested and evidencing the aggregate ADSs to which such person is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Distributions on Deposited Securities**. To the extent that the Depositary determines in its discretion that any distribution pursuant to paragraph (10) of the form of ADR (*Distributions on Deposited Securities*) would not be permissible by applicable law, rule or regulation, or is not otherwise practicable with respect to any or all Holders, the Depositary may in its discretion make such distribution as it so deems practicable, including the distribution of some or all of any Cash (as defined in paragraph (10) of the form of ADR), foreign currency, securities or other property (or appropriate documents evidencing the right to receive some or all of any such Cash, foreign currency, securities or other property) and/or the Depositary may retain and hold some or all of such Cash, foreign currency, securities or other property as Deposited Securities with respect to the applicable Holders' ADRs (without liability for interest thereon or the investment thereof).

To the extent the Depositary determines in its discretion that it would not be permitted by applicable law, rule or regulation, or it would not otherwise be practicable, to convert foreign currency into U.S. dollars and/or distribute U.S. dollars to some or all of the Holders entitled thereto, the Depositary may in its discretion distribute some or all of the foreign currency received by the Depositary as it deems permissible and practicable to, or retain and hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the Holders entitled to receive the same.

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To the extent the Depositary retains and holds any Cash, foreign currency, securities or other property as permitted under this Section 5 or paragraph (10) (*Distributions on Deposited Securities*) of the form of ADR, any and all fees, charges and expenses related to, or arising from, the holding thereof (including, but not limited to those provided in paragraph (7) of the form of ADR (*Charges of Depositary*)) shall be paid from such Cash, foreign currency, securities or other property, or the net proceeds from the sale thereof, thereby reducing the amount so held hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Withdrawal, Delivery and Transfer of Deposited Securities.** In connection with any surrender of ADRs for withdrawal of the Deposited Securities represented by the ADSs evidenced thereby, in addition to the requirements of paragraph (7) of the Form of ADR, the Depositary may require proper endorsement in blank of any certificated ADRs evidencing such ADSs and/or duly executed instruments of transfer of such ADSs in blank, together with the Holder's written order directing the Depositary to cause the Deposited Securities represented by such ADSs to be withdrawn and delivered to, or upon the written order of, any person designated in such order (a "**Withdrawal Order**").

At the request, risk and expense of the Holder hereof, the Depositary may deliver such Deposited Securities (including any certificates therefor) at a place other than its office. Directions from the Depositary to the Custodian to deliver Deposited Securities shall be given by letter, first class airmail postage prepaid, or by SWIFT, facsimile transmission or any other method of communication as may be agreed by the Custodian and the Depositary. Delivery of Deposited Securities may be made by the delivery of certificates (which, if required by law shall be properly endorsed or accompanied by properly executed instruments of transfer or, if such certificates may be registered, registered in the name of such Holder or as ordered by such Holder in any Withdrawal Order) or by such other means as the Depositary may deem practicable, including, without limitation, by transfer of record ownership thereof to an account designated in the Withdrawal Order maintained either by the Company or an accredited intermediary, such as a bank, acting as a registrar for the Deposited Securities.

The Company agrees to cooperate with the Depositary and to take all actions, and to instruct any registrar and/or transfer agent of the Deposited Securities to take all such actions, as may be requested by the Depositary in writing, or are otherwise necessary or required, to effectuate the withdrawal, delivery and/or transfer of the Deposited Securities. The obligations of the Company set forth in this Section 6 shall survive the termination of this Deposit Agreement until all ADSs issued by the Depositary have been cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Substitution of ADRs**. The Depositary shall execute and deliver a new Direct Registration ADR in exchange and substitution for any mutilated certificated ADR upon cancellation thereof or in lieu of and in substitution for such destroyed, lost or stolen certificated ADR, unless the Depositary has notice that such ADR has been acquired by a bona fide purchaser, upon the Holder thereof filing with the Depositary a request for such execution and delivery and a sufficient indemnity bond and satisfying any other reasonable requirements imposed by the Depositary.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Cancellation and Destruction of ADRs; Maintenance of Records.** All ADRs surrendered to the Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy ADRs in certificated form so cancelled in accordance with its customary practices. The Depositary agrees to maintain or cause its agents to maintain records of all ADRs surrendered and Deposited Securities withdrawn under Section 6 hereof and paragraph (2) of the form of ADR (*Withdrawal of Deposited Securities*), substitute ADRs delivered under Section 7 hereof, and canceled or destroyed ADRs under this Section 8, in keeping with the procedures ordinarily followed by stock transfer agents located in the United States or as required by the laws or regulations governing the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **The Custodian**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Rights of the Depositary*. Any Custodian in acting hereunder shall be subject to the directions of the Depositary and shall be responsible solely to it. The Depositary reserves the right to add, replace or remove a Custodian. The Depositary will give prompt notice of any such action, which will be advance notice if practicable. The Depositary may discharge any Custodian at any time upon notice to the Custodian being discharged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Rights of the Custodian.* Any Custodian may resign from its duties hereunder in the manner permitted by any custodial agreement then in effect between the Depositary and the Custodian. After receiving written notice of the Custodian's resignation, the Depositary shall endeavor to appoint a substitute custodian or custodians, if and to the extent the Depositary determines, in its sole discretion, that a new and/or substitute custodian is required. Any such new and/or substitute custodian shall be a Custodian for all purposes hereunder. Any Custodian ceasing to act hereunder as Custodian shall deliver, upon the instruction of the Depositary, all Deposited Securities held by it to a Custodian continuing to act.

Notwithstanding anything to the contrary contained in this Deposit Agreement (including the ADRs) and, subject to the further limitations set forth in paragraph (14) of the form of ADR (*Exoneration*), the Depositary shall not be responsible for, and shall incur no liability in connection with or arising from, any act or omission to act on the part of the Custodian except to the extent that any Holder has incurred liability directly as a result of the Custodian having (i) committed fraud or willful misconduct in the provision of custodial services to the Depositary or (ii) failed to use reasonable care in the provision of custodial services to the Depositary as determined in accordance with the standards prevailing in the jurisdiction in which the Custodian is located.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Lists of Holders**. The Company shall have the right to inspect transfer records of the Depositary and its agents and the ADR Register, take copies thereof and require the Depositary and its agents to supply copies of such portions of such records as the Company may request. The Depositary or its agents shall furnish to the Company promptly upon the written request of the Company, a list of the names, addresses and holdings of ADSs by all Holders as of a date within seven (7) days of the Depositary's receipt of such request.

11. **Depositary's Agents**. The Depositary may perform its obligations under this Deposit Agreement through any agent appointed by it, provided that the Depositary shall notify the Company of such appointment and shall remain responsible for the performance of such obligations as if no agent were appointed, subject to paragraph (14) of the form of ADR (*Exoneration*).

12. **Resignation and Removal of the Depositary; Appointment of Successor Depositary**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Resignation of the Depositary*. The Depositary may at any time resign as Depositary by providing written notice of its election to do so delivered to the Company. Subject to subparagraph (c) below, the Depositary's resignation shall take effect upon the Company's appointment of a successor depositary and such successor depositary's acceptance of its appointment as provided in Section 12(d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Removal of the Depositary*. The Depositary may at any time be removed by the Company by providing no less than sixty (60) days' prior written notice of such removal to the Depositary. Subject to subparagraph (c) below, such removal shall take effect on the later of (i) the sixtieth (60th) day after the Removal Notice Date and (ii) the Company's appointment of a successor depositary and such successor depositary's acceptance of its appointment as provided in Section 12(d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If either the Depositary provides notice of its resignation (pursuant to Section 12(a)) or the Company provides notice of the Depositary's removal (pursuant to Section 12(b)), and a successor depositary is not appointed by the sixtieth (60th) day after the Resignation Notice Date or the Removal Notice Date, respectively, the Depositary may terminate this Deposit Agreement and the ADR in the manner set out in paragraph (17) of the form of ADR (*Termination*) and the provisions of said paragraph (17) shall thereafter govern the Depositary's obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Appointment of Successor Depositary*. If the Depositary provides notice of its resignation pursuant to Section 12(a) above or the Company provides notice of the Depositary's removal pursuant to Section 12(b) above, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor depositary, only upon payment of all sums due to it and on the written request of the Company, shall (i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than its rights to indemnification and fees owing, each of which shall survive any such removal and/or resignation), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding ADRs. Any such successor depositary shall promptly mail notice of its appointment to such Holders. Any bank or trust company into or with which the Depositary may be merged or consolidated, or to which the Depositary shall transfer substantially all its American depositary receipt business, shall be the successor of the Depositary without the execution or filing of any document or any further act.

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13. **Reports.** On or before the first date on which the Company makes any communication available to holders of Deposited Securities or any securities regulatory authority or stock exchange, by publication or otherwise, that could require, or result in, the Depositary taking, or planning to take, any action under or pursuant to the Deposit Agreement (including, without limitation, any notice of any meeting of owners or holders of Shares or Deposited Securities, or any adjourned meeting of such owners or holders, or solicitation of proxies or consents from such owners or holders, or of the taking of any action in respect of any cash or other distribution or the offering of any rights to such owners or holders, or makes any communication that could reasonably be deemed to require the Depositary to take, or plan to take, action under or pursuant to this Deposit Agreement, by publication or otherwise), the Company shall transmit to the Depositary a copy thereof in English or with an English translation or summary. The Company has delivered to the Depositary, the Custodian and any Transfer Office, a copy of all provisions of or governing the Shares and any other Deposited Securities issued by the Company or any affiliate of the Company and, promptly upon any change thereto, the Company shall deliver to the Depositary, the Custodian and any Transfer Office, a copy (in English or with an English translation) of such provisions as so changed. The Depositary and its agents may rely upon the Company's delivery of all such communications, information and provisions for all purposes of this Deposit Agreement and the Depositary shall have no liability for the accuracy or completeness of any thereof.

14. **Additional Shares**. The Company agrees with the Depositary that neither the Company nor any company controlling, controlled by or under common control with the Company shall (a) issue (i) additional Shares, (ii) rights to subscribe for Shares, (iii) securities convertible into or exchangeable for Shares or (iv) rights to subscribe for any such securities or (b) deposit any Shares under this Deposit Agreement, except, in each case, under circumstances complying in all respects with the Securities Act of 1933. At the reasonable request of the Depositary where it deems necessary, the Company will furnish the Depositary with legal opinions, in forms and from counsels reasonably acceptable to the Depositary, dealing with such issues requested by the Depositary. The Depositary will not knowingly accept for deposit hereunder any Shares required to be registered under the Securities Act of 1933 unless a registration statement is in effect and will use reasonable efforts to comply with written instructions of the Company not to accept for deposit hereunder any Shares identified in such instructions at such times and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company's compliance with the securities laws, rules and regulations of the United States, including, but not limited to, the Securities Act of 1933 and the rules and regulations promulgated thereunder.

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15. **Indemnification.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Indemnification by the Company*. Subject to the limitations set forth in Section 15(c) below, the Company shall indemnify, defend and save harmless each of the Depositary, the Custodian and their respective directors, officers, employees, agents and affiliates against any loss, liability or expense (including reasonable fees and expenses of counsel) that may arise out of acts performed or omitted, in connection with the provisions of this Deposit Agreement and of the ADRs, as the same may be amended, modified or supplemented from time to time in accordance herewith (i) by either the Depositary or a Custodian or their respective directors, officers, employees, agents and affiliates, except for any liability or expense directly arising out of the negligence or willful misconduct of the Depositary or its directors, officers or affiliates acting in their capacities as such hereunder, or (ii) by the Company or any of its directors, officers, employees, agents and affiliates.

The indemnities set forth in the preceding paragraph shall also apply to any liability or expense that may arise out of any misstatement or alleged misstatement or omission or alleged omission in any registration statement, proxy statement, prospectus (or placement memorandum), preliminary prospectus (or preliminary placement memorandum) or other document or report relating to, or arising from the offer, issuance, withdrawal, sale, resale or transfer of ADSs or the deposit, withdrawal, offer, sale, resale or transfer of Shares or any other report filed or furnished by the Company with the Commission, except to the extent any such liability or expense arises out of (i) information relating to the Depositary or its agents (other than the Company), as applicable, furnished in writing by the Depositary expressly for use in any of the foregoing documents and not changed or altered by the Company or any other person (other than the Depositary) or (ii) if such information is provided, the failure by the Depositary to state a material fact therein necessary to make the information provided, in light of the circumstances under which made or provided, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Indemnification by the Depositary.* Subject to the limitations provided for in Sections 9 above and 15(c) below, the Depositary shall indemnify, defend and save harmless the Company against any direct loss, liability or expense (including reasonable fees and expenses of counsel) incurred by the Company in respect of this Deposit Agreement to the extent such loss, liability or expense is due to the negligence or willful misconduct of the Depositary.

![](tm2532978d7_ex4-1img002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Special or Consequential Damages and Lost Profits*. Notwithstanding any other provision of this Deposit Agreement or the ADRs to the contrary, neither the Depositary nor the Company, nor any of their respective agents shall be liable to the other for any indirect, special, punitive or consequential damages (excluding reasonable fees and expenses of counsel) or lost profits, in each case of any form (collectively, "**Special Damages**") incurred by any of them, or liable to any other person or entity (including, without limitation, Holders and Beneficial Owners) for any Special Damages, or any fees or expenses of counsel in connection therewith, whether or not foreseeable and regardless of the type of action in which such a claim may be brought; provided, however, that (i) notwithstanding the foregoing and, for the avoidance of doubt, the Depositary and its agents shall be entitled to reasonable legal fees and expenses in defending against any claim for Special Damages and (ii) to the extent Special Damages arise from or out of a claim brought by a third party (including, without limitation, Holders and Beneficial Owners) against the Depositary or any of its agents, the Depositary and its agents shall be entitled to full indemnification from the Company for all such Special Damages, and reasonable fees and expenses of counsel in connection therewith, unless such Special Damages are found to have been a direct result of the gross negligence or willful misconduct of the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Notification*. Any person seeking indemnification hereunder (an "**indemnified person**") shall notify the person from whom it is seeking indemnification (the "**indemnifying person**") of the commencement of any indemnifiable action or claim as promptly as reasonably practical after such indemnified person becomes aware of such commencement (provided that the failure to make such notification shall not affect such indemnified person's rights to indemnification under this Section 15 except and only to the limited extent the indemnifying person is materially prejudiced by such failure through the forfeiture of substantive rights or defenses as a result of such failure; and provided, further, that the failure to notify the indemnifying party shall not relieve the indemnifying party from any liability that it may have to an indemnified party otherwise than under this Section 15). No indemnifying person shall be liable for any settlement of any proceeding effected without its written consent (which consent shall not be unreasonably withheld, conditioned or delayed), but if settled with such indemnifying person's written consent or if there is a final and non-appealable judgment by a court of competent jurisdiction in any such proceeding, the indemnifying person agrees to indemnify and hold harmless each indemnified person from and against any and all losses, claims, damages, liabilities and reasonable legal and other out-of-pocket expenses by reason of such settlement or judgment. No indemnifying person shall, without the prior written consent of any indemnified person, effect any settlement of any pending or threatened proceedings in respect of which indemnity could have been sought hereunder by such indemnified person unless such settlement (i) includes an unconditional release of such indemnified person in form and substance reasonably satisfactory to such indemnified person from all liability or claims that are the subject matter of such proceedings and (ii) does not include any statement as to or any admission of fault, culpability, wrong doing or a failure to act by or on behalf of any indemnified person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Survival.* The obligations set forth in this Section 15 shall survive the termination of this Deposit Agreement and the succession or substitution of any indemnified person.

![](tm2532978d7_ex4-1img002.jpg)

16. **Notices**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Notice to Holders*. Notice to any Holder shall be deemed given when first mailed, first class postage prepaid, to the address of such Holder on the ADR Register or received by such Holder. Failure to notify a Holder or any defect in the notification to a Holder shall not affect the sufficiency of notification to other Holders or to the Beneficial Owners of the ADSs evidenced by the ADRs held by such other Holders. The Depositary's only notification obligations under this Deposit Agreement and the ADRs, other than to the Company as provided herein, shall be to Holders. Notice to a Holder shall be deemed, for all purposes of this Deposit Agreement and the ADRs, to constitute notice to any and all Beneficial Owners of the ADSs evidenced by such Holder's ADRs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Notice to the Depositary or the Company*. Notice to the Depositary or the Company shall be deemed given when first received by it at the address or by electronic transmission to the e-mail address set forth in (i) or (ii), respectively, or at such other address or email address provided by the Depositary or the Company to the other, respectively, in the same manner as notices are required to be provided in this Section 16:

---

| | |
|:---|:---|
| (i) | JPMorgan Chase Bank, N.A. |
|  | 270 Park Avenue, Floor 8 |
|  | New York, New York 10017 |
|  | Attention: Depositary Receipts Group |
|  | E-mail Address: <u>DR_Global_CSM@jpmorgan.com</u> |

---

---

| | |
|:---|:---|
| (ii) | Guardian Metal Resources PLC |
|  | C/O Orana Corporate Llp |
|  | 25 Eccleston Place |
|  | London, United Kingdom |
|  | SW1W 9NF |
|  | Attention: Oliver Friesen, Chief Executive Officer |
|  | E-mail Address: <u>oliver.friesen@guardianmetalresources.com</u> |

---

Delivery of a notice by means of electronic messaging shall be deemed to be effective at the time of the initiation of the transmission by the sender (as shown on the sender's records) to the email address set forth above, notwithstanding that the intended recipient retrieves the message at a later date, fails to retrieve such message, or fails to receive such notice on account of its failure to maintain the designated e-mail address, its failure to designate a substitute e-mail address or for any other reason.

![](tm2532978d7_ex4-1img002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **Counterparts.** This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which shall constitute one instrument. Delivery of an executed signature page of this Deposit Agreement by facsimile or other electronic transmission (including ".pdf", ".tif" or similar format) shall be effective as delivery of a manually executed counterpart hereof.

18. **No Third-Party Beneficiaries; Holders and Beneficial Owners as Parties; Binding Effect**; **Disclaimer of Beneficial Ownership**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Deposit Agreement is for the exclusive benefit of the Company, the Depositary and the Holders and their respective successors hereunder, and, except to the extent specifically set forth in Section 15 of this Deposit Agreement, shall not give any legal or equitable right, remedy or claim whatsoever to any other person. The Holders and Beneficial Owners from time to time shall be parties to this Deposit Agreement and shall be bound by all of the provisions hereof. A Beneficial Owner shall only be able to exercise any right or receive any benefit hereunder solely through the Holder of the ADR(s) evidencing the ADSs owned by such Beneficial Owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Depositary, on its own behalf and on behalf of the Custodian and their respective nominees, disclaims any beneficial ownership interest in the Deposited Securities held on behalf of the Holders. The ADRs evidencing ADSs representing Deposited Securities do not represent interests in the equity or profits of the Depositary. Instead, the ADSs solely represent interests in the underlying Deposited Securities represented by such ADSs that are passed on to the Holders of such ADSs through the Depositary, as the depositary bank, as provided in this Deposit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **Severability**. If any provision contained in this Deposit Agreement or in the ADRs is, or becomes, invalid, illegal or unenforceable in any respect, the remaining provisions contained herein and therein shall in no way be affected thereby.

20. **Governing Law; Consent to Jurisdiction**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Governing Law.* The Deposit Agreement, the ADSs and the ADRs shall be governed by and construed in accordance with the laws of the State of New York without giving effect to the application of the conflict of law principles thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Claims between the Company and the Depositary.* The Company irrevocably agrees that any legal suit, action or proceeding against or involving the Company brought by the Depositary arising out of or based upon this Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein, hereby or thereby, may be instituted in any state or federal court in New York, New York, and irrevocably waives any objection that it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. The Company also irrevocably agrees that any legal suit, action or proceeding against or involving the Depositary brought by the Company, arising out of or based upon this Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein, hereby or thereby, may be instituted only in a state or federal court in New York, New York, provided that if the Depositary initiates any suit, action or proceeding in any other jurisdiction in accordance with section 20(d) of this Deposit Agreement, the Company may bring any counter suit, action, proceedings or claims with respect thereto, arising out of, based on, or related to this Deposit Agreement or any agreement entered into connection therewith in such jurisdiction.

![](tm2532978d7_ex4-1img002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Claims involving Holders and Beneficial Owners.* By holding or owning an ADR or ADS or an interest therein, Holders and Beneficial Owners each irrevocably agree that any legal suit, action or proceeding against or involving Holders or Beneficial Owners brought by the Company or the Depositary, arising out of or based upon this Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein, hereby or thereby, may be instituted in a state or federal court in New York, New York, and by holding or owning an ADR or ADS or an interest therein each irrevocably waives any objection that it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding.

By holding or owning an ADR or ADS or an interest therein, Holders and Beneficial Owners each also irrevocably agree that any legal suit, action or proceeding against or involving the Depositary and/or the Company brought by Holders or Beneficial Owners, arising out of or based upon this Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein, hereby or thereby, including, without limitation, claims under the Securities Act of 1933, may be instituted only in the United States District Court for the Southern District of New York (or in the state courts of New York County in New York if either (i) the United States District Court for the Southern District of New York lacks subject matter jurisdiction over a particular dispute or (ii) the designation of the United States District Court for the Southern District of New York as the exclusive forum for any particular dispute is, or becomes, invalid, illegal or unenforceable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing or anything in this Deposit Agreement to the contrary, any suit, action or proceeding against the Company based on this Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein, hereby or thereby, may be instituted by the Depositary in any competent court in England and Wales, the United States and/or any other court of competent jurisdiction.

![](tm2532978d7_ex4-1img002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **Agent for Service.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Appointment*. The Company has appointed Golden Metal Resources LLC, 3800 Howard Hughes Parkway STE 1000, Las Vegas, Nevada 89169, United States of America, as its authorized agent (the "**Authorized Agent**") upon which process may be served in any such suit, action or proceeding arising out of or based on this Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein, hereby or thereby which may be instituted in any state or federal court in New York, New York by the Depositary or any Holder, and waives any other requirements of or objections to personal jurisdiction with respect thereto. Subject to the Company's rights to replace the Authorized Agent with another entity in the manner required were the Authorized Agent to have resigned, such appointment shall be irrevocable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Agent for Service of Process*. The Company represents and warrants that the Authorized Agent has agreed to act as said agent for service of process, and the Company agrees to take any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect as aforesaid. The Company further hereby irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents in any suit, action or proceeding against the Company, by service by mail of a copy thereof upon the Authorized Agent (whether or not the appointment of such Authorized Agent shall for any reason prove to be ineffective or such Authorized Agent shall fail to accept or acknowledge such service), with a copy mailed to the Company by registered or certified air mail, postage prepaid, to its address provided in Section 16(b) hereof. The Company agrees that the failure of the Authorized Agent to give any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment or award rendered in any suit, action or proceeding based thereon. If, for any reason, the Authorized Agent named above or its successor shall no longer serve as agent of the Company to receive service of process, summons, notices, papers and documents in New York, the Company shall promptly appoint a successor that is a legal entity with offices in New York, New York, so as to serve and will promptly advise the Depositary thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Waiver of Personal Service of Process*. In the event the Company fails to continue such designation and appointment in full force and effect, the Company hereby waives personal service of process upon it and consents that any such service of process may be made by certified or registered mail, return receipt requested, directed to the Company at its address last specified for notices hereunder, and service so made shall be deemed completed five (5) days after the same shall have been so mailed.

![](tm2532978d7_ex4-1img002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. **Waiver of Immunities.** To the extent that the Company or any of its properties, assets or revenues may have or may hereafter be entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding from the giving of any relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or other matters under or arising out of or in connection with the Shares or Deposited Securities, the ADSs, the ADRs or this Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and consents to such relief and enforcement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. **Waiver of Jury Trial**. EACH PARTY TO THIS DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER OF, AND/OR HOLDER OF INTERESTS IN, ADSS OR ADRS) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF, BASED ON OR RELATING IN ANY WAY TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY), INCLUDING, WITHOUT LIMITATION, ANY SUIT, ACTION, CLAIM OR PROCEEDING UNDER THE UNITED STATES FEDERAL SECURITIES LAWS. No provision of this Deposit Agreement or any ADR is intended to constitute a waiver or limitation of any rights that a Holder or any Beneficial Owner may have under the Securities Act of 1933 or the Securities Exchange Act of 1934, to the extent applicable.

[ *Signature page follows* ]

![](tm2532978d7_ex4-1img002.jpg)

IN WITNESS WHEREOF, GUARDIAN METAL RESOURCES PLC and JPMORGAN CHASE BANK, N.A. have duly executed this Deposit Agreement as of the day and year first above set forth and all Holders and Beneficial Owners shall become parties hereto upon acceptance by them of ADSs issued in accordance with the terms hereof, or upon acquisition of any beneficial interest therein.

---

| | |
|:---|:---|
| **GUARDIAN METAL RESOURCES PLC** | **GUARDIAN METAL RESOURCES PLC** |
| By: |  |
|  | Name: |
|  | Title: |
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| By: |  |
|  | Name: |
|  | Title: |

---

[*Signature Page to Deposit Agreement*]

![](tm2532978d7_ex4-1img002.jpg)

EXHIBIT A

ANNEXED TO AND INCORPORATED IN

<u>DEPOSIT AGREEMENT</u>

[FORM OF FACE OF ADR]

---

| | |
|:---|:---|
|  | No. of ADSs: |
| ______ | |
| Number | |
|  | Each ADS represents |
|  | [number (x)] Share[s] |
|  | CUSIP: |

---

AMERICAN DEPOSITARY RECEIPT

evidencing

AMERICAN DEPOSITARY SHARES

representing

ORDINARY SHARES

of

GUARDIAN METAL RESOURCES PLC

(Incorporated under the laws of England and Wales)

JPMORGAN CHASE BANK, N.A., a national banking association organized under the laws of the United States of America, as depositary hereunder (in such capacity, the "**Depositary**"), hereby certifies that _______________________is the registered owner (a "**Holder**") of _____________ American depositary shares ("**ADSs**"), each (subject to paragraph (13) (*Changes Affecting Deposited Securities*)) representing [RATIO] ordinary share[s] (including the rights to receive Shares described in paragraph (1) (*Issuance of ADSs*), "**Shares**" and, together with any other securities, cash or property from time to time held by the Depositary in respect or in lieu of deposited Shares, the "**Deposited Securities**"), of GUARDIAN METAL RESOURCES PLC, a public limited company incorporated under the laws of England and Wales (the "**Company**"), deposited under the Deposit Agreement, dated as of ______________ __, 2026 (as amended from time to time, the "**Deposit Agreement**"), among the Company, the Depositary and all Holders and Beneficial Owners from time to time of American Depositary Receipts issued thereunder ("**ADRs**"), each of whom by accepting an ADR becomes a party thereto. The Deposit Agreement and this ADR (which includes the provisions set forth on the reverse hereof) shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect to the application of the conflict of law principles thereof. All capitalized terms used herein, and not defined herein, shall have the meanings ascribed to such terms in the Deposit Agreement.

![](tm2532978d7_ex4-1img002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Issuance of ADSs**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Issuance*. This ADR is one of the ADRs issued under the Deposit Agreement. Subject to the other provisions hereof, the Depositary may so issue ADRs for delivery at the Transfer Office only against deposit of: (i) Shares in a form satisfactory to the Custodian; or (ii) rights to receive Shares from the Company or any registrar, transfer agent, clearing agent or other entity recording Share ownership or transactions. At the request, risk and expense of the person depositing Shares or rights to receive Shares, the Depositary may accept such Shares and/or deposits for forwarding to the Custodian and may deliver ADRs at a place other than its office. Shares or evidence of rights to receive Shares may be deposited through (x) electronic transfer of such Shares to the account maintained by the Custodian for such purpose at CREST, (y) evidence satisfactory to the Custodian of irrevocable instructions to cause such Shares to be transferred to such account or (z) delivery of the certificates representing such Shares. If use of the CREST book-entry system in connection with the Shares is discontinued at any time for any reason, the Company shall make other book-entry arrangements (if any) that it determines, after consultation with the Depositary, are reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Lending*. In its capacity as Depositary, the Depositary shall not lend Shares or ADSs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Representations and Warranties of Depositors*. Every person depositing Shares under the Deposit Agreement represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Shares and the certificates
 therefor are duly authorized, validly issued and outstanding, fully paid, nonassessable and
 legally obtained by such person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all pre-emptive and comparable
 rights, if any, with respect to such Shares have been validly waived or exercised,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the person making such deposit
 is duly authorized so to do,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Shares presented for deposit
 are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse
 claim and

![](tm2532978d7_ex4-1img002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such Shares (A) are not "restricted
 securities" as such term is defined in Rule 144 under the Securities Act of 1933 ()"**Restricted Securities**") unless at the time of deposit the requirements of paragraphs (c), (e),
 (f) and (h) of Rule 144 shall not apply and such Shares may be freely transferred and may
 otherwise be offered and sold freely in the United States or (B) have been registered under
 the Securities Act of 1933. To the extent the person depositing Shares is an "affiliate"
 of the Company as such term is defined in Rule 144, the person also represents and warrants
 that upon the sale of the ADSs, all of the provisions of Rule 144 that enable the Shares
 to be freely sold (in the form of ADSs) will be fully complied with and, as a result thereof,
 all of the ADSs issued in respect of such Shares will not be on the sale thereof, Restricted
 Securities.

Such representations and warranties shall survive the deposit and withdrawal of Shares and the issuance and cancellation of ADSs in respect thereof and the transfer of such ADSs. If any of the representations or warranties are incorrect in any way, the Company and the Depositary may, at the cost of the breaching Holder (including, without limitation, any Holder acting on behalf of a third party) and/or Beneficial Owner, take any and all actions necessary to correct the consequences of such misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Depositary may refuse to accept for such deposit any Shares identified by the Company in order to facilitate compliance with the requirements of the securities laws, rules and regulations of the United States, including, without limitation, the Securities Act of 1933 and the rules and regulations made thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Withdrawal of Deposited Securities**. Subject to paragraphs (4) (*Certain Limitations to Registration, Transfer etc.*), (5) (*Liability of Holder or Beneficial Owner for Taxes, Duties and Other Charges*) and (7) (*Charges of Depositary*) and to the provisions of or governing the Deposited Securities (including, without limitation, the Company's governing documents and all applicable laws, rules and regulations), upon surrender of (a) a certificated ADR in a form satisfactory to the Depositary at the Transfer Office or (b) proper instructions and documentation in the case of a Direct Registration ADR, the Holder hereof is entitled to delivery at the Custodian's office (or from the Custodian to the extent dematerialized) of the Deposited Securities at the time represented by the ADSs evidenced by this ADR. If, at any time each ADS represents a fraction of one Share, unless otherwise agreed by the Depositary, ADSs may only be cancelled in multiples of such number of Shares as will permit whole Shares to be delivered. At the request, risk and expense of the Holder hereof, the Depositary may deliver such Deposited Securities (including any certificates therefor) at such other place as may have been requested by the Holder. Notwithstanding any other provision of the Deposit Agreement or this ADR, the withdrawal of Deposited Securities may be restricted only for the reasons set forth in General Instruction I.A.(1) of Form F-6 (as such instructions may be amended from time to time) under the Securities Act of 1933.

![](tm2532978d7_ex4-1img002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **Transfers, Split-Ups and Combinations of ADRs**. The Depositary or its agent will keep, at a designated transfer office (the "**Transfer Office**"), (a) a register (the "**ADR Register**") for the registration, registration of transfer, combination and split-up of ADRs, and, in the case of Direct Registration ADRs, shall include the Direct Registration System, which at all reasonable times will be open for inspection by Holders and the Company for the purpose of communicating with Holders in the interest of the business of the Company or a matter relating to the Deposit Agreement and (b) facilities for the delivery and receipt of ADRs. The term ADR Register includes the Direct Registration System. Title to this ADR (and to the Deposited Securities represented by the ADSs evidenced hereby), when properly endorsed (in the case of ADRs in certificated form) and/or upon delivery to the Depositary of proper instruments of transfer, is transferable by delivery with the same effect as in the case of negotiable instruments under the laws of the State of New York; <u>provided</u> that the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this ADR is registered on the ADR Register as the absolute owner hereof for all purposes and neither the Depositary nor the Company will have any obligation or be subject to any liability under the Deposit Agreement or any ADR to any Beneficial Owner, unless such Beneficial Owner is the Holder hereof. Subject to paragraphs (4) (*Certain Limitations to Registration, Transfer, etc.*) and (5) (*Liability of Holder or Beneficial Owner for Taxes, Duties and Other Charges*), this ADR is transferable on the ADR Register and may be split into other ADRs or combined with other ADRs into one ADR, evidencing the aggregate number of ADSs surrendered for split-up or combination, by the Holder hereof or by duly authorized attorney upon surrender of this ADR at the Transfer Office properly endorsed (in the case of ADRs in certificated form) or upon delivery to the Depositary of proper instruments of transfer and duly stamped as may be required by applicable law; <u>provided</u> that the Depositary may close the ADR Register (and/or any portion thereof) at any time or from time to time when deemed expedient by it. At the request of a Holder, the Depositary shall, for the purpose of substituting a certificated ADR with a Direct Registration ADR, or vice versa, execute and deliver a certificated ADR or a Direct Registration ADR, as the case may be, for any authorized number of ADSs requested, evidencing the same aggregate number of ADSs as those evidenced by the certificated ADR or Direct Registration ADR, as the case may be, substituted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) **Certain Limitations to Registration, Transfer, etc**. Prior to the issue, registration, registration of transfer, split-up or combination of any ADR, the delivery of any distribution in respect thereof, or, subject to the last sentence of paragraph (2) (*Withdrawal of Deposited Securities*), the withdrawal of any Deposited Securities, and from time to time in the case of clause (b)(ii) of this paragraph (4), the Company, the Depositary or the Custodian may require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) payment with respect thereto of (i) any stock transfer or other tax or other governmental charge, (ii) any stock transfer or registration fees in effect for the registration of transfers of Shares or other Deposited Securities upon any applicable register and (iii) any applicable charges as provided in paragraph (7) (*Charges of Depositary*) of this ADR;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the production of proof satisfactory to it of (i) the identity of any signatory and genuineness of any signature and (ii) such other information, including without limitation, information as to citizenship, residence, exchange control approval, beneficial or other ownership of, or interest in, any securities, compliance with applicable law, regulations, provisions of or governing Deposited Securities and terms of the Deposit Agreement and this ADR, as it may deem necessary or proper; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) compliance with such regulations as the Depositary may establish consistent with the Deposit Agreement or as the Depositary believes are required, necessary or advisable in order to comply with applicable laws, rules and regulations.

The issuance of ADRs, the acceptance of deposits of Shares, the registration, registration of transfer, split-up or combination of ADRs or, subject to the last sentence of paragraph (2) (*Withdrawal of Deposited Securities*), the withdrawal and delivery of Deposited Securities may be suspended, generally or in particular instances, when the ADR Register or any register for Deposited Securities is closed or when any such action is deemed required, necessary or advisable by the Depositary for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) **Liability of Holder or Beneficial Owner for Taxes, Duties and Other Charges**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Liability for Taxes*. If any tax or other governmental charges (including any penalties and/or interest) shall become payable by or on behalf of the Custodian or the Depositary with respect to this ADR, any Deposited Securities represented by the ADSs evidenced hereby or any distribution thereon, such tax or other governmental charge shall be paid by the Holder hereof to the Depositary and by holding or owning, or having held or owned, this ADR or any ADSs evidenced hereby, the Holder and all Beneficial Owners hereof and thereof, and all prior Holders and Beneficial Owners hereof and thereof, jointly and severally, agree to indemnify, defend and save harmless each of the Depositary and its agents in respect of such tax or other governmental charge.

 

Neither the Depositary, nor any of its agents, shall be liable to Holders or Beneficial Owners of the ADSs and ADRs for failure of any of such Holders or Beneficial Owners to comply with applicable tax laws, rules and/or regulations.

Notwithstanding the Depositary's right to seek payment from current and former Holders and Beneficial Owners, the Holder(s) and Beneficial Owner(s) hereof (and all prior Holder(s) and Beneficial Owner(s) hereof) acknowledge and agree that the Depositary has no obligation to seek payment of amounts owing under this paragraph (5) from any current or former Beneficial Owner.

The Depositary may refuse to effect any registration, registration of transfer, split-up or combination hereof or, subject to the last sentence of paragraph (2) (*Withdrawal of Deposited Securities*), any withdrawal of such Deposited Securities until such payment is made.

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The Depositary may also deduct from any distributions on or in respect of Deposited Securities, or may sell by public or private sale for the account of the Holder hereof any part or all of such Deposited Securities and may apply such deduction or the proceeds of any such sale in payment of such tax or other governmental charge, the Holder hereof remaining liable for any deficiency, and shall reduce the number of ADSs evidenced hereby to reflect any such sales of Shares. In connection with any distribution to Holders, the Company will remit to the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to such authority or agency by the Company; and the Depositary and the Custodian will remit to the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to such authority or agency by the Depositary or the Custodian.

To the extent not prohibited by law, rule, regulation, fiduciary duty, contractual or confidential obligation or otherwise, the Depositary will forward to the Company such information actually in the Depositary's possession from the transfer records maintained by the Depositary in accordance with the Depositary's policies and procedures as the Company may reasonably request in writing to enable the Company to file any reports required to be filed by the Company with governmental authorities or agencies to comply with applicable law; <u>provided</u>, <u>however</u>, for the avoidance of doubt, the Depositary shall have no liability for the accuracy of any such information and shall not be required to incur or become subject to any risk, liability, cost or expense and shall be indemnified by the Company in connection with the foregoing.

If the Depositary determines that any distribution in property other than cash (including Shares or rights) on Deposited Securities is subject to any tax that the Depositary or the Custodian is obligated to withhold, the Depositary may dispose of all or a portion of such property in such amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes, by public or private sale, and the Depositary shall distribute the net proceeds of any such sale or the balance of any such property after deduction of such taxes to the Holders entitled thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Indemnification Related to Taxes*. Each Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian and any of their respective officers, directors, employees, agents and affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained which obligations shall survive any transfer or surrender of ADSs or the termination of the Deposit Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) **Disclosure of Interests**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General*. To the extent that the provisions of or governing any Deposited Securities may require disclosure of or impose limits on beneficial or other ownership of, or interest in, Deposited Securities, other Shares and other securities and may provide for blocking transfer, voting or other rights to enforce such disclosure or limits, Holders and Beneficial Owners agree to comply with all such disclosure requirements and ownership limitations and to comply with any reasonable Company instructions in respect thereof. The Company reserves the right to instruct Holders (and through any such Holder, the Beneficial Owners of ADSs evidenced by the ADRs registered in such Holder's name) to deliver their ADSs for cancellation and withdrawal of the Deposited Securities so as to permit the Company to deal directly with the Holder and/or Beneficial Owner thereof as a holder of Shares and Holders and Beneficial Owners agree to comply with such instructions. If reasonably requested by the Company, the Depositary agrees to cooperate and consult with, and provide reasonable assistance to, in each case without risk, liability or expense on the part of the Depositary, the Company in its efforts to inform Holders of the Company's exercise of its rights under this paragraph and on the manner(s) in which the Company may implement such requirements with respect to any Holder; provided, however, for the avoidance of doubt, the Depositary shall be indemnified by the Company in connection with the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Jurisdiction Specific*. Any summary of the laws, rules and regulations of England and Wales and of the terms of the Company's constituent documents has been provided by the Company solely for the convenience of Holders, Beneficial Owners and the Depositary. While such summaries are believed by the Company to be accurate as of the date of the Deposit Agreement, they are (i) summaries and as such may not include all aspects of the materials summarized as applicable to a Holder or Beneficial Owner, and (ii) provided by the Company as of the date of the Deposit Agreement. The Holder or Beneficial Owner acknowledges that these laws and regulations and the Company's constituent documents may change after the date of the Deposit Agreement. Neither the Depositary nor the Company has any obligation to update any such summaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) **Charges of Depositary**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Rights of the Depositary*. The Depositary may charge, and collect from, (i) each person to whom ADSs are issued, including, without limitation, issuances against deposits of Shares, issuances in respect of Share Distributions, Rights and Other Distributions (as such terms are defined in paragraph (10) (*Distributions on Deposited Securities*)), issuances pursuant to a stock dividend or stock split declared by the Company, or issuances pursuant to a merger, exchange of securities or any other transaction or event affecting the ADSs or the Deposited Securities, and (ii) each person surrendering ADSs for withdrawal of Deposited Securities or whose ADSs are cancelled or reduced for any other reason, a fee of up to U.S.$5.00 for each 100 ADSs (or portion thereof) issued, delivered, reduced, cancelled or surrendered, or upon which a Share Distribution or elective distribution is made or offered (as the case may be). The Depositary may sell (by public or private sale) sufficient securities and property received in respect of Share Distributions, Rights and Other Distributions prior to such deposit to pay such charge.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Additional Fees, Charges and Expenses by the Depositary*. The following additional fees, charges and expenses shall also be incurred by the Holders, the Beneficial Owners, by any party depositing or withdrawing Shares or by any party surrendering ADSs and/or to whom ADSs are issued (including, without limitation, issuances pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding the ADSs or the Deposited Securities or a distribution of ADSs pursuant to paragraph (10) (*Distributions on Deposited Securities*)), whichever is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a fee of up to U.S.$0.05 per ADS held for any Cash distribution made,
 or for any elective cash/stock dividend offered, pursuant to the Deposit Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a fee of up to U.S.$0.05 per ADS held for the direct or indirect distribution
 of securities (other than ADSs or rights to purchase additional ADSs pursuant to paragraph
 (10) hereof) or the net cash proceeds from the public or private sale of any such securities,
 regardless of whether any such distribution and/or sale is made by, for, or received from,
 or (in each case) on behalf of, the Depositary, the Company and/or any third party (which
 fee may be assessed against Holders as of a record date set by the Depositary),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an aggregate fee of up to U.S.$0.05 per ADS per calendar year (or
 portion thereof) for services performed by the Depositary in administering the ADRs (which
 fee may be charged on a periodic basis during each calendar year and shall be assessed against
 Holders as of the record date or record dates set by the Depositary during each calendar
 year and shall be payable at the sole discretion of the Depositary by billing such Holders
 or by deducting such charge from one or more cash dividends or other cash distributions),
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an amount for the reimbursement
 of such charges and expenses as are incurred by the Depositary and/or any of its agents (including,
 without limitation, the Custodian, as well as charges and expenses incurred on behalf of
 Holders in connection with compliance with foreign exchange control regulations or any law
 or regulation relating to foreign investment) in connection with the servicing of the Shares
 or other Deposited Securities, the sale of securities (including, without limitation, Deposited
 Securities), the delivery of Deposited Securities or otherwise in connection with the Depositary's
 or its Custodian's compliance with applicable law, rule or regulation (which charges and
 expenses may be assessed on a proportionate basis against Holders as of the record date or
 dates set by the Depositary and shall be payable at the sole discretion of the Depositary
 by billing such Holders or by deducting such charge or expense from one or more cash dividends
 or other cash distributions).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Other Obligations, Fees, Charges and Expenses*. The Company will pay all other fees, charges and expenses of the Depositary and any agent of the Depositary (except the Custodian) pursuant to agreements from time to time between the Company and the Depositary, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) stock transfer or other taxes and other governmental charges (which
 are payable by Holders or persons depositing Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a transaction fee per cancellation request (including any cancellation
 request made through SWIFT, facsimile transmission or any other method of communication)
 as disclosed on the "Disclosures" page (or successor page) of <u>www.adr.com</u> (as updated by the Depositary from time to time, "**ADR.com**") and any applicable
 delivery expenses (which are payable by such persons or Holders); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) transfer or registration expenses for the registration or transfer
 of Deposited Securities on any applicable register in connection with the deposit or withdrawal
 of Deposited Securities (which are payable by persons depositing Shares or Holders withdrawing
 Deposited Securities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Foreign Exchange Related Matters*. To facilitate the administration of various depositary receipt transactions, including disbursement of dividends or other cash distributions and other corporate actions, the Depositary may engage the foreign exchange desk within JPMorgan Chase Bank, N.A. (the "**Bank**") and/or its affiliates in order to enter into spot foreign exchange transactions to convert foreign currency into U.S. dollars ("**FX Transactions**"). For certain currencies, FX Transactions are entered into with the Bank or an affiliate, as the case may be, acting in a principal capacity. For other currencies, FX Transactions are routed directly to and managed by an unaffiliated local custodian (or other third-party local liquidity provider), and neither the Bank nor any of its affiliates is a party to such FX Transactions.

The foreign exchange rate applied to an FX Transaction will be either (i) a published benchmark rate, or (ii) a rate determined by a third-party local liquidity provider, in each case plus or minus a spread, as applicable. The Depositary will disclose which foreign exchange rate and spread, if any, apply to such currency on the "Disclosures" page (or successor page) of ADR.com. Such applicable foreign exchange rate and spread may (and neither the Depositary, the Bank nor any of their affiliates is under any obligation to ensure that such rate does not) differ from rates and spreads at which comparable transactions are entered into with other customers or the range of foreign exchange rates and spreads at which the Bank or any of its affiliates enters into foreign exchange transactions in the relevant currency pair on the date of the FX Transaction. Additionally, the timing of execution of an FX Transaction varies according to local market dynamics, which may include regulatory requirements, market hours and liquidity in the foreign exchange market or other factors. Furthermore, the Bank and its affiliates may manage the associated risks of their position in the market in a manner they deem appropriate without regard to the impact of such activities on the Company, the Depositary, Holders or Beneficial Owners. The spread applied does not reflect any gains or losses that may be earned or incurred by the Bank and its affiliates as a result of risk management or other hedging related activity.

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Notwithstanding the foregoing, to the extent the Company provides U.S. dollars to the Depositary, neither the Bank nor any of its affiliates will execute an FX Transaction as set forth herein. In such case, the Depositary will distribute the U.S. dollars received from the Company.

Further details relating to the applicable foreign exchange rate, the applicable spread and the execution of FX Transactions will be provided by the Depositary on ADR.com. The Company, Holders and Beneficial Owners each acknowledge and agree that the terms applicable to FX Transactions disclosed from time to time on ADR.com will apply to any FX Transaction executed pursuant to the Deposit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The right of the Depositary to charge and receive payment of fees, charges and expenses as provided above shall survive the termination of the Deposit Agreement. Upon the resignation or removal of the Depositary, such right shall extend for those fees, charges and expenses incurred prior to the effectiveness of such resignation or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Disclosure of Potential Depositary Payments*. The Depositary anticipates reimbursing the Company for certain expenses incurred by the Company that are related to the establishment and maintenance of the ADR program upon such terms and conditions as the Company and the Depositary may agree from time to time. The Depositary may make available to the Company a set amount or a portion of the Depositary fees charged in respect of the ADR program or otherwise upon such terms and conditions as the Company and the Depositary may agree from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Under certain limited circumstances, the Depositary may reduce or waive certain fees, charges and expenses provided herein and in the Deposit Agreement, including, without limitation, those described in this paragraph (7) that would normally be charged on ADSs issued to or at the direction of, or otherwise held by, the Company and/ or certain Holders and Beneficial Owners and holders and beneficial owners of Shares of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) **Available Information**. The Deposit Agreement, the provisions of or governing Deposited Securities and any written communications from the Company, which are both received by the Custodian or its nominee as a holder of Deposited Securities and made generally available to the holders of Deposited Securities, are available for inspection by Holders at the offices of the Depositary in the United States, on the Commission's Internet Website or upon request to the Depositary (which request may be refused by the Depositary at its discretion). The Depositary will distribute copies of such communications (or English translations or summaries thereof) to Holders when furnished by the Company.

The Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and accordingly files certain reports with the Commission. These reports can be inspected and retrieved by Holders and Beneficial Owners through the EDGAR system on the Commission's Internet Website located as of the date of the Deposit Agreement at <u>www.sec.gov</u> and can be inspected and copied at the public reference facilities maintained by the Commission, located (as of the date of the Deposit Agreement) at 100 F Street, N.E., Washington, D.C. 20549. Each Holder and Beneficial Owner of an ADR and/or interest therein by so holding or owning an ADR and/or an interest therein, acknowledges and agrees that the Depositary (i) is relying, and may so rely, solely on the Company's representations, warranties, statements, covenants and agreements in this paragraph (8) of the form of ADR (*Available Information*), and (ii) does not assume any duty or responsibility to determine if the Company is complying with the registration, reporting and other requirements of the Securities Exchange Act of 1934 or to take any action if the Company is not in compliance thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) **Execution**. This ADR shall not be valid for any purpose unless executed by the Depositary by the manual or facsimile signature of a duly authorized officer of the Depositary.

Dated:

---

| |
|:---|
| JPMORGAN CHASE BANK, N.A., as Depositary |
| By |
| Authorized Officer |

---

The Depositary's office is located at 270 Park Avenue, Floor 8, New York, New York 10017.

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[FORM OF REVERSE OF ADR]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) **Distributions on Deposited Securities; Sales**. Subject to paragraphs (4) (*Certain Limitations to Registration, Transfer etc.*) and (5) (*Liability of Holder or Beneficial Owner for Taxes, Duties and other Charges*), to the extent practicable, the Depositary will distribute to each Holder entitled thereto on the record date set by the Depositary therefor at such Holder's address shown on the ADR Register, in proportion to the number of Deposited Securities (on which the following distributions on Deposited Securities are received by the Custodian) represented by ADSs evidenced by such Holder's ADRs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Cash*. Any U.S. dollars available to the Depositary resulting from a cash dividend or other cash distribution or the net proceeds of sales of any other distribution or portion thereof authorized in this paragraph (10) ("**Cash**"), on an averaged or other practicable basis, subject to (i) appropriate adjustments for taxes withheld, (ii) such distribution being permissible or practicable with respect to certain Holders, and (iii) deduction of the Depositary's and/or its agents' fees and expenses in (1) converting any foreign currency to U.S. dollars by sale or in such other manner as the Depositary may determine to the extent that it determines that such conversion may be made on a reasonable basis, (2) transferring foreign currency or U.S. dollars to the United States by such means as the Depositary may determine to the extent that it determines that such transfer may be made on a reasonable basis, (3) obtaining any approval or license of any governmental authority required for such conversion or transfer, which is obtainable at a reasonable cost and within a reasonable time and (4) making any sale by public or private means in any commercially reasonable manner.

To the extent that any of the Deposited Securities is not or shall not be entitled, by reason of its date of issuance, or otherwise, to receive the full amount of such cash dividend, distribution, or net proceeds of sales, the Depositary shall make appropriate adjustments in the amounts distributed to the Holders issued in respect of such Deposited Securities. To the extent the Company or the Depositary shall be required to withhold and does withhold from any cash dividend, distribution or net proceeds from sales in respect of any Deposited Securities an amount on account of taxes, the amount distributed on the ADSs issued in respect of such Deposited Securities shall be reduced accordingly.

To the extent the Depositary determines in its discretion that it would not be permitted by applicable law, rule or regulation, or it would not otherwise be practicable, to convert foreign currency into U.S. dollars and/or distribute such U.S. dollars to any or all of the Holders entitled thereto, the Depositary may in its discretion distribute some or all of the foreign currency received by the Depositary as it deems permissible and practicable to, or retain and hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the Holders entitled to receive the same.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Shares*. (i) Additional ADRs evidencing whole ADSs representing any Shares available to the Depositary resulting from a dividend or free distribution on Deposited Securities consisting of Shares (a "**Share Distribution**") and (ii) U.S. dollars available to it resulting from the net proceeds of public or private sales of Shares received in a Share Distribution, which Shares would give rise to fractional ADSs if additional ADRs were issued therefor, as in the case of Cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Rights*. (i) Warrants or other instruments in the discretion of the Depositary representing rights to acquire additional ADRs in respect of any rights to subscribe for additional Shares or rights of any nature available to the Depositary as a result of a distribution on Deposited Securities ("**Rights**"), to the extent that the Company timely furnishes to the Depositary evidence satisfactory to the Depositary that the Depositary may lawfully distribute the same (the Company has no obligation to so furnish such evidence), or (ii) to the extent the Company does not so furnish such evidence and sales of Rights are practicable, any U.S. dollars available to the Depositary from the net proceeds of the public or private sales of Rights as in the case of Cash, or (iii) to the extent the Company does not so furnish such evidence and/or such sales cannot practicably be accomplished by reason of the non-transferability of the Rights, limited markets therefor, their short duration or otherwise, nothing (and any Rights may lapse).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Other Distributions*. (i) Securities or property available to the Depositary resulting from any distribution on Deposited Securities other than Cash, Share Distributions and Rights ("**Other Distributions**"), by any means that the Depositary may deem equitable and practicable, or (ii) to the extent the Depositary deems distribution of such securities or property not to be equitable and practicable, any U.S. dollars available to the Depositary from the net proceeds of public or private sales of Other Distributions as in the case of Cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent that the Depositary determines in its discretion that any distribution pursuant to this paragraph (10) (*Distributions on Deposited Securities*) would not be permissible by applicable law, rule or regulation, or is not otherwise practicable with respect to any or all Holders, the Depositary may in its discretion make such distribution as it so deems permissible and practicable, including the distribution of some or all of any Cash, foreign currency, securities or other property (or appropriate documents evidencing the right to receive some or all of any such Cash, foreign currency, securities or other property), and/or the Depositary may retain and hold some or all of such Cash, foreign currency, securities or other property as Deposited Securities with respect to the applicable Holders' ADRs (without liability for interest thereon or the investment thereof).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent the Depositary retains and holds any Cash, foreign currency, securities or other property as permitted under this paragraph (10) (*Distributions on Deposited Securities*), any and all fees, charges and expenses related to, or arising from, the holding thereof (including, but not limited to those provided in paragraph (7) of this form of ADR (*Charges of Depositary*)) shall be paid from such Cash, foreign currency, securities or other property, or the net proceeds from the sale thereof, thereby reducing the amount so held hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Sales*. In all instances where the Deposit Agreement or the form of ADR refers to a "sale" (or words of similar import) of securities or property, the Depositary may, but shall not be obligated, to effect any such sale unless the securities to be sold are listed and publicly traded on a securities exchange or there is a public market for the property to be sold. To the extent the securities are not so listed and publicly traded or there is no public market for the property so distributed by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Depositary shall, in the event the Deposit Agreement is terminated and the Depositary holds Deposited Securities that are not listed and publicly traded or property for which there is no public market after the Termination Date, act in accordance with paragraph (17)(b) of the form of ADR in respect of such securities and property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event the Depositary or its Custodian receives (A) an Other Distribution under paragraph (10) consisting of securities or property that are not distributed by the Depositary pursuant to this paragraph (10) or (B) a distribution of Rights that falls under subparagraph (10)(c)(iii) above, the Depositary will not terminate the Deposit Agreement under paragraph (17)(a)(ii)(D) of the form of ADR but, in lieu of termination, the Depositary will, in the case of an Other Distribution, be deemed to have sold the aggregate number of securities and/or property so received for nominal value and shall have no obligation to distribute such securities or any proceeds from the deemed sale thereof to the Holders and, in the case of Rights that fall under subparagraph (10)(c)(iii) above, allow such Rights to lapse.

Furthermore, in the event the Depositary endeavors to make a sale of Shares, other securities or property, such securities and/or property may be sold in a block sale or single lot transaction.

The Depositary reserves the right to utilize a division, branch or affiliate of JPMorgan Chase Bank, N.A. to direct, manage and/or execute any public and/or private sale of securities and/or property hereunder. Such division, branch and/or affiliate may charge the Depositary a fee in connection with such sales, which fee is considered an expense of the Depositary contemplated above and/or under paragraph (7) (*Charges of Depositary*). All purchases and sales of securities will be handled by the Depositary in accordance with its then current policies, which are currently set forth on the "Disclosures" page (or successor page) of ADR.com, the location and contents of which the Depositary shall be solely responsible for.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Any U.S. dollars available will be paid via wire transfer and/or distributed by checks drawn on a bank in the United States for whole dollars and cents. Fractional cents will be withheld without liability and dealt with by the Depositary in accordance with its then current practices.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) **Record Dates**. The Depositary may, after consultation with the Company if practicable, fix a record date (which, to the extent applicable, shall be as near as practicable to any corresponding record date set by the Company) for the determination of the Holders who shall be responsible for the fee assessed by the Depositary for administration of the ADR program and for any expenses provided for in paragraph (7) hereof as well as for the determination of the Holders who shall be entitled to receive any distribution on or in respect of Deposited Securities, to give instructions for the exercise of any voting rights, to receive any notice or to act in respect of other matters and only such Holders shall be so entitled or obligated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) **Voting of Deposited Securities**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Notice of Any Meeting or Solicitation*. As soon as practicable after receipt of notice of any meeting at which the holders of Shares are entitled to vote, or of solicitation of consents or proxies from holders of Shares or other Deposited Securities, the Depositary shall fix the ADS record date in accordance with paragraph (11) above provided that if the Depositary receives a written request from the Company in a timely manner and at least thirty (30) days prior to the date of such vote or meeting, the Depositary shall, at the Company's expense, distribute to Holders a notice (the "**Voting Notice**") stating (i) final information particular to such vote and meeting and any solicitation materials, (ii) that each Holder on the record date set by the Depositary will, subject to any applicable provisions of the laws of England and Wales, be entitled to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by the ADSs evidenced by such Holder's ADRs and (iii) the manner in which such instructions may be given, including instructions to give a discretionary proxy to a person designated by the Company. Each Holder shall be solely responsible for the forwarding of Voting Notices to the Beneficial Owners of ADSs registered in such Holder's name. There is no guarantee that Holders and Beneficial Owners generally or any Holder or Beneficial Owner in particular will receive the notice described above with sufficient time to enable such Holder or Beneficial Owner to return any voting instructions to the Depositary in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Voting of Deposited Securities*. Following actual receipt by the ADR department responsible for proxies and voting of Holders' instructions (including, without limitation, instructions of any entity or entities acting on behalf of the nominee for DTC), the Depositary shall, in the manner and on or before the time established by the Depositary for such purpose, endeavor to vote or cause to be voted the Deposited Securities represented by the ADSs evidenced by such Holders' ADRs in accordance with such instructions insofar as practicable and permitted under the provisions of or governing Deposited Securities. The Depositary will not itself exercise any voting discretion in respect of any Deposited Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Alternative Methods of Distributing Materials.* Notwithstanding anything contained in the Deposit Agreement or any ADR, the Depositary may, to the extent not prohibited by any law, rule or regulation or by the rules, regulations or requirements of the stock exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in connection with any meeting of or solicitation of consents or proxies from holders of Deposited Securities, distribute to the Holders a notice that provides Holders with or otherwise publicizes to Holders instructions on how to retrieve such materials or receive such materials upon request (*i.e.*, by reference to a website containing the materials for retrieval or a contact for requesting copies of the materials). Holders are strongly encouraged to forward their voting instructions as soon as possible. Voting instructions will not be deemed received until such time as the ADR department responsible for proxies and voting has received such instructions, notwithstanding that such instructions may have been physically received by JPMorgan Chase Bank, N.A., as Depositary, prior to such time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Manner of Voting*. The Depositary has been advised by the Company that under the laws of England and Wales and the Articles of Association of the Company, each as in effect as of the date of the Deposit Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) voting on all resolutions at any meeting of shareholders of the Company is to be conducted on a show of hands, unless a poll is demanded by the shareholders of the Company or is demanded by the chairman of the meeting or is required by the Articles of Association of the Company. A poll may be demanded by (i) the chairman, (ii) not fewer than two shareholders present or in person or by proxy at the meeting and entitled to vote on the resolution, (iii) any shareholder(s) present in person or by proxy at the meeting representing in the aggregate not less than 10% of the total voting rights of all the shareholders having the right to attend and vote on the resolution (excluding any voting rights attaching to treasury shares) or (iv) any shareholders present in person or by proxy at the meeting holding shares in the company conferring a right to vote on the resolution (excluding any voting rights attaching to the treasury shares) being shares on which an aggregate sum has been paid up equal to not less than 10% of the total sum paid up on all the shares conferring that right;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an ordinary resolution is passed on a show of hands if it is approved by a simple majority (more than 50%) of the votes cast by shareholders present (in person or by proxy) and entitled to vote. If a poll is demanded, an ordinary resolution is passed if it is approved by holders representing a simple majority of the total voting rights of shareholders present, in person or by proxy or in advance, who, being entitled to vote, vote on the resolution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a special resolution requires the affirmative vote of not less than 75% of the votes cast on a show of hands by shareholders present, in person or by proxy, at the meeting and entitled to vote. If a poll is demanded, a special resolution is passed if it is approved by shareholders representing not less than 75% of the total voting rights of shareholders who, being entitled to vote, vote in person, by proxy or in advance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) **Changes Affecting Deposited Securities**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraphs (4) (*Certain Limitations to Registration, Transfer etc.*) and (5) (*Liability of Holder or Beneficial Owner for Taxes, Duties and Other Charges*), the Depositary may, in its discretion, and shall if reasonably requested by the Company, amend this ADR or distribute additional or amended ADRs (with or without calling this ADR for exchange) or cash, securities or property on the record date set by the Depositary therefor to reflect any change in par value, split-up, consolidation, cancellation or other reclassification of Deposited Securities, any Share Distribution or Other Distribution not distributed to Holders or any cash, securities or property available to the Depositary in respect of Deposited Securities from (and the Depositary is hereby authorized to surrender any Deposited Securities to any person and, irrespective of whether such Deposited Securities are surrendered or otherwise cancelled by operation of law, rule, regulation or otherwise, to sell by public or private sale any property received in connection with) any recapitalization, reorganization, merger, consolidation, liquidation, receivership, bankruptcy or sale of all or substantially all the assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent the Depositary does not so amend this ADR or make a distribution to Holders to reflect any of the foregoing, or the net proceeds thereof, whatever cash, securities or property results from any of the foregoing shall constitute Deposited Securities and each ADS evidenced by this ADR shall automatically represent its pro rata interest in the Deposited Securities as then constituted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly upon the occurrence of any of the aforementioned changes affecting Deposited Securities, the Company shall notify the Depositary in writing of such occurrence and as soon as practicable after receipt of such notice from the Company, may instruct the Depositary to give notice thereof, at the Company's expense, to Holders in accordance with the provisions hereof. Upon receipt of such instruction, the Depositary shall give notice to the Holders in accordance with the terms thereof, as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) **Exoneration**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Force Majeure, Limitations on Liability and Obligations*. The Depositary, the Company, and each of their respective directors, officers, employees, agents and affiliates and each of them shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) incur
 or assume no liability (including, without limitation, to Holders or Beneficial Owners) (A)
 if any present or future law, rule, regulation, fiat, order or decree of England and Wales,
 the United States or any other country or jurisdiction, or of any governmental or
 regulatory authority or any securities exchange or market or automated quotation system,
 the provisions of or governing any Deposited Securities, any present or future provision
 of the Company's Articles of Association, any act of God, war, terrorism, epidemic, pandemic,
 nationalization, expropriation, currency restrictions, extraordinary market conditions, work
 stoppage, strike, civil unrest, revolutions, rebellions, explosions, cyber, ransomware or
 malware attack, computer failure or circumstance beyond its direct and immediate control
 shall prevent or delay, or shall cause any of them to be subject to any civil or criminal
 penalty in connection with, any act which the Deposit Agreement or this ADR provides shall
 be done or performed by it or them (including, without limitation, voting pursuant to paragraph
 (12) hereof), or (B) by reason of any non-performance or delay, caused as aforesaid, in the
 performance of any act or things which by the terms of the Deposit Agreement it is provided
 shall or may be done or performed or any exercise or failure to exercise any discretion given
 it in the Deposit Agreement or this ADR (including, without limitation, any failure to determine
 that any distribution or action may be lawful or reasonably practicable);

![](tm2532978d7_ex4-1img002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) incur
 or assume no liability (including, without limitation, to Holders or Beneficial Owners) except
 to perform its obligations to the extent they are specifically set forth in this ADR and
 the Deposit Agreement without gross negligence or willful misconduct and the Depositary
 shall not be a fiduciary or have any fiduciary duty to Holders or Beneficial Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of the Depositary and its agents, be under no obligation
 to appear in, prosecute or defend any action, suit or other proceeding in respect of any
 Deposited Securities, the ADSs or this ADR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of the Company and its agents hereunder be under no obligation
 to appear in, prosecute or defend any action, suit or other proceeding in respect of any
 Deposited Securities, the ADSs or this ADR, which in its opinion may involve it in expense
 or liability, unless indemnity satisfactory to it against all expense (including fees and
 disbursements of counsel) and liability be furnished as often as may be required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) not be liable (including, without limitation, to Holders or Beneficial
 Owners) for any action or inaction by it in reliance upon the advice of or information from
 any legal counsel, any accountant, any person presenting Shares for deposit, any Holder,
 or any other person believed by it to be competent to give such advice or information and/or,
 in the case of the Depositary, the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Insolvency, Liability, etc., of Custodian, Securities Depository, Clearing Agency or Settlement System*. The Depositary shall not be responsible for, and shall incur no liability in connection with or arising from, the insolvency of any Custodian that is not a branch or affiliate of JPMorgan Chase Bank, N.A. Notwithstanding anything to the contrary contained in the Deposit Agreement (including the ADRs) and, subject to the further limitations set forth in this paragraph (14), the Depositary shall not be responsible for, and shall incur no liability in connection with or arising from, any act or omission to act on the part of the Custodian except to the extent that any Holder has incurred liability directly as a result of the Custodian having (i) committed fraud or willful misconduct in the provision of custodial services to the Depositary or (ii) failed to use reasonable care in the provision of custodial services to the Depositary as determined in accordance with the standards prevailing in the jurisdiction in which the Custodian is located.

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The Depositary shall not be liable for the acts or omissions made by, or the insolvency of, any securities depository, clearing agency or settlement system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Depositary, its agents and the Company may rely and shall be protected in acting upon any written notice, request, direction, instruction or document believed by them to be genuine and to have been signed, presented or given by the proper party or parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Depositary shall be under no obligation to inform Holders or Beneficial Owners about the requirements of the laws, rules or regulations or any changes therein or thereto of England and Wales, the United States or any other country or jurisdiction or of any governmental or regulatory authority or any securities exchange or market or automated quotation system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Depositary and its agents will not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, for the manner in which any voting instructions are given, including instructions to give a discretionary proxy to a person designated by the Company, for the manner in which any vote is cast, including, without limitation, any vote cast by a person to whom the Depositary is instructed to grant a discretionary proxy pursuant to paragraph (12) hereof, or for the effect of any such vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Depositary shall endeavor to effect any sale of securities or other property and any conversion of currency, securities or other property, in each case as is referred to or contemplated in the Deposit Agreement or the form of ADR, in accordance with the Depositary's normal practices and procedures under the circumstances applicable to such sale or conversion, but shall have no liability (in the absence of its own willful default or gross negligence or that of its agents, officers, directors or employees) with respect to the terms of any such sale or conversion, including the price at which such sale or conversion is effected, or if such sale or conversion shall not be practicable, or shall not be believed, deemed or determined to be practicable by the Depositary. Specifically, the Depositary shall not have any liability for the price received in connection with any public or private sale of securities (including, without limitation, for any sale made at a nominal price), the timing thereof or any delay in action or omission to act nor shall it be responsible for any error or delay in action, omission to act, default or negligence on the part of the party so retained in connection with any such sale or proposed sale.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Depositary shall not incur any liability in connection with or arising from any failure, inability or refusal by the Company or any other party, including any share registrar, transfer agent or other agent appointed by the Company, the Depositary or any other party, to process any transfer, delivery or distribution of cash, Shares, other securities or other property, including without limitation upon the termination of the Deposit Agreement, or otherwise to comply with any provisions of the Deposit Agreement that are applicable to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Depositary may rely upon instructions from the Company or its counsel in respect of any approval or license required for any currency conversion, transfer or distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Depositary and its agents may own and deal in any class of securities of the Company and its affiliates and in ADRs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding anything to the contrary set forth in the Deposit Agreement or an ADR, the Depositary and its agents may fully respond to any and all demands or requests for information maintained by or on its behalf in connection with the Deposit Agreement, any Holder or Holders, any ADR or ADRs or otherwise related hereto or thereto to the extent such information is requested or required by or pursuant to any lawful authority, including without limitation laws, rules, regulations, administrative or judicial process, banking, securities or other regulators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) None of the Depositary, the Custodian or the Company, or any of their respective directors, officers, employees, agents or affiliates shall be liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits or refunds of non-U.S. tax paid against such Holder's or Beneficial Owner's income tax liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Depositary is under no obligation to provide the Holders and Beneficial Owners, or any of them, with any information about the tax status of the Company. None of the Depositary, the Custodian or the Company, or any of their respective directors, officers, employees, agents and affiliates, shall incur any liability for any tax or tax consequences that may be incurred by Holders or Beneficial Owners on account of their ownership or disposition of the ADRs or ADSs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Depositary shall not incur any liability for the content of any information submitted to it by or on behalf of the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any notice from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Notwithstanding anything herein or in the Deposit Agreement to the contrary, the Depositary and the Custodian(s) may use third-party delivery services and providers of information regarding matters such as, but not limited to, pricing, proxy voting, corporate actions, class action litigation and other services in connection herewith and the Deposit Agreement, and use local agents to provide services such as, but not limited to, attendance at any meetings of security holders of issuers. Although the Depositary and the Custodian will use reasonable care (and cause their agents to use reasonable care) in the selection and retention of such third-party providers and local agents, they will not be responsible for any errors or omissions made by them in providing the relevant information or services.

![](tm2532978d7_ex4-1img002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Company has agreed to indemnify the Depositary and its agents under certain circumstances and the Depositary has agreed to indemnify the Company under certain circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Notwithstanding any other provision of the Deposit Agreement or this ADR to the contrary, neither the Depositary nor the Company, nor any of their respective agents shall be liable to the other for any indirect Special Damages in any form incurred by any of them, or liable to any other person or entity (including, without limitation, Holders and Beneficial Owners) for any Special Damages, or any fees or expenses of counsel in connection therewith, whether or not foreseeable and regardless of the type of action in which such a claim may be brought; provided, however, that (i) notwithstanding the foregoing and, for the avoidance of doubt, the Depositary and its agents shall be entitled to reasonable legal fees and expenses in defending against any claim for Special Damages and (ii) to the extent Special Damages arise from or out of a claim brought by a third party (including, without limitation, Holders and Beneficial Owners) against the Depositary or any of its agents, the Depositary and its agents shall be entitled to full indemnification from the Company for all such Special Damages, and reasonable fees and expenses of counsel in connection therewith, unless such Special Damages are found to have been a direct result of the gross negligence or willful misconduct of the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) No provision of the Deposit Agreement or this ADR is intended to constitute a waiver or limitation of any rights which Holders or Beneficial Owners may have under the Securities Act of 1933 or the Securities Exchange Act of 1934, to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) **Resignation and Removal of Depositary; the Custodian**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Resignation*. The Depositary may at any time resign as Depositary by providing written notice of its election to do so delivered to the Company. Subject to subparagraph (c) below, the Depositary's resignation shall take effect upon the Company's appointment of a successor depositary and such successor depositary's acceptance of its appointment as provided in the Deposit Agreement.

![](tm2532978d7_ex4-1img002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Removal*. The Depositary may at any time be removed by the Company by providing no less than sixty (60) days' prior written notice of such removal to the Depositary. Subject to subparagraph (c) below, such removal shall take effect on the later of (i) the sixtieth (60th) day after the Removal Notice Date and (ii) the Company's appointment of a successor depositary and such successor depositary's acceptance of its appointment as provided in the Deposit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If either the Depositary provides notice of its resignation (pursuant to subparagraph (a) above) or the Company provides notice of the Depositary's removal (pursuant to subparagraph (b) above), and a successor depositary is not appointed by the sixtieth (60th) day after the Resignation Notice Date or the Removal Notice Date, respectively, the Depositary may terminate the Deposit Agreement and the ADR in the manner set out in paragraph (17) (*Termination*) of this ADR and the provisions of said paragraph (17) shall thereafter govern the Depositary's obligations under the Deposit Agreement and the form of ADR.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *The Custodian*. The Depositary may appoint substitute or additional Custodians in accordance with the terms and conditions of the Deposit Agreement and the term "**Custodian**" refers to each Custodian or all Custodians as the context requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) **Amendment**. Subject to the last sentence of paragraph (2) (*Withdrawal of Deposited Securities*), the ADRs and the Deposit Agreement may be amended by the Company and the Depositary, <u>provided</u> that any amendment that imposes or increases any fees on a per ADS basis, charges or expenses (other than stock transfer or other taxes and other governmental charges, transfer or registration fees, the transaction fee per cancellation request (including any cancellation request made through SWIFT, facsimile transmission or any other method of communication) described in paragraph (7)(c)(ii) (*Charges of Depositary*) of the form of ADR, applicable delivery expenses or other such fees, charges or expenses), or that shall otherwise prejudice any substantial existing right of Holders or Beneficial Owners, shall become effective thirty (30) days after notice of such amendment shall have been given to the Holders. Every Holder and Beneficial Owner at the time any amendment to the Deposit Agreement so becomes effective shall be deemed, by continuing to hold such ADR, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the Holder of any ADR to surrender such ADR and receive the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law.

Any amendments or supplements that (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act of 1933 or (b) the ADSs or Shares to be traded solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to prejudice any substantial rights of Holders or Beneficial Owners.

![](tm2532978d7_ex4-1img002.jpg)

Notwithstanding the foregoing, if any governmental body or regulatory body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit Agreement or the form of ADR to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and the ADR at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance.

Notice of any amendment to the Deposit Agreement or the form of ADRs shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text of such amendment (*i.e.*, upon retrieval from the Commission's, the Depositary's or the Company's website or upon request from the Depositary).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) **Termination**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Termination by the Depositary and the Company*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Depositary shall, at any time at the written direction of the Company, terminate the Deposit Agreement by mailing notice of such termination to the Holders at least thirty (30) days prior to the Termination Date or by providing such notice by any other means permitted under the Deposit Agreement (including electronic transmission), in each case at least thirty (30) days prior to the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Depositary may also terminate the Deposit Agreement by mailing notice of such termination to the Holders at least thirty (30) days prior to the Termination Date <u>if</u> (A) sixty (60) days shall have expired after the Resignation Notice Date and a successor Depositary shall not be operating under the Deposit Agreement, (B) sixty (60) days shall have expired after the Removal Notice Date and a successor Depositary shall not be operating under the Deposit Agreement, (C) the Company is bankrupt, in liquidation proceedings or insolvent, (D) the ADRs are delisted from a "national securities exchange" (that has registered with the Commission under Section 6 of the Securities Exchange Act of 1934) and/or the Shares cease to be listed on an internationally recognized securities exchange, (E) the Company effects (or will effect) a redemption of all or substantially all of the Deposited Securities, or a cash or share distribution representing a return of all or substantially all of the value of the Deposited Securities, (F) there are no Deposited Securities with respect to ADSs remaining, including if the Deposited Securities are cancelled, or the Deposited Securities have been deemed to have no value, or (G) there occurs a merger, consolidation, sale of assets or other transaction as a result of which securities or other property are delivered in exchange for or in lieu of Deposited Securities.

![](tm2532978d7_ex4-1img002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Additionally, the Depositary may immediately terminate the Deposit Agreement, without prior notice to the Company, any Holder or Beneficial Owner or any other person if (A) required by any law, rule or regulation relating to sanctions by any governmental authority or body, (B) the Depositary would be subject to liability under or pursuant to any law, rule or regulation, or (C) required by any governmental authority or body, in each case as determined by the Depositary in its reasonable discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Depositary's Obligations*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) After the Termination Date, the Depositary and its agents will perform no further acts under the Deposit Agreement and this ADR, except to receive and hold (or sell) distributions on Deposited Securities, deliver Deposited Securities being withdrawn and to take such actions as provided in the next two paragraphs, in each case subject to payment to the Depositary of the applicable fees and expenses provided in paragraph (7) of this Form of ADR (*Charges of Depositary*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) After the Termination Date, if the Deposited Securities are listed and publicly traded on a securities exchange and the Depositary believes that it is able, permissible and practicable to sell the Deposited Securities without undue effort, then, the Depositary may endeavor to publicly or privately sell (as long as it may lawfully do so) the Deposited Securities, which sale may be effected in a block sale/single lot transaction and, after the settlement of such sale(s), to the extent legally permissible and practicable, distribute or hold in an account (which may be a segregated or unsegregated account) the net proceeds of such sale(s), less any amounts owing to the Depositary (including, without limitation, cancellation fees), together with any other cash then held by it under the Deposit Agreement, in trust, without liability for interest, for the <u>pro rata</u> benefit of the Holders entitled thereto. If the Depositary sells the Deposited Securities, the Depositary shall be discharged from all, and cease to have any, obligations under the Deposit Agreement and the ADRs after making such sale, except to account for such net proceeds and other cash.

![](tm2532978d7_ex4-1img002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) However, if the Deposited Securities are not listed and publicly traded on a securities exchange after the Termination Date, or if, for any reason, the Depositary does not sell the Deposited Securities, the Depositary shall use its reasonable efforts to ensure that the ADSs cease to be DTC eligible and that neither DTC nor any of its nominees shall thereafter be a Holder. At such time as the ADSs cease to be DTC eligible and/or neither DTC nor any of its nominees is a Holder, to the extent the Company is not, to the Depositary's knowledge, insolvent or in bankruptcy or liquidation, the Depositary shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) cancel this ADR and all other outstanding ADRs,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) request DTC to provide the Depositary with information on those holding ADSs through DTC and, upon receipt thereof, revise the
 ADR Register to reflect the information provided by DTC,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) instruct its Custodian to deliver all Deposited Securities to the Company, a subsidiary or affiliate or registered office provider
 of the Company (the subsidiary or affiliate or registered office provider being the "**Company Representative**") <u>or</u> an independent trust company engaged by the Company (the "**Trustee**") to hold those Deposited Securities in trust for
 the beneficial owners of the ADRs <u>if</u> the Company is not permitted to hold any of the Deposited Securities under applicable law
 and/or the Company has directed the Depositary to deliver such Deposited Securities to a Company Representative or Trustee along with
 a stock transfer form and/or such other instruments of transfer covering such Deposited Securities as are needed under applicable law,
 in either case referring to the names set forth on the ADR Register, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) provide the Company with a copy of the ADR Register (which copy may be sent by email or by any means
 permitted under the notice provisions of the Deposit Agreement).

Upon receipt of any instrument of transfer covering such Deposited Securities and the ADR Register, the Company shall deliver to each person reflected on such ADR Register appropriate documentation to effect the transfer to such persons of the Deposited Securities previously represented by the ADSs evidenced by their ADRs.

To the extent the Depositary reasonably believes that the Company is insolvent, as determined by applicable law, or if the Company is in receivership, has filed for bankruptcy and/or is otherwise in restructuring, administration or liquidation, and in any such case the Deposited Securities are not listed and publicly traded on a securities exchange after the Termination Date, or if, for any reason, the Depositary believes it is not able to or cannot practicably sell the Deposited Securities promptly and without undue effort, the Depositary shall notify the Holders of such and thereafter the Deposited Securities shall be deemed to have no value (and such Holders shall be deemed to have instructed the Depositary that the Deposited Securities have no value). The Depositary may, but shall not be obligated to, and the Holders irrevocably consent and agree that the Depositary may, instruct its Custodian to deliver all Deposited Securities to the Company (acting, as applicable by its administrator, receiver, administrative receiver, liquidator, provisional liquidator, restructuring officer, interim restructuring officer, trustee, controller or other entity overseeing the bankruptcy, insolvency, administration, restructuring or liquidation process) and notify the Company that the Deposited Securities are surrendered for no consideration. The Company shall, subject to applicable law, promptly accept the surrender of the Deposited Securities for no consideration and deliver to the Depositary a written notice confirming (A) the acceptance of the surrender of the Deposited Securities for no consideration and (B) the cancellation of such Deposited Securities. Promptly after notifying the Company that the Deposited Securities are surrendered for no consideration and irrespective of whether the Company has complied with the immediately preceding sentence, the Depositary shall notify Holders that their ADSs have been cancelled with no consideration being payable to Holders.

![](tm2532978d7_ex4-1img002.jpg)

Upon the Depositary's compliance with the provisions of this subparagraph (17)(b)(iii), the Depositary and its agents shall be discharged from all, and cease to have any, obligations under the Deposit Agreement and the ADRs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Company's Obligations*. After the Termination Date, the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations under this paragraph (17) and its obligations to the Depositary and its agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) **Appointment; Acknowledgements and Agreements**. Each Holder and each Beneficial Owner, upon acceptance of any ADSs or ADRs (or any interest in any of them) issued in accordance with the terms and conditions of the Deposit Agreement shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and the applicable ADR(s), (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof, and (c) acknowledge and agree that (i) nothing in the Deposit Agreement or any ADR shall give rise to a partnership or joint venture among the parties thereto, nor establish a fiduciary or similar relationship among such parties, (ii) the Depositary, its divisions, branches and affiliates, and their respective agents, may from time to time be in the possession of non-public information about the Company, Holders, Beneficial Owners and/or their respective affiliates, (iii) the Depositary and its divisions, branches and affiliates may at any time have multiple banking relationships with the Company, Holders, Beneficial Owners and/or the affiliates of any of them, (iv) the Depositary and its divisions, branches and affiliates may, from time to time, be engaged in transactions in which parties adverse to the Company or the Holders or Beneficial Owners and/or their respective affiliates may have interests, (v) nothing contained in the Deposit Agreement or any ADR(s) shall (A) preclude the Depositary or any of its divisions, branches or affiliates from engaging in any such transactions or establishing or maintaining any such relationships, or (B) obligate the Depositary or any of its divisions, branches or affiliates to disclose any such transactions or relationships or to account for any profit made or payment received in any such transactions or relationships, (vi) the Depositary shall not be deemed to have knowledge of any information held by any branch, division or affiliate of the Depositary and (vii) notice to a Holder shall be deemed, for all purposes of the Deposit Agreement and this ADR, to constitute notice to any and all Beneficial Owners of the ADSs evidenced by such Holder's ADRs. For all purposes under the Deposit Agreement and this ADR, the Holder hereof shall be deemed to have all requisite authority to act on behalf of any and all Beneficial Owners of the ADSs evidenced by this ADR.

![](tm2532978d7_ex4-1img002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) **Waiver**. EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER OF, AND/OR HOLDER OF INTERESTS IN, ADSS OR ADRS) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF, BASED ON OR RELATING IN ANY WAY TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY), INCLUDING, WITHOUT LIMITATION, ANY SUIT, ACTION, CLAIM OR PROCEEDING UNDER THE UNITED STATES FEDERAL SECURITIES LAWS. No provision of the Deposit Agreement or this ADR is intended to constitute a waiver or limitation of any rights that a Holder or any Beneficial Owner may have under the Securities Act of 1933 or the Securities Exchange Act of 1934, to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) **Jurisdiction.** By holding or owning an ADR or ADS or an interest therein, Holders and Beneficial Owners each irrevocably agree that any legal suit, action or proceeding against or involving Holders or Beneficial Owners brought by the Company or the Depositary, arising out of or based upon the Deposit Agreement, the ADSs, the ADRs or the transactions contemplated therein, herein, thereby or hereby, may be instituted in a state or federal court in New York, New York, and by holding or owning an ADR or ADS or an interest therein each irrevocably waives any objection that it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding.

By holding or owning an ADR or ADS or an interest therein, Holders and Beneficial Owners each also irrevocably agree that any legal suit, action or proceeding against or involving the Depositary and/or the Company brought by Holders or Beneficial Owners, arising out of or based upon the Deposit Agreement, the ADSs, the ADRs or the transactions contemplated therein, herein, thereby or hereby, including, without limitation, claims under the Securities Act of 1933, may be instituted only in the United States District Court for the Southern District of New York (or in the state courts of New York County in New York if either (i) the United States District Court for the Southern District of New York lacks subject matter jurisdiction over a particular dispute or (ii) the designation of the United States District Court for the Southern District of New York as the exclusive forum for any particular dispute is, or becomes, invalid, illegal or unenforceable).

![](tm2532978d7_ex4-1img002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) **Elective Distributions in Cash or Shares**. Whenever the Company intends to distribute a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least thirty (30) days prior to the proposed distribution stating whether or not it wishes such elective distribution to be made available to Holders. Upon receipt of notice indicating that the Company wishes such elective distribution to be made available to Holders, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such elective distribution available to the Holders. The Depositary shall make such elective distribution available to Holders only if (i) the Company shall have timely requested that the elective distribution is available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iii) the Depositary shall have received satisfactory documentation within the terms of Section 14 of the Deposit Agreement including, without limitation, any legal opinions of counsel in any applicable jurisdiction that the Depositary in its reasonable discretion may request, at the expense of the Company. If the above conditions are not satisfied, the Depositary shall, to the extent permitted by law, distribute to the Holders, on the basis of the same determination as is made in the local market in respect of the Shares for which no election is made, either (x) cash or (y) additional ADSs representing such additional Shares. If the above conditions are satisfied, the Depositary shall establish a record date and establish procedures to enable Holders to elect the receipt of the proposed dividend in cash or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary. Nothing herein shall obligate the Depositary to make available to Holders a method to receive the elective dividend in Shares (rather than ADSs). There can be no assurance that Holders or Beneficial Owners generally, or any Holder and/or Beneficial Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.

## Exhibit 5.1

**Exhibit 5.1**

26 February 2026

Guardian Metal Resources PLC

c/o Orana Corporate Llp

25 Eccleston Place,

London SW1W 9NF

United Kingdom

Re: Guardian Metal Resources PLC <br> Registration Statement on Form F-1

Ladies and Gentlemen:

We have acted as English legal adviser to Guardian Metal Resources PLC, a public limited company organised under the laws of England and Wales (the "**Company**") , in connection with the preparation of the Company's registration statement on Form F-1, under the Securities Act of 1933, as amended (the "**Securities Act**"), initially confidentially submitted by the Company to the Securities and Exchange Commission (the "**Commission**") on 17 December 2025, as thereafter confidentially amended on 6 February 2026 and filed publicly with the Commission on the day hereof (collectively, the "**Registration Statement**"). The Registration Statement relates to the offering and sale of American Depositary Shares ("**ADSs**"), representing new ordinary shares of the Company, each having a nominal value of £0.01 per share (the "**Ordinary Shares**") (the "**Offering**" and the Ordinary Shares allotted and issued in connection therewith to Guaranty Nominees Ltd (the "**Custodian's Nominee**") of JPMorgan Chase Bank, N.A. (the "**Depositary**" and "**Custodian**"), and represented by the ADSs, together with any Ordinary Shares allotted and issued in connection with additional ADSs proposed to be sold pursuant to an over-allotment option (the "**Over-Allotment Option**") granted by the Company to the several underwriters (the "**Underwriters**") named in Schedule I to the Underwriting Agreement (the "**Underwriting Agreement**") to be entered into by and among the Company and the Underwriters (being the "**Shares**").

In rendering the opinion set forth herein, we have examined (i) a copy of the Company's Certificate of Incorporation of a Private Limited Company dated 22 April 2021; (ii) a copy of the Company's Certificate of Incorporation on Re-Registration of a Private Company as a Public Company dated 8 March 2022; (iii) a copy of the Company's Certificate of Incorporation on Change of Name, dated 4 July 2024 (iv) a copy of the Articles of Association of the Company filed at Companies House on 8 March 2022; (v) a copy of executed minutes of the Board of Directors of the Company related to the filing of the Registration Statement, the approval and issuance of the Shares and related matters (the "**Allotment Minutes**"); (vi) the Registration Statement and all exhibits thereto; (vii) the form of Underwriting Agreement; (viii) a certificate executed by an officer of the Company, dated as of the date hereof; (ix) the results of an online search in respect of the Company on the Companies House company information service, including a dissolved company search, made at 6:00 p.m. (London time) on 25 February 2026 (the "**Company Search**"); and (x) such other records, documents and instruments as we deemed relevant and necessary for purposes of the opinion stated herein.

We have relied upon such certificates of officers of the Company and of public officials and statements and information furnished by officers of the Company with respect to the accuracy of material factual matters contained therein which were not independently established by us. In such examination we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us.

We have not considered, and express no opinion herein as to, the laws of any jurisdiction other than the laws of England and Wales, as currently in effect.

In rendering the opinion set forth herein, we have assumed that, at the time of the issuance of the Shares, (i) the Registration Statement and any amendments thereto (including post-effective amendments) will have become effective and will remain effective; (ii) no stop order of the Commission preventing or suspending the use of the prospectus contained in the Registration Statement will have been issued; (iii) the prospectus contained in the Registration Statement and any required prospectus supplement will have been delivered to the purchaser of the ADSs as required in accordance with applicable law; (iv) the Board of Directors will, at the time of allotment and issue of the Shares, be duly authorised pursuant to sections 551 and 570 or 571 of the Companies Act 2006 (as applicable) to allot and issue the Shares in the number so issued; (v) the Allotment Minutes will not have been modified or rescinded; and (vi) the Underwriting Agreement will have been duly authorised and approved, as applicable, and validly executed and delivered by the parties thereto (other than the Company) and will be enforceable obligations of the parties thereto.

Based upon the foregoing, and subject to the qualifications, assumptions and limitations stated herein, we are of the opinion that upon payment and delivery in accordance with the Underwriting Agreement approved by the Pricing Committee of the Board of Directors of the Company, the Shares underlying the ADSs registered in the name of the Custodian's Nominee in the register of members of the Company and delivered as described in the Registration Statement have been duly approved and will be validly issued, fully paid, or credited as fully paid, will not be subject to any call for payment of further capital and will be non-assessable.

For the purposes of this opinion, the term "non-assessable" in relation to the Shares, which has no recognised meaning in English law, means that, under the Companies Act 2006, the Articles of Association of the Company and any resolution taken under the Articles of Association of the Company approving the issue of the Shares, no holder of such Shares is liable, by reason solely of being a holder of such Shares, for additional payments or calls for further funds by the Company or any other person.

We hereby consent to the filing of this opinion with the Commission as an exhibit to the Registration Statement. We further consent to the reference to our firm under the caption "Legal Matters" in the prospectus constituting a part of the Registration Statement. In giving this consent, we are not admitting that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules or regulations of the Commission.

Very truly yours,

<u>/s/ Haynes and Boone CDG LLP</u>

## Exhibit 10.1

**Exhibit 10.1**

**Exploration Lease and Option To Purchase Agreement**

**Tempiute Project**

This Exploration Lease and Option to Purchase Agreement Tempiute Project ("Agreement") is made and entered among Hinkinite Resources LLC, a Utah limited liability company ("Owner"), and Guardian Metal Resources PLC, a United Kingdom corporation ("GMPLC"), and Golden Metal Resources, LLC, a Nevada limited liability company which is the wholly-owned subsidiary of GMPLC ("GMRUS").

**Recitals**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Owner owns the twelve (12) unpatented lode and placer mining claims and mill sites (collectively the "Claims") and the ten (10) patented mining claims (collectively the "Patents") situated in Lincoln County, Nevada, described in Exhibit A attached to and by this reference incorporated in this Agreement (collectively the "Property").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Owner desires to lease and to grant to GMRUS the option to purchase the Property on the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Owner and GMPLC are signatories of a Confidentiality Agreement dated June 23, 2024 and a binding letter of intent dated October 30, 2024 (the "Letter of Intent") which described the general terms for Owner's lease and grant to GMPLC of the option to purchase the Property. GMPLC assigned its rights and interests in and under the Letter of Intent to GMRUS and Owner acknowledged and consented to GMRUS's assignment. The Confidentiality Agreement and the Letter of Intent are superseded by this Agreement.

Now, therefore, in consideration of their mutual promises, the parties agree as follows:

**1. Definitions.** The following defined terms, wherever used in this Agreement, shall have the meanings described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** "Area of Interest" means the lands within the exterior boundaries of the patented mining claims and the unpatented mining claims and mill sites described in Exhibit A and the lands within two (2) miles outside the exterior boundaries of the patented mining claims and the unpatented mining claims and mill sites described in Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** "Business Day" means a day other than a Saturday, Sunday or any other day on which the principal chartered banks located in Reno, Nevada are not open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** "Closing" means the delivery of documents to be executed and delivered by the parties and delivery of the Purchase Price and the consummation of the transactions contemplated under this Agreement as described in Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1.4** "Closing Date" means the date on which the Closing occurs as provided in Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** "Deed" means the conveyance to be executed and delivered by Owner to GMRUS on GMRUS's exercise of the Option and Closing in accordance with Section 5.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** "Effective Date" means the date on which this Agreement is executed by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7**" GMPLC" means Guardian Metal Resources PLC, a United Kingdom corporation, and its successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8** "GMRUS" means Golden Metal Resources, LLC, a Nevada limited liability company, and its successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9** "Governmental Regulations" means all directives, laws, orders, ordinances, regulations and statutes of any federal, state or local agency, court or office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10** "Industrial Minerals" means sand, gravel, limestone, marble, dolomite (magnesium), silica (quartz), shale, clay, kaolin, alumina, bentonite, barite, talc, gypsum, diatomite, salt, phosphates, potash, pumice, volcanic ash, pozzolana, fluorspar, building stone, landscape products, and gemstones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11** "Lease Year" means each one (1) year period following the Effective Date and each anniversary of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.12** "Maiden Resource" means the determination of a mineral resource on the Property of tungsten trioxide (WO3) with a minimum cutoff grade of 0.4% in accordance with either the CIM Definition Standards on Mineral Resources and Mineral Reserves adopted by CIM Council, as amended, or the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.13** "Minerals" means all minerals and mineral materials except Industrial Minerals, including, without limitation, gold, silver, platinum and platinum group metals, base metals (including, for example, antimony, chromium, cobalt, copper, lead, manganese, mercury, nickel, molybdenum, titanium, tungsten, zinc), lithium, uranium, vanadium, and other metals and mineral materials which are on, in or under the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.14** "Minimum Payments" means the minimum payments payable by GMRUS in accordance with Section 4.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.15** "Net Smelter Returns" shall have the meaning and be calculated and paid in accordance with Exhibit 1 attached to the Deed which is Exhibit B attached to and by this reference incorporated in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.16** "Option" means the option and right granted by Owner to GMRUS to purchase the Property in accordance with Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.17** "Owner" means Hinkinite Resources LLC, a Nevada limited liability company, and its successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.18** "Property" means the patented mining claims and the unpatented mining claims and mill sites described in Exhibit A and any unpatented mining claims and mill sites which the parties locate or acquire and any other property rights and interests which the parties acquire in the Area of Interest which become subject to this Agreement pursuant to Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.19** "Royalty" means the production royalty payable by GMRUS to Owner in accordance with Section 4.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1.20** "Shares" means ordinary shares in the capital of GMPLC.

**2. Lease and Grant of Rights.** Owner leases the Property exclusively to GMRUS and grants to GMRUS the rights and privileges described in this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Lease.** Owner grants to GMRUS the exclusive right to enter on and use the Property to explore for and develop Minerals on the Property. GMRUS must exercise the Option to acquire title to the Property before GMRUS commences construction or development of a mine or mine-related facilities or commences mining on the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 Owner Mining License.** During the term of this Agreement and after GMRUS's exercise and closing of the Option, Owner shall have a limited license to explore for and mine Industrial Minerals on the Property at its own cost and risk, subject to GMRUS's prior and superior right to explore for, develop and mine other Minerals on the Property. Owner shall conduct its exploration and mining in a manner which does not unreasonably interfere with GMRUS's activities or operations on the Property. Owner shall apply for, obtain and maintain such approvals, consents, licenses and permits as are required for Owner's exploration and mining and Owner shall comply with Governmental Regulations applicable to Owner's activities. Owner shall pay all costs, including costs of reclamation and providing financial assurances for reclamation, arising from or relating to Owner's exploration and mining activities. Owner shall indemnify and insure GMRUS in the manner prescribed in Section 11. If Owner intends to construct any facilities or improvements on the Property for purposes of its exploration or mining activities, before construction begins, GMRUS shall have the right to conduct condemnation drilling on the sites of such facilities. If GMRUS intends to conduct exploration such as drilling at or near the site of Owner's Industrial Minerals mining operation and determines that Owner's exploration for and mining of Industrial Minerals may delay, hinder, or interfere with GMRUS's activities or create any health or safety risk to Owner's or GMRUS's personnel or contractors, GMRUS will inform Owner and request that Owner temporarily suspend Owner's activities for the period of GMRUS's activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 Water Rights.** Subject to applicable Governmental Regulations concerning the appropriation and taking of water, GMRUS shall have the right to appropriate and use water, to drill wells for the water on the Property and to lay and maintain all necessary water lines as may be required by GMRUS in its operations on the Property. Owner acknowledges and agrees that any water rights applied for, appropriated, or otherwise acquired by GMRUS for the exploration for, development, or mining of Minerals on the Property or on the other unpatented mining claims leased and owned by GMRUS shall be, and shall remain, the exclusive property of GMRUS.

**3. Term**. The term of this Agreement shall commence on the Effective Date and shall continue for three (3) years, subject to GMRUS's right to purchase the Property in accordance with Section 5 and subject to GMRUS's right to terminate this Agreement in accordance with Section 19 and Owner's right to terminate this Agreement in accordance with Section 18.

**4.** **Payments.** GMRUS shall make the following payments to Owner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Initial Payment.** Within ten (10) Business Days after the Effective Date, GMRUS shall pay Owner Fifty Thousand Dollars ($50,000.00). Owner acknowledges that GMRPLC paid to Owner the sum of Five Thousand Hundred Dollars ($5,000.00) as consideration for the Letter of Intent. These payments shall not be credited against the Purchase Price if GMRUS elects to exercise the Option and shall not be credited against the Royalty Payments payable in accordance with the Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Minimum Payments.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 During the term of this Agreement, on the date that is six (6) months after the Effective Date and on the like day of each succeeding sixth month until the date that GMRUS delivers notice of its exercise of the Option or this Agreement is otherwise terminated, GMRUS shall pay to Owner a Minimum Payment of Twenty-five Thousand Dollars ($25,000.00). The foregoing Minimum Payments provided in this Section shall be credited against the Purchase Price if GMRUS elects to exercise the Option. GMRUS shall not be obligated to pay the foregoing Minimum Payments after GMRUS's exercise of the Option and Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 Beginning on the fifth anniversary of the effective date of the Deed and on each succeeding anniversary of the effective date of the Deed until GMRUS commences commercial production of Minerals, but not Industrial Minerals, from the Property, GMRUS shall pay Owner a Minimum Payment in the amount of Twenty-five Thousand Dollars ($25,000.00). Each Minimum Payment payable under the Deed shall be an advance payment of the Royalty. The Minimum Payments payable under the Deed shall be credited cumulatively against GMRUS's Royalty payment obligations under the Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 Initial Share Payment.** Within fifteen (15) days after the Effective Date, GMPLC shall issue to Owner 150,000 Shares at a deemed price of $0.431 per Share (the "Initial Share Payment") determined by using the Bank of England daily exchange rate on the Effective Date. GMPLC and GMRUS will cooperate with Owner to facilitate Owner's sale the shares issued to Owner in accordance with this Agreement.

Owner shall execute and deliver to GMRUS and GMPLC such accredited investor certificates and other instruments required under applicable United Kingdom and United States securities laws and regulations in respect of GMPLC's issuance and delivery of the Shares.

By signing this Agreement, Owner acknowledges and agrees and represents to GMPLC and GMRUS that the Shares issued by GMPLC to Owner pursuant to this agreement will be subject to such resale restrictions as may be imposed by applicable securities laws.

Owner acknowledges that the Shares will be "restricted securities," as defined in Rule 144 under the United States Securities Act of 1933, as amended (the "1933 Act"), and may only be transferred pursuant to an effective registration statement under the 1933 Act, pursuant to a transaction outside of the United States in accordance with Rule 904 of Regulation S other than 1933 Act or pursuant to a transaction that is exempt from the registration requirements of the 1933 Act. Owner acknowledges that, in addition to any legend required under United Kingdom securities laws, the Shares may bear legends to the foregoing effect as follows:

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"). THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE LAWS, AND THE HOLDER HAS, PRIOR TO SGMRUS SALE, FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE REASONABLY SATISFACTORY TO THE COMPANY. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN THE UNITED KINGDOM.

Owner understands and acknowledges that GMPLC is not obligated to file and has no present intention of filing with the United States Securities and Exchange Commission or any state securities administrator any registration statement in respect of resales of the Shares in the United States. Owner is solely responsible for compliance with such resale restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4 Production Royalty.** GMRUS shall pay to Owner a production royalty (the "Royalty") based on the Net Smelter Returns from the production and sale of Minerals from the Property. The Royalty percentage rate shall be one and one-half percent (1.5%). The Royalty shall be calculated and paid in accordance with Exhibit 1 attached to the Deed which is Exhibit B attached to this Agreement. The Royalty shall not apply to any fee lands, patented mining claims, unpatented mining claims, mineral rights or other property interests which GMRUS acquires or leases from a third party. The Minimum Payments paid by GMRUS to Owner shall be applied against the Royalty payments.

Owner grants to GMRUS the option and right (the "Royalty Option") to purchase one-half of the Royalty. The purchase price payable on exercise of the Royalty Option shall be $1,000,000.00. At GMRUS's option, exercisable in GMRUS's sole discretion, GMRUS may elect to pay one-half of the Royalty purchase price in Shares at a deemed price per share equal to the 10-day volume weighted average trading price of the Shares on the London Stock Exchange (the "VWAP") converted from pounds sterling to United States dollars using the Bank of England daily spot exchange rate calculated as of the date that GMRUS provides notice to Optionor of its election to exercise the Royalty Option.

The Royalty Option may be exercised at any time.

GMRUS shall pay the Royalty Option purchase price by wire transfer to an account which Owner designates or, if applicable, by delivery of the Royalty Option purchase price Shares. The closing of GMRUS's exercise of the Royalty Option shall be completed within thirty (30) days after GMRUS's delivery of notice of its election to exercise the Royalty Option.

On GMRUS's exercise of the first increment of the Royalty Option, the Royalty percentage rate shall be reduced to three-fourths of one percent (0.75%).

The terms of the Royalty Option shall be incorporated in the Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5 Bonus Payment.** Within five (5) Business Days of GMRUS's announcement of completion of the Maiden Resource, GMRUS shall pay to Owner as a bonus payment (the "Bonus Payment) the amount equal to $100,000.00 for each 3,100 tons of tungsten trioxide (WO3) in such Maiden Resource, for example, a bonus equal to $1,000,000.00 for a 31,000 ton tungsten trioxide (WO3) Maiden Resource, but in any event not to exceed a maximum Bonus Payment of $2,000,000.00. GMRUS may, in its sole discretion, elect to pay up to fifty percent (50.0%) of the Bonus Payment by delivering to Owner Shares at a deemed price per share equal to the ten-day VWAP price of the Shares the last ten (10) trading days calculated as of the date of the announcement of the Maiden Resource, converted from pounds sterling to United States dollars using the Bank of England daily spot exchange rate as of the date of the announcement. GMRUS must complete the Maiden Resource within three (3) years after the Effective Date and as a condition precedent to GMRUS's exercise of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6 Method of Payment.** GMRUS shall pay all cash payments under this Agreement by wire transfers to an account which Owner designates. GMRUS shall deliver all certificates or other evidence of ownership of any Shares issued pursuant to this Agreement to an address which Owner designates.

**5. Option to Purchase.** Owner grants to GMRUS the exclusive option and right to acquire ownership of the Property (the "Option"), subject to the Royalty. The purchase price of the Property shall include and be the sum of (a) the initial cash payment pursuant to Section 4.1; (b) the Initial Share Payment; (c) the Minimum Payments which accrue before GMRUS's delivery of notice of its exercise of the Option; and (d) the Bonus Payment (collectively the "Purchase Price").

GMRUS may exercise the Option at any time after GMRUS completes the Maiden Resource.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 Notice of Election.** If GMRUS elects to exercise the Option, GMRUS shall deliver written notice to Owner. On Owner's receipt of GMRUS's notice of exercise of the Option, the parties shall make diligent efforts to close the conveyance of the Property and shall do so within thirty (30) days after GMRUS's delivery of the notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 Transfer Fees and Taxes.** If GMRUS exercises the Option, GMRUS shall pay the Bureau of Land Management mining claim transfer fees, the real property transfer taxes, if any, and all recording costs incurred in closing of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 Payment on Closing.** On Closing of the Option, GMRUS shall pay each component of the Purchase Price outstanding on the Closing Date and, if applicable, shall deliver the Shares payable as part of the Bonus Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4 Owner's Deliveries on Closing.** If GMRUS exercises and closes the Option, Owner shall execute and deliver to GMRUS (a) a conveyance of the Property which reserves the Royalty to Owner in the form of the Deed which is Exhibit B attached to this Agreement; (b) a bill of sale of the data, information and permits relating to the Property in the form of Exhibit C attached to this Agreement; (c) a declaration of value or such other statement as is required to be submitted on recording of the Deed; and (d) an affidavit of non-foreign taxpayer status in accordance with Internal Revenue Code Section 1445. GMRUS shall record the Deed and file a conformed copy of the recorded Deed in the Nevada State Office of the Bureau of Land Management. GMRUS shall deliver conformed copies of the recorded Deed and the filed Deed to Owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5 Effect of Closing.** On closing of the Option, GMRUS shall own the Property, subject to (a) the Royalty reserved by Owner; (b) GMRUS's obligations under the Deed; and (c) the Royalty Option.

**6. Compliance With the Law.** GMRUS shall, at GMRUS's sole cost, comply with all Governmental Regulations relating to the condition, use or occupancy of the Property by GMRUS, including but not limited to all exploration and development work performed by GMRUS during the term of this Agreement. GMRUS shall, at its sole cost, promptly comply with all applicable Governmental Regulations regarding reclamation of the Property. Owner agrees to cooperate with GMRUS in GMRUS's application for governmental licenses, permits and approvals, the costs of which shall be borne by GMRUS.

**7.** **GMRUS's Work Practices and Reporting.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Work Practices.** GMRUS shall work the Property in a miner-like fashion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2 Inspection of Data.** During the term of this Agreement, Owner and Owner's representatives shall have the right to examine and make copies of the technical data regarding the Property in GMRUS's possession during reasonable business hours and upon prior notice, provided, however, that the rights of Owner to examine such data shall be exercised no more than twice per calendar year and in a manner that does not interfere with the operations of GMRUS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3 Reports.** On or before April 1 of each calendar year, GMRUS shall deliver to Owner digital copies of the factual data generated during the preceding calendar year from GMRUS's activities conducted on the Property, including information about GMRUS's geological, geochemical and geophysical mapping and surveying of the Property, exploration drilling results, assaying of mineral samples taken from the Property, resource and reserve calculations, and mine modeling.

**8. Scope of Agreement.** This Agreement shall extend to and include the patented mining claims and the unpatented mining claims and mill sites described Exhibit A of this Agreement (and any amendments or relocations of the unpatented mining claims and mill sites) and the portions of any unpatented mining claims located by the parties which are in the Area of Interest, including any unpatented mining claims amended or located by the parties to fill any fractions or gaps among the unpatented mining claims which constitute the Property and any fractions or gaps among the unpatented mining claims and any fee lands adjacent to or near the unpatented mining claims which constitute the Property. Each party agrees and covenants that this Section shall be binding on such party and its affiliates and any assignee of this Agreement and the affiliates of any such assignee.

Each party's obligations under this Section shall apply to any mineral rights, patented mining claims, unpatented mining claims, and other real property interests which such party leases from or purchases from a third party in an arm's length transaction.

If a party locates any unpatented mining claims or mill sites or acquires any other property interest in the Area of Interest which becomes part of the Property, the parties shall execute and record an amendment of this Agreement which includes such unpatented mining claims and mill sites, and property interests in this Agreement.

**9. Liens.** GMRUS agrees to pay all indebtedness and liabilities incurred by or for GMRUS arising from or relating to GMRUS's activities on the Property, except that GMRUS need not discharge or release any such lien, charge or encumbrance so long as GMRUS is contesting the same in good faith, provided that if a judgment is entered which affirms or authorizes foreclosure on the lien, GMRUS promptly, and before foreclosure of the lien, shall pay, post a bond to secure payment of the lien, or otherwise cause the discharge and release of the lien. GMRUS may grant an encumbrance, lien or security interest in GMRUS's interest under this Agreement for the purpose of securing financing, including financing for the development and operation of a mine on the Property, which financing may be a loan, a Minerals production offtake agreement, a metal streaming agreement or an overriding mineral production royalty.

**10.** **Taxes.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1 Real Property Taxes.** Owner shall pay promptly before delinquency all taxes and assessments, general, special, ordinary and extraordinary, that may be levied or assessed during the term of this Agreement upon the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2 Personal Property Taxes.** Each party shall promptly when due pay all taxes assessed against such party's personal property, improvements or structures placed or used on the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3 Income Taxes.** No party shall be liable for any taxes levied on or measured by the other party's income, net proceeds or payments under this Agreement or received from the production of minerals from the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4 Delivery of Tax Notices.** If a party receives tax bills or claims which are the other party's responsibility, such party shall promptly forward them to the other party for payment.

**11. Insurance and Indemnity**. GMRUS shall provide, maintain and keep in force comprehensive all risk, public liability insurance against claims for personal injury, including, without limitation, bodily injury, death or property damage occurring on, in or about the Property, such insurance to afford immediate minimum protection to a limit of not less than Two Million Dollars ($2,000,000.00) with respect to personal injury or death to any one or more persons or damage to property. On Owner's request GMRUS shall furnish to Owner a certificate of all policies of required insurance which shall identify Owner as a named or additional insured. Each policy shall contain a provision that the policy will not be cancelled or materially amended, which terms shall include any reduction in the scope or limits of coverage, without at least fifteen (15) days' prior written notice to Owner. If GMRUS fails to provide, maintain, keep in force or deliver and furnish to Owner the policies of insurance required under this Section, Owner may, but is not obligated to, procure such insurance or single-interest insurance for such risks covering Owner's interest and GMRUS shall promptly reimburse Owner for all costs incurred by Owner to obtain the insurance. Owner shall not be liable to GMRUS and GMRUS waives all claims against Owner for injury to or death of any person or damage to or destruction of any personal property or equipment or theft of property occurring on or about the Property or arising from or relating to GMRUS's business conducted on the Property. GMRUS shall defend, indemnify and hold harmless Owner and its members, officers, directors, agents and employees from and against any and all claims, judgments, damage, demands, losses, expenses, costs or liability arising in connection with injury to person or property from any activity, work, or things done, permitted or suffered by GMRUS or GMRUS's agents, partners, servants, employees, invitees or contractors on or about the Property, or from any breach or default by GMRUS in the performance of any obligation on the part of GMRUS to be performed under the terms of this Agreement, excluding, however, the negligence of Owner.

**12.** **Property Maintenance.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1 Annual Assessment Work.** To the extent required by law, beginning with the annual assessment work period of September 1, 2025, to September 1, 2026, and for each subsequent following annual assessment work year commencing during the term of this Agreement, GMRUS shall perform for the benefit of the Property work of a type customarily deemed applicable as assessment work and of sufficient value to satisfy the annual assessment work requirements of all Governmental Regulations, if any, and shall prepare evidence of the same in form proper for recordation and filing, and shall timely record and file such evidence in the appropriate federal, state and local office as required by applicable federal, state and local laws, regulations and ordinances, provided that if GMRUS elects to terminate this Agreement more than two (2) months before the deadline for performance of annual assessment work for the following annual assessment year, GMRUS shall have no obligation to perform annual assessment work nor to prepare, record or file evidence of the same for the following annual assessment year. GMRUS shall deliver to Owner proof of GMRUS's performance of its obligations under this Section not less than thirty (30) days before the applicable regulatory or statutory deadlines for the required filings and recordings. If GMRUS does not perform its obligations under this Section and Owner incurs costs, including filing and recording fees, to complete the required assessment work, filings and recordings, GMRUS shall reimburse Owner for such costs within ten (10) days after GMRUS's receipt of Owner's invoice for such costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2 Federal Mining Claim Maintenance Fees.** If under applicable Governmental Regulations federal annual mining claim maintenance fees are required to be paid for the unpatented mining claims which constitute all or part of the Property, beginning with the annual assessment work period of September 1, 2025, to September 1, 2026, GMRUS shall pay the federal annual mining claim maintenance fees and shall execute and record or file, as applicable, proof of payment of the federal annual mining claim maintenance fees and of Owner's intention to hold the unpatented mining claims which constitute the Property no later than one month before the applicable statutory and regulatory deadline. If GMRUS elects to terminate this Agreement more than two (2) months before the deadline for payment of the federal annual mining claim maintenance fees for the following annual assessment year, GMRUS shall have no obligation to pay the federal annual mining claim maintenance fees for the Property for the following assessment year. If GMRUS does not terminate this Agreement more than two (2) months before the deadline for payment of the federal annual mining claim maintenance fees for the following annual assessment year, GMRUS shall pay the annual maintenance fees for the Property for the following assessment year. GMRUS shall deliver to Owner proof of GMRUS's performance of its obligations under this Section not less than thirty (30) days before the applicable regulatory or statutory deadlines for the required payments, filings and recordings. If GMRUS does not perform its obligations under this Section and Owner incurs costs, including filing and recording fees, to complete the required payments, filings and recordings, GMRUS shall reimburse Owner for such costs within ten (10) days after GMRUS's receipt of Owner's invoice for such costs.

**13. Amendment of Mining Laws.** The parties acknowledge that legislation for the amendment or repeal of the mining laws of the United States applicable to the unpatented mining claims and mill sites which comprise all or part of the Property has been, and in the future may be, considered by the United States Congress. The parties desire to assure that any and all interests of the parties in the lands subject to the unpatented mining claims and mill sites which comprise all or part of the Property, including any rights or interests acquired in such lands under the mining laws as amended, repealed or superseded, shall be part of the Property and shall be subject to this Agreement. If the mining laws applicable to the unpatented mining claims and mill sites subject to this Agreement are amended, repealed or superseded, the conversion or termination of Owner's interest in the Property pursuant to such amendment, repeal or supersession of the mining laws shall not be considered a deficiency or defect in Owner's title in the Property, and GMRUS shall have no right or claim against Owner resulting from the conversion, diminution, or loss of Owner's interest in and to the Property, except as expressly provided in this Agreement. If pursuant to any amendment or supersession of the mining laws Owner is granted the right to convert its interest in the unpatented mining claims and mill sites comprising the Property to a permit, license, lease, or other right or interest, all converted interests or rights shall be deemed to be part of the Property subject to this Agreement. Upon the grant or issuance of such converted interests or rights, the parties shall execute and deliver an addendum to this Agreement, in recordable form, by which such converted interests or rights are made subject to this Agreement.

**14.** **Relationship of the Parties.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1 No Partnership.** This Agreement shall not be deemed to constitute any party, in its capacity as such, the partner, agent or legal representative of any other party, or to create any joint venture, partnership, mining partnership or other partnership relationship between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2 Competition.** Except as expressly provided in this Agreement, each party shall have the free and unrestricted right independently to engage in and receive the full benefits of any and all business endeavors of any sort outside the Property or outside the scope of this Agreement, whether or not competitive with the endeavors contemplated under this Agreement, without consultation with or participation of the other party. In particular, without limiting the foregoing, neither party to this Agreement shall have any obligation to the other as to any opportunity to acquire any interest, property or right offered to it outside the scope of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3 Limitation.** GMRUS's performance of its duties and obligations under this Agreement shall not obligate GMRUS to perform any additional services to Owner, nor, except as expressly provided in this Agreement, to conduct or to invest any funds of any nature whatsoever in the exploration of, development or production of minerals on or under the Property. GMRUS may explore, conduct geological, geochemical and geophysical investigations, drill, sample or otherwise explore for or develop Minerals in the manner and to the extent that GMRUS, in its sole discretion, deems advisable. Only the express duties and obligations described in this Agreement are binding on GMRUS and GMRUS shall have no duties or obligations, implied or otherwise, to explore for or develop minerals. Owner acknowledges that GMRUS's express undertakings under this Agreement and the Minimum Payments are in lieu of any implied duties or obligations.

**15. Inspection.** Owner or Owner's duly authorized representatives shall be permitted to enter on the Property and GMRUS's workings at reasonable times and on five (5) days' notice to GMRUS for the purpose of inspection, but they shall enter on the Property at their own risk and in such a manner which does not unreasonably hinder, delay or interfere with GMRUS's operations. If GMRUS is conducting exploration, development or mining during Owner's inspection, Owner agrees that Owner will comply with all of GMRUS's safety rules and regulations, including the requirement that Owner and Owner's representatives be accompanied by GMRUS's representatives during the inspection.

**16.** **Owner Representations.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1** Owner represents and warrants that: (a) the unpatented mining claims and mill sites described in Exhibit A were properly located in accordance with applicable federal and state laws and regulations; (b) the unpatented mining claims and mill sites are in good standing; (c) record title to the patented mining claims and the unpatented mining claims and mill sites is vested in Owner and Owner has good and marketable title to the Property; and (d) the patented mining claims and the unpatented mining claims and mill sites are free and clear of adverse claims, liens, encumbrances, or royalties created or granted by Owner or any other party. Owner disclaims any representation or warranty concerning the existence or proof of a discovery of locatable minerals on the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.2** If Owner owns an interest in any part of the Property which is less than the entire and undivided estate in such part of the Property, the Minimum Payments, the Bonus Payment and the Royalty payments payable under the Deed shall be reduced proportionately in accordance with the nature and extent of Owner's interest so that the Minimum Payments and the Royalty payments shall be paid to Owner only in the proportion that Owner's interest bears to the entire and undivided estate in the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.3** Owner represents and warrants that: (a) Owner has not received notice from any governmental agency or office that any such conditions exist on the property; and (b) to Owner's knowledge, there have been no releases on the Property of hazardous materials in violation of applicable Governmental Regulations. Owner shall defend, indemnify and hold harmless GMRUS and its officers, directors, agents and employees from and against any and all claims, judgments, damage, demands, losses, expenses, costs or liability arising from or relating to the physical condition of the Property and Owner's activities and operations on the Property. I have not covered the entire property or had any environmental survey done on it so I am not sure if there are any violations and I do not want to represent that.

**17. Covenants, Warranties and Representations.** Each party covenants, warrants and represents for itself as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1 Compliance with Laws.** That it has complied with all applicable Governmental Regulations of any governmental body, federal, state or local, regarding the terms of and performance of its obligations under this Agreement. Each party shall maintain its standing as a business entity in accordance with the laws of the jurisdiction of its organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2 No Pending Proceedings.** That there are no lawsuits or proceedings pending or threatened which affect its ability to perform the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3 Costs.** That except as otherwise provided in this Agreement, it shall pay all costs and expenses incurred or to be incurred by it in negotiating and preparing this Agreement and in closing and carrying out the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.4 Brokers.** That, except the finder's fee obligation of GMRPLC to T3 Ventures LLC, it has had no dealings with any agent, broker or finder in connection with this Agreement. Each party shall indemnify, defend and hold each other party harmless from and against any claims that may be asserted through such party that an agent's, broker's or finder's fee is due in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.5 Financial Practices.** "Anti-Money Laundering Laws" means those laws, rules, regulations, orders and sanctions, state and federal, criminal and civil, that (1) limit the use of or seek the forfeiture of proceeds from illegal transactions; (2) limit commercial transactions with designated countries or individuals believed to be terrorists, narcotic dealers or otherwise engaged in activities contrary to the interests of the United States; (3) require identification and documentation of the parties with whom a financial institution conducts business; or (4) are designed to disrupt the flow of funds to terrorist organizations. Anti-Money Laundering Laws specifically include, without limitation, the USA Patriot Act of 2001.

Each party each represents and warrants that such party, the persons or entities that own any interest in such party, and the officers, directors, managers and members of such party are not persons or entities with whom U.S. persons or entities are restricted from doing business under regulations of the Office of Foreign Asset Control ("OFAC") of the Department of the Treasury (including those named on OFAC's Specially Designated Nationals and Blocked Persons List) or under any statute, executive order (including Executive Order 13224 (the "Executive Order") signed on September 24, 2001 and entitled "Blocking Property and Prohibiting Transactions with Person Who Commit, Threaten to Commit, or Support Terrorism"), or other governmental action.

Each party represents and warrants that such party has taken, and shall continue to take at all time following the execution of this Agreement, commercially reasonable actions to ensure that the funds used in connection this Agreement are derived (1) from transactions that do not violate U.S. law or, to the extent such funds originate outside the United States, do not violate the laws of the jurisdiction in which they originated; and (2) from permissible sources under U.S. law or to the extent such funds originate outside the United States, under the laws of the jurisdiction in which they originated.

Each party represents and warrants that such party (1) is not under investigation for, has not been charged with, or has not been convicted of, money laundering, drug trafficking, terrorist-related activities, any crimes which in the United States would be predicate crimes to money laundering, or any violation of any Anti-Money Laundering Laws; (2) has not been assessed civil or criminal penalties under any Anti-Money Laundering Laws; or (3) has not had any of its funds seized or forfeited in any action under any Anti-Money Laundering Laws.

Notwithstanding anything to the contrary in this Agreement, the parties immediately shall comply with any request or demand for information by any federal law enforcement agency with respect to any violation or suspected violation of the USA Patriot Act of 2001.

**18. Termination by Owner.** Any failure by GMRUS to perform in any material respect any of its covenants, liabilities, obligations or responsibilities under this Agreement shall be a default. Owner may give GMRUS written notice of a such material default. If a payment default is not remedied by payment in full within fifteen (15) Business Days after GMRUS's receipt of the notice or any other material default is not remedied within thirty (30) days after GMRUS's receipt of the notice (which notice shall describe such default in sufficient detail to provide GMRUS the particulars to be cured), provided the default can reasonably be cured within that time, or, if not, if GMRUS has not within that time commenced action to cure the same or does not after such commencement diligently prosecute such action to completion, Owner may terminate this Agreement by delivering further notice (which notice shall describe the default that has not been cured) to GMRUS of Owner's termination of this Agreement. GMRUS's failure to complete the Maiden Resource in accordance with Section 4.5 shall be grounds for termination of this Agreement. On termination of this Agreement based on GMRUS's default, within ten (10) days of the termination date GMRUS shall execute and deliver to Owner a release and termination of this Agreement in form acceptable for recording.

**19. Termination by GMRUS.** GMRUS may at any time terminate this Agreement by giving advance written notice to Owner. The effective date of termination shall be the effective date of delivery of such notice in accordance with Section 27. If GMRUS terminates this Agreement, GMRUS shall perform all obligations and pay all payments which accrue or become due before the termination date. On expiration of this Agreement or on GMRUS's termination of this Agreement, within ten (10) days GMRUS shall execute and deliver to Owner a full release and termination of this Agreement in form acceptable for recording.

**20. Force Majeure.** GMRUS's obligations under this Agreement, including GMRUS's obligation to complete the Maiden Resource, but not including GMRUS's obligations to pay the Minimum Payments and GMRUS's obligations under Sections 6, 7.3, 9, 10, 11, 12.2, 22, 23, 24 and 25, shall be suspended during the time and to the extent that GMRUS is prevented from compliance, in whole or in part, by war or war conditions (actual or potential), earthquake, fire, flood, pandemic, strike, labor stoppage, accident, riot, unavoidable casualty, act or restraint, present or future, or any lawful authority, statute, act of God, act of public enemy, inability to obtain or delays in obtaining governmental approvals, consents, licenses or permits (including any of the foregoing relating to the change of the use or points of diversion and use of water resources), labor or transportation, or other delays or cause of the same or other character beyond the reasonable control of GMRUS. If GMRUS invokes force majeure, it shall notify Owner in writing within ten (10) days of the force majeure event and shall diligently attempt to cure, end or remediate the force majeure event. GMRUS shall notify Owner in writing within ten (10) days of termination of the force majeure event.

**21. Condemnation of or Withdrawal of Property.** If the Property is condemned or taken by a governmental agency or if the federal public lands on which the unpatented mining claims are located are withdrawn from mineral exploration and development, any compensation awards, damages, claims, rights of action, settlement and proceeds of, or on account of, any damage or taking through condemnation or arising from a conveyance in lieu of condemnation or withdrawal shall be paid first to GMRUS as reimbursement for GMRUS's expenses incurred to explore for and develop Minerals on the Property. GMRUS is authorized, at its option, to commence, appear in and prosecute in its own or Owner's name any action or proceeding relating to any condemnation and to settle or compromise any claim asserted in any such action or proceeding.

**22. Surrender of Property.** On expiration or termination of this Agreement, GMRUS shall surrender the Property promptly to Owner and at GMRUS's sole cost shall remove from the Property all of GMRUS's buildings, equipment and structures. GMRUS shall reclaim the Property in accordance with all applicable Governmental Regulations. If after expiration or termination of this Agreement GMRUS enters the Property to perform reclamation, GMRUS shall comply with Sections 6, 9, 10 and 11.

**23. Data.** Promptly following the parties' execution of this Agreement, Owner shall deliver to GMRUS copies of all of the technical and title data Owner possesses regarding the Property and the Area of Interest. If during the term of this Agreement Owner acquires additional data about the Property, Owner shall promptly deliver copies of such data to GMRUS. Within thirty (30) days following termination of this Agreement, GMRUS shall deliver to Owner copies of the technical data regarding the Property in GMRUS's possession at the time of termination which before termination GMRUS has not furnished to Owner. On termination of this Agreement, except on GMRUS's exercise and closing of the Option, title to the data shall vest in Owner and GMRUS shall maintain the confidentiality of the data as provided in Section 24. At Owner's election, GMRUS shall allow Owner to take possession of GMRUS's core, cuttings, sample splits, and sample pulps from the Property.

**24. Confidentiality.** The data and information, including the terms of this Agreement, coming into the parties' possession by virtue of this Agreement shall be deemed confidential and shall not be disclosed to outside third parties, except as may be required to publicly record or protect title to the Property, to publicly announce and disclose information under Governmental Regulations or under the rules and regulations of any stock exchange on which the stock of a party, or the parent or affiliates of a party, is listed, or to request and obtain the advice of professional advisors. If a party negotiates for a transfer of all or any portion of such party's interest in the Property or under this Agreement or negotiates to procure financing or loans relating to the Property, in order to facilitate any such negotiations such party shall have the right to furnish information to third parties, provided that each third party to whom the information is disclosed agrees to maintain its confidentiality in the manner provided in this Section.

**25.** **Assignment.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.1 GMRUS's Assignment.** GMRUS shall not assign, convey or sublease (each a "Transfer") all or any part of its interest in this Agreement or the Property, without, in each case, Owner's prior written consent, which shall not be delayed or withheld unreasonably, provided that GMRUS may without Owner's consent make a Transfer to an affiliate or subsidiary or to a joint venture, limited liability company or partnership of which GMRUS is a co-venturer or member. Owner shall have the right to consider the proposed transferee's financial, legal, operating and technical expertise and history when determining the suitability of the transferee as the lessee under this Agreement. Owner shall respond to GMRUS's request for consent within twenty (20) days following Owner's receipt of GMRUS's request, and if Owner does not timely inform GMRUS that Owner does not consent to the proposed Transfer, Owner shall be deemed to have approved the Transfer. If Owner timely notifies GMRUS that Owner does not consent to the proposed assignment, Owner shall state in detail in Owner's notice the reasons for denial of consent, and Owner shall provide to GMRUS documentary evidence and information which support the stated reasons. Each transferee of any interest in this Agreement shall execute and deliver an instrument by which the transferee agrees to assume and perform the obligations of the assignor under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.2 Owner's Assignment.** Owner shall have the right to assign or otherwise transfer all or any part of its interest in this Agreement or the Property. No change in ownership of Owner's interest in the Property shall affect GMRUS's obligations under this Agreement unless and until Owner delivers and GMRUS receives copies of the documents which demonstrate the change in ownership of Owner's interest. Until GMRUS receives Owner's notice and the documents required to be delivered under this Section, GMRUS may continue to make all payments under this Agreement as if the transfer of Owner's ownership interest had not occurred. No division or transfer of Owner's ownership as to all or any part of the Property or the Royalty shall enlarge GMRUS's obligations or diminish GMRUS's rights under this Agreement, including the Option and the Royalty Option.

**26. Memorandum Agreement and Estoppel Certificate.** The parties shall execute and deliver a memorandum of this Agreement. The execution of the memorandum shall not limit, increase or in any manner affect any of the terms of this Agreement or any rights, interests or obligations of the parties. On GMRUS's written request, Owner will execute and deliver to GMRUS an estoppel certificate, in form acceptable to GMRUS, by which Owner confirms that this Agreement is in full force and effect and that there are no defaults by Owner or GMRUS under this Agreement.

**27. Notices.** Any notices required or authorized to be given by this Agreement shall be in writing and shall be sent either by commercial courier, facsimile, or by certified U.S. mail, postage prepaid and return receipt requested, addressed to the proper party at the address stated below or such address as the party shall have designated to the other parties in accordance with this Section. Such notice shall be effective on the date of receipt by the addressee party, except that any facsimiles received after 5:00 p.m. of the addressee's local time shall be deemed delivered the next day.

If to Owner: Hinkinite Resources LLC

3438 W 5300 S

Lake Shore, Utah 84660

If to GMPLC and GMRUS:

Golden Metal Resources PLC

Salisbury House, London Wall

London, EC2M 5PS

United Kingdom

**28. Binding Effect of Obligations.** This Agreement shall be binding upon and inure to the benefit of the respective parties and their successors or assigns.

**29. Entire Agreement.** The parties agree that the entire agreement between them is written in this Agreement and in a memorandum of agreement of even date. There are no terms or conditions, express or implied, other than expressly stated in this Agreement. This Agreement supersedes the Letter of Intent. This Agreement may be amended or modified only by a written instrument signed by the parties with the same formality as this Agreement.

**30. Governing Law and Forum Selection.** This Agreement shall be construed and enforced in accordance with the laws of the State of Nevada. The forum for any action regarding the construction or enforcement of this Agreement shall be the Second Judicial District Court, Washoe County, Reno, Nevada. The prevailing party in any such action shall be entitled to an award of its costs and attorney's fees incurred in such action.

**31. Costs and Expenses.** Each party shall pay the costs and expenses incurred by it in connection with this Agreement, including the fees and expenses of its advisors and representatives. If a party brings an action to construe or enforce this Agreement, the prevailing party in the action shall be entitled to recover its reasonable attorneys' fees and costs from the other party.

**32. Multiple Counterparts.** This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which shall constitute the same Agreement.

**33. Severability.** If any part, term or provision of this Agreement is held by a court of competent jurisdiction to be illegal or in conflict with any Governmental Regulations, the validity of the remaining portions or provisions shall not be affected, and the rights and obligations of the parties shall be construed and enforced as if the Agreement did not contain the particular part, term or provision held to be invalid. The parties have executed this Agreement effective as of the Effective Date.

**34. Execution by Guardian Metal Resources PLC** GMPLC has executed this Agreement solely in respect of the obligation of GMRUS and GMPLC to deliver or cause the delivery to Owner of the Shares in accordance with Section 4. GMPLC does not assume and shall not be obligated to perform any other obligations of GMRUS under this Agreement.

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| | |
|:---|:---|
| Hinkinite Resources LLC | Hinkinite Resources LLC |
| By | /s/ Bryson Hinkins |
| Bryson Hinkins, Manager | Bryson Hinkins, Manager |
| Golden Metal Resources, LLC | Golden Metal Resources, LLC |
| By | /s/ Oliver Friesen |
| Oliver Friesen, Manager | Oliver Friesen, Manager |

---

---

| | |
|:---|:---|
| Guardian Metal Resources PLC | Guardian Metal Resources PLC |
| By | /s/ Oliver Friesen |
| Oliver Friesen, Chief Executive Officer | Oliver Friesen, Chief Executive Officer |

---

STATE OF UTAH) ) ss. <br> COUNTY OF UTAH)

This Exploration Lease and Option to Purchase Agreement Tempiute Project was acknowledged before me on January 30, 2025, by Bryson Hinkins as Manager of Hinkinite Resources LLC.

---

| | |
|:---|:---|
| /s/ Alma Yonases Parraga | SEAL |
| Notary Public |  |

---

)) ss.)
This Exploration Lease and Option to Purchase Agreement Tempiute Project was acknowledged before me on January 28, 2025, by Oliver Friesen, Manager of Golden Metal Resources, LLC and Chief Executive Officer of Guardian Metal Resources PLC

---

| | |
|:---|:---|
| /s/ Charles Drostan Guthrie | SEAL |
| Notary Public |  |
| My commission does not expire. |  |

---

**Exhibit A**

**Description of Unpatented Mining Claims and Mill Sites**

Twelve (12) unpatented lode mining claims, unpatented placer mining claims, and unpatented mill sites situated in Section 25, 26, and 36, T. 3 S., R. 56 E., Section 31, T. 3 S., R. 57 E., Section 1, T. 4 S., R. 56 E., and Section 6, T. 4 S., R. 57 E., MDM, in Lincoln County, Nevada:

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Claim Name** | <br>**Location**<br>**Date** | <br>**Claim Type** | **County**<br>**Document No.** | **BLM**<br>**Serial No.** |
| EAST TAIL | 7/14/2021 | Placer (20 acres) | 2021-160826 | NV105256171 |
| WEST TAIL | 7/14/2021 | Placer (20 acres) | 2021-160825 | NV105256172 |
| KOYEN | 10/18/2023 | Lode | 2023-166201 | NV106348588 |
| EVA | 10/18/2023 | Lode | 2023-166203 | NV106348589 |
| MOODY | 10/18/2023 | Lode | 2023-166202 | NV106348590 |
| BLACK DOG | 10/18/2023 | Lode | 2023-166200 | NV106348591 |
| TUNG MILL 2 | 10/18/2023 | Mill Site | 2023-166193 | NV106348592 |
| TUNG MILL 4 | 10/18/2023 | Mill Site | 2023-166194 | NV106348593 |
| TUNG MILL 6 | 10/18/2023 | Mill Site | 2023-166195 | NV106348594 |
| TUNG MILL 1 | 10/18/2023 | Mill Site | 2023-166196 | NV106348595 |
| TUNG MILL 3 | 10/18/2023 | Mill Site | 2023-166197 | NV106348596 |
| TUNG MILL 5 | 10/18/2023 | Mill Site | 2023-166198 | NV106348597 |

---

**Description of Patented Mining Claims**

Ten (10) patented lode mining claims situated in Section 25, 26, and 36, T. 3 S., R. 56 E., Section 31, T. 3 S., R. 57 E., Section 1, T. 4 S., R. 56 E., and Section 6, T. 4 S., R. 57 E., MDM, in Lincoln County, Nevada:

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| | | | |
|:---|:---|:---|:---|
| <br>***#*** | <br>**Claim Name** | **Mineral Survey**<br>**No.** | <br>**Patent No.** |
| *1* | Dome | 4760 | 1118478 |
| *2* | Townsite | 4760 | 1118478 |
| *3* | Townsite No. 1 | 4760 | 1118478 |
| *4* | Townsite No. 2 | 4760 | 1118478 |
| *5* | Townsite No. 5 | 4760 | 1118478 |
| *6* | Grubstake No. 2 | 4760 | 1118478 |
| *7* | Scheelite | 4760 | 1118478 |
| *8* | Scheelite No. 1 | 4760 | 1118478 |
| *9* | Scheelite No. 2 | 4760 | 1118478 |
| *10* | Lime Cap | 4760 | 1118478 |

---

The patented lode mining claims are identified by the Lincoln County Assessor's Office as Assessor's Parcel No. 009-012-47.

**Exhibit B**

**Deed With Reservation of Royalty**

Assessor's Parcel Nos. – see Exhibit A

Recorded at the request of

and when recorded and return and <br> send tax statements to:

Golden Metal Resources, LLC <br> [insert address on execution date]

The undersigned affirms that this document does not <br> contain the personal information of any person.

**Deed With Reservation of Royalty**

**Tempiute Project**

This Deed With Reservation of Royalty Tempiute Project ("Deed") is made by Hinkinite Resources LLC, a Utah limited liability company ("Grantor"), in favor of and to Golden Metal Resources, LLC, a Nevada Corporation ("GMRUS").

**Recitals**

A. Grantor and GMRUS are parties to the Exploration Lease and Option to Purchase Agreement Tempiute Project dated January _____, 2025 (the "Lease Agreement"), concerning the patented mining claim and unpatented mining claims and mill sites situated in Lincoln County, Nevada, more particularly described in Exhibit A attached to and by this reference incorporated in this Deed (collectively the "Property").

B. Grantor and GMRUS have closed the purchase and sale of the Property in accordance with the Agreement.

In consideration of the parties' rights and obligations under the Agreement, the parties agree as follows:

1. Deed and Reservation. Grantor conveys, grants, sells and transfers to GMRUS, and its assigns and successors forever, the Property and all of Grantor's right, title and interest in the Property and all improvements on the Property, including after acquired title, except and subject to Grantor's reserved mining license, Grantor's reserved Royalty and the parties' rights and obligations under this Deed.

Grantor reserves and shall have a limited license to explore for and mine Industrial Minerals on the Property at Grantor's cost and risk, subject to GMRUS's prior and superior right to explore for, develop and mine other Minerals on the Property. Grantor shall conduct its exploration and mining in a manner which does not unreasonably interfere with GMRUS's activities or operations on the Property. Grantor shall apply for, obtain and maintain such approvals, consents, licenses and permits as are required for Grantor's exploration and mining and Grantor shall comply with Governmental Regulations applicable to Grantor's activities. Grantor shall pay all costs, including costs of reclamation and providing financial assurances for reclamation, arising from or relating to Grantor's exploration and mining activities. Grantor shall indemnify and insure GMRUS in the manner prescribed in Section 3. If Grantor intends to construct any facilities or improvements on the Property for purposes of its exploration or mining activities, before construction begins, GMRUS shall have the right to conduct condemnation drilling on the sites of such facilities. If GMRUS intends to conduct exploration such as drilling at or near the site of Grantor's Industrial Minerals mining operation and determines that Grantor's exploration for and mining of Industrial Minerals may delay, hinder, or interfere with GMRUS's activities or create any health or safety risk to Grantor's or GMRUS's personnel or contractors, GMRUS will inform Grantor and request that Grantor temporarily suspend Grantor's activities for the period of GMRUS's activities.

2. Royalty and Minimum Payments. Grantor grants, reserves and retains to itself, and Grantor's assigns and successors forever, and GMRUS agrees and covenants to pay and grants to Grantor, and Grantor's assigns and successors, a nonadministrative, nonexecutive, and nonworking mineral production royalty based on the Net Smelter Returns, as calculated and defined in Exhibit 1, from the production or sale of Minerals from the Property, including any additions to the Property resulting from the parties' location of unpatented mining claims within the boundaries of the Property.

The Royalty shall not apply to Industrial Minerals which Grantor mines from the Property.

The Royalty percentage rate applicable to the Property shall be one and one-half percent (1.5%). **[modify if Royalty Option fully or partially exercised and closed before Deed executed]**

Owner grants to GMRUS the option and right (the "Royalty Option") to purchase one-half (1/2) of the Royalty representing three-fourths of one percent (.75%) of the Net Smelter Returns. The purchase price for the purchased portion of the Royalty shall be $1,000,000.00. At GMRUS's option, exercisable in GMRUS's sole discretion, GMRUS may elect to pay the Royalty Option purchase price in ordinary shares of Guardian Metal Resources PLC ("Shares") at a deemed price per Share equal to the to the 10-day volume weighted average trading price of the Shares on the London Stock Exchange converted from pounds sterling to United States dollars using the Bank of England daily spot exchange rate calculated as of the date that Guardian provides notice to Optionor of its election to exercise the Royalty Option. GMRUS's delivery of the Shares shall be subject to the terms and conditions prescribed in Section 4.4 of the Lease Agreement.

The Royalty Option may be exercised in whole or in part at any time.

The Royalty Option purchase price shall be paid by wire transfer to an account which Grantor designates or, if applicable, by delivery of the Royalty Option purchase price Shares. The closing of GMRUS's exercise of the Royalty Option shall be completed within thirty (30) days after GMRUS's delivery of notice of its election to exercise the Royalty Option.

On GMRUS's exercise and closing of the Royalty Option, the Royalty percentage rate shall be reduced to three fourths of one percent (.75%).

Beginning on the fifth anniversary of the Effective Date and on each succeeding anniversary of the Effective Date until GMRUS commences commercial production of Minerals, but not Industrial Minerals, from the Property, GMRUS shall pay Grantor a Minimum Payment in the amount of $25,000.00. Each Minimum Payment shall be an advance payment of the Royalty. The Minimum Payments shall be credited cumulatively against GMRUS's Royalty payment obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Burden on Property. GMRUS's agreement and covenant to pay the Royalty are covenants coupled with an interest in the Property and shall burden and run with the Property, including any additions to the Property and all amendments, conversions to a lease or other form of tenure, relocations or patent of all or any of the unpatented mining claims and mill sites which comprise all or part of the Property and any lands within an unpatented mining claim or mill site which GMRUS locates to the extent such lands are in the Area of Interest. GMRUS's obligations under this Section shall apply to any mineral rights, patented mining claims, unpatented mining claims, and other real property interests which GMRUS leases from or purchases from a third party. On GMRUS's acquisition of a third-party interest or GMRU's relocation of any of the unpatented mining claims and mill sites which are part of the Property or on the amendment, conversion to a lease or other form of tenure, or patenting of any of the unpatented mining claims and mill sites which comprise all or part of the Property, the parties agree and covenant to execute, deliver and record in the Office of the Lincoln County Recorder an instrument by which GMRUS grants to Grantor the Royalty and subjects the acquired interest or newly located unpatented mining claim or mill site and any amended, converted or relocated unpatented mining claims and any newly patented claims, as applicable, to the burdens, conditions, obligations and terms of this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Payment of Royalty. GMRUS's obligation to pay the Royalty shall accrue and become due and payable upon the sale or shipment from the Property of Minerals, unrefined metals, doré metal, concentrates, ores or Minerals Products or, if refined metals are produced, upon the outturn of refined metals meeting the requirements of the specified published price to GMRUS's account. GMRUS shall calculate, pay and report the Royalty in accordance with the provisions of Exhibit 1. The Royalty shall be calculated and paid quarterly. GMRUS shall pay Grantor each quarterly Royalty payment on or before thirty (30) days following the quarter during which the Royalty payment obligation accrues. The Minimum Payments paid by GMRUS to Grantor in accordance with the Lease Agreement and in accordance with this Deed shall be credited cumulatively against GMRUS's Royalty payment obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Production Records. GMRUS shall keep true and accurate accounts, books and records of all its activities, operations and production of Minerals on the Property. All books and records used by GMRUS to calculate the Royalty payments shall be kept in accordance with generally accepted accounting principles applicable to the mining industry. When GMRUS pays the Royalty, GMRUS shall deliver to Grantor a statement which shows in detail the quantities and grades of Minerals and Mineral Products sold or deemed sold by GMRUS in the preceding quarter; costs and other deductions, and other pertinent information in detail to explain the calculation of the payment with respect to such quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Delivery of Payments. GMRUS shall deliver the Minimum Payments and the Royalty payments to Grantor by wire transfer to an account or to accounts which Grantor designates. Grantor shall provide to GMRUS Grantor's federal tax identification number.

All Minimum Payments and Royalty payments, including Interest, if any, shall be made subject to withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied on such payment by or on behalf of any governmental authority having power and jurisdiction to tax and for which GMRUS is obligated in law to withhold or deduct and remit to such governmental authority and no gross-up or make-whole payment shall be made in respect of such withholding. GMRUS shall describe in the statement referred to in Section 2.3 any amount so withheld or deducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Audit and Objections. Once annually and on reasonable notice and at a reasonable time, Grantor shall have the right to audit and examine GMRUS's accounts and records relating to the calculation of the Royalty payments. If such audit determines that there has been a deficiency or an excess in the payment made to Grantor, such deficiency or excess shall be resolved by adjusting the next quarterly Royalty payment due Grantor. Grantor shall pay all costs of such audit unless a deficiency of five percent (5%) or more of the Royalty payment due for the calendar quarter in question is determined to exist. Grantor may object in writing to any statement of Royalty payment amount within ninety (90) days of the receipt by Grantor of the relevant statement in respect of such Royalty payment or completion of the audit for any such statement, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 Lesser Interest. If Owner owns an interest in the Property which is less than the entire and undivided estate in the Property, the Minimum Payments and the Royalty payments shall be reduced proportionately in accordance with the nature and extent of Owner's interest so that the Minimum Payments and the Royalty payments shall be paid to Owner only in the proportion that Owner's interest bears to the entire and undivided estate in the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 Commingling. GMRUS shall have the right to commingle Minerals from the Property with mineral ores mined from other properties. Not less than sixty (60) days before commencement of commingling, GMRUS shall notify Grantor and shall deliver to Grantor GMRUS's proposed commingling plan for Grantor's review. Before any Minerals from the Property are commingled with mineral ores from other properties, the Minerals from the Property and the mineral ores from other properties shall be measured and sampled in accordance with sound mining and metallurgical practices for metal, commercial Minerals and other appropriate contents. GMRUS shall prepare and maintain accurate records which show the measurements, assays of metal, commercial Minerals, and other appropriate contents and penalty substances, and gross metal content of the Minerals from the Property and the mineral ores from other properties. From this information, GMRUS shall determine the amount of the Royalty due and payable to Grantor for Minerals produced from the Property commingled with mineral ores from other properties.

3. Compliance with Laws, Reclamation, Environmental Obligations, and Indemnities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Compliance with Laws. GMRUS shall comply with all Governmental Regulations relating to GMRUS's activities and operations on or relating to the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Reclamation, Environmental Obligations, and Indemnities. GMRUS shall perform all reclamation required under Governmental Regulations relating to GMRUS's activities or operations on or relating to the Property. GMRUS shall defend, indemnify and hold harmless Grantor from and against all actions, claims, costs, damages, expenses (including attorney's fees and legal costs), liabilities and responsibilities arising from or relating to GMRUS's activities or operations on or relating to the Property, including those under Governmental Regulations intended to protect or preserve the environment or to reclaim the Property. GMRUS's obligations under this Section shall survive the abandonment, surrender or transfer of the Property.

4. Tailings and Residues. All tailings, residues, waste rock, spoiled leach materials and other materials resulting from GMRUS's operations and activities on the Property shall be GMRUS's sole property, but shall remain subject to the Royalty if they are processed or reprocessed and GMRUS receives revenues from such processing or reprocessing.

5. Title Maintenance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Title Maintenance and Taxes. GMRUS shall maintain title to the Property, including without limitation, paying when due all taxes on or with respect to the Property and doing all things and making all payments necessary or appropriate to maintain the right, title and interest of GMRUS and Grantor, respectively, in the Property and under this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Property Maintenance. GMRUS shall perform all required assessment work on, pay all federal annual mining claim maintenance fees and make such filings and recordings as are necessary to maintain title to the Property in accordance with applicable Governmental Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Abandonment. Except as provided in this Section, if GMRUS intends to permanently abandon or surrender any of the patented mining claims or unpatented mining claims and mill sites which are part of the Property (the "Abandonment Property"), GMRUS shall first deliver notice to Grantor of such intention at least thirty (30) days in advance of the proposed date of abandonment or surrender. GMRUS's notice shall state the proposed date of abandonment or surrender. At any time before the date of GMRUS's proposed abandonment or surrender of the Property, Grantor may deliver notice to GMRUS that Grantor desires GMRUS to convey the Abandonment Property to Grantor. In such case, within ten (10) Business Days after GMRUS's receipt of Grantor's notice, GMRUS shall convey the Abandonment Property to Grantor, and Grantor shall accept and assume all liabilities and obligations in respect of the conveyed Abandonment Property. If Grantor does not timely request reconveyance of the Abandonment Property, Grantor's right to do so shall be irrevocably terminated and GMRUS may abandon or surrender the Abandonment Property in GMRUS's sole and exclusive discretion. On GMRUS's abandonment or surrender of the Abandonment Property, GMRUS's obligation to pay the Minimum Payments and Royalty shall terminate in respect of the Abandonment Property. Notwithstanding the foregoing provisions of this Section, GMRUS may amend or abandon and relocate any of the unpatented mining claims and mill sites without first notifying Grantor if GMRUS determines that it is advisable to do so to maintain and preserve the effectiveness or good standing of the unpatented mining claims and mill sites. Following amendment or relocation of any of the unpatented mining claims and mill sites, GMRUS shall execute, record and deliver a copy to Grantor of a supplement to this Deed which includes the amended and relocated unpatented claims and mill sites in the description of the Property subject to this Deed.

6. General Provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Conflict. If a conflict arises between the provisions of this Deed and the provisions of the Agreement, the provisions of this Deed shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Entire Agreement. This Deed and the Agreement constitute the entire agreement between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Additional Documents. The parties shall from time to time execute all such further instruments and documents and do all such further actions as may be necessary to effectuate the purposes of this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Binding Effect. All the covenants, conditions, and terms of this Deed shall bind and inure to the benefit of the parties and their successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 No Partnership. Nothing in this Deed shall be construed to create, expressly or by implication, a fiduciary, joint venture, mining partnership or other partnership relationship between the parties. Grantor acknowledges and agrees that all decisions concerning methods, the extent, times, procedures and techniques of any (a) exploration, development and mining related to the Property; (b) leaching, milling, processing or extraction; (c) materials to be introduced on or to the Property or produced therefrom; and (d) decisions concerning the sale or other disposition of Minerals and Minerals Products from the Property, shall be made by GMRUS in its sole and absolute discretion. Grantor agrees that GMRUS shall not be responsible to Grantor for or obliged to make any Royalty payments for Minerals or Minerals Products value lost in any mining or processing of the Minerals or Minerals Products, unless such losses result from GMRUS's negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 No Implied Covenants. The Parties agree that there are no implied covenants or duties relating to or affecting any of their respective rights or obligations under this Deed, and that the only covenants or duties which affect such rights and obligations shall be those expressly stated in this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 Governing Law and Forum. This Deed is to be governed by and construed under the laws of the State of Nevada. Any action or proceeding for the enforcement or construction of this Deed shall be commenced and adjudicated in the District Court of the State of Nevada, in and for the County of Washoe, Reno, Nevada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 Notices. Any notices required or authorized to be given by this Deed shall be in writing and shall be sent either by commercial courier, facsimile, or by certified U.S. mail, postage prepaid and return receipt requested, addressed to the proper party at the address stated below or such address as the party shall have designated to the other parties in accordance with this Section. Such notice shall be effective on the date of receipt by the addressee party, except that any facsimiles received after 5:00 p.m. of the addressee's local time shall be deemed delivered the next day.

If to Grantor: Hinkinite Resources LLC <br> [insert address when executed]

If to GMRUS: Golden Metal Resources, LLC. <br> [insert address when executed]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 Attorney's Fees. If either party named in this Deed brings an action to construe or enforce its terms, covenants or conditions, the prevailing party in any such action shall be entitled to recover its reasonable attorneys' fees and costs from the losing party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 Rule Against Perpetuities. To the extent this Deed or the Royalty applies to any amendments or relocations of the unpatented mining claims which comprise the Property made in accordance with the Mining Law of 1872, as from time-to-time amended, repealed, replaced or superseded, or any other federal law or regulation, including the conversion of any present interest in the unpatented mining claims included the Property to a lease, license, permit or other form of tenure or to any other rights or interests (including mineral rights) or to any other mineral or Property rights acquired by a party within the boundaries of the Property which becomes part of the Property subject to this Deed or the Royalty (each an "Acquired Interest"), the interest in such Acquired Interest shall vest on the date of acquisition. It is the express intention of the parties that each Acquired Interest shall vest within a period of time that complies with the Rule Against Perpetuities (Uniform Act), as it may be amended from time-to-time, to the extent the Rule Against Perpetuities applies, and, only if required by applicable law to vest during a period which is less than twenty-one (21) years from the effective date of this Deed, the term of the this Deed or the Royalty applicable to the an Acquired interest shall end one (1) day before twenty-one (21) years from the effective date of this Deed, provided that the parties agree and covenant that if a court of competent jurisdiction finds that this Deed or the Royalty is invalid in any respect or that the Acquired Interest does not vest within a period compliant with the Rule Against Perpetuities, the court may reform this Deed or the Royalty and instrument by which the Acquired Interest was created or acquired in a manner that implements the parties' intentions such that the Acquired Interest is an effective and valid interest. In all events, the Royalty shall apply to any Acquired Interest acquired within a period which ends one (1) day before twenty-one (21) years from the date of execution of this Deed or the instrument by which the Royalty is granted or reserved, as applicable. The parties irrevocably release and waive the applicability of the Rule Against Perpetuities to any Acquired Interest or to any provision of this Deed or the Royalty. Each party agrees and covenants, for itself and its successors and assigns, that it will not commence any action or arbitration proceeding to declare the Acquired Interest or this Deed or the Royalty ineffective, invalid or void based on the Rule Against Perpetuities, and that it will not in any action or arbitration proceeding commenced by any party, including the other party to this Deed or its successors and assigns, assert as a claim for relief or as an affirmative defense against any claim for relief for enforcement of this Deed or the Royalty or any instrument executed in accordance with this Deed that this Deed or the Royalty or the instrument is invalid or void based on the Rule Against Perpetuities. A party's default of its obligations under the Section shall constitute a material default and breach of this Deed or the instrument, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 Assignment by Grantor. Grantor may assign its rights under this Deed in whole or in part, and any rights and obligations under this Deed, without the written consent of GMRUS, provided that (a) each assignee enters a written agreement with GMRUS in form and substance satisfactory to GMRUS, acting reasonably, to be bound by the provisions of this Deed in all respects and to the same extent that Grantor is bound; and (b) notwithstanding the foregoing, Grantor shall remain liable for the obligations of Grantor under this Deed which arise before such assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 Assignment by GMRUS. GMRUS shall be entitled to assign, sell, transfer, lease, mortgage, charge or otherwise encumber any of the Property and its rights and obligations under this Deed, and GMRUS shall be released from all obligations under this Deed which arise after GMRUS's transfer of title to the Property. Each assignee shall enter a written agreement with Grantor in form and substance satisfactory to Grantor, acting reasonably, to be bound by the provisions of this Deed in all respects and to the same extent that GMRUS is bound; and (b) notwithstanding the foregoing, GMRUS shall remain liable for the obligations of GMRUS under this Deed which arise before such assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 Definitions. As used in this Deed, the following terms shall have the meanings assigned to them as follows.

"Area of Interest" means the lands within the exterior boundaries of the patented mining claims and unpatented mining claims and mill sites described in Exhibit A of the Lease Agreement which are also identified in Exhibit A attached to this Deed and the lands within two (2) miles outside the exterior boundaries.

"Business Day" means a day other than a Saturday, Sunday or any other day on which the principal chartered banks located in Reno, Nevada are not open for business.

"Governmental Regulations" means all directives, laws, orders, ordinances, regulations and statutes of any federal, state or local agency, court or office.

"Loss" means an insured loss of or damage to Minerals and Minerals Products, whether occurring on or off the Property and whether the Minerals and Minerals Products are in the possession of GMRUS or its Affiliates or otherwise.

"Industrial Minerals" means sand, gravel, limestone, marble, dolomite (magnesium), silica (quartz), shale, clay, kaolin, alumina, bentonite, barite, talc, gypsum, diatomite, salt, phosphates, potash, pumice, volcanic ash, pozzolana, fluorspar, building stone, landscape products, and gemstones.

"Minerals" means all Minerals and mineral materials except Industrial Minerals, including lithium, gold, silver, platinum group metals, and rare earth metals, base metals (including antimony, chromium, cobalt, copper, lead, manganese, mercury, nickel, molybdenum, titanium, tungsten, zinc), boron, lithium, and other metals and mineral materials which are on, in or under the Property or which after the Effective Date are discovered on, in or under the Property.

"Minerals Products" means all Minerals mined from the Property and all concentrates, doré, metal and other products derived from ore mined from the Property.

"Minimum Payment" means each annual advance Royalty payment paid in accordance with Section 2.

"Party" means a signatory to this Deed and "Parties" means all signatories.

"GMRUS" means Golden Metal Resources LLC, a Nevada limited liability company, and its successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 Counterparts. This Deed may be executed in several counterparts, each of which shall be deemed to be an original, and all of which shall together constitute one and the same instrument, and delivery of an executed copy of this Deed by email transmission or by other means of electronic communication capable of producing a printed copy shall be deemed to be execution and delivery of this Deed as of the date first above written.

This Deed is effective ___________, ___202___ (the "Effective Date").

---

| | |
|:---|:---|
| Hinkinite Resources LLC | Hinkinite Resources LLC |
| By | **To be signed on closing of Option.** |
| Name | |
| Title | |
| Golden Metal Resources, LLC | Golden Metal Resources, LLC |
| By | **To be signed on closing of Option.** |
| Name | |
| Title | |

---

)) ss.)
This Deed With Reservation of Royalty Hinkinite Unpatented Mining Claims was acknowledged before me on __, 202___, by ____________ as ____________ of Hinkinite Resources LLC.

  <br> Notary Public)) ss.)
This Deed With Reservation of Royalty Hinkinite Unpatented Mining Claims was acknowledged before me on __, 202__, by ________________ as _____________ of Golden Metal Resources, LLC

  <br> Notary Public

**Exhibit A**

**Description of Property**

**Lincoln County, Nevada**

**Unpatented Mining Claims**

**[insert description on execution]**

**Exhibit 1**

**Net Smelter Returns**

Obligor: Golden Metal Resources, LLC ("GMRUS")

Payee: Hinkinite Resources LLC ("Grantor")

1. Definitions. The terms defined in the instrument to which this Exhibit is attached and made part of shall have the same meanings in this Exhibit. The following definitions shall apply to this Exhibit.

1.1 "Gold Production" means the quantity of refined gold outturned to GMRUS's account by an independent third party refinery for gold produced from the Property during the quarter on either a provisional or final settlement basis.

1.2 "Gross Value" shall be determined on a quarter basis and have the following meanings with respect to the following Minerals:

1.2.1 Gold

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If GMRUS sells gold concentrates, doré or ore, then Gross Value shall be the value of the gold contained in the gold concentrates, doré and ore determined by utilizing: (1) the mine weights and assays for such gold concentrates, doré and ore; (2) a reasonable recovery rate for the refined gold recoverable from such gold concentrates, doré and ore (which shall be adjusted annually to reflect the actual recovery rate of refined metal from such gold concentrates, doré and ore); and (3) the Quarterly Average Gold Price for the quarter in which the gold concentrates, doré and ore were sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If GMRUS produces refined gold (meeting the specifications of the London Bullion Market Association, and if the London Bullion Market Association no longer prescribes specifications, the specifications of such other association generally accepted and recognized in the mining industry) from Minerals, and if Section 1.2.1(a) above is not applicable, then for purposes of determining Gross Value, the refined gold shall be deemed to have been sold at the Quarterly Average Gold Price for the quarter in which it was refined. The Gross Value shall be determined by multiplying Gold Production during the quarter by the Quarterly Average Gold Price.

1.2.2 Silver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If GMRUS sells silver concentrates, doré or ore, then Gross Value shall be the value of the silver contained in the silver concentrates, doré and ore determined by utilizing: (1) the mine weights and assays for such silver concentrates, doré and ore; (2) a reasonable recovery rate for the refined silver recoverable from such silver concentrates, doré and ore (which shall be adjusted annually to reflect the actual recovery rate of refined metal from such silver concentrates, doré and ore); and (3) the Quarterly Average Silver Price for the quarter in which the silver concentrates, doré and ore were sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If GMRUS produces refined silver (meeting the specifications of the London Bullion Market Association, and if the London Bullion Market Association no longer prescribes specifications, the specifications of such other association generally accepted and recognized in the mining industry) from Minerals, and if Section 1.2.2(a) above is not applicable, the refined silver shall be deemed to have been sold at the Quarterly Average Silver Price for the quarter in which it was refined. The Gross Value shall be determined by multiplying Silver Production during the quarter by the Quarterly Average Silver Price.

1.2.3 All Other Minerals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If GMRUS sells any concentrates, doré or ore of Minerals other than gold or silver, then Gross Value shall be the value of such Minerals determined by utilizing: (1) the mine weights and assays for such Minerals; (2) a reasonable recovery rate for the Minerals (which shall be adjusted annually to reflect the actual recovery rate of recovered or refined metal or product from such Minerals); and (3) the quarterly average price for the Minerals or product of the Minerals for the quarter in which the concentrates, doré or ore was sold. The quarterly average price shall be determined by reference to the market for such Minerals or product which is recognized in the mining industry as authoritative and reflective of the market for such Minerals or product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If GMRUS produces refined or processed metals from Minerals other than refined gold or refined silver, and if Section 1.2.3(a) above is not applicable, then Gross Value shall be equal to the amount of the proceeds received by GMRUS during the quarter from the sale of such refined or processed metals. GMRUS shall have the right to sell such refined or processed metals to an affiliated party, provided that such sales shall be considered, solely for purposes of determining Gross Value, to have been sold at prices and on terms no less favorable than those that would be obtained from an unaffiliated third party in similar quantities and under similar circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If GMRUS produces tungsten trioxide (WO3), then Gross Value shall be equal to the amount of the gross proceeds received by GMRUS during the quarter from the sale of such tungsten trioxide (WO3). GMRUS shall have the right to sell such tungsten trioxide (WO3) to an affiliated party, provided that such sales shall be considered, solely for purposes of determining Gross Value, to have been sold at prices and on terms no less favorable than those that would be obtained from an unaffiliated third party in an arm's length, open marker sale transaction.

1.3 "Quarterly Average Gold Price" means the average London Bullion Market Association Afternoon Gold Fix, calculated by dividing the sum of all such prices reported for the quarter by the number of days for which such prices were reported during that quarter. If the London Bullion Market Association Afternoon Gold Fix ceases to be published, all such references shall be replaced with references to prices of gold for immediate sale in another established market selected by GMRUS which is generally accepted and recognized in the mining industry.

1.4 "Quarterly Average Silver Price" means the average London Bullion Market Association Silver Fix, calculated by dividing the sum of all such prices reported for the quarter by the number of days for which such prices were reported during that quarter. If the London Bullion Market Association Silver Fix ceases to be published, all such references shall be replaced with references to prices of silver for immediate sale in another established market selected by GMRUS which is generally accepted and recognized in the mining industry.

1.5 "Net Smelter Returns" means the Gross Value realized during the applicable quarter from a mint, refinery, smelter or other purchaser on the sale of all metals, bullion, concentrates, Minerals or products of Mineral or ores removed from the Property less the costs of smelting and refining and less actual freight or haulage charges from the mine to the refinery or smelter. The term "smelter" shall mean conventional smelters as well as any other type of production plant used in lieu of a conventional smelter to reduce ores or concentrates.

1.6 "Property" means the unpatented mining claims described in the instrument to which these Net Smelter Returns provisions are attached and made a part.

1.7 "Silver Production" means the quantity of refined silver outturned to GMRUS's account by an independent third-party refinery for silver produced from the Property during the quarter on either a provisional or final settlement basis.

2. Payment Procedures.

2.1 Accrual of Obligation. GMRUS's obligation to pay the royalty shall accrue and become due and payable upon the sale or shipment from the Property of unrefined metals, doré metal, concentrates, ores or other Minerals or Minerals Products or, if refined metals are produced, upon the outturn of refined metals meeting the requirements of the specified published price to GMRUS's account.

2.2 Futures or Forward Sales, Etc. Except as provided in Sections 1.2.1(a), 1.2.2(a) and 1.2.3(a) (regarding sales of unprocessed gold and silver and sales of Minerals other than gold and silver), Gross Value shall be determined irrespective of any actual arrangements for the sale or other disposition of Minerals by GMRUS, specifically including but not limited to forward sales, futures trading or commodities options trading, and any other price hedging, price protection, and speculative arrangements that may involve the possible delivery of gold, silver or other metals produced from Minerals. Grantor shall have no right or interest in any profits nor any liability or obligations for any losses realized by GMRUS from such transactions.

**Exhibit C**

**Bill of Sale**

**Bill of Sale**

**Tempiute Project**

This Bill of Sale is made and executed by Hinkinite Resources LLC, a Utah limited liability company ("Seller"), in favor of and to Golden Metal Resources, LLC, a Nevada limited liability company ("Buyer"). This Bill of Sale is executed and delivered in accordance with the Exploration and Option to Purchase Agreement dated January ___, 2025, between Seller and Buyer, regarding the patented mining claims and unpatented mining claims and mill sites in Lincoln County, Nevada, commonly known as the Tempiute Project (collectively the "Property").

In consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, Seller assigns, conveys, sells and transfers to Buyer all of Seller's right, title and interest in and to (a) all geological, geochemical and geophysical maps, reports, surveys and tests; all drill hole maps, drill logs, drill core, drill cuttings, chip trays, and other samples taken from the Property, including duplicates and pulps; all engineering and metallurgical reports, studies and tests; all sample and assay logs, maps, reports and tests; all mineral resource and ore reserve calculations, estimates, reports, studies and tests; all anthropological, biological, cultural, environmental, meteorological, and other like reports, studies, surveys and tests; and all other data relating to the Property, including any such data in digital, electronic, magnetic, optical and written format; and (b) all approvals, consents, licenses, notices of intent to operate, plans of operation and permits for or relating to the Property and accounts, bonds, deposits, financial assurances, guarantees and securities for reclamation of the Property.

This Bill of Sale shall be governed by the laws of the State of Nevada.

Delivery of a signature page to this Bill of Sale by facsimile or other electronic means shall be effective as delivery of a manually executed counterpart to this Bill of Sale.

Dated ___________ ___, 202__.

---

| |
|:---|
| Hinkinite Resources LLC |
| By |
| Bryson Hinkins, Manager |

---

## Exhibit 10.2

**Exhibit 10.2**

![](tm2532978d4_ex10-2img01.jpg)

---

| | |
|:---|:---|
| **DATED** | **16 December 2025** |

---

**UCAM LIMITED**

**GUARDIAN METAL RESOURCES PLC**

**RIGHT OF FIRST REFUSAL AGREEMENT**

**HAYNES AND BOONE CDG LLP**

**Alder Castle**

**10 Noble Street**

**London EC2V 7JX**

**REF: 0067434.00004**

**BETWEEN**

1) **UCAM LIMITED**, a company duly incorporated in accordance with the laws of England and Wales and registered as such with the Register of Companies for England and Wales **"UCAM**"); and

2) **GUARDIAN METAL RESOURCES PLC**, registration number 13351178, a public company duly incorporated in accordance with the company laws of England and Wales and registered as such with the Registrar of Companies for England and Wales; (the "**Company**").

**WHEREAS**

(A) The Company and UCAM acknowledge that the Company is contemplating an initial public offering of the Company,
which would involve an offering of American Depositary Shares (each an "**ADS** "), each of which would represent a certain
number of to be issued Ordinary Shares (the "**US IPO** ").
Pursuant to the US IPO, the ADSs are contemplated to be listed on the New York Stock Exchange.

(B) The parties have agreed, conditional on the passage of resolutions 9 and 10 (the "**Resolutions**") at
the Company's annual general meeting to be held on 17 December 2025 (or such subsequent date on which the Company's 2025
annual general meeting is held (the "**2025 AGM** "), to enter into this Deed to ensure that, notwithstanding the disapplication
of pre-emption rights pursuant to the Resolutions at the 2025 AGM, UCAM has the right to maintain its pro rata shareholding by way of
a pro rata right of first refusal in respect of any new issue of Ordinary Shares or ADSs or other fundraise or action by the Company (a
 "**Right of First Refusal Event** ").

**OPERATIVE PROVISIONS**

---

| | | |
|:---|:---|:---|
| **1.** | **<u>Definitions and Interpretations</u>** |  |
| 1.1 | The following definitions apply: |  |
|  | **AIM** | the alternative investment market, a sub-market of the LSE; |
|  | **Applicable Laws** | the Companies Act, FSMA, the rules of any Relevant Exchange on which the Ordinary Shares are admitted to trading, MAR, the Disclosure Guidance and Transparency Rules, the Takeover Code and any other applicable legislation or regulation; |

---

---

| | |
|:---|:---|
| **Companies Act** | the UK Companies Act 2006 (as amended from time to time); |
| **FSMA** | the Financial Services and Markets Act 2000 (as amended from time to time); |
| **LSE** | London Stock Exchange plc; |
| **MAR** | the Market Abuse Regulation (596/2014/EU) as it forms part of the law of England and Wales by virtue of the European Union (Withdrawal) Act 2018, as amended by UK legislation from time to time; |
| **Ordinary Shares** | the ordinary shares of £0.01 each in the capital of the Company in issue from time to time; |
| **Parties** | the parties to this Deed, and "**party**" shall mean any one of them; |
| **Relevant Exchange** | the LSE, AIM or such other exchange in the UK as the Ordinary Shares are admitted to at the time of the issuance of any Ordinary Shares; |
| **Takeover Code** | The City Code on Takeovers and Mergers; |

---

1.2 Clause headings shall not affect the interpretation of this Deed.

1.3 Unless otherwise stated, a reference to a recital, Clause or sub-Clause is a reference to a recital, Clause
or sub-Clause of this Deed and any reference to this Deed includes its recitals.

1.4 A person includes a natural person, corporate or unincorporated body (whether or not having separate legal
personality) and that person's personal representatives and successors.

1.5 Any words following the terms including, include, in particular, for example or any similar expression
shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those
terms.

1.6 A reference to a legislative or regulatory provision, rule 
or code shall include all subordinate legislation, regulations, rules and codes made from time to time under that provision, rule or
code.

1.7 Any obligation on a party not to do something includes an obligation not to allow that thing to be done.

**2.**  **<u>Commencement</u>** 

2.1 This Deed is conditional on, and shall come into force upon, the successful passage of the Resolutions
at the 2025 AGM.

2.2 This Deed will automatically terminate with immediate effect upon the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a binding written agreement being entered into between the parties to terminate this Deed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date of the Company's next annual general meeting, anticipated to be held on or around 17 December 2026.

2.3 Termination of this Deed shall not affect any rights, remedies, obligations or liabilities of the parties
that have accrued up to the date of termination, including the right to claim damages in respect of any breach of the Deed which existed
at or before the date of termination.

2.4 On termination of this Deed, Clause 1 and Clauses 4 to 14 (inclusive) shall continue in force.

**3.**  **<u>Company Undertakings</u>** 

3.1 The Company hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to offer UCAM a pro rata right of first refusal in respect of any proposed new issue of Ordinary Shares
or ADSs in connection with a Right of First Refusal Event (a "**Right of First Refusal Offer**") in the form of a direct
subscription for Ordinary Shares as part of an offering to be conducted concurrently with, or as part of, the Right of First Refusal Event
(and with the price per share to be the same as the effective price per share to the public in the Right of First Refusal Event), notwithstanding
the disapplication of shareholder pre-emption rights at the 2025 AGM, with the exception of issuances of Ordinary Shares the Company may
issue (i) to directors and employees under option plans or other incentivisation plans; or (2) as consideration in connection
with any acquisition by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such Right of First Refusal Offer by the Company to UCAM shall be in writing, shall set forth the anticipated
size of the Right of First Refusal Event and the anticipated date on which pricing of the Right of First Refusal
Event is expected to occur (which date shall not be less than ten days, nor more
than fourteen days after the date of the delivery of the Right of First Refusal Offering); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) within seven days after the delivery of said Right of First Refusal Offer, UCAM shall deliver to the Company
a written notice either accepting or rejecting the offer, in its sole and absolute discretion. Failure to deliver said notice within seven
days conclusively shall be deemed a rejection of the offer.

3.2 UCAM, shall have an exclusive right, but not an obligation, to participate in the Right of First Refusal
Offer, in part or in full.

**4.**  **<u>Nature of Deed</u>** 

4.1 Nothing in this Deed shall create, or be deemed to create, a partnership or joint venture between the
parties.

4.2 A person who is not a party to this Deed shall have no rights under the Contracts (Rights of Third Parties)
Act 1999 to enforce any of its terms.

4.3 The obligations of each of the parties under this Deed shall be subject to all applicable legal and regulatory
requirements including, without limitation, the Applicable Laws and no party shall be required to breach any such law, regulation, rule or
code.

4.4 In the event of any conflict between the provisions of this Deed and the Company's articles of association,
the provisions of this Deed shall prevail as between the parties.

4.5 The parties shall exercise all voting and other rights and powers available to them so as to give effect
to the provisions of this Deed.

**5.**  **<u>Further Assurance</u>** 

5.1 The Company shall (at its own expense) promptly execute and deliver such documents and perform such acts as the Company and UCAM may each reasonably require from time to time for the purpose of giving full effect to this Deed.

**6.**  **<u>Variation and Waiver</u>** 

6.1 No variation of this Deed shall be effective unless it is made by Deed and signed and delivered by the
parties (or their authorised representatives).

6.2 The rights of any party in respect of a breach of this Deed shall not be affected by any party failing
to exercise, or delaying in exercising, a right or remedy or by anything else except a specific authorised written waiver or release.
A single or partial exercise of a right provided by this Deed or by law does not prevent its further exercise or the exercise of another
right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Waiver of a breach of a term of this Deed or of a default under it does not constitute a waiver of another
breach or default or affect the other terms of this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 The rights provided in this Deed are cumulative and not exclusive of any other rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.**  **<u>Confidentiality</u>** 

Each of the parties hereto hereby severally agrees and undertakes with and represents and warrants to each other as separate agreements undertakings representations and warranties that, except in so far as disclosure is required by the rules and regulations of AIM or any other regulatory authority or by any applicable law, including the securities laws of the United States and/or Securities and Exchange Commission in the context of the US IPO, they will not at any time hereafter divulge or communicate to or cause or enable any person to become aware of the contents of this Deed except with the prior written consent of each other party, such consent not to be unreasonably withheld or delayed. Notwithstanding the foregoing, each of the parties acknowledges and agrees that disclosure of the concurrent offering will be included in the registration statement filed with the Securities and Exchange Commission in connection with the US IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.**  **<u>Communications</u>** 

Communications between the parties in relation to this Deed should be in writing and should be sufficiently delivered if sent in a letter by registered mail or by hand to the party at its/his address set out in this Deed (or an alternative address notified in writing by that party in accordance with this Clause 8) or via e-mail as set out below and notice should be treated as affected when the sending party sends an e-mail to oliver.friesen@guardianmetalresources.com for the Company and john.demaine@sandfia.com for UCAM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.**  **<u>Entire Deed</u>** 

This Deed constitutes the entire agreement between the parties and supersede and extinguish all previous agreements, promises, assurances, warranties, representations and understandings between them, whether written or oral, relating to their subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.**  **<u>Severance</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 If any provision or part-provision of this Deed is or becomes invalid, illegal
or unenforceable, it shall be deemed deleted, but that shall not affect the validity and enforceability of the rest of this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 If any provision or part-provision of this Deed is deemed deleted under Clause 10.1, the parties shall
negotiate in good faith to agree a replacement provision that, to the greatest extent possible, achieves the intended commercial result
of the original provision. Any such amendment will be made in accordance with Clause 6.

**11.**  **<u>Counterparts</u>** 

11.1 This Deed may be executed in a number of counterparts and by the parties on different counterparts but
shall not be effective until each party has executed at least one counterpart.

11.2 Each counterpart, when executed, shall be an original but all the counterparts together constitute the
same document.

**12.**  **<u>Assignment</u>** 

None of the rights or obligations of any party under this Deed may be assigned or transferred.

**13.**  **<u>Indemnity</u>** 

13.1 The Company shall fully indemnify and hold harmless UCAM, its affiliates, members, managers, officers,
employees and advisers (each an Indemnified Person) from and against any and all losses, liabilities, damages, costs, claims, demands,
actions, proceedings, fines, penalties and expenses (including legal and professional fees on a full indemnity basis) suffered or incurred
by any Indemnified Person arising out of or in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any claim, challenge, action or proceeding by any shareholder of the Company (or any group of shareholders),
or by any other person, in connection with the grant, existence or exercise of the participation rights in favour of UCAM under this Deed;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any regulatory inquiry, investigation or enforcement action relating to the grant or disclosure of the
participation rights to UCAM.

UCAM shall promptly notify the Company of any claim in respect of which it seeks indemnification under this clause 13 and permit the Company, at its own cost and expense, to conduct and control the defence or settlement of such claim, provided that the Company shall not settle any claim in a manner that imposes any admission of liability or ongoing obligation on UCAM without UCAM's prior written consent.

**14.**  **<u>Governing Law and Jurisdiction</u>** 

14.1 This Deed and any dispute or claim (including non-contractual disputes or claims) arising out of or in
connection with it or its subject matter or formation shall be governed by and construed in accordance with the law of England and Wales.

14.2 Each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim (including non-contractual
disputes or claims) arising out of or in connection with this deed or its subject matter or formation.

**IN WITNESS** whereof this document has been duly executed as a deed which has been delivered by the Company and UCAM the day and year first above written.

---

| |
|:---|
| EXECUTED and DELIVERED as a Deed by) |
| **UCAM** in the presence of:) |

---

---

| | |
|:---|:---|
| Witness signature: | /s/ Emily Marshall |
| Witness Name: | Emily Marshall |
| Witness Address: | 14 Dynham Road, London, NW6 2NR |
| Witness Occupation: | Personal Assistant |

---

---

| | |
|:---|:---|
| EXECUTED and DELIVERED a Deed by) | /s/ Oliver Friesen |
| **Guardian Metal Resources PLC)** |  |
| acting by a director in the presence of:) | Oliver Friesen - CEO |

---

---

| | |
|:---|:---|
| Witness signature: | /s/ Ben Hodges |
| Witness Name: | Ben Hodges |
| Witness Address: | 66 Halstead Road, London, E11 2AZ |
| Witness Occupation: | Accountant |

---

## Exhibit 10.3

**Exhibit 10.3**

![](tm2532978d4_10-3img02.jpg)

---

| | |
|:---|:---|
| **DATED** | **16 December 2025** |

---

**DUQUESNE FAMILY OFFICE LLC**

**GUARDIAN METAL RESOURCES PLC**

**RIGHT OF FIRST REFUSAL AGREEMENT**

**HAYNES AND BOONE CDG LLP<br> Alder Castle<br> 10 Noble Street<br> London EC2V 7JX<br> REF: 0067434.00004**

**BETWEEN**

**1)** **DUQUESNE FAMILY OFFICE LLC,** a foreign limited liability company duly incorporated in accordance with the company laws of Delaware, United States **("DUQUESNE");** and

**2)** **GUARDIAN METAL RESOURCES PLC,** registration number 13351178, a public company duly incorporated in accordance with the company laws of England and Wales and registered as such with the Registrar of Companies for England and Wales; (the **"Company").**

**WHEREAS**

(A) The Company and DUQUESNE acknowledge that
 the Company is contemplating an initial public offering of the Company, which would involve
 an offering of American Depositary Shares (each an **"ADS"),** each of which
 would represent a certain number of to be issued Ordinary Shares (the **"US IPO").** Pursuant to the US IPO, the ADSs are contemplated to be listed on the New York Stock
 Exchange.

(B) The parties have agreed, conditional on the
 passage of resolutions 9 and 10 (the **"Resolutions")** at the Company's annual
 general meeting to be held on 17 December 2025 (or such subsequent date on which the
 Company's 2025 annual general meeting is held (the **"2025 AGM"),** to enter
 into this Deed to ensure that, notwithstanding the disapplication of pre-emption rights pursuant
 to the Resolutions at the 2025 AGM, DUQUESNE has the right to maintain its pro rata shareholding
 by way of a pro rata right of first refusal in respect of any new issue of Ordinary Shares
 or ADSs or other fundraise or action by the Company (a **"Right of First Refusal Event").** 

**OPERATIVE PROVISIONS**

**1.**  **<u>Definitions and Interpretations</u>** 

1.1 The following definitions
 apply:

---

| | |
|:---|:---|
| **AIM** | the alternative investment market, a sub-market of the LSE; |

---

---

| | |
|:---|:---|
| **Applicable Laws** | the Companies Act, FSMA, the rules of any Relevant Exchange on which the Ordinary Shares are admitted to trading, MAR, the Disclosure Guidance and Transparency Rules, the Takeover Code and any other applicable legislation or regulation; |

---

---

| | |
|:---|:---|
| **Companies Act** | the UK Companies Act 2006 (as amended from time to time); |
| **FSMA** | the Financial Services and Markets Act 2000 (as amended from time to time); |
| **LSE** | London Stock Exchange plc; |
| **MAR** | the Market Abuse Regulation (596/2014/EU) as it forms part of the law of England and Wales by virtue of the European Union (Withdrawal) Act 2018, as amended by UK legislation from time to time; |
| **Ordinary Shares** | the ordinary shares of £0.01 each in the capital of the Company in issue from time to time; |

---

---

| | |
|:---|:---|
| **Parties** | the parties to this Deed, and **"party"** shall mean any one of them; |

---

---

| | |
|:---|:---|
| **Relevant Exchange** | the LSE, AIM or such other exchange in the UK as the Ordinary Shares are admitted to at the time of the issuance of any Ordinary Shares; |
| **Takeover Code** | The City Code on Takeovers and Mergers; |

---

1.2 Clause headings shall not
 affect the interpretation of this Deed.

1.3 Unless otherwise stated, a reference to a
 recital, Clause or sub-Clause is a reference to a recital, Clause or sub-Clause of this Deed
 and any reference to this Deed includes its recitals.

1.4 A person includes a natural person, corporate
 or unincorporated body (whether or not having separate legal personality) and that person's
 personal representatives and successors.

1.5 Any words following the terms including,
 include, in particular, for example or any similar expression shall be construed as illustrative
 and shall not limit the sense of the words, description, definition, phrase or term preceding
 those terms.

1.6 A reference to a legislative
 or regulatory provision, rule or code shall include all subordinate legislation, regulations,
 rules and codes made from time to time under that provision, rule or code.

1.7 Any obligation on a party not to do something
 includes an obligation not to allow that thing to be done.

**2.**  **<u>Commencement</u>** 

2.1 This Deed is conditional on, and shall come
 into force upon, the successful passage of the Resolutions at the 2025 AGM.

2.2 This Deed will automatically
 terminate with immediate effect upon the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a binding written agreement being entered
 into between the parties to terminate this Deed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date of the Company's next annual
 general meeting, anticipated to be held on or around 17 December 2026.

2.3 Termination of this Deed shall not affect
 any rights, remedies, obligations or liabilities of the parties that have accrued up to the
 date of termination, including the right to claim damages in respect of any breach of the
 Deed which existed at or before the date of termination.

2.4 On termination of this
 Deed, Clause 1 and Clauses 4 to 14 (inclusive) shall continue in force.

**3.**  **<u>Company Undertakings</u>** 

3.1 The Company hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to offer DUQUESNE a pro rata right of
 first refusal in respect of any proposed new issue of Ordinary Shares or ADSs in connection
 with a Right of First Refusal Event (a **"Right of First Refusal Offer")** in
 the form of a direct subscription for Ordinary Shares as part of an offering to be conducted
 concurrently with, or as part of, the Right of First Refusal Event (and with the price per
 share to be the same as the effective price per share to the public in the Right of First
 Refusal Event), notwithstanding the disapplication of shareholder pre-emption rights at the
 2025 AGM, with the exception of issuances of Ordinary Shares the Company may issue (i) to
 directors and employees under option plans or other incentivisation plans; or (2) as
 consideration in connection with any acquisition by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such Right of First Refusal Offer by the
 Company to DUQUESNE shall be in writing, shall set forth the anticipated size of the Right
 of First Refusal Event and the anticipated date on which pricing of the Right of First Refusal
 Event is expected to occur (which date shall not be less than ten days, nor more than fourteen
 days after the date of the delivery of the Right of First Refusal Offering); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) within seven days after the delivery of
 said Right of First Refusal Offer, DUQUESNE shall deliver to the Company a written notice
 either accepting or rejecting the offer, in its sole and absolute discretion. Failure to
 deliver said notice within seven days conclusively shall be deemed a rejection of the offer.

3.2 DUQUESNE, shall have an exclusive right,
 but not an obligation, to participate in the Right of First Refusal Offer, in part or in
 full.

**4.**  **<u>Nature of Deed</u>** 

4.1 Nothing in this Deed shall
 create, or be deemed to create, a partnership or joint venture between the parties.

4.2 A person who is not a party
 to this Deed shall have no rights under the Contracts (Rights of Third Parties) Act 1999
 to enforce any of its terms.

4.3 The obligations of each of the parties under
 this Deed shall be subject to all applicable legal and regulatory requirements including,
 without limitation, the Applicable Laws and no party shall be required to breach any such
 law, regulation, rule or code.

4.4 In the event of any conflict between the
 provisions of this Deed and the Company's articles of association, the provisions of this
 Deed shall prevail as between the parties.

4.5 The parties shall exercise all voting and
 other rights and powers available to them so as to give effect to the provisions of this
 Deed.

**5.**  **<u>Further Assurance</u>** 

5.1 The Company shall (at its own expense) promptly
 execute and deliver such documents and perform such acts as the Company and DUQUESNE may
 each reasonably require from time to time for the purpose of giving full effect to this Deed.

**6.**  **<u>Variation and Waiver</u>** 

6.1 No variation of this Deed shall be effective
 unless it is made by Deed and signed and delivered by the parties (or their authorised representatives).

6.2 The rights of any party in respect of a breach
 of this Deed shall not be affected by any party failing to exercise, or delaying in exercising,
 a right or remedy or by anything else except a specific authorised written waiver or release.
 A single or partial exercise of a right provided by this Deed or by law does not prevent
 its further exercise or the exercise of another right.

6.3 Waiver of a breach of a term of this Deed
 or of a default under it does not constitute a waiver of another breach or default or affect
 the other terms of this Deed.

6.4 The rights provided in
 this Deed are cumulative and not exclusive of any other rights.

**7.**  **<u>Confidentiality</u>** 

Each of the parties hereto hereby severally agrees and undertakes with and represents and warrants to each other as separate agreements undertakings representations and warranties that, except in so far as disclosure is required by the rules and regulations of AIM or any other regulatory authority or by any applicable law, including the securities laws of the United States and/or Securities and Exchange Commission in the context of the US IPO, they will not at any time hereafter divulge or communicate to or cause or enable any person to become aware of the contents of this Deed except with the prior written consent of each other party, such consent not to be unreasonably withheld or delayed. Notwithstanding the foregoing, each of the parties acknowledges and agrees that disclosure of the concurrent offering will be included in the registration statement filed with the Securities and Exchange Commission in connection with the US IPO.

**8.**  **<u>Communications</u>** 

Communications between the parties in relation to this Deed should be in writing and should be sufficiently delivered if sent in a letter by registered mail or by hand to the party at its/his address set out in this Deed (or an alternative address notified in writing by that party in accordance with this Clause 8) or via e-mail as set out below and notice should be treated as affected when the sending party sends an e-mail to oliver.friesen@guardianmetalresources.com for the Company and meng@duquesne.com for DUQUESNE.

**9.**  **<u>Entire Deed</u>** 

This Deed constitutes the entire agreement between the parties and supersede and extinguish all previous agreements, promises, assurances, warranties, representations and understandings between them, whether written or oral, relating to their subject matter.

**10.**  **<u>Severance</u>** 

10.1 If any provision or part-provision of this
 Deed is or becomes invalid, illegal or unenforceable, it shall be deemed deleted, but that
 shall not affect the validity and enforceability of the rest of this Deed.

10.2 If any provision or part-provision of this
 Deed is deemed deleted under Clause 10.1, the parties shall negotiate in good faith to agree
 a replacement provision that, to the greatest extent possible, achieves the intended commercial
 result of the original provision. Any such amendment will be made in accordance with Clause

**11.**  **<u>Counterparts</u>** 

11.1 This Deed may be executed in a number of
 counterparts and by the parties on different counterparts but shall not be effective until
 each party has executed at least one counterpart.

11.2 Each counterpart, when executed, shall be
 an original but all the counterparts together constitute the same document.

12.  **<u>Assignment</u>** 

None of the rights or obligations of any party under this Deed may be assigned or transferred.

**13.**  **<u>Indemnity</u>** 

13.1 The Company shall fully
 indemnify and hold harmless DUQUESNE, its affiliates, members, managers, officers, employees
 and advisers (each an Indemnified Person) from and against any and all losses, liabilities,
 damages, costs, claims, demands, actions, proceedings, fines, penalties and expenses (including
 legal and professional fees on a full indemnity basis) suffered or incurred by any Indemnified
 Person arising out of or in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any claim, challenge, action or proceeding
 by any shareholder of the Company (or any group of shareholders), or by any other person,
 in connection with the grant, existence or exercise of the participation rights in favour
 of DUQUESNE under this Deed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any regulatory inquiry, investigation
 or enforcement action relating to the grant or disclosure of the participation rights to
 DUQUESNE.

DUQUESNE shall promptly notify the Company of any claim in respect of which it seeks indemnification under this clause 13 and permit the Company, at its own cost and expense, to conduct and control the defence or settlement of such claim, provided that the Company shall not settle any claim in a manner that imposes any admission of liability or ongoing obligation on DUQUESNE without DUQUESNE's prior written consent.

**14.**  **<u>Governing Law and</u>** <u>Jurisdiction</u> 

14.1 This Deed and any dispute or claim (including
 non-contractual disputes or claims) arising out of or in connection with it or its subject
 matter or formation shall be governed by and construed in accordance with the law of England
 and Wales.

14.2 Each party irrevocably
 agrees that the courts of England and Wales shall have exclusive jurisdiction to settle any
 dispute or claim (including non-contractual disputes or claims) arising out of or in connection
 with this deed or its subject matter or formation.

**IN WITNESS** whereof this document has been duly executed as a deed which has been delivered by the Company and DUQUESNE the day and year first above written.

---

| |
|:---|
| EXECUTED and DELIVERED as a Deed by) |
| **DUQUESNE** in the presence of:) |

---

---

| | |
|:---|:---|
| Witness signature: | /s/ Sue Meng |
| Witness Name: | Sue Meng |
| Witness Address: | 40 West 57<sup>th</sup> St. 25<sup>th</sup> Fl. NY, NY 10019, USA |
| Witness Occupation: | General Counsel |

---

---

| | |
|:---|:---|
| EXECUTED and DELIVERED a Deed by) | /s/ Oliver Friesen |
| **Guardian Metal Resources PLC**) |  |
| acting by a director in the presence of:) | Oliver Friesen - CEO |

---

---

| | |
|:---|:---|
| Witness signature: | /s/ Ben Hodges |
| Witness Name: | Ben Hodges |
| Witness Address: | 66 Halstead Road, London, E11 2AZ |
| Witness Occupation: | Accountant |

---

## Exhibit 10.4

**Exhibit 10.4**

**DATED**

------------

**DEED OF INDEMNITY**

between

**(1) GUARDIAN METAL RESOURCES PLC**

and

**(2) [NAME OF DIRECTOR]**

This deed is dated ____ February 2026

**Parties**

(1) **Guardian Metal Resources plc** incorporated
 and registered in England and Wales with company number 13351178 whose registered office
 is at C/O Orana Corporate LLP, 25 Eccleston Place, London, United Kingdom, SW1W 9NF ()"**Company"**)

(2) [NAME OF DIRECTOR] of C/O Orana Corporate
 LLP, 25 Eccleston Place, London, United Kingdom, SW1W 9NF ()"**Director"**)

**BACKGROUND**

(A) The
 Director is a director of the Company.

(B) The
 Company's articles of association ()"**Articles**") contemplate that the Company
 will indemnify the Company's directors in relation to certain specific liabilities incurred
 by them in the performance of their duties as directors of the Company.

(C) Accordingly,
 by resolution of the Board on 19 February 2026, the Company has agreed to enter into
 this deed of indemnity with the Director.

**Agreed terms**

**1.** **Interpretation** 

The following definitions and rules of interpretation apply in this deed.

1.1 Definitions:

**"Application for Relief"**: an application for relief made by the Director to the court under sections 661(3) or 661(4) or section 1157 of the CA 2006.

**"Associated Company"**: a company associated with the Company within the meaning of section 256(b) of the CA 2006.

**"Board"**: the board of directors of the Company, acting as such.

**"Business Day"**: a day, other than a Saturday, Sunday or public holiday in England, when banks in London are open for business.

**"Claim"**: has the meaning given in clause 2.1.

**"CA 2006"**: the Companies Act 2006.

**"Favourable Conclusion"**: has the meaning given in clause 6.6.

**"Final"**: in relation to any conviction, judgment or refusal of relief, has the meaning given in section 234(5) of the CA 2006.

**"Liabilities"**: all liabilities, costs, charges, expenses, judgments, settlements, compensation and other awards, damages and losses (including any direct, indirect or consequential losses and all interest, penalties, fines, taxes and legal costs (calculated on a full indemnity basis) and all other reasonable professional costs and expenses).

**"Loan Amounts"**: has the meaning given in clause 6.2.

**"Misconduct"**: has the meaning given in clause 3.1(g).

**"Proceeding"**: any civil, criminal, administrative, investigative or other proceeding.

**"Restricted Proceedings"**: the proceedings referred to in clause 3.1(d) to the extent that they are in connection with any negligence, default, breach of duty or breach of trust (including alleged negligence, default, breach of duty or breach of trust) by the Director in relation to the Company or any of its Subsidiaries or otherwise arise by virtue of the Director having acted or purported to act as a director of the Company or of any of its Subsidiaries.

**"Subsidiary"**: has the meaning given in section 1159 of the CA 2006.

1.2 Clause headings shall not affect the interpretation
 of this deed.

1.3 Unless the context otherwise requires, references
 to clauses are to the clauses of this deed.

1.4 Unless the context otherwise requires, words
 in the singular shall include the plural and in the plural shall include the singular.

1.5 Unless the context otherwise requires, a reference
 to one gender shall include a reference to the other genders.

1.6 A reference to legislation or a legislative
 provision is a reference to it as amended, extended or re-enacted from time to time.

1.7 A reference to legislation or a legislative
 provision shall include all subordinate legislation made from time to time under that statute
 or statutory provision.

1.8 A reference to **writing** or **written** includes email (unless otherwise expressly provided in this deed).

1.9 Any words following the terms **including**, **include**, **in particular**, **for example** or any similar expression shall
 be construed as illustrative and shall not limit the sense of the words, description, definition,
 phrase or term preceding those terms.

1.10 **Other** and **otherwise** are illustrative
 and shall not limit the sense of the words, description, definition, phrase or term preceding
 them.

1.11 Any reference to an English legal term for
 any action, remedy, method of judicial proceeding, legal document, legal status, court, official
 or any legal concept or thing shall, in respect of any jurisdiction other than England, be
 deemed to include a reference to that which most nearly approximates to the English legal
 term in that jurisdiction.

**2.** **Indemnity** 

2.1 Subject to the terms of this deed, the Company
 shall indemnify the Director in respect of all Liabilities arising out of or in connection
 with any Proceeding brought or threatened against the Director in any jurisdiction for negligence,
 default, breach of duty, breach of trust or otherwise, or relating to any Application for
 Relief, in connection with the Director's acts or omissions while in the course of acting
 or purporting to act as a director of the Company or of any of its Subsidiaries or which
 otherwise arises by virtue of the Director holding or having held such a position ()"**Claim"**).

2.2 References in clause 2.1 to acts or omissions
 are to acts or omissions made or omitted to be made before, on or after the date of this
 deed, however:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if a company ceases to be a Subsidiary
 of the Company after the date of this deed, the Company shall only be liable to indemnify
 the Director in respect of Liabilities in relation to that company which were incurred before
 the date on which that company ceased to be a Subsidiary of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Director, as director of any company
 which becomes a Subsidiary of the Company after the date of this deed, shall be indemnified
 only in respect of Liabilities incurred after the date on which that company became a Subsidiary
 of the Company.

2.3 The Director shall continue to be indemnified
 under clause 2.1, notwithstanding that the Director may have ceased to be a director of the
 Company or any of its Subsidiaries.

2.4 Any obligation on the part of the Company
 to make a payment to the Director pursuant to clause 2.1 is conditional upon the Director
 having made an application in writing to the Company supported by the production of documentation
 which, in the reasonable opinion of the Board, is satisfactory evidence that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the relevant Liability has been suffered
 or incurred by the Director and of the date(s) on which it was suffered or incurred
 and that it falls within the scope of the indemnity set out in clause 2.1; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any costs and expenses which are to be
 reimbursed pursuant to clause 2.1 were properly incurred and are reasonable in amount.

2.5 If the Board is satisfied that the conditions
 set out in clause 2.4 have been fulfilled, it shall make payment to the Director within 28
 days of the receipt of the evidence referred to in that clause.

**3.** **Exclusions and limitations** 

3.1 The indemnity in clause 2.1 shall not apply
 to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the extent prohibited by the CA 2006
 or otherwise prohibited by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Liability incurred by the Director
 to the Company or any Associated Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Liability of the Director to pay
 a fine imposed in criminal proceedings, or a sum payable to a regulatory authority by way
 of a penalty in respect of non-compliance with any requirement of a regulatory nature (however
 arising);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) other than as provided in clause 6.6,
 any Liability incurred by the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in defending criminal proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in defending civil proceedings brought
 by the Company or any Associated Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in connection with any Application
 for Relief;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Liability relating to any taxation
 or national insurance payable by the Director in connection with remuneration or other payments
 or benefits received from the Company or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the extent that the Director is entitled
 to recover from any other person (including under any policy of insurance) any amount in
 relation to a Claim; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any Liability incurred by, or any Claim
 made against, the Director which the Board reasonably determines arises out of the Director's
 fraud, wilful default, wilful misconduct, reckless conduct, dishonesty, deliberate criminal
 conduct or act of bad faith ()"**Misconduct"**), save that if a court, tribunal
 or regulatory authority thereafter finally determines that the relevant Liability or Claim
 did not arise from the Director's Misconduct, the Director may, by notice to the Company,
 request payment of such amount from the Company as the Company would have been liable to
 pay under this deed had the Board not made such a determination and the Company shall, subject
 to the provisions of clause 2.4, pay such amount to the Director (without interest) within
 28 days of the receipt of the evidence referred to in that clause.

3.2 Without prejudice to any other claims of the
 Company to repayment (whether in unjust enrichment or otherwise), in the event that the Company
 makes payment to the Director under this deed in respect of any Liability or Claim and it
 is subsequently determined by a court, tribunal or regulatory authority that that Liability
 or Claim was for, arose out of or was attributable to the Director's Misconduct, the
 Director will immediately repay such payment to the Company.

**4.** **Notification and conduct of claims** 

4.1 If the Director receives any demand relating
 to any Claim or becomes aware of any circumstances which might or may reasonably be expected
 to give rise to the Company being required to indemnify the Director under clause 2.1 and
 before incurring any costs, charges or expenses in respect of any Claim (including, but not
 limited to, securing legal representation), the Director shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as soon as reasonably practicable, give
 written notice of the circumstances to the Company, as well as any other information which
 the Company may reasonably request from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) take all reasonable action to mitigate
 any Liability suffered by the Director in respect of the circumstances giving rise to the
 Claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) take all such action as the Company may
 reasonably request to avoid, dispute, resist, appeal or defend any claim and shall not make
 any admission of liability, agreement, settlement or compromise with any person in relation
 to any Claim without the prior written consent of the Company, such consent not to be unreasonably
 withheld;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) forward all documents received by the
 Director in respect of the Claim to the Company as soon as reasonably practicable following
 receipt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) assist the Company as it may reasonably
 require in resisting, defending or settling the Claim; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) provide to the Company such information
 about the nature and amount of costs incurred by the Director in respect of a Claim as the
 Company may reasonably request from time to time.

4.2 Notwithstanding the provisions of clause 4.1,
 the Director shall not be required to provide any documents or information to the Company
 where doing so would result in a loss of privilege in such documents or information or where
 the Director is legally or contractually prevented from providing such documents or information.

4.3 The Company or a Subsidiary (as the case may
 be) will be entitled at any time to take over, negotiate and conduct in the Director's name
 the defence or settlement of any Claim or to prosecute in the Director's name for its own
 benefit any proceedings relating to a Claim.

4.4 If the Company or a Subsidiary exercises its
 rights under clause 4.3, the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) consult with the Director in relation
 to the conduct of the Claim or proceedings on aspects of the Claim or proceedings materially
 relevant to the Director and keep the Director reasonably informed of material developments
 in the Claim or proceedings, provided that the Company or Subsidiary shall be under no obligation
 to provide any information the provision of which is reasonably likely to adversely affect
 the Company's or Subsidiary's ability to claim in respect of the relevant loss under any
 applicable policy of insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) take into account the Director's reasonable
 requests related to the Claim or proceedings (including any settlement) on issues which may
 be reasonably likely to result in material damage to the Director's reputation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) have full discretion in the conduct or
 settlement of any Claim or proceedings relating to such Claim provided the Director is not
 required to make any contribution to the settlement and the settlement contains no admission
 of liability by the Director.

**5.** **Payments** 

5.1 The Company shall, in the event that a payment
 is made to the Director under this deed in respect of a particular Liability, be entitled
 to recover from the Director an amount equal to any payment received by the Director under
 any policy of insurance or from any other third party source to the extent that such payment
 relates to the Liability, or if the payment received by the Director is greater than the
 payment made under this deed, a sum equal to the payment made under this deed. The Director
 shall pay over such sum promptly on the Company's request.

5.2 Where Clause 2.1 applies, the Company shall
 pay such amount to the Director as shall after the payment of any tax thereon leave the Director
 with sufficient funds to meet any Liability to which this deed applies. For the avoidance
 of doubt, when calculating the amount of any such tax the amount of any tax deductions, credits
 or reliefs which are or may be available to the Director in respect of the relevant payment
 under this deed received by the Director or any payment made by the Director to a third party
 in respect of (or in or towards the discharge of) the relevant Liability, but no other deductions,
 credits, reliefs or payments, is to be taken into account. In the event that any amount is
 paid to the Director under this deed but a tax deduction, credit or relief is (or becomes)
 available to the Director in respect of the relevant payment under this deed, or in respect
 of any payment made by the Director to a third party in respect of (or in or towards the
 discharge of) the relevant Liability, which was not taken into account in calculating the
 amount payable in respect of the relevant payment under this deed, the Director shall promptly
 make a payment to the Company of such an amount as is equal to the benefit of such deduction,
 credit or relief which was not taken into account.

**6.** **Funding of legal costs** 

6.1 Subject to the terms of this deed, the Company
 shall loan to the Director such amounts as are required to meet such reasonable legal and
 other costs of Restricted Proceedings as are incurred (or are to be incurred) by the Director,
 subject to and in accordance with any terms and conditions imposed, by law, under the Articles,
 , the AIM Rules for Companies and UK Market Abuse Regulations (Regulation (EU) 596/2014),
 from time to time or such other body as may be applicable without obtaining shareholder approval.

6.2 The Company shall lend such amounts as provided
 for under clause 6.1 ()"**Loan Amounts"**) to the Director within 14 days of
 receiving notice in writing from the Director of the amount required together with such evidence
 of the costs having been or to be properly incurred as the Company may reasonably require.

6.3 No interest shall accrue on the Loan Amounts.

6.4 All Loan Amounts outstanding to a Director
 in respect of particular Restricted Proceedings shall be repaid by the Director if, in respect
 of those proceedings (as applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Director is convicted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) judgement is given against the Director;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the court refuses to grant the Director
 relief on the application,

and such outstanding Loan Amounts shall be repaid no later than the date when the conviction, judgment or the refusal of relief (as applicable) becomes Final.

6.5 The Company shall not be required to lend
 any amount under this clause 6, and any amounts lent shall become immediately repayable upon
 demand from the Company, to the extent that the Board reasonably determines that the Restricted
 Proceedings arose out of the Director's Misconduct.

6.6 In the event that Restricted Proceedings are
 either (i) abandoned, withdrawn or discontinued, (ii) settled, (iii) a permanent
 stay is granted, or (iv) a final determination of the court is made (or proceedings
 otherwise finally conclude) without any of the events referred to in clause 6.4(a) to
 clause 6.4(c) (as applicable) occurring (each such conclusion of proceedings being a
 "**Favourable Conclusion"**) then the indemnity provided under clause 2.1
 shall thereafter apply with respect to all reasonable legal and other costs of those Restricted
 Proceedings as were incurred by the Director. Any liability of the Company to so indemnify
 the Director shall be set-off against any liability of the Director to repay to the Company
 any Loan Amounts outstanding in respect of those Restricted Proceedings; and shall be subject
 to the exclusions and limitations contained in clause 3, and clause 4 shall be applied with
 such changes as are appropriate.

6.7 In the event that a Favourable Conclusion
 is reached in relation to particular Restricted Proceedings but any Loan Amount lent to the
 Director in relation to those proceedings remains outstanding in circumstances where the
 Company is (for any reason) not liable or is no longer liable to indemnify or further indemnify
 the Director in relation to those Restricted Proceedings, then all such Loan Amounts which
 remain outstanding shall be immediately repayable on demand from the Company.

**7.** **Subrogation** 

In the event that the Company makes any payment under this deed, the Company shall be subrogated to the extent of such payment to all of the Director's rights of recovery against third parties (including any claim under any applicable directors' and officers' insurance policy) in respect of the payment and the Director shall do everything that may be necessary to secure any such rights including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the execution of any documents necessary
 to enable the Company effectively to bring an action in the name of the Director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the provision of assistance as a witness.

**8.** **Assignment and other dealings** 

8.1 The Company may at any time assign (or deal
 in any other manner with) any or all of its rights and obligations under this deed, provided
 that it gives prior written notice of such dealing to the Director. In the event of any such
 assignment by the Company, all references in this deed to the Company shall be deemed to
 include its assigns.

8.2 The Director shall not assign, transfer, mortgage,
 charge, subcontract, delegate, declare a trust over or deal in any other manner with any
 of the Director's rights and obligations under this deed.

**9.** **Entire agreement** 

This deed constitutes the entire agreement between the parties and supersedes and extinguishes all previous agreements, promises, assurances, warranties, representations and understandings between them, whether written or oral, relating to its subject matter.

**10.** **Severance** 

10.1 If any provision or part-provision of this
 deed is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the
 minimum extent necessary to make it valid, legal and enforceable. If such modification is
 not possible, the relevant provision or part-provision shall be deemed deleted. Any modification
 to or deletion of a provision or part-provision under this clause 10 shall not affect the
 validity and enforceability of the rest of this deed.

10.2 If one party gives notice to the other of
 the possibility that any provision or part-provision of this deed is invalid, illegal or
 unenforceable, the parties shall negotiate in good faith to amend such provision so that,
 as amended, it is legal, valid and enforceable, and, to the greatest extent possible, achieves
 the intended commercial result of the original provision.

**11.** **Notices and demands** 

11.1 Any notice or demand given to a party under
 or in connection with this deed shall be in writing and shall be delivered by hand or by
 pre-paid first-class post or other next working day delivery service at its registered office
 (if a company) or the address given in this deed (in any other case) or as otherwise notified
 in writing to the other party.

11.2 Any notice or demand shall be deemed to have
 been received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if delivered by hand, on signature of
 a delivery receipt; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if sent by pre-paid first-class post
 or other next working day delivery service, at 9.00 am on the second Business Day after posting.

11.3 This clause does not apply to the service
 of any proceedings or other documents in any legal action or, where applicable, any arbitration
 or other method of dispute resolution.

**12.** **Variation and waiver** 

12.1 No variation of this deed shall be effective
 unless it is in writing and signed by the parties (or their authorised representatives).

12.2 No failure or delay by a party to exercise
 any right or remedy provided under this deed or by law shall constitute a waiver of that
 or any other right or remedy, nor shall it prevent or restrict the further exercise of that
 or any other right or remedy. No single or partial exercise of such right or remedy shall
 prevent or restrict the further exercise of that or any other right or remedy.

**13.** **Counterparts** 

13.1 This deed may be executed in any number of
 counterparts, each of which when executed and delivered shall constitute a duplicate original,
 but all the counterparts shall together constitute the one deed.

13.2 Transmission of an executed counterpart of
 this deed (but for the avoidance of doubt not just a signature page) by email (in PDF, JPEG
 or other agreed format) shall take effect as delivery of an executed "wet-ink"
 counterpart of this deed. If either method of transmission is adopted, without prejudice
 to the validity of the deed thus made, each party shall provide the others with the "wet-ink"
 hard copy original of their counterpart as soon as reasonably possible thereafter.

**14.** **Third party rights** 

This deed does not give rise to any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this deed.

**15.** **Governing law and jurisdiction** 

15.1 This deed and any dispute or claim (including
 non-contractual disputes or claims) arising out of or in connection with it or its subject
 matter or formation shall be governed by and construed in accordance with the law of England
 and Wales.

15.2 Each party irrevocably agrees that the courts
 of England and Wales shall have exclusive jurisdiction to settle any dispute or claim (including
 non-contractual disputes or claims) arising out of or in connection with this deed or its
 subject matter or formation.

This document has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it.

(Sign name):

(Sign name):

## Exhibit 14.1

**Exhibit 14.1**

**GUARDIAN METAL RESOURCES PLC**

**(the "Company")**

**Code of Business Conduct and Ethics**

Adopted [●], 2026

**Introduction**

This Code of Business Conduct and Ethics (the "**Code**") has been adopted by our Board of Directors (the "Board") and summarises the standards that must guide our actions. Although they cover a wide range of business practices and procedures, these standards cannot and do not cover every issue that may arise, or every situation in which ethical decisions must be made, but rather set forth key guiding principles that represent Company policies and establish conditions for employment at the Company.

We must strive to foster a culture of honesty and accountability. Our commitment to the highest level of ethical conduct should be reflected in all of the Company's business activities, including, but not limited to, relationships with employees, customers, suppliers, competitors, the government, the public and our shareholders. All of our employees, officers and directors must conduct themselves according to the language and spirit of this Code and seek to avoid even the appearance of improper behavior. Even well-intentioned actions that violate the law or this Code may result in negative consequences for the Company and for the individuals involved.

One of our Company's most valuable assets is our reputation for integrity, professionalism and fairness. We should all recognise that our actions are the foundation of our reputation and adhering to this Code and applicable laws is imperative.

The Code does not supersede the Company's existing policies from time to time, including but not limited to our Anti-Corruption and Bribery Policy, Inside Information, Insider Lists and Delayed Disclosure Policy, Securities Dealing Code, Whistleblowing Policy and Social Media Policy, each of which must be strictly complied with by all employees, officer and directors.

**Conflicts of Interest**

Our employees, officers and directors have an obligation to conduct themselves in an honest and ethical manner and to act in the best interest of the Company. All employees, officers and directors should endeavor to avoid situations that present a potential or actual conflict between their interest and the interest of the Company.

A "conflict of interest" occurs when a person's private interest interferes in any way, or even appears to interfere, with the interests of the Company as a whole, including those of its subsidiaries and affiliates. A conflict of interest may arise when an employee, officer or director takes an action or has an interest that may make it difficult for him or her to perform his or her work objectively and effectively. A conflict of interest may also arise when an employee, officer or director (or a member of his or her family) receives improper personal benefits as a result of the employee's, officer's or director's position in the Company.

Although it would not be possible to describe every situation in which a conflict of interest may arise, the following are examples of situations that may constitute a conflict of interest:

─ Working,
 in any capacity, for a competitor, customer or supplier while employed by the Company.

─ Accepting
 gifts of more than modest value or receiving personal discounts (if such discounts are not
 generally offered to the public) or other benefits as a result of your position in the Company
 from a competitor, customer or supplier.

─ Competing
 with the Company for the purchase or sale of property, products, services or other interests.

─ Having
 an interest in a transaction involving the Company, a competitor, customer or supplier (other
 than as an employee, officer or director of the Company and not including routine investments
 in publicly traded companies).

─ Receiving
 a loan or guarantee of an obligation as a result of your position with the Company.

─ Directing
 business to a supplier owned or managed by, or which employs, a relative or friend.

Situations involving a conflict of interest may not always be obvious or easy to resolve. You should report actions that may involve a conflict of interest to the Audit Committee of the Board.

In order to avoid conflicts of interests, senior executive officers and directors must disclose to the Audit Committee of the Board any material transaction or relationship that reasonably could be expected to give rise to such a conflict. Conflicts of interests involving the Audit Committee of the Board shall be disclosed to the Board.

In the event that an actual or apparent conflict of interest arises between the personal and professional relationship or activities of an employee, officer or director, the employee, officer or director involved is required to handle such conflict of interest in an ethical manner in accordance with the provisions of this Code.

**Quality of Public Disclosures**

The Company has a responsibility to provide full and accurate information in our public disclosures, in all material respects, about the Company's financial condition and results of operations. Our reports and documents filed with or submitted to the United States Securities and Exchange Commission and our other public communications about our financial and business condition shall include full, fair, accurate, timely and understandable disclosure.

**Compliance with Laws, Rules and Regulations**

We are strongly committed to conducting our business affairs with honesty and integrity and in full compliance with all applicable laws, rules and regulations. No employee, officer or director of the Company shall commit an illegal or unethical act, or instruct others to do so, for any reason.

**Compliance with this Code and Reporting of Any Illegal or Unethical Behavior**

All employees, directors and officers are expected to comply with all of the provisions of this Code. The Code will be strictly enforced and violations will be dealt with immediately, including by subjecting persons who violate its provisions to corrective and/or disciplinary action such as dismissal or removal from office. Violations of the Code that involve illegal behavior will be reported to the appropriate authorities.

Situations which may involve a violation of ethics, laws, rules, regulations or this Code may not always be clear and may require the exercise of judgment or the making of difficult decisions. Employees, officers and directors should promptly report any concerns about a violation of ethics, laws, rules, regulations or this Code to their supervisors or the person or body designated by the Company from time to time to administer and enforce this Code (the "Relevant Department") or, in the case of accounting, internal accounting controls or auditing matters, the Audit Committee of the Board. Interested parties may also communicate directly with the Company's non-management directors through contact information located in the Company's annual report on Form 20-F.

Any concerns about a violation of ethics, laws, rules, regulations or this Code by any senior executive officer, director or employee should be reported promptly to the Audit Committee of the Board. Any such concerns involving the Audit Committee should be reported to the Board. Reporting of such violations may also be done anonymously through email to the Company at a designated email address for compliance reporting in accordance with the Company's Whistleblower Policy. An anonymous report should provide enough information about the incident or situation to allow the Company to investigate properly. If concerns or complaints require confidentiality, including keeping an identity anonymous, the Company will endeavour to protect this confidentiality, subject to the consent of the whistleblower, applicable laws, regulations or legal proceedings.

The Company encourages all employees, officers and directors to report any suspected violations promptly and intends to thoroughly investigate any good faith reports of violations. The Company will not tolerate any kind of retaliation for reports or complaints regarding misconduct that were made in good faith. Open communication of issues and concerns by all employees, officers and directors without fear of retribution or retaliation is vital to the successful implementation of this Code. All employees, officers and directors are required to cooperate in any internal investigations of misconduct and unethical behavior.

The Company recognises the need for this Code to be applied equally to everyone it covers. The Relevant Department of the Company will have primary authority and responsibility for the enforcement of this Code, subject to the supervision of the Audit Committee of the Board, and the Company will devote the necessary resources to enable the Relevant Department to establish such procedures as may be reasonably necessary to create a culture of accountability and facilitate compliance with this Code. Questions concerning this Code should be directed to the Relevant Department.

The provisions of this section are qualified in their entirety by reference to the following section.

**Reporting Violations to a Governmental Agency**

Employees have the right under applicable laws to certain protections for cooperating with or reporting legal violations to governmental agencies or entities and self-regulatory organisations. As such, nothing in this Code is intended to prohibit any employee from disclosing or reporting violations to, or from cooperating with, a governmental agency or entity or self-regulatory organisation, and employees may do so without notifying the Company. The Company may not retaliate against an employee for any of these activities, and nothing in this Code or otherwise requires an employee to waive any monetary award or other payment that he or she might become entitled to from a governmental agency or entity, or self-regulatory organisation.

**Waivers and Amendments**

Any waiver (including any implicit waiver) of the provisions in this Code for executive officers or directors may only be granted by the Board or a committee thereof and will be promptly disclosed to the Company's shareholders. Any such waiver will also be disclosed in the Company's annual report on Form 20-F. Amendments to this Code must be approved by the Board and will also be disclosed in the Company's annual report on Form 20-F.

**Trading on Inside Information**

Using non-public Company information to trade in securities, or providing a family member, friend or any other person with non-public Company information, is illegal. All non-public, Company information should be considered inside information and should never be used for personal gain. You are required to familiarise yourself and comply with the Company's Inside Information, Insider Lists and Delayed Disclosure Policy and Securities Dealing Code, copies of which are distributed to all employees, officers and directors and are available from the Relevant Department. You should contact the Relevant Department with any questions about your ability to buy or sell securities.

**Protection of Confidential Proprietary Information**

Confidential proprietary information generated by and gathered in our business is a valuable Company asset. Protecting this information plays a vital role in our continued growth and ability to compete, and all proprietary information should be maintained in strict confidence, except when disclosure is authorised by the Company or required by applicable laws, regulations or legal proceedings.

Proprietary information includes all non-public information that might be useful to competitors or that could be harmful to the Company, its customers or its suppliers if disclosed. Intellectual property such as trade secrets, patents, trademarks and copyrights, as well as business, research and new product plans, objectives and strategies, records, databases, salary and benefits data, employee medical information, customer, employee and suppliers lists and any unpublished financial or pricing information must also be protected.

Unauthorised use or distribution of proprietary information violates Company policy and could be illegal. Such use or distribution could result in negative consequences for both the Company and the individuals involved, including potential legal and disciplinary actions. We respect the property rights of other companies and their proprietary information and require our employees, officers and directors to observe such rights.

Your obligation to protect the Company's proprietary and confidential information continues even after you leave the Company, and you must return all proprietary information in your possession upon leaving the Company.

The provisions of this section are qualified in their entirety by the section entitled "Reporting Violations to Governmental Agencies" above.

**Protection and Proper Use of Company Assets**

Protecting Company assets against loss, theft or other misuse is the responsibility of every employee, officer and director. Loss, theft and misuse of Company assets directly impact our profitability. Any suspected loss, misuse or theft should be reported to a supervisor or the Relevant Department.

The sole purpose of the Company's equipment, vehicles, supplies and electronic resources (including hardware, software and the data thereon) is the conduct of our business. They may only be used for Company business consistent with Company guidelines.

**Corporate Opportunities**

Employees, officers and directors are prohibited from taking for themselves business opportunities that are discovered through the use of corporate property, information or position. No employee, officer or director may use corporate property, information or position for personal gain, and no employee, officer or director may compete with the Company. Competing with the Company may involve engaging in the same line of business as the Company or any situation in which the employee, officer or director takes away from the Company opportunities for sales or purchases of property, products, services or interests. Officers and directors owe a duty to the Company to advance its legitimate interests when the opportunity to do so arises. Employees are expected to act with honesty and in the best interests of the Company.

**Fair Dealing**

Each employee, officer and director of the Company should endeavor to deal fairly with customers, suppliers, competitors, the public and one another at all times and in accordance with ethical business practices. No one should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts or any other unfair dealing practice. Each employee, officer and director must act in accordance with the Company's Anti-Corruption and Bribery policy and no bribes, kickbacks or other similar payments in any form shall be made directly or indirectly to or for anyone for the purpose of obtaining or retaining business or obtaining any other favorable action. In the event of a violation of these provisions, the Company and any employee, officer or director involved may be subject to disciplinary action as well as potential civil or criminal liability for violation of this policy.

Occasional business gifts to, or entertainment of, non-government employees in connection with establishing or maintaining good business relationships, improving or maintaining the Company's image or reputation or marketing or presenting the Company's products and/or services effectively are generally deemed appropriate in the conduct of Company business. However, these gifts should be given infrequently and their value should be modest. Gifts or entertainment in any form that would likely result in a feeling or expectation of personal obligation should not be extended or accepted.

Practices that are acceptable in a commercial business environment may be against the law or the policies governing national or local government employees. Therefore, no gifts or business entertainment of any kind may be given to any government employee, politician or representative of a political party without the prior approval of a supervisor or the Relevant Department.

Employees, officers and directors must at all times uphold applicable laws relevant to countering bribery and corruption, including but not limited to the Bribery Act 2010. Except in certain limited circumstances, the United States Foreign Corrupt Practices Act (the "**FCPA**") prohibits giving anything of value directly or indirectly to any "non-U.S. official" for the purpose of obtaining or retaining business. When in doubt as to whether a contemplated payment or gift may violate the FCPA, contact a supervisor or the Audit Committee of the Board before taking any action.

**Compliance with U.S. Antitrust and UK Competition Laws**

U.S. antitrust and UK competition laws prohibit agreements among competitors on such matters as prices, terms of sale to customers and the allocation of markets or customers. These laws can be complex, and violations may subject the Company and its employees to criminal sanctions, including fines, jail time and civil liability. If you have any questions about our antitrust and competition compliance policies, consult the Relevant Department.

**Political Contributions and Activities**

The Company does not make contributions to political parties and only makes charitable donations that are legal and ethical under local laws and practices. This policy applies solely to the use of Company assets and is not intended to discourage or prevent individual employees, officers or directors from making political contributions or engaging in political activities on their own behalf. No one may be reimbursed directly or indirectly by the Company for personal political contributions.

**Environment, Health and Safety**

We are committed to conducting our business in compliance with all applicable environmental and workplace health and safety laws and regulations. We strive to provide a safe and healthy work environment for our employees and to avoid adverse impact and injury to the environment and the communities in which we conduct our business. Achieving this goal is the responsibility of all officers, directors and employees.

**Dealings with the Community**

We are committed to being a responsible member of, and recognise the mutual benefits of engaging and building relationships with, the communities in which we operate. Wherever the Company operates, we strive to make a positive and meaningful contribution to the surrounding community and to ensure the distribution of a fair share of benefits to all stakeholders impacted by its activities, including the surrounding community. We strongly encourage our employees to play a positive role in the community.

**Doing Business with Others**

We strive to promote the application of the standards of this Code by those with whom we do business. Our policies, therefore, prohibit the engaging of a third party to perform any act prohibited by law or by this Code, and we shall avoid doing business with others who intentionally and continually violate the law or the standards of this Code.

**Accuracy of Company Financial Records**

We maintain the highest standards in all matters relating to accounting, financial controls, internal reporting and taxation. All financial books, records and accounts must accurately reflect transactions and events and conform both to required accounting principles and to the Company's system of internal controls. Records shall not be distorted in any way to hide, disguise or alter the Company's true financial position.

**Retention of Records**

All Company business records and communications shall be clear, truthful and accurate. Employees, officers and directors of the Company shall avoid exaggeration, guesswork, legal conclusions and derogatory remarks or characterisations of people and companies. This applies to communications of all kinds, including email and "informal" notes or memos. Records should always be handled according to the Company's record retention policies. If an employee, officer or director is unsure whether a document should be retained, consult a supervisor or the Relevant Department before proceeding.

**Anti-Money Laundering**

We are committed to preserving our reputation in the financial community by assisting in efforts to combat money laundering and terrorist financing. Money laundering is the practice of disguising the ownership or source of illegally obtained funds through a series of transactions to "clean" the funds so they appear to be proceeds from legal activities.

We have adopted measures to reduce the extent to which the Company's facilities, products and services can be used for a purpose connected with market abuse or financial crimes. Additionally, where necessary, we screen customers, potential customers and suppliers to ensure that our products and services cannot be used to facilitate money laundering or terrorist activity. If you have any questions about our internal anti-money laundering process and procedure, consult the Relevant Department.

**Social Media**

Unless you are authorised by the Company, you are discouraged from discussing the Company as part of your personal use of social media. While business should only be conducted through approved channels, we understand that social media is used as a source of information and as a form of communicating with friends, family and workplace contacts. Your behaviour on any social networking site should be consistent with your behaviour generally. Inappropriate or disparaging comments about the Company, employees or customers / suppliers of the Company may be treated as misconduct, as will harassing, bullying or discriminating towards others.

When you are using social media and identify yourself as a Company employee, officer or director or mention the Company incidentally, for instance on a Facebook page or professional networking site, please remember the following:

─ Never
 disclose confidential information about the Company or its business, customers or suppliers.

─ Make
 clear that any views expressed are your own and not those of the Company.

─ Be
 respectful of your colleagues and all persons associated with the Company, including customers
 and suppliers.

─ Promptly
 report to the corporate communications department any social media content which inaccurately
 or inappropriately discusses the Company.

─ Never
 respond to any information, including information that may be inaccurate about the Company.

─ Never
 engage in online discussions regarding the Company or its affairs or its securities through
 internet chat rooms, message boards or investor sites.

─ Never
 post documents, parts of documents, images or video or audio recordings that have been made
 with Company property or of Company products, services or people or at Company functions
 or events.

**Professional Networking**

Online networking on professional or industry sites, such as LinkedIn, has become an important and effective way for colleagues to stay in touch and exchange information. Employees, officers and directors should use good judgment when posting information about themselves or the Company on any of these services.

What you post about the Company or yourself will reflect on all of us. When using professional networking sites, you should observe the same standards of professionalism and integrity described in our code and follow the social media guidelines outlined above.

**Drug-Free, Violence-Free Workplace**

The use of alcohol and drugs can impair your ability to work effectively and productively. Except at approved Company functions, or with appropriate authorisation, you may not drink alcohol on Company premises.

You are prohibited from working while your performance is impaired by alcohol or any other drug whether legal or illegal. Additionally, you may not possess any non-pharmaceutical drugs on Company premises or at work-related functions.

We strictly prohibit acts of hostility, intimidation or violence towards others in the workplace and in places where our business is being conducted. You may not bring firearms, explosives or any other weapons onto Company premises, or to any work-related setting, regardless of whether you are licensed to carry such weapons.

**Government Inquiries**

The Company cooperates with government agencies and authorities. Forward all requests for information, other than routine requests, to the Relevant Department immediately to ensure that we respond appropriately.

All information provided must be truthful and accurate. Never mislead any investigator. Do not ever alter or destroy documents or records subject to an investigation.

**Review**

This Code may be reviewed by the Board and supplemented by relevant policies as the Company deems appropriate from time to time.

## Exhibit 21.1

Exhibit 21.1

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| | | |
|:---|:---|:---|
|  | **Country** | **Ownership Interest** |
| Entity Name |  |  |
| BFM Resources Inc. | United States | 100% |
| GMET Tungsten Holding Co. | United States | 100% |
| Golden Metal Resources LLC | United States | 100% |
| Guardian Gold Ltd. | England and Wales | 100% |
| Pilot Metals Inc. | United States | 100% |

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the use in this Registration Statement on Form F-1 of Guardian Metal Resources PLC of our report dated December 16, 2025 relating to the financial statements of Guardian Metal Resources PLC, which appears in this Registration Statement. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

---

| |
|:---|
| /s/ PKF Littlejohn LLP |
| PKF Littlejohn LLP |
| London, United Kingdom |
| February 26, 2026 |

---

## Exhibit 23.2

**Exhibit 23.2**

![](tm2532978d4_ex23-2img001.jpg)

RESPEC Company, LLC

3824 Jet Drive

Rapid City, SD 57703

**Consent of RESPEC Company, LLC**

In connection with the Guardian Metal Resources PLC's Registration Statement on Form F-1 (the "Registration Statement"), the undersigned consents to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The
 filing of the technical report summary titled "S-K 1300 Technical Report Summary Pilot
 Mountain Tungsten Project, Mineral County, Nevada, USA" (the "Pilot Mountain
 TRS"), with an effective date of December 15, 2025, as an exhibit to and referenced
 in the Form F-1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the
 incorporation by reference of the Pilot Mountain TRS in the Registration Statement, any
 other periodic reports filed by the company, including amendments or supplements thereto ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the
 use of and references to our name in connection with the Pilot Mountain TRS and the Registration
 Statement, any other periodic reports filed by the company, including amendments or supplements
 thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. the
 information derived, summarized, quoted or referenced from the Pilot Mountain TRS, or portions
 thereof, that was prepared by us, that we supervised the preparation of, and/or that was
 reviewed and approved by us, that is included or incorporated by reference in the Registration
 Statement.

RESPEC Company, LLC, is responsible for authoring, and this consent pertains to, the following sections of the Pilot Mountain TRS: All sections of the report excluding Section 1.4, Section 10.0, and Section 17.0.

Report Effective Date: December 15, 2025

Consent Date: February 26, 2026

---

| |
|:---|
| /s/ Michael S. Lindholm |
| Michael S. Lindholm |
| RESPEC Company, LLC |

---

![](tm2532978d4_ex23-2img002.jpg)

## Exhibit 23.3

**Exhibit 23.3**

Argus Media Group

February 26, 2026

Guardian Metal Resources PLC

Re: Consent of Argus Media Group

Dear Sirs,

We refer to the registration statement on Form F-1 (the "Registration Statement") to be filed by Guardian Metal Resources PLC (the "Company") with the United States Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended, in connection with its proposed initial public offering (the "Proposed IPO").

We hereby consent to the use of our name and the inclusion of information, data and statements from our industry report commissioned by the Company, entitled "Tungsten Market Outlook" dated November 17, 2025 (the "Report"), and any amendments or updates thereto, in the following: (i) the Registration Statement and any amendments, including under "Prospectus Summary," "Industry," and "Business"; (ii) written correspondence with the SEC; (iii) future SEC filings by the Company, including Forms 20-F, 6-K and other filings (collectively, the "SEC Filings"); (iv) the Company's and its affiliates' websites and publicity materials; (v) institutional and retail roadshows and related activities for the Proposed IPO; and (vi) other marketing materials in connection with the Proposed IPO.

We further consent to the filing of this letter as an exhibit to the Registration Statement, any amendments thereto, and any other SEC Filings for the purposes stated above.

For and on behalf of

Argus Media Group

/s/ Chris Hairel

Name: Chris Hairel

Title: Vice President, Consulting

## Exhibit 96.1

**Exhibit 96.1**

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;respec.com S-K1300 TECHNICAL REPORT SUMMARY PILOT MOUNTAIN TUNGSTEN PROJECT MINERALCOUNTY, NEVADA, USA REPORT RSI-3732 PREPARED BY RESPEC 210 South Rock Boulevard Reno, Nevada 89502 United States PREPARED FOR Guardian Metal Resources PLC Salisbury House, London Wall London EC2M 5PS United Kingdom DECEMBER 15, 2025 Project Number M0488.25002 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 i 2 RESPEC Company, LLC 3824 Jet Drive Rapid City, SD 57703 Consent of RESPEC Company,LLC In connection with the Guardian Metal Resources PLC's Registration Statement on Form F-1 (the "Registration Statement"), the undersigned consents to: i. The filing of the technical report summary titled "S-K 1300 Technical Report Summary Pilot Mountain Tungsten Project, Mineral County, Nevada, USA" (the "Pilot Mountain TRS"), with an effective date of December 15, 2025, as an exhibit to and referenced in the Form F-1; ii. the incorporation by reference of the Pilot Mountain TRS in the Registration Statement, any other periodic reports filed by the company, including amendments or supplements thereto; iii. the use of and references to our name in connection with the Pilot Mountain TRS and the Registration Statement, any other periodic reports filed by the company, including amendments or supplements thereto; and iv. the information derived, summarized, quoted or referenced from the Pilot Mountain TRS, or portions thereof, that was prepared by us, that we supervised the preparation of, and/or that was reviewed and approved by us, that is included or incorporated by reference in the Registration Statement. RESPEC Company, LLC, is responsible for authoring, and this consent pertains to, the following sections of the Pilot Mountain TRS: All sections of the report excluding Section 1.4, Section 10.0, and Section 17.0. Report Effective Date: December 15, 2025 Consent Date: February 26, 2026 _______________________ Michael S. Lindholm RESPEC Company, LLC /s/ Michael S. Lindholm |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 ii 2 **TABLE OF CONTENTS** 1.0 EXECUTIVE SUMMARY .................................................................................................................................................... 1 1.1 PROPERTY DESCRIPTION AND OWNERSHIP ................................................................................................................................. 1 1.2 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY ............................................ 2 1.3 MINING AND EXPLORATION HISTORY............................................................................................................................................. 2 1.4 GEOLOGICAL SETTING AND MINERALIZATION............................................................................................................................. 3 1.5 EXPLORATION ........................................................................................................................................................................................ 4 1.5.1 Rock Chip Sampling............................................................................................................................................................... 4 1.5.2 Geophysical Surveys.............................................................................................................................................................. 4 1.5.3 Drilling ....................................................................................................................................................................................... 4 1.6 DRILLING.................................................................................................................................................................................................. 4 1.7 METALLURGICAL TESTING AND MINERAL PROCESSING .......................................................................................................... 5 1.8 MINERAL RESOURCE ESTIMATE ....................................................................................................................................................... 5 1.9 INTERPRETATIONS AND CONCLUSIONS........................................................................................................................................ 6 1.9.1 Adequacy of the Data used in Estimating Mineral Resources.................................................................................... 6 1.9.2 Geology and Mineral Resources......................................................................................................................................... 7 1.10 RECOMMENDATIONS........................................................................................................................................................................... 8 1.10.1 Phase 1...................................................................................................................................................................................... 8 1.10.2 Phase 2...................................................................................................................................................................................... 9 2.0 INTRODUCTION ............................................................................................................................................................... 10 2.1 PROJECT SCOPE AND TERMS OF REFERENCE............................................................................................................................. 10 2.2 RELIANCE ON OTHER EXPERTS......................................................................................................................................................... 11 2.3 FREQUENTLY USED ACRONYMS, ABBREVIATIONS, DEFINITIONS, AND UNITS OF MEASURE ........................................ 11 3.0 PROPERTY DESCRIPTION ............................................................................................................................................... 14 3.1 LOCATION................................................................................................................................................................................................ 14 3.2 LAND TENURE ........................................................................................................................................................................................ 16 3.3 MINERAL RIGHTS................................................................................................................................................................................... 18 3.4 ANNUAL HOLDING COSTS.................................................................................................................................................................. 18 3.5 ROYALTIES............................................................................................................................................................................................... 19 3.5.1 Pilot Mountain Project Royalties......................................................................................................................................... 19 3.6 ENCUMBRANCES................................................................................................................................................................................... 19 3.7 OTHER SIGNIFICANT FACTORS AND RISKS ................................................................................................................................... 19 3.7.1 Rights-of-Way.......................................................................................................................................................................... 20 4.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ...................................... 21 4.1 PROPERTY ACCESS............................................................................................................................................................................... 21 4.2 CLIMATE................................................................................................................................................................................................... 21 4.3 LOCAL RESOURCES.............................................................................................................................................................................. 21 4.4 INFRASTRUCTURE................................................................................................................................................................................. 21 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 iii 2 **TABLE OF CONTENTS**(CONTINUED) 4.5 PHYSIOGRAPHY ..................................................................................................................................................................................... 21 5.0 HISTORY........................................................................................................................................................................... 23 5.1 EXPLORATION HISTORY ...................................................................................................................................................................... 23 5.1.1 Exploration - 1900-1978..................................................................................................................................................... 23 5.1.2 Exploration - 2011-2021..................................................................................................................................................... 24 5.2 HISTORICAL MINERAL RESOURCE ESTIMATES............................................................................................................................ 25 6.0 GEOLOGICAL SETTING, MINERALISATION, AND DEPOSIT........................................................................................... 26 6.1 GEOLOGICAL SETTING......................................................................................................................................................................... 26 6.1.1 Regional Geology.................................................................................................................................................................... 26 6.1.2 Property Geology.................................................................................................................................................................... 27 6.2 DEPOSIT TYPE ........................................................................................................................................................................................ 31 6.3 MINERALIZATION................................................................................................................................................................................... 32 6.3.1 Desert Scheelite...................................................................................................................................................................... 32 6.3.2 Garnet........................................................................................................................................................................................ 32 6.3.3 Gunmetal .................................................................................................................................................................................. 32 7.0 EXPLORATION.................................................................................................................................................................. 34 7.1 ROCK CHIP SAMPLING......................................................................................................................................................................... 34 7.2 GEOPHYSICAL SURVEYS ..................................................................................................................................................................... 35 7.3 DRILLING.................................................................................................................................................................................................. 35 8.0 SAMPLE PREPARATION, ANALYSIS, AND SECURITY .................................................................................................... 37 8.1 SAMPLE METHODS AND QA/QC ....................................................................................................................................................... 37 8.1.1 Guardian Metals Sampling Methods................................................................................................................................. 37 8.1.2 Historical Sampling Methods.............................................................................................................................................. 38 8.2 SAMPLE PREPARATION....................................................................................................................................................................... 38 8.2.1 Guardian Metals Sample Preparation and Analytical Methods.................................................................................. 38 8.2.2 Historical Sample Preparation and Analytical Methods............................................................................................... 39 8.3 QUALITY ASSURANCE/QUALITY CONTROL.................................................................................................................................... 40 8.3.1 Guardian Metals QA/QC results.......................................................................................................................................... 40 8.4 QP OPINION............................................................................................................................................................................................. 47 9.0 DATA VERIFICATION ....................................................................................................................................................... 49 9.1 SITE VISITS AND PERSONAL INSPECTIONS ................................................................................................................................... 49 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 iv 2 **TABLE OF CONTENTS**(CONTINUED) 9.2 DRILL-HOLE DATA VERIFICATION .................................................................................................................................................... 49 9.2.1 Drill-Hole Collar Locations................................................................................................................................................... 49 9.2.2 Down-Hole Surveys................................................................................................................................................................ 53 9.2.3 Assays........................................................................................................................................................................................ 53 9.3 LIMITATIONS........................................................................................................................................................................................... 57 9.4 ADEQUACY OF DATA ............................................................................................................................................................................ 57 10.0 MINERAL PROCESSING AND METALLURGICAL TESTING............................................................................................. 58 10.1 ANALYTICAL PROCEDURES................................................................................................................................................................ 58 10.2 MINERALIZATION................................................................................................................................................................................... 58 10.3 LABORATORIES...................................................................................................................................................................................... 58 10.3.1 Amdel Laboratories................................................................................................................................................................ 58 10.3.2 Guangdong Institute of Resources Comprehensive Utilization.................................................................................. 59 10.3.3 Guangzhou Research Institute of Non-ferrous Metals................................................................................................. 59 10.4 TESTING RESULTS AND RECOVERY ESTIMATES.......................................................................................................................... 59 10.5 CONCLUSIONS ON DATA ADEQUACY ............................................................................................................................................. 60 11.0 MINERAL RESOURCE ESTIMATES .................................................................................................................................. 61 11.1 DATABASE ............................................................................................................................................................................................... 63 11.2 GEOLOGIC MODEL................................................................................................................................................................................ 64 11.3 MINERAL DOMAINS .............................................................................................................................................................................. 64 11.4 SPECIFIC GRAVITY................................................................................................................................................................................. 67 11.5 ASSAY CODING, CAPPING, AND COMPOSITING ........................................................................................................................... 67 11.6 VARIOGRAPHY........................................................................................................................................................................................ 69 11.7 BLOCK MODEL CODING ...................................................................................................................................................................... 70 11.8 GRADE INTERPOLATION...................................................................................................................................................................... 71 11.9 CLASSIFICATION.................................................................................................................................................................................... 73 11.10MINERAL RESOURCES ......................................................................................................................................................................... 74 11.11MODEL VALIDATION............................................................................................................................................................................. 77 11.12 DISCUSSION OF RESOURCES............................................................................................................................................................ 77 12.0 MINERAL RESERVE ESTIMATES ..................................................................................................................................... 80 13.0 MINING METHODS........................................................................................................................................................... 81 14.0 PROCESSING AND RECOVERY METHODS ..................................................................................................................... 82 15.0 INFRASTRUCTURE........................................................................................................................................................... 83 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 v 2 **TABLE OF CONTENTS**(CONTINUED) 16.0 MARKET STUDIES............................................................................................................................................................ 84 17.0 ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS .............................................................................................................................................. 85 17.1 EXPLORATION PERMITTING REQUIREMENTS............................................................................................................................... 85 17.2 PERMITTING STATUS............................................................................................................................................................................ 85 17.3 BIOLOGICAL RESOURCES AND HABITAT SURVEYS..................................................................................................................... 85 17.4 CONCLUSIONS....................................................................................................................................................................................... 86 18.0 CAPITAL AND OPERATING COSTS.................................................................................................................................. 87 19.0 ECONOMIC ANALYSIS..................................................................................................................................................... 88 20.0 ADJACENT PROPERTIES................................................................................................................................................. 89 21.0 OTHER RELEVANT DATA AND INFORMATION............................................................................................................... 90 22.0 INTERPRETATION AND CONCLUSIONS ......................................................................................................................... 91 22.1 ADEQUACY OF THE DATA USED IN ESTIMATING THE PROJECT MINERAL RESOURCES.................................................. 91 22.2 EXPLORATION ........................................................................................................................................................................................ 92 22.3 GEOLOGY AND MINERALIZATION..................................................................................................................................................... 92 22.4 MINERAL RESOURCES ......................................................................................................................................................................... 92 23.0 RECOMMENDATIONS...................................................................................................................................................... 94 23.1 PHASE 1 RECOMMENDED ACTIVITIES AND BUDGET.................................................................................................................. 94 23.2 PHASE 2 RECOMMENDED ACTIVITIES AND BUDGET.................................................................................................................. 96 24.0 REFERENCES.................................................................................................................................................................... 98 25.0 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT................................................................................... 100 APPENDIX A. LIST OF UNPATENTED LODE MINING CLAIMS OF THE PILOT MOUNTAIN TUNGSTEN PROJECT ................ A-1 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 vi 2 LIST OF TABLES Table Page 1-1 Summary of Pilot Mountain Tungsten Project Drilling .......................................................................................................................... 5 1-2 Desert Scheelite Mineral Resources .......................................................................................................................................................... 6 1-3 Guardian Cost Estimate for Pilot Mountain Tungsten Project Recommended Work—Phase 1................................................. 8 1-4 Guardian Cost Estimate for Pilot Mountain Tungsten Project Recommended Work—Phase 2................................................. 9 3-1 Annual Holding Costs of the Pilot Mountain Project.............................................................................................................................. 18 5-1 Summary of Historical Drilling by Operator.............................................................................................................................................. 23 7-1 Guardian Drilling in 2024-2025.................................................................................................................................................................. 35 8-1 CRMs Used by Guardian Metals.................................................................................................................................................................. 41 8-2 Summary of Analyses for Guardian Certified Reference Materials 2024-2025............................................................................. 42 8-3 CRM Failures by Metal.................................................................................................................................................................................... 42 8-4 Summary of Results for Field Duplicates in 2024-2025....................................................................................................................... 43 8-5 Summary of Results for Preparation Duplicates in 2024–2025......................................................................................................... 46 8-6 Summary of Results for Pulp Duplicates in 2024-2025 ....................................................................................................................... 47 9-1 Positional Offset Statistics —WGS84 Versus NAD83 Coordinate Comparison.............................................................................. 50 9-2 Verification GPS Checks of Drill Collars at the Pilot Mountain Project.............................................................................................. 51 9-3: WO3 Population Statistics by Company......................................................................................................................................................... 54 9-4 Assay Results from Independent Confirmation Testing of Field Grab Samples.............................................................................. 56 11-1 Desert Scheelite Resource Database Descriptive Statistics—For All Accepted Sample Data Only.......................................... 64 11-2 Grade Ranges of Tungsten, Silver, Copper, and Zinc Domains Determined from CPPs............................................................... 64 11-3 Density Statistics and Values Applied to the Different Lithologies in the Block Model ................................................................ 67 11-4 Capping Levels for Tungsten, Silver, Copper, and Zinc by Domain ................................................................................................... 67 11-5 Tungsten Composite Descriptive Statistics ............................................................................................................................................. 68 11-6 Silver Composite Descriptive Statistics..................................................................................................................................................... 68 11-7 Copper Composite Descriptive Statistics................................................................................................................................................. 69 11-8 Zinc Composite Descriptive Statistics....................................................................................................................................................... 69 11-9 Variography by Metal Domain...................................................................................................................................................................... 70 11-10Search Ellipse Orientations .......................................................................................................................................................................... 71 11-11Desert Scheelite Estimation Parameters................................................................................................................................................... 72 11-12Pit Optimization Parameters......................................................................................................................................................................... 74 11-13Desert Scheelite Mineral Resources .......................................................................................................................................................... 75 23-1 Guardian Cost Estimate for Pilot Mountain Tungsten Project Recommended Work—Phase 1................................................. 95 23-2 Guardian Cost Estimate for Pilot Mountain Tungsten Project Recommended Work—Phase 2................................................. 97 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 vii 2 LIST OF FIGURES FIGURE Page 3-1 Pilot Mountain Tungsten Project Location ............................................................................................................................................... 15 3-2 Pilot Mountain Tungsten Project Site Access Route.............................................................................................................................. 16 3-3 Pilot Mountain Map Showing Exterior Boundaries of the Land Package, Location of Deposits, and Boundary of the Platoro Royalty Area ................................................................................................................................................................................ 17 4-1 Desert Scheelite Test Pit in July 2025, Looking West, Showing Steeply Dipping Garnet Skarn (Brown) in Contact With Quartz Monzonite (White) .................................................................................................................................................................... 22 6-1 Property Geology of the Pilot Mountain Tungsten Project................................................................................................................... 28 6-2 North-South Cross-Section 424305E Showing Tungsten Mineral Domain and Geology........................................................... 29 6-3 Generalized Stratigraphic Column for the Pilot Mountain Tungsten Project .................................................................................. 30 7-1 Map of Drill Holes at the Pilot Mountain Project...................................................................................................................................... 36 8-1 Tungsten Field Duplicate vs. Original, Desert Scheelite 2024-2025................................................................................................ 44 8-2 Copper Field Duplicate vs. Original, Desert Scheelite 2024-2025.................................................................................................... 45 8-3 Zinc Field Duplicate vs. Original, Desert Scheelite 2024-2025.......................................................................................................... 45 8-4 Silver Field Duplicate vs. Original, Desert Scheelite 2024-2025 ....................................................................................................... 46 9-1 Box Plots of WO3 Data Sorted by Company.............................................................................................................................................. 54 9-2 Cumulative Probability Plots of WO3 Assays by Company—Guardian in Blue, Duval in Green, and UCC in Red ................... 55 11-1 North-South Cross-Section 424305E Showing Tungsten Mineral Domains and Geology......................................................... 66 11-2 North-South Cross-Section 424305E Showing WO3 Grades in the Block Model.......................................................................... 76 11-3 WO3 Bench Composite Grades versus Coincident Block Grades Interpolated by OK, ID2 , and NN........................................... 77 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 1 2 1.0 EXECUTIVE SUMMARY RESPEC has prepared this technical report on the Pilot Mountain Tungsten Project at the request of Guardian Metal Resources PLC. This technical report and the resource estimates have been prepared in accordance with the disclosure and reporting requirements outlined in the United States Securities and Exchange Commission's (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary. RESPEC visited the Property on July 8-9, 2025. The costs are based on first quarter 2025 U.S. dollars. 1.1 PROPERTY DESCRIPTION AND OWNERSHIP The Pilot Mountain property is comprised of four skarn/tactite deposits—the Gunmetal, Garnet, Good Hope, and Desert Scheelite deposits—all located on the east side of Pilot Peak, about 39 kilometers ("km") east of the small town of Mina, in Mineral County, Nevada. The property is centered at 38° 23' 9" north latitude, 117° 52' 26" west longitude and lies wholly within the historical Mina mining district. The Pilot Mountain Tungsten Project is comprised of 208 unpatented claims: 159 unpatented mining claims located by BFM Resources Inc., a wholly owned subsidiary of Guardian Metal Resources; four unpatented mill site claims also located by BFM Resources Inc.; and 45 unpatented mining claims owned by Pilot Metals Inc. that are known as the "NT claims." Pilot Metals Inc. is also a wholly owned subsidiary of Guardian Metal Resources. The property comprises ~1,715 hectares ("ha"), all located on land administered by United States Bureau of Land Management ("BLM"). Ownership of unpatented mining claims is in the name of the holder (locator), subject to the paramount title of the United States of America, under the administration of the BLM. The holder has the right to explore, develop, and mine minerals on unpatented mining claims without payments of production royalties to the United States Government, subject to the surface management regulation of the BLM and all other applicable state and federal environmental regulations. Currently, annual federal claim maintenance fees and county recording fees totaling $44,108 are the only payments required to maintain unpatented mining claims. Those fees have been paid in full through September 1, 2026. Apex Royalties controls a royalty of 2% of the gross revenues from the production and sale of minerals from the 45 NT Claims, an area that totals ~611ha and encompasses the Gunmetal, Garnet, Good Hope, and Desert Scheelite deposits. The BLM requires permits for all significant surface disturbances. Geologic mapping, soil and rock sampling, and other low impact activities can be conducted without specific permits. Any road or trail construction used for mechanized equipment, drilling, or trenching requires filings with the BLM or county, as applicable. Up to five acres (~2ha) of disturbance are allowed on a notice-level filing. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 2 2 As is standard in Nevada, surface disturbances of more than five acres (~2has) require a plan of operation ("PoO") approved by the BLM and Nevada Division of Environmental Protection, which in turn requires an Environmental Assessment ("EA") or an Environmental Impact Statement done in accordance with the National Environmental Policy Act process. Guardian currently holds two Notices of Intent ("NOI") for exploration activities: one for the Desert Scheelite area (NVNV 106362997) and one for Garnet (NVNV 106714287), which includes the northern portion of Gunmetal. These notices provide sufficient permit coverage to complete the recommended work outlines in Section 23.0. Guardian is also in the process of having an exploration PoO and EA reviewed by regulators. The authors are not aware of any factors that would limit Guardian's ability to secure the necessary permits to complete the proposed work. Guardian does not yet hold a mining permit. The authors anticipate that most, if not all, of the exploration work proposed in Section 23.0 is permitted under the 2 notice-level filings with the respective agencies. Any expansion of the program to include large condemnation and resource expansion will likely require the approval of the EA and PoO for additional exploration activities at the site. If the exploration drilling will exceed the two five-acre (~2has) disturbance limit, Guardian will need the formal PoO to be accepted and approved by the regulating authorities. The authors are not aware of any factors that could limit Guardian's ability to acquire the necessary permits to complete the proposed work. 1.2 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY The Pilot Mountain Tungsten Project is located in a sparsely populated area of gently rolling topography on the lower eastern slopes of the Pilot Mountains, northeast of Pilot Peak, in Mineral County, Nevada, approximately 260 road kilometers southeast of Reno, 146km southeast of Yerington, and 113km northwest of Tonopah via road. Elevations on the property ranges from ~1,830 meters ("m") to ~2,290m above mean sea level in the central Basin and Range physiographic province of western Nevada. In general, the summers are hot and dry, and the winters are cold. Most precipitation falls during the winter and spring months. Neither exploration, mine construction, nor mine operations are likely to be significantly impacted by weather at seasonal extremes. Vegetation on the property is typical of the eastern Nevada high elevation desert, which largely consists of sagebrush, rabbit brush, small cacti, and bunch grass communities, consistent with a high-desert climate. Pinyon pine and juniper trees are present in some areas at higher elevations. Yerington, with a population of approximately 4,000, and Tonopah, with a population of approximately 1,900, serve as regional support hubs with an airport, well-developed infrastructure, and services that support the surrounding gold and silver mining and processing industry. The nearby towns of Yerington and Tonopah, along with Reno, can supply sufficient skilled labor for the project. 1.3 MINING AND EXPLORATION HISTORY The Pilot Mountain Tungsten Project area has been explored since scheelite was discovered on the east flank of the Pilot Mountains in 1916, resulting in a substantial body of geological, geophysical, and drilling data. Despite this history of exploration, only limited production has been recorded. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 3 2 Internal Union Carbide Corporation reports record production of 130 short tons from the Garnet Mine through 1943 and 15,378 short tons from the Gunmetal Mine in 1952-1956. Hecla Mining ("Hecla") began drilling the Pilot Mountain property in 1968. In addition to Hecla, the historical operators Duval Corporation ("Duval"), W. R. Grace ("Grace"), and Union Carbide Corporation ("UCC") have explored the property with drilling, geophysical surveys, and surface and underground sampling campaigns. UCC completed mining feasibility studies on the property and conducted trial mining on the Desert Scheelite deposit through a 70,000-tonne bulk sampling exercise. Low tungsten prices halted their activities. More recently, Black Fire Minerals Ltd. ("Black Fire") optioned on the property in September 2011 and completed a 15-hole drilling program that supported the preparation of an initial mineral resource estimate for the Desert Scheelite deposit in 2012. Thor Mining PLC ("Thor") acquired the property in 2014 and initiated a comprehensive exploration program targeting copper-silver mineralization within the Desert Scheelite and Garnet deposits. In total, the historical operators drilled 296 holes for a total of ~42,000m of drilling. Black Fire completed the first modern mineral resource estimate for the Desert Scheelite deposit, in 2012. Following additional drilling and project advancement, Thor Mining updated the resource estimate in 2018. Thor's revised estimate reported 10.7 million tonnes at 0.26% WO₃, 19.4 g/t Ag, 0.15% Cu, and 0.38% Zn above a 0.15% WO₃ cut-off, with the majority classified as indicated resources. The reader is cautioned not to treat this historical mineral resource estimate—or any part of it—as current mineral resources or mineral reserves. 1.4 GEOLOGICAL SETTING AND MINERALIZATION The Pilot Mountain property lies within the Walker Lane structural belt of western Nevada. The project area is underlain by a thick succession of Permian to Jurassic sedimentary and volcanic rocks locally intruded by Cretaceous granitic stocks, dykes, and sills and overlain around the margins by Tertiary volcanic units. The oldest unit exposed is the Permian Mina Formation, a thick accumulation of marine turbidites, chert, and volcanogenic tuffaceous strata, which is overlain by the Triassic Luning Formation, the principal host of mineralization on the property. The Luning is at least 2,300m thick in its type locality and is subdivided into lower, middle, and upper members. The lower Luning hosts mineralization at Desert Scheelite, and the upper Luning hosts mineralization in the Gunmetal–Garnet areas. Intrusion of a Jurassic biotite quartz monzonite stock produced contact metamorphism, converting adjacent carbonate rocks to marble and pelitic clastics to hornfels. During the latter phases of emplacement, metasomatic processes locally formed skarns and calc-silicate alteration within marble and calcareous metaclastic units. Evidence of metamorphism extends up to 300m laterally from the northern contact of the stock, although the most extensive and economically interesting mineralization in the modeled resource area is largely confined to within ~90m of the contact. Tungsten mineralization is present within skarn (tactite) developed along limestone beds proximal to quartz monzonite intrusions. The Good Hope and Desert Scheelite deposits are subvertical and strike approximately east-west, while the Garnet and Gunmetal deposits are essentially flat lying. In addition to tungsten, the deposits contain variable amounts of copper, zinc and silver. The estimate of mineral resources presented in this report is for the Desert Scheelite deposit. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 4 2 1.5 EXPLORATION Since acquiring the Pilot Mountain Project in 2021, Guardian has advanced exploration through data review, updated geological modeling, geophysical surveys, rock-chip sampling, and targeted drilling. Work has focused on validating the historical resource base, assessing extensions of known mineralization, and collecting samples to support metallurgical and geotechnical evaluations. These activities form the basis for ongoing technical studies and a planned pre-feasibility assessment. Initial hydrological or geotechnical investigations have commenced and are ongoing. 1.5.1 ROCK CHIP SAMPLING Guardian collected 12 quartz monzonite samples and nine altered wall-rock samples in 2024, confirming geochemical ratios (Sr/Y>80; La/Yb>20; Yb<1.5; Eu anomalies>0.9) consistent with porphyry Cu-Mo systems. Copper assays south of Porphyry South returned up to 799ppm Cu and 201ppm Mo. In 2025, 189 additional samples were collected; results confirmed elevated Cu and Mo across Porphyry South, including 15 samples >1,000ppm Cu along a ~1km ridge, with a maximum of 2.05% Cu. Petrography identified cuprite, malachite, and tenorite. Trace element geochemistry was consistent with QSP alteration and indicative of the phyllic zone, which commonly surrounds porphyry system cores. 1.5.2 GEOPHYSICAL SURVEYS A high-resolution IP survey in 2023 delineated three chargeability anomalies interpreted as disseminated sulfide mineralization. In 2025, Guardian extended coverage with a 3DIP survey, confirming anomalies south of the initial grid. These results provide early evidence of porphyry-style systems and support refinement of drill targets. 1.5.3 DRILLING Guardian has completed 89 diamond core holes: 68 at Desert Scheelite, 20 at Garnet, and one at Porphyry South. Drilling was conducted by Diamondback Drilling using Boart Longyear LF Super 90 rigs, with core recovery improving as programs advanced. All collar locations were surveyed in UTM coordinates (WGS84 datum) by ASPS, and down-hole surveys were collected at 10m intervals using Gyromaster instrumentation. 1.6 DRILLING The Pilot Mountain database contains 385 drill holes totaling 52,417 meters of drilling. Several drilling campaigns and operators span the contents of the database. Based on the author's current knowledge, historical operators of the campaigns include Union Carbide which drilled 185 drill-holes totaling 23,234 meters. Guardian Metal Resources drilled 89 drill-holes totaling 10,344 meters. Drilling is concentrated in and around the Desert Scheelite area. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 5 2 Table 1-1 is a breakdown of the drilling and operators in the Pilot Mountain Tungsten Project area. Table 1-1. Summary of Pilot Mountain Tungsten Project Drilling Drilling Program Drilling Dates No. DHs Length (m) Length (ft) Historic Operators 1968–2017 296 42,073 138,035 Guardian Metal Resources 2024–2025 89 10,344 33,937 Total 385 52,417 171,972 Drilling sampling procedures provided representative samples of sufficient quality for use in the resource estimation discussed in Section 14.0. The QP is unaware of any sampling and recovery factors that will materially impact the mineral resources discussed in Section 14.0. 1.7 METALLURGICAL TESTING AND MINERAL PROCESSING RESPEC summarizes metallurgical test work completed on the Desert Scheelite deposit for informational purposes only and offers no independent conclusions. Amdel Laboratories confirmed scheelite as the sole tungsten-bearing mineral and conducted liberation studies that established a target grind size of 106µm. Gravity separation using Wilfley tabling followed by Mozley cleaning achieved an upgrade ratio of approximately 27:1, recovering 72.5% of contained tungsten to 1.7% of the feed mass. Subsequent rougher flotation tests performed at grind sizes of P80 106µm and P80 45µm, including a conceptual circuit that recycled gravity middlings and tails, achieved recoveries of up to 90.7% WO₃, although concentrate grades were limited by calcium gangue carryover. The Guangdong Institute conducted rougher flotation at approximately 70% passing 75µm, producing rougher concentrates grading 3.92% WO₃ at 76.1% recovery. Multi-stage heated cleaning yielded final scheelite concentrates grading between 66.9% and 68.2% WO₃ at recoveries of 71–74%, with impurity levels meeting commercial specifications. Guangzhou Research Institute of Non-ferrous Metals reviewed and corroborated the gravity plus flotation process concept and recommended reagent optimization, cleaner circuit configuration, and potential recovery of additional tungsten from magnetic products by spirals or tabling. Samuel Engineering [Samuel, 2025] concluded that the metallurgical test work completed to date provides a reasonable preliminary understanding of the mineralogy and process response of the Desert Scheelite deposit. Samuel recommended additional variability testing, reagent optimization, and confirmatory work on domain-specific composites to validate recovery factors and establish robust process parameters for future resource and reserve estimation stages. 1.8 MINERAL RESOURCE ESTIMATE At Desert Scheelite, Guardian's geologic model is well defined with distinctive rock units and forms the principal control for the metal domain modelling and resource estimation. RESPEC interpreted a tungsten mineral domain for Desert Scheelite to estimate tungsten trioxide, silver, copper, and zinc. Separate interpolations were run with ordinary kriging, inverse distance, and nearest neighbor for each metal. The kriged interpolation is reported in Table 1-2. The Desert Scheelite mineral resources have  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 6 2 been estimated to reflect potential open-pit extraction and processing by standard flotation and milling techniques. Resources were reported at a 0.06% WO3 cut-off. Silver, copper, and zinc are reported within the mineral resources using the WO3 cut-off grade. No independent cut-off grades were applied to silver, copper, or zinc. Those metals are considered by-products contingent upon economic extraction of WO3. RESPEC has classified Desert Scheelite mineral resources in accordance with the definitions for mineral resources in S-K 1300. Table 1-2. Desert Scheelite Mineral Resources Cut-off Average Grade Contained Metal Classification % WO3 Tonnes % WO3 g Ag/t % Cu % Zn t WO3 oz Ag t Cu t Zn Indicated 0.06 8,694,000 0.206 12.43 0.085 0.315 17,900 3,475,000 7,400 27,400 Inferred 0.06 1,784,000 0.169 12.00 0.063 0.225 3,000 689,000 1,100 4,000 Notes: 1. The effective date of Desert Scheelite mineral resources is December 1, 2025. 2. The estimate of mineral resources was done by RESPEC in metric tonnes. 3. The point of reference is in situ mineralization prior to extraction by open pit mining methods. 4. The average grades of the tabulations are comprised of the weighted average of block-diluted grades within an optimized pit. 5. The Desert Scheelite mineral resource cut-off grade of 0.06% WO₃ was selected by the authors. Operating assumptions were applied to establish a theoretical pit limit, including a WO₃ price of $65,500/t, an average recovery of 80% WO₃, a processing rate of 4,000 tonnes/day, $2.75/t mining cost for open pit, $15.64/t processing cost, $3.00/t processed for G&A, and an 83% payability. Blocks outside the pit limit are considered not economic at this time. 6. The accessory metals Ag, Cu, and Zn shown in Table 11-13 are the quantities contained within the mineral resources using the cut-off grade established for the primary commodity (WO3). No independent cut-off grade has been applied to these accessory metals. Reported quantities of accessory metals are therefore considered by-products of the primary metal resource and their value is contingent upon the ability to economically extract the by-products along with the primary commodity. 7. The estimate of mineral resources may be materially affected by geology, environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. 8. Rounding as required by reporting guidelines may result in apparent discrepancies between tonnes, grade, and contained metal content. 9. Mineral resources are not mineral reserves and do not have demonstrated economic viability. An inferred mineral resource has a lower level of confidence than an indicated mineral resource and must not be converted to a mineral reserve. RESPEC reasonably expects that continued exploration and delineation will upgrade the majority of inferred mineral resources to indicated mineral resources. 1.9 INTERPRETATIONS AND CONCLUSIONS RESPEC offers the following conclusions and observations by area: 1.9.1 ADEQUACY OF THE DATA USED IN ESTIMATING MINERAL RESOURCES RESPEC's audit confirmed that the Desert Scheelite database is adequate for mineral resource estimation and disclosure under S-K 1300. Guardian's 2024–2025 drilling program was conducted to current industry standards and provides a reliable foundation for the resource model. Historical datasets were integrated with appropriate caution, and while some risk persists in the estimated volume of higher-grade material, the database is considered suitable for technical reporting, resource estimation, and regulatory compliance. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 7 2 RESPEC determined that Guardian's sampling, core handling, and chain-of-custody procedures are adequate to support the resource estimate. ALS performed sample preparation and analysis using appropriate multi-element and ore-grade methods, including re-assay of overlimit values. Guardian's QA/QC program incorporated certified reference materials, blanks, and duplicates at acceptable frequencies, and statistical evaluation confirmed precision and minimal bias for tungsten, copper, and zinc. Silver assays showed slightly elevated variability at low concentrations but no systematic errors. Overall QA/QC results are adequate, though documentation of follow-up on isolated failures is incomplete. Confidence in historical drilling remains lower due to absent QA/QC records and limited documentation of sampling protocols. Comparative analysis demonstrated broadly consistent grade distributions across datasets, with interpolation tests indicating historical WO₃ grades approximately 17% higher than Guardian's, attributed to sampling population effects and drilling geometry. Guardian's angled drilling reduced geometric bias, and corroborating evidence supports selective inclusion of historical colorimetric assays. The modern dataset provides confidence in the overall resource model, with estimation risk primarily linked to legacy data. 1.9.2 GEOLOGY AND MINERAL RESOURCES The Pilot Mountain Tungsten Project lies within the Walker Lane structural belt of western Nevada, where strike-slip faulting, extensional basins, and magmatism have strongly influenced mineralization. Mineralization is hosted by the Triassic Luning Formation, subdivided into lower, middle, and upper members, and intruded by Jurassic to Cretaceous granitic stocks. The Desert Scheelite deposit is a tungsten skarn formed along the contact of quartz monzonite intrusions with lower Luning carbonates and biotite hornfels. Scheelite is the dominant ore mineral, accompanied by pyrite, chalcopyrite, and sphalerite, with local base-metal sulfide contents exceeding 20% in unoxidized samples. The Desert Scheelite mineral resources extend approximately 600m along strike and at least 300m down dip. Mineralization is sub-vertical and includes three higher-grade tungsten zones that reflect structural and lithological controls. Guardian's drilling and geologic modeling improved understanding of mineralization continuity and provided the basis for tungsten domain modeling and resource estimation. RESPEC estimated resources assuming potential open-pit extraction with standard milling and flotation techniques, optimizing pits at variable WO₃ prices using Nevada-based cost assumptions. Resources are reported at a 0.06% WO₃ cut-off grade, with silver, copper, and zinc included as by-products contingent on WO₃ extraction. A majority of resources (83%) are classified as indicated, supported by Guardian's drilling density, QA/QC data, and improved geologic understanding. Uncertainties remain due to limitations in historical datasets, including incomplete survey records, inconsistent assay documentation, selective sampling, and the predominance of vertical holes in steeply dipping zones, which may have exaggerated higher-grade thicknesses. Guardian's angled drilling reduced geometric bias, but some risk persists in the estimated volume of higher-grade material. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 8 2 1.10 RECOMMENDATIONS 1.10.1 PHASE 1 RESPEC recommends that Guardian focus on reducing estimation risk, validating historical data, and advancing Desert Scheelite toward feasibility evaluation. / Drilling & Assay Programs: 1,500m of core drilling at Desert Scheelite to increase drill density and confidence, with twin holes to validate historical assays. Additional 1,800m each at Garnet and Gunmetal, plus 2,000m of exploration drilling across Pilot Mountain. QA/QC protocols (CRMs, blanks, duplicates) and follow-ups with ALS are advised. / Petrological & Metallurgical Studies: Detailed mineralogical and ore characterization integrated with metallurgical test work to refine WO₃ recovery, flotation efficiency, and by-product performance. / Geologic Modeling & Reporting: Updates to lithologic, alteration, and structural models to improve block model reliability; material changes to be reported under S-K 1300. / Hydrology, Permitting & Bonding: Continuation of hydrogeological baseline studies, initiation of pit dewatering assessments, and parallel permitting/bonding activities. / Support Infrastructure: Securing labor, equipment, and materials to sustain drilling, analytical, and study programs. Table 1-3. Guardian Cost Estimate for Pilot Mountain Tungsten Project Recommended Work—Phase 1 Task Qty Unit US$ per unit US$ Desert Scheelite Core Drilling 1,500 meter $520 $780,000 Garnet Core Drilling 1,800 meter $520 $936,000 Gunmetal Core Drilling 1,800 meter $520 $936,000 Exploration Core Drilling 2,000 meter $520 $1,040,000 Assays 4,700 samples $55 $260,000 Metallurgical Test Work $450,000 Geological Modelling $25,000 Hydrology Study $675,000 Ore Characterization Study $525,000 Permitting and Bonding $645,000 Pre-Feasibility Study $1,620,000 Reporting $220,000 Labor / Support Staff $2,370,000 Equipment and Materials $70,000 Total $10,552,000  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 9 2 1.10.2 PHASE 2 Following phase 1, RESPEC recommends advancing feasibility evaluation and reducing remaining technical and regulatory risks. / Core Drilling: Additional drilling at Desert Scheelite, Garnet, Gunmetal, and Phase 1 exploration targets to expand resources and improve confidence in geometry, supporting updated block models and conversion of inferred material. / Metallurgical Test Work: Follow-up variability studies across deposits to refine recovery assumptions for tungsten and by-products, feeding into process design. / Permitting & Bonding: Expanded environmental data collection, bonding requirements, and regulatory submissions. / Feasibility Study: Completion of a full feasibility study incorporating revised resource models, metallurgical data, mine design, infrastructure planning, and permitting outcomes. / Labor & Infrastructure: Continued allocation of staff and investment in infrastructure, including road upgrades, core handling facilities, and temporary utilities to support sustained operations. Table 1-4. Guardian Cost Estimate for Pilot Mountain Tungsten Project Recommended Work—Phase 2 Task Qty Unit US$ per unit US$ Core Drilling 6,500 meter $520 $3,380,000 Metallurgical Test Work $200,000 Permitting and Bonding $900,000 Feasibility Study $1,000,000 Labor / Support Staff $2,000,000 Infrastructure $1,000,000 Total $8,480,000  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 10 2 2.0 INTRODUCTION RESPEC Company LLC ("RESPEC") has prepared this independent technical report summary on the Pilot Mountain Tungsten Project, located in Mineral County, Nevada, at the request of Guardian Metal Resources PLC. ("Guardian"), a United Kingdom company based in London that is listed on the London Stock Exchange (LON:GMET) and trading over-the-counter (OTCQX: GMTLF). Guardian holds and operates the Pilot Mountain property through a series of ownership transitions, culminating in its acquisition by Guardian in 2021. This report has been prepared in accordance with the disclosure and reporting requirements outlined in the United States Securities and Exchange Commission's ("SEC") Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations ("S-K 1300") and Item 601 (b)(96) Technical Report Summary. 2.1 PROJECT SCOPE AND TERMS OF REFERENCE The purpose of this document is to provide a technical report summary of the Pilot Mountain Tungsten Project, including an updated, current estimate of the tungsten mineral resources, in support of securities regulatory reporting requirements. The Pilot Mountain property lies within the historical Mina mining district of west-central Nevada. Exploration work, data, results, and all other matters, including land tenure, legal obligations, and environmental permitting from 2021 through the effective date of this report are attributed to Guardian. In the last 45 years, several technical resource reports have been prepared for Pilot Mountain resources areas, although none of them were S-K 1300 compliant. In May 1981, Kaiser Engineers prepared the report Feasibility Study for Mining and Concentrating of Pilot Mountain Tungsten Ore, Mineral County, Nevada on behalf of Union Carbide Corporation Metals Division. In August 2012, Golder Associates Pty Ltd, prepared Desert Scheelite Resource with Final Report Number 127641013-002-R-Rev0. In August 2018, Andrew Vidale Consulting Services prepared Pilot Mountain Mining Scoping Study on behalf of Thor Mining PLC ("Thor"). In November 2018, Resource Evaluation Services ("RES") updated the mineral resource estimate for the Desert Scheelite area on behalf of Thor. Guardian acquired the property in 2021 and carried out various exploration activities and further drilling of 10,344 meters. This report updates and replaces Resource Evaluation Services' mineral resource estimate (2018) prepared on behalf of Thor. RESPEC conducted the estimation and classification of the current mineral resources presented in Section 11.0. As the Qualified Person ("QP") under S-K 1300, RESPEC confirms that the estimated mineral resources presented herein were calculated in accordance with the standards and requirements of the regulation. RESPEC has no affiliations with Guardian other than its role as an independent consultant. The scope of this study included a review of pertinent technical reports and data that Guardian provided to RESPEC about the Pilot Mountain Tungsten Project's general setting, geology, project history, exploration activities and results, methodology, quality assurance, interpretations, drilling programs, and metallurgy. This report is based on data and information derived from work done by  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 11 2 historical operators and Guardian. RESPEC has reviewed much of the available data, visited the project site, and has made judgments about the general reliability of the underlying data. Where data was deemed inadequate or unreliable, they either excluded it from consideration or adjusted and considered it appropriately. RESPEC has made such independent investigations as deemed necessary in their professional judgment to allow them to reasonably present the conclusions, interpretations, and recommendations of this report. RESPEC visited the Pilot Mountain Tungsten Project from July 8 through July 9, 2025. During their site visit, they inspected sampling procedures at an active core drill site and reviewed Guardian's logging and QA/QC insertion procedures, geological cross sections, mineralized drill core, and examined outcrops that represented the local geology. The effective date of this technical report summary is December 15, 2025. 2.2 RELIANCE ON OTHER EXPERTS RESPEC is not an expert in legal matters, such as the assessment of the validity of mining claims, mineral rights, royalties, and property agreements in the United States or elsewhere. Furthermore, RESPEC did not conduct any investigations of the environmental, social, or political issues associated with the Pilot Mountain Tungsten Project, nor are they experts in these matters. Therefore, RESPEC has therefore relied entirely upon information and opinions provided by Guardian with regard to the following: / Guardian's land tenure as presented in Section 3.2. The authors have relied entirely on a mineral title opinion and additional documentation provided by Guardian to confirm the legal ownership status of patented and unpatented claims within the Property. The opinion, Mineral Title Opinion, is explained in Section 3.2. / The legal agreements, royalties, and encumbrances that pertain to Guardian's land package that are presented in sections 3.6 and 3.4. / The environmental liabilities presented in Section 3.5. / Metallurgical results relied upon in this report are outlined in Section 10.0. / The environmental baseline studies presented in Section 17.0. 2.3 FREQUENTLY USED ACRONYMS, ABBREVIATIONS, DEFINITIONS, AND UNITS OF MEASURE In this report, measurements are generally reported in metric units. Where information was originally reported in Imperial units, the author has made the conversions as shown below. Currency, units of measure, and conversion factors used in this report include: Linear Measure 1 centimeter = 0.3937 inch 1 meter = 3.2808 feet = 1.0936 yard 1 kilometer = 0.6214 mile  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 12 2 Area Measure 1 hectare = 2.471 acres = 0.0039 square mile Capacity Measure (liquid) 1 liter = 0.2642 US gallons Weight 1 tonne = 1.1023 short tons = 2,205 pounds 1 kilogram = 2.205 pounds Currency: All references to dollars ($) in this report refer to the currency of the United States. Frequently used acronyms and abbreviations 3DIP three-dimensional induced polarization % percent AA atomic absorption spectrometry AES atomic emission spectroscopy Ag silver Amdel Amdel Laboratories of Perth, Australia ASPS Advanced Surveying & Professional Services ASL above sea level Au gold AuEq gold equivalent Black Fire Black Fire Minerals Ltd. BLM US Department of the Interior, Bureau of Land Management BMRR Bureau of Mining Regulation and Reclamation CDN CDN Resource Laboratories Ltd. cm centimeters CNAS China National Accreditation Service CoG cutoff grade core diamond-core drilling method CPP cumulative probability plot oC degrees Centigrade °F degrees Fahrenheit Duval Duval Corporation EA environmental assessment EIS environmental impact statement FA fire assay ft foot or feet Geostats Geostats Pty Ltd. Grace W. R. Grace g/t grams per tonne g Ag/t grams silver per tonne g Au/t grams gold per tonne GMR Guardian Metals Resources PLC Guangdong Institute Guangdong Institute of Resources Comprehensive Utilization Guardian Guardian Metals Resources PLC GZRINM Guangzhou Research Institute of Non-ferrous Metals ha hectare |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 13 2 Hecla Hecla Mining Company ICP inductively coupled plasma analytical method ID2 inverse distance squared estimation in. inch or inches IP induced polarization keV kilo-electron volt kg kilograms km kilometers kW kilowatt l liter lbs pounds µm micron or microns, micrometer, or micrometers m meters Ma million years old max. maximum mGal milligal mi mile or miles min. minimum mm millimeters MW megawatt NDEP Nevada Department of Environmental Protection NN nearest neighbor estimation NSR net smelter return OK ordinary kriging opt ounce per ton oz ounce PoO Plan of Operation ppm parts per million ppb parts per billion QA/QC quality assurance and quality control QP qualified person RC reverse circulation drilling method RESPEC the RESPEC Company LLC RQD rock quality designation Samuel Samuel Engineering SEC United States Securities and Exchange Commission SG specific gravity t metric tonne or tonnes Thor Thor Mining PLC Thor Mining Thor Mining PLC ton Imperial short ton tpd tonnes per day UCC Union Carbide Corporation UTM Universal Transverse Mercator US United States USFS United States Forest Service USGS United States Geological Survey |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 14 2 3.0 PROPERTY DESCRIPTION RESPEC is not an expert with regards to land, legal, environmental, social, and permitting matters. For the information presented in this section, they relied entirely on data provided by Guardian Metal Resources and on a report provided by the legal firm of Erwin Thompson Faillers dated July 22, 2025, that describes the record title and status of the unpatented mining claims which are controlled by Guardian Metal Resources and BFM Resources, Inc., a Nevada corporation that is a wholly-owned subsidiary of Guardian Metal Resources. RESPEC has reviewed the information provided by Guardian and Erwin Thompson Faillers and considers the third-party data suitable for use in this Technical Report Summary. The list of claims referenced in Erwin Thompson Faillers' record title and status report is presented in Appendix A. RESPEC is not aware of any significant factors and/or risks beyond those described in this report that affect access, title, or the right or ability to perform work on the property. 3.1 LOCATION As shown in Figure 3-1, the Pilot Mountain Tungsten Project's property is located on the east side of the Pilot Mountains in west-central Nevada, centered at 38°23'9"N, 117°52'26"W. The closest town is Mina, Nevada, located about 19 air kilometers due west of the property, or about 39km via a well-graded gravel road (Figure 3-2). The closest larger town—Hawthorne, Nevada—is located about 68 air kilometers west-northwest of the property. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 15 2 Figure 3-1. Pilot Mountain Tungsten Project Location.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 16 2 Figure 3-2. Pilot Mountain Tungsten Project Site Access Route. As shown in Figure 3-3, the project is located within 1,714.9ha of unpatented mining claims on public land administered by the BLM in Sections 7 through 9 and 15 through 18, Township 6 North, Range 37 East (T6N, R37E), Mount Diablo Base and Meridian in Mineral County, Nevada. The four mill claims at the former Dunham mill site secure access to a groundwater supply sufficient for the proposed project. 3.2 LAND TENURE The Pilot Mountain Tungsten project comprises four existing sub-projects all within approximately three kilometers of each other—the Garnet, Good Hope, Gunmetal, and Desert Scheelite—and four Dunham Mill claims that are not contiguous with the rest of the claim block (Figure 3-3). |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 17 2 Figure 3-3. Pilot Mountain Map Showing Exterior Boundaries of the Land Package, Location of Deposits, and Boundary of the Platoro Royalty Area. The Pilot Mountain Project is comprised of 208 unpatented claims: 159 unpatented mining claims located by BFM Resources Inc., a wholly owned subsidiary of Guardian Metal Resources, known as the "BFM claims;" four unpatented mill site claims also located by BFM Resources Inc. on the site of the former Dunham Mill claims; and 45 unpatented mining claims owned by Pilot Metals Inc. that are known as the "NT claims." The BFM Claims The 159 BFM claims are 159 unpatented mining claims located and owned by BFM Resources US Inc., a wholly owned subsidiary of Guardian Metal Resources. The BFM claims are enumerated in Exhibit A.3 of Erwin Thompson Faillers' record title and status. BFM Resources US Inc. located the 159 unpatented mining claims and recorded them on May 20 and August 12, 2024. They are situated in sections 4, 5, 6, 7, 8, 9, 10, and 15, Township 6 North, Range 37 East in the Mount Diablo Meridian in Mineral County, Nevada. Four Unpatented Mill Site Claims BFM Resources Inc. located four unpatented mill site claims on the site of the former Dunham Mill claims situated in Section 24, Township 6 North, Range 37 East, Mount Diablo Meridian, in Esmeralda County, Nevada and recorded them with the Esmeralda County Recorder on July 1, 2022. BFM Resources Inc. is a wholly owned subsidiary of Guardian Metal Resources. The unpatented mill site claims are enumerated in Exhibit A.3 of Erwin Thompson Faillers' record title and status report. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img026.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 18 2 NT Claims The NT claims comprise 45 unpatented mining claims owned by Pilot Metals Inc. situated in sections 8, 9, and 16 in Township 6 North, Range 37 East in the Mount Diablo Meridian in Mineral County, Nevada. The details of the NT claims are enumerated in Exhibit A.4 in Appendix A, Erwin Thompson Faillers' record title and status report. Guardian Metal Resources controls the NT claims through its wholly owned subsidiary, Pilot Metals Inc. Two Overlapping Claims Two unpatented mining claims located on November 1, 1989, in the southwest quarter of Section 16 and the southeast quarter of Section 17, Township 6 North, Range 37 East—Turquoise Bonanza 4 and Turquoise Bonanza Ex—overlap certain of the NT claims. These two claims are senior to the NT Claims. Generally, when two unpatented mining claims conflict (overlap), the senior unpatented mining claim (the first to be located) has the superior title. Guardian has determined that the lands within the Turquoise Bonanza 4 and Turquoise Bonanza Ex are not material to the Pilot Mountain Project. 3.3 MINERAL RIGHTS Ownership of unpatented mining claims is in the name of the holder (locator), subject to the paramount title of the United States of America, under the administration of the BLM. Under the Mining Law of 1872, which governs the location of unpatented mining claims on federal lands, the holder has the right to explore, develop, and mine minerals on unpatented mining claims without payments of production royalties to the United States Government, subject to the surface management regulation of the BLM and all other applicable state and federal environmental regulations. 3.4 ANNUAL HOLDING COSTS Currently, annual federal claim maintenance fees and county recording fees are the only payments required to maintain unpatented mining claims. The federal claim maintenance fees are $200 per claim, per year and they are due on September 1 of each year. The county recording fees are $12 per claim plus a $12 filing fee, per year and they are due on September 1. As summarized in Table 3-1, the annual fees for the Pilot Mountain Project are $44,108. These fees have been paid in full through September 1, 2026. Table 3-1. Annual Holding Costs of the Pilot Mountain Project Claims Federal Claim Maintenance Fees County Recording Fees 159 BFM Claims $31,800 $1,908 45 NT Claims $9,000 $540 4 Unpatented Mill Site Claims $800 $48 Total $41,600 $2,508  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img027.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 19 2 3.5 ROYALTIES 3.5.1 PILOT MOUNTAIN PROJECT ROYALTIES BFM Claims and Mill Site Claims There are no royalties associated with the 159 BFM claims and the four unpatented mill site claims. NT Claims Apex Royalties controls a royalty of 2% of the gross revenues from the production and sale of minerals from the 45 NT Claims. 3.6 ENCUMBRANCES The Pilot Mountain Project is located on federal lands administered by the BLM, and the BLM requires permits for all significant surface disturbances. Geologic mapping, soil and rock sampling, and other low impact activities can be conducted without specific permits on a casual use basis. Any road or trail construction used for mechanized equipment, drilling, or trenching requires filings with the BLM or county, as applicable. Up to five acres (~2ha) of disturbance are allowed on a notice-level filing. The notice-level filing may come with restrictions to protect biological, historical, or archeological resources. For lands administered by the BLM, a performance bond is required to ensure completion of the required reclamation work. Disturbances of more than five acres (~2has) requires a Plan of Operation ("PoO") approved by the BLM and Nevada Division of Environmental Protection ("NDEP"), which in turn requires an Environmental Assessment ("EA") or an Environmental Impact Statement ("EIS") through the National Environmental Policy Act ("NEPA") process. This process is standard practice in Nevada. Regulators and applicants follow a standard set of rules. A PoO may require significant environmental and archeological assessment work before the permit can be issued. Lead times for a PoO can take up to a year or two depending on the environmental conditions and extent of proposed operations. Guardian currently holds two Notices of Intent (NOIs) for exploration activities: one for the Desert Scheelite area (NVNV-106362997) and one for Garnet (NVNV-106714287), which includes the northern portion of Gunmetal. These notices provide sufficient permit coverage to complete the recommended work outlines in Section 23.0. Guardian is also in the process of having an exploration PoO and EA reviewed by regulators. The authors are not aware of any factors that would limit Guardian's ability to secure the necessary permits to complete the proposed work. Guardian does not yet hold a mining permit. 3.7 OTHER SIGNIFICANT FACTORS AND RISKS / Guardian is not aware of any significant environmental, social, or permitting issues that would prevent continued exploitation of the Pilot Mountain Tungsten deposits. / Guardian is not aware of any other significant factors and risks that may affect access, title, or the right or ability to perform the proposed work program on the Property. / Information provided by Guardian and Erwin Thompson Faillers' record title and status report supports that the mining tenure held by Guardian is valid and is sufficient to support the declaration of mineral resources. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img028.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 20 2 / Guardian holds sufficient surface rights in the project area to support the mining operations, including access. Power supply for site operations will require generators, with connection to grid power under investigation as part of ongoing engineering studies. Establishing grid access will require a power line easement to secure rights-of-way for transmission infrastructure. 3.7.1 RIGHTS-OF-WAY Guardian is not aware of any rights-of-way that would encumber exploration activities or the potential development of a mining project. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img029.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 21 2 4.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY The Pilot Mountain Tungsten Project is located in a sparsely populated area characterized by gently rolling topography with ranching and mining activities, approximately 260 road kilometers southeast of Reno, 146km southeast of Yerington, and 113km northwest of Tonopah via road. 4.1 PROPERTY ACCESS Hawthorne, the nearest large town, is approximately 89 road kilometers to the west of the project area on U.S. Highway 95 (Figure 3-1. and Figure 3-2.). The closest railhead is in the much smaller town of Mina about 39 road kilometers west of the project area via a well-maintained gravel road. 4.2 CLIMATE The climate at the Pilot Mountain Tungsten Project is arid, with average summer maximums around 35°C and winter minimums around -7°C (data for Hawthorne). The average annual precipitation is approximately 25cm and tends to peak in May [Western Regional Climate Center, 2013]. Neither exploration, nor mine construction, nor mine operations are likely to be significantly impacted by weather at seasonal extremes. 4.3 LOCAL RESOURCES The project is located in a sparsely populated area characterized by gently rolling topography with ranching and mining activities, approximately 260 road kilometers southeast of Reno, 145km southeast of Yerington, and 110km northwest of Tonopah by road. Yerington, with a population of approximately 4,000, and Tonopah, with a population of approximately 1,900, serve as a regional support hub with a major airport and well-developed infrastructure and services that support the surrounding mining industry. Yerington, Tonopah, and Reno can supply sufficient skilled labor for the project. 4.4 INFRASTRUCTURE Local groundwater is sufficient to support current exploration activities; however, the project may require accessing additional water from a nearby basin via pipeline A 120kV powerline is located 13km south, and grid connection options are under review; if not feasible, site generators will be considered. The access road meets current requirements but may need upgrading for full production. Nevada offers strong mining infrastructure and access to skilled personnel and suppliers. 4.5 PHYSIOGRAPHY The site lies on the lower eastern slope of the Pilot Mountains, northeast of Pilot Peak, in Mineral County, Nevada. Site elevations range from ~1,830 to ~2,290m above sea level. Steeper topography on the west side of the property provides good exposure of geology, while to the east and northeast, alluvial cover surrounds isolated hills of black basalt. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img030.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 22 2 The site is sparsely vegetated, mostly by sagebrush, rabbitbrush and associated vegetation (Figure 4-1). At higher elevations on the west side of the property, pinyon and juniper trees are present. Despite steeper slopes in some areas, roads constructed for drill rig access have been established across much of the site. Figure 4-1. Desert Scheelite Test Pit in July 2025, Looking West, Showing Steeply Dipping Garnet Skarn (Brown) in Contact With Quartz Monzonite (White). |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img031.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 23 2 5.0 HISTORY The Pilot Mountain Tungsten Project has been subject to exploration activities since the early twentieth century, resulting in a substantial body of geological, geophysical, and drilling data. Despite this history of exploration, only limited production has been recorded. The sub-sections below provide a summary of past work and production history recorded at the Pilot Mountain Tungsten Project. Table 5-1 summarizes the drilling that historical operators completed at the Pilot Mountain Project from 1968-2017. Table 5-1. Summary of Historical Drilling by Operator Company Years Total Holes Type Total (m) Hecla Mining 1968 16 Percussion 1,652 Duval 1970-1977 66 Core, Percussion, Unknown 12,587 Grace 1975 5 Unknown 600 Union Carbide 1978-1980 185 Core, Rotary, Unknown 23,234 Black Fire 2011-2012 15 Core 3,047 Thor Mining 2017 9 RC 953 Total 296 42,073 5.1 EXPLORATION HISTORY 5.1.1 EXPLORATION -1900-1978 Scheelite was first discovered on the east flank of the Pilot Mountains in 1916 [Ross, 1961]. The discovery, as well as the discoveries of other similar skarn deposits in Nevada and California, directly resulted from a prospecting wave stimulated by high tungsten prices and the opening of several tungsten mills in the Bishop district in California [Hess and Larson, 1921]. Reportedly, several properties were developed at this time in the Pilot Mountains. However, none of them recorded any production. In 1921, Hess and Larson of the United States Geological Survey ("USGS") inspected the district. They recognized the association of scheelite with the Gunmetal stock, mapped the location of tactites relative to the general outline of the stock, and identified three types of mineralization on the property: tactite, quartz-calcite-scheelite veins, and clots of quartz, calcite, silver-bearing galena, and scheelite. Hess and Larson considered the tactite mineralization to be the only type with significant tonnage potential. They examined the Gunmetal Adit on the northeast contact of the monzonite stock and reported a crushed zone along the stock contact with a "rather regular, nearly vertical vein which has slickensided walls and is from a few inches to three feet across, made up mostly of quartz, calcium-iron carbonate, and carrying some apatite, which is in part, at least, high grade scheelite ore" [Hess and Larson, 1921]. The adit followed this zone for about 185 feet. Hess and Larson observed grades up to 1% WO3 along this contact. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img032.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 24 2 Kerr [1946] reported that additional underground development work at the Gunmetal location had been disappointing. A long, crosscut tunnel that was driven through granite porphyry to intersect a projected tactite zone on the other side encountered only barren marble. Kerr also noted an association of quartz with higher-grade scheelite and the presence of quartz concentrations in the form of irregular, vertical, chimney-like masses, both within the granite porphyry and around its margins. Union Carbide Corporation ("UCC") internal reports for the Garnet mine recorded a small production of 130 short tons through 1943 but presented no figures for Gunmetal. In 1952, Kenneth W. Dunham reopened the old Gunmetal Mine. UCC internal reports report approximately 15,378 short tons produced from Gunmetal between 1952-1956. Hecla Mining ("Hecla") began exploring the Pilot Mountain property in 1968. To test porphyry Cu-Mo targets, Hecla drilled approximately 1,652m in 16 percussion holes between the Good Hope and Desert Scheelite zones and drilled several holes into tactite at Desert Scheelite. Hecla dropped the property after the drilling campaign. Duval Corporation ("Duval") leased the Desert Scheelite and Gunmetal properties in 1969. They completed ground magnetic and IP surveys. In 1970, Duval drilled four core holes totaling ~1,420m into an anomalous IP target south of Good Hope hoping to hit porphyry Cu-Mo mineralization. The holes only intersected weakly mineralized Cu-Mo quartz veins. Duval continued drilling in 1971 and encountered Cu-W mineralization in sulfide-rich tactite northeast of Desert Scheelite. In 1972 and 1973, they drilled seven additional core and percussion holes at Desert Scheelite. In 1975, W. R. Grace ("Grace") obtained a lease-option agreement on the property and drilled five angled drill holes, totaling about 728m, directed at the down-dip extension of the Desert Scheelite deposit. The program confirmed the width of the steeply dipping mineralization at Desert Scheelite, which had previously only been intersected in vertical drill holes. Grace did not exercise its option on the property. Duval continued exploration until 1977, when UCC optioned the property. UCC sampling programs in the underground exposures of the Gunmetal Mine averaged between 0.40 and 0.50% WO3. UCC evaluated the Duval geophysical and drilling data and initiated a ground magnetic survey and a drilling program to evaluate the property further. After their drilling intersected scheelite mineralization in both an extension of the Desert Scheelite and in the Middle Gunmetal/South Contact areas, UCC exercised their option to purchase Duval's interest in December 1978. UCC completed mining feasibility studies on the property and conducted trial mining on the Desert Scheelite deposit through a 70,000-tonne bulk sampling exercise. Low tungsten prices halted their activities. 5.1.2 EXPLORATION -2011-2021 Black Fire Minerals Ltd. ("Black Fire") acquired an option on the property in September 2011 and completed a 15-hole drilling program designed to verify historical assay data. This program's results  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img033.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 25 2 supported the preparation of an initial mineral resource estimate for the Desert Scheelite deposit in 2012. Thor Mining PLC ("Thor") acquired an interest in the property in 2014 and initiated a comprehensive exploration program that included a detailed review of archival data generated by UCC. In 2017, Thor completed nine holes targeting copper-silver mineralization within the Desert Scheelite and Garnet deposits. 5.2 HISTORICAL MINERAL RESOURCE ESTIMATES In 2012, Black Fire commissioned the first modern mineral resource estimate for the Desert Scheelite deposit. That estimate, prepared in accordance with the JORC (2004) Code, outlined tungsten resources with copper and silver credits. Following additional drilling and project advancement, Thor Mining updated the resource estimate in 2018. The revised estimate reported 10.7 million tonnes at 0.26% WO₃, 19.4 g/t Ag, 0.15% Cu, and 0.38% Zn above a 0.15% WO₃ cut-off, with the majority classified as indicated resources. The 2018 update incorporated zinc into the resource inventory for the first time, which added a potential by-product stream to the project [RES, 2018]. The reader is cautioned not to treat the mineral resources estimate discussed above, or any part of them, as current mineral resources or mineral reserves. A qualified person has not done sufficient work to classify these historical estimates as current mineral resources or mineral reserves. Neither RESPEC nor Guardian is treating these historical estimates as current estimates. The historical mineral resource estimate discussed above is relevant only for historical completeness. RESPEC did not rely on any of the previous resource estimates in preparing the current work. The mineral resources reported in Section 11.0 of this technical report summary supersede Thor's 2018 estimate and are the Desert Scheelite deposit's only current mineral resources. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img034.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 26 2 6.0 GEOLOGICAL SETTING, MINERALISATION, AND DEPOSIT 6.1 GEOLOGICAL SETTING The geology and geologic setting of the Pilot Mountain property were originally described in Union Carbide's Pilot Mountain Project Geologic Setting and Field Trip Guide prepared by D. E. Grabher [1984], which is the primary source for much of the following information. RESPEC has reviewed it and other sources and considers the information they present to be a materially accurate summary of the geology and mineralization of the Pilot Mountain property as presently understood. 6.1.1 REGIONAL GEOLOGY The Pilot Mountain property lies within the Walker Lane structural belt of western Nevada, a northwest-trending zone of strike-slip faulting, extensional basins, and associated magmatism that accommodates a significant portion of the displacement between the Pacific and North American tectonic plates. The Walker Lane is interpreted as an incipient transform boundary, with deformation expressed through complex fault networks, localized subsidence, and magmatic intrusions that have influenced mineralization patterns across the belt [Faulds and Henry, 2008]. The oldest rocks in the Pilot Mountain area occur within the Luning allochthon, a thrust-stack containing up to thirteen nappes, each generally composed of a single lithologic unit. These rocks range in age from Permian to Jurassic and are dominantly calcareous in the Pilot Mountains [Grabher, 1984; Oldow, 1978]. The allochthon was emplaced along the Luning thrust, a regionally extensive structure formed during the Nevadan–Laramide orogeny, which juxtaposed units of contrasting depositional and deformational histories. Geologists interpret the age of thrusting as lying between post-late Early Jurassic (~175Ma) and Late Cretaceous (~68.7Ma) [Grabher, 1984; Speed, 1977]. During the Early to Middle Jurassic, orogenic movements resulted in quartzose sandstones and other clastic rocks being deposited unconformably over older sediments. Volcanic material becomes progressively more abundant within the Jurassic successions, indicating that magmatism intensified in response to ongoing orogenic activity. Igneous intrusions emplaced between the Jurassic and Tertiary periods cut the layered rocks of the region. Smaller stock-like bodies of Cretaceous granodiorite– quartz monzonite and a Tertiary rhyodacite dome also occur in the Pilot Mountains [Grabher, 1984; Nielsen, 1963]. Skarn mineralization is associated with some of the intrusions. In the Middle to Upper Tertiary, widespread felsic to intermediate volcanic rocks were emplaced across the region. These volcanic units outcrop extensively and locally host precious-metal mineralization outside the Pilot Mountain project area. Later tectonic activity in the region is expressed as northwest-trending, right-lateral faulting associated with the Walker Lane belt. This deformation overprints earlier structures, but basin and range faulting, which is prominent to the northeast in central Nevada, is not well developed within the Walker Lane corridor. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img035.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 27 2 6.1.2 PROPERTY GEOLOGY The Pilot Mountain project area is underlain by a thick succession of Permian to Jurassic sedimentary and volcanic rocks locally intruded by Cretaceous granitic stocks, dykes, and sills and overlain around the margins by Tertiary volcanic units. These rocks have been complexly deformed by thrust faulting and have a combined stratigraphic thickness that exceeds 6,000m. The oldest unit exposed is the Permian Mina Formation, a thick accumulation of marine turbidites, chert, and volcanogenic tuffaceous strata. South of the Desert Scheelite resource area, the Permian Mina Formation is prominently exposed in high cliffs across a major fault scarp. The Mina is overlain by the Triassic Luning Formation, the principal host of mineralization on the property. Although no continuous stratigraphic section is preserved locally, the Luning is at least 2,300m thick in its type locality and is subdivided into lower, middle, and upper members. / The lower Luning member, which hosts mineralization at Desert Scheelite, is ~800m thick and composed of ~60% clastic rocks and ~40% carbonates. Lithologies include fine-grained crystalline limestone and bioclastic carbonate (calcarenite) beds ranging from centimeters to 30m thick. Fossils, particularly shallow-water ammonites, are locally abundant. / The middle Luning member crops out in thicknesses of 100–450m. It forms gradational contact with the lower member and consists of interbedded conglomerate, arenite, wacke, and sandy mudstone. / The upper Luning member, which hosts mineralization in the Gunmetal–Garnet areas, is composed of ~80% limestone and ~20% fine-grained clastic rocks. Massive calcarenite beds up to 5m alternate with thin-bedded limestone, limey mudstone, and sandy mudstone up to 10m thick. The Lower Jurassic Dunlap Formation overlies the Luning with disconformable contact and is locally exposed along the southwestern edge of the property. It is ~1,500m thick in the central Pilot Mountains and records both subaerial and submarine depositional environments. Lithologies include sandstone, siltstone, shale, conglomerate, and minor bioclastic limestone and tuff. Intrusion of a Jurassic biotite quartz monzonite stock produced contact metamorphism, converting adjacent carbonate rocks to marble and pelitic clastics to hornfels. Skarn and calc-silicate alteration formed locally by metasomatic processes within marble and calcareous metaclastic units during the latter phases of emplacement. Evidence of metamorphism extends up to 300m laterally from the northern contact of the stock, although significant mineralization in the modeled resource area is largely confined to within ~90m of the contact. The southern contact of the stock is concealed beneath Quaternary alluvium and sheetwash deposits [Golder, 2012]. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img036.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 28 2 Figure 6-1. Property Geology of the Pilot Mountain Tungsten Project. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img037.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 29 2 Figure 6-2. North-South Cross-Section 424305E Showing Tungsten Mineral Domain and Geology. COORDINATE SYSTEM: UTM WGS84 Zone 11N DATE: 17 November, 2025 RESPEC Reno Office 210 South Rock Blvd. 775.856.5700 %WO3 : <0.005 0.005 - 0.02 0.02 - 0.1 0.1 - 0.2 >0.2 Drill-Hole Assays Color: Mineralized Domain Clastic Sedimentary Hornfels Quartz Monzonite Marble Calcarious Sedimentary Overburden Domains Pilot Mountain Tungsten Project Mineral County, Nevada Tungsten Domains Section 424305 4248200 4248400 1600 1800 Meters 0 15 30 $65,500 Pit $65,500 Pit |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img038.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 30 2 Figure 6-3. Generalized Stratigraphic Column for the Pilot Mountain Tungsten Project.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img039.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 31 2 Near the intruding quartz monzonite stocks, large areas of the Luning Formation's carbonate section have undergone recrystallization accompanied by bleaching. These effects have obscured original sedimentary structures and fossil remains. The degree of recrystallization varies from bed to bed, with some units becoming very coarsely crystalline. Calc-silication of marbles and conversion of mixed calcareous–argillaceous and marly sediments to calc-silicate hornfels is widespread. The character of the altered rock depends largely on the original composition, though metasomatic processes may also have contributed. Thin diopside–feldspar– tremolite–clinozoisite beds of marly origin, as well as dense, light-colored diopside–tremolite– K-feldspar marbles, occur near mineralized centers but predate tungsten mineralization [Grabher, 1984]. Toward mineralized centers, the distinction between purely metamorphic and metasomatic effects becomes less clear. Hornfels typically darken to green, and pale grossularitic garnet and idocrase appear as lenses, veinlets, or knots within the marbles. Veinlets containing garnet, thulite, idocrase, tremolite, clinozoisite, and K-feldspar crosscut the hornfels or follow bedding planes. Lenticular masses of grossularite garnet + idocrase ± sericite also occur in proximity to skarn [Grabher, 1984]. 6.2 DEPOSIT TYPE The Desert Scheelite deposit is a tungsten skarn deposit. Tungsten skarn deposits in the Great Basin formed along the North American Cordilleran magmatic arc, where granitic to granodioritic plutons intruded carbonate-rich basement rocks. Great Basin skarns are concentrated along the margins and roof zones of the Sierra Nevada batholith in California and in dispersed plutons across Nevada. The host rocks include Paleozoic continental shelf and slope facies dominated by limestone, dolomite, and mixed siliciclastic assemblages, as well as Triassic to Jurassic back-arc basin carbonates interlayered with volcaniclastic and siliciclastic units. Skarn ages range from Jurassic to Cenozoic, with most deposits forming during the Cretaceous, coincident with pulsed Cordilleran arc magmatism and crustal thickening [Lederer et al, 2021]. Plutons associated with tungsten skarns are typically coarse-grained granitoids crystallized at depths greater than 3km. Extensive fractional crystallization enriched incompatible elements, such as tungsten, in residual felsic melts. Tungsten partitioned into chlorine-rich magmatic fluids, driving metasomatic alteration of carbonate host rocks. Both reduced and oxidized plutons can generate tungsten skarns, though the highest grades are commonly linked to reduced granitic intrusions [Lederer et al, 2021]. Metasomatism produced zoned calc-silicate assemblages through prograde and retrograde crystallization. Prograde skarn minerals include garnet, pyroxene, and wollastonite, while retrograde assemblages are dominated by epidote, amphibole, and chlorite. Skarn geometry can vary with depth of formation. Deep systems (>5–10km) can form as narrow, vertically extensive bodies along plutonic contacts, whereas shallow systems (<5km) can be more broadly developed and display intense retrograde alteration due to meteoric water influx. Economic tungsten mineralization is typically restricted to exoskarns, where scheelite occurs as the dominant ore mineral [Lederer et al, 2021]. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img040.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 32 2 6.3 MINERALIZATION The mineralization-hosting skarn at Pilot Mountain is classified into two principal compositional types: pyroxene-rich skarn and garnet-rich skarn. The garnet-rich variety occurs in two subtypes, one enriched in base metals and one relatively base-metal poor. Skarn composition is largely controlled by the character of the host carbonate rocks, while the degree of base-metal enrichment appears to reflect the geochemical variability of the individual quartz monzonite stocks that intruded the sequence. 6.3.1 DESERT SCHEELITE The Desert Scheelite deposit is a base-metal enriched tungsten skarn developed within lower Luning Formation carbonates and interbedded biotite hornfels. The skarn zone extends for approximately 600m along the contact of the Desert Scheelite quartz monzonite stock and persists for at least 300m down-dip. The skarn dips steeply north, containing two mineralized zones on both the footwall and hanging wall sides. Garnet compositions, based on limited petrographic and X-ray diffraction studies, are dominantly grossular-andradite solid solution, with Fe-rich andradite rims on garnet porphyroblasts [Grabher, 1984]. Mineralization is characterized by abundant scheelite, along with pyrite and base-metal sulfides, principally chalcopyrite and sphalerite, which locally exceed 20% in unoxidized samples. Tungsten grades within this skarn are notably consistent compared to other deposits on the property. Desert Scheelite contains relatively abundant ankerite and siderite, in addition to pyroxene and quartz. Both iron carbonates and quartz are observed replacing garnet [Grabher, 1984]. 6.3.2 GARNET Both garnet skarns and pyroxene skarns are present at the Garnet deposit. Garnet skarns are commonly interbedded with marble and early-stage pyroxene skarns. Mineralization occurs as high-grade scheelite horizons within pyroxene–quartz–garnet skarn and as disseminations in the outer rims of zoned, porphyroblastic garnets set in a calcareous matrix. At depth, pyroxene skarns are expressed in two distinct subtypes: (1) a dark green pyroxene skarn with brown garnet veinlets developed from an inferred dolomitic limestone host, which outside the altered zone contains chlorite and serpentine bands; this subtype is consistently very low-grade to barren in scheelite, though molybdenite may occur; and (2) a scheelite-rich skarn, possibly formed by replacement of pre-existing diopside–tremolite hornfels layers, characterized by quartz and fibrous amphibole replacing coarse tremolite and diopside, occurring as beds up to 60cm thick and as a green matrix enclosing dark brown isotropic garnet porphyroblasts, which themselves are barren [Grabher, 1984]. 6.3.3 GUNMETAL Exposures at the Gunmetal deposit are characterized by low-sulfide garnet skarn. The skarn exhibits both contact-related vertical replacement and flat-lying stratiform replacement of upper Luning carbonates. Petrographic and X-ray diffraction studies indicate garnet compositions within the grossular-andradite solid solution, with Fe-rich rims on garnet porphyroblasts [Grabher, 1984].  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img041.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 33 2 Pyroxene and quartz are the principal accessory minerals. Scheelite grades vary both between beds and with distance from the intrusive contact, with higher grades adjacent to marble and lower grades near quartz monzonite. The deposit also contains a narrow contact skarn and multiple stratiform skarns extending outward from the Gunmetal stock. These skarns are generally thinner, but locally include a zone of thin, higher-grade skarn interbedded with thicker barren hornfels. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img042.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 34 2 7.0 EXPLORATION Since acquiring the Pilot Mountain project in 2021, Guardian has advanced exploration through a combination of data review, updated geological modeling, and targeted drilling programs. Work has focused on validating the historical resource base, assessing extensions of known mineralization, and collecting samples to support metallurgical and geotechnical evaluations. These activities provide the foundation for ongoing technical studies and a planned pre-feasibility assessment, with detailed results and methodologies discussed in the subsections that follow. Given the early stage of the project, only preliminary hydrological or geotechnical investigations have been conducted at the Pilot Mountain deposits. 7.1 ROCK CHIP SAMPLING In June 2024, Guardian conducted closely spaced rock-chip sampling and whole-rock geochemical analysis of the quartz monzonite intrusions on the property to determine whether their geochemical signatures are consistent with porphyry Cu-Mo systems. Guardian also collected hydrothermally altered wall rocks south of the Porphyry South magnetic anomaly. Guardian submitted 12 quartz monzonite samples to ALS for whole-rock geochemical analysis. The results returned element ratios (Sr/Y > 80; La/Yb > 20; Yb < 1.5) and Eu anomalies > 0.9, values that align with adakitic geochemical signatures commonly associated with Cu-Mo porphyry intrusions. These findings indicate that the Pilot Mountain quartz monzonite exhibits geochemical characteristics consistent with globally recognized porphyry systems. Guardian also collected nine representative rock-chip samples south of Desert Scheelite and Porphyry South. Eight samples contained >150ppm Cu, three exceeded 550ppm Cu, and two returned values of 691ppm Cu with 201ppm Mo and 799ppm Cu. These anomalous copper concentrations occurred in quartz-sericite-pyrite ("QSP") altered metasedimentary rocks located 500–700m to the south of the Porphyry South anomaly. Copper showings included chrysocolla, malachite, and chalcocite associated with oxidized sulfide-bearing quartz veins. Guardian's geochemical results suggest that copper mineralization is present over a broad area adjacent to the quartz monzonite intrusions. In 2025, Guardian continued exploration at Porphyry South. Guardian's work included detailed mapping of intrusions, porphyry dykes, copper occurrences, sulfides, and quartz vein density. Guardian collected 189 outcrop rock chip samples, analyzed by four-acid digestion with ICP-MS/ICP-AES. Results confirmed elevated copper and molybdenum across Porphyry South. Along a ~1km east-west ridge of gossanous breccia, 15 rock-chip samples returned copper values above 1,000ppm, including a maximum of 2.05% Cu. Petrographic analysis confirmed cuprite, malachite, and tenorite within the breccia. Two smaller clusters of mineralized outcrops south of the quartz monzonite intrusion also yielded copper concentrations >500ppm. Trace element geochemistry showed elevated arsenic (>50ppm), selenium (>2ppm), and tellurium (>0.1ppm), consistent with QSP alteration and indicative of the phyllic alteration zone, which commonly surrounds porphyry system cores. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img043.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 35 2 7.2 GEOPHYSICAL SURVEYS In June 2023, while operating under the name Golden Metal Resources PLC, Guardian completed a high-resolution induced polarization ("IP") geophysical survey across the Pilot Mountain Project. The program encompassed the Desert Scheelite deposit and adjacent quartz monzonite stock, and it delineated three significant chargeability anomalies interpreted as disseminated sulfide mineralization. These anomalies provided early evidence of possible porphyry-style systems and defined priority targets for follow-up exploration. In 2025, Guardian completed a three-dimensional induced polarization ("3DIP") survey targeting porphyry-style alteration and mineralization that extended coverage southward from the 2023 IP survey area. The 3DIP results, integrated with the 2023 IP, confirmed the presence of chargeability anomalies. Although geophysical work remains at an early-stage relative to drilling and metallurgical studies, the results may provide support for refinement of exploration targets and potential resource expansion. 7.3 DRILLING Table 7-1 summarizes the meters drilled in each target area at the Pilot Mountain Project. Guardian has drilled a total of 89 core drill holes, which includes 68 holes at the Desert Scheelite deposit, 20 holes at the Garnet deposit, and one hole targeting Porphyry South. All drilling was conducted using diamond core methods, and drill-hole locations were surveyed by contracted professional land surveyors. Table 7-1. Guardian Drilling in 2024-2025 Target Type of Drilling Total Holes Total (m) Desert Scheelite Core 68 8,471 Garnet Core 20 1,466 Porphyry South Core 1 407 Total 89 10,344 Guardian contracted Diamondback Drilling, who operated Boart Longyear LF Super 90 rigs for core drilling. The crew applied barium-based grease with organic compounds during coring. At shallow depths, they advanced short runs of one to two feet to manage broken core. The crew relied on mechanical methods to remove core from the barrel, including hammering the outside with a rubber mallet or claw hammer, ramming a metal stake into the back end, and shaking the barrel when necessary. The crew labeled cardboard core boxes with Guardian information, including hole ID, box number, and from and to depths. They marked each run with wood blocks noting footage, interval length, and recovered length in feet. The crew washed tubes and core with a plastic brush and water before placing samples in boxes, ensuring clean presentation and accurate labeling. As drilling progressed, core recovery improved, with later runs producing more intact samples. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img044.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 36 2 Figure 7-1. Map of Drill Holes at the Pilot Mountain Project. Advanced Surveying & Professional Services ("ASPS") surveyed all the drill collar locations for the 2024–2025 program, along with 30 historical collars that remained physically identifiable on the project site. All collar positions were reported in Universal Transverse Mercator ("UTM") coordinates using the WGS84 geodetic datum. Guardian collected down-hole survey readings for the 2024–2025 drilling program at 10m intervals using the Gyromaster instrument manufactured by Stockholm Precision Tools. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img045.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 37 2 8.0 SAMPLE PREPARATION, ANALYSIS, AND SECURITY 8.1 SAMPLE METHODS AND QA/QC 8.1.1 GUARDIAN METALS SAMPLING METHODS Every day of active drilling, Guardian geologists transported drill core from the drill site to the core facility in Hawthorne, Nevada. Once there, they placed the core on racks, pieced together and washed the core, and converted footages to meters labeled on the boxes and wood blocks. The geologists logged recovery, RQD, the primary and secondary lithologies, color, the presence and intensity of carbonate and quartz veining, faulting and structural intensity, alteration type and intensity, mineralization with visual estimates of modal mineral percentages, and the oxidation minerals present. They also documented jointing and other structural features and the redox state. Guardian geologists selected sample intervals based on geology (e.g., skarn, oxidation zones). Intervals ranged from a minimum of 0.1m to a maximum of 1.5m. The geologists stapled pre-numbered sample tags into the core box at the beginning of each run, with two tags inserted when duplicates were required. They marked sample intervals directly on the core with red lumber crayon and used blue crayon to mark UV-fluorescent scheelite, and yellow crayon to indicate powellite. The geologists initiated sampling once mineralized zones were encountered in the core and continued sampling through the entire mineralized interval. To ensure representative coverage, 5m of buffer samples were collected on both sides of each mineralized zone. Guardian geologists photographed wet and dry core samples. Recently, they began photographing core boxes under UV light to highlight scheelite, powellite, and calcite fluorescence. After logging, the geologists placed core boxes next to the core saw. Sampling technicians cut the core from the top of the hole downward using a bench-mounted saw. Cutters consistently sampled the right side of the core and returned the left side to the box in its original sequence. They sampled broken or rubbly intervals by volume. To make field duplicates, the cutters split the right half again, producing two quarter-core samples. Technicians placed samples in large cloth bags with bar-coded tags attached to the label, also inserted bar-coded tags inside the bag, and transferred the bagged samples to supersacks labeled with the ALS client code and batch number. For quality assurance/quality control ("QA/QC"), Guardian geologists inserted certified reference materials ("CRMs" or "standards"), blanks, and field, coarse, and pulp duplicates at defined frequencies into the sample register. The QA/QC samples were placed in gallon Ziplock bags with sample tags and hole numbers on the bag. The crew palletized the supersacks, which were stored inside a locked Quonset hut. Guardian personnel delivered the supersacks directly to the ALS laboratory in Reno, Elko, or Carson City. Guardian personnel obtained chain-of-custody documentation at the lab and scanned the documentation into the project database. Guardian geologists also collected density samples every 10m. They wax-coated the density samples and measured their densities using the water immersion method without oven drying for dry weight. They chose density samples to represent the range of lithologies, alteration types, and mineralization styles present. However, only intact samples were measured, so lithologies that tended to be broken or fractured might not be accurately represented. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img046.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 38 2 Guardian stores historical core outside under tarps in shipping containers that are not within the locked facility. 8.1.2 HISTORICALSAMPLING METHODS RESPEC reviewed drilling and sample collection methods conducted by Black Fire and Thor, relying primarily on prior reports prepared under JORC standards to compile available details [Golder 2012, RES 2018]. In 2012, Black Fire contracted Timberline Drilling Inc. ("Timberline") to conduct core drilling using a track-mounted Boart Longyear LF90 drill rig. The drillers pre-collared the first 30m with a tri-cone roller bit due to poor ground conditions. RESPEC is not aware of any documentation identifying the specific procedures employed during drilling and core recovery. Black Fire geologists logged recovery, RQD, and the quality of the mark for core orientation. They also recorded UV fluorescence, lithology, alteration, mineralization, veining, and structures on geologic logs. Black Fire personnel photographed wet and dry core and marked samples on geological intervals using pre-numbered sample registers. Black Fire technicians cut the core, sent half for analysis, and retained the remaining half for reference. Black Fire personnel submitted QA/QC samples, including CRMs and blanks, with the core samples. RESPEC is not aware of any additional documentation identifying the specific procedures used for sampling and QA/QC insertion beyond what is available in the Golder [2012] and RES [2018] reports. Black Fire stored samples in a locked shed at Black Fire's facility in Hawthorne, Nevada. After the completion of each hole, a Black Fire technician delivered the samples to ALS in Reno, Nevada. RESPEC does not have documentation indicating which drilling contractor or rig Thor used for the RC drilling they conducted. The drill crew collected 2kg subsamples at 0.76m (2.5ft) intervals using a rotary splitter. Thor personnel collected, logged, and photographed chip tray samples. Thor geologists logged UV fluorescence, lithology, alteration, and mineralization. RESPEC is not aware of any additional documentation identifying the specific procedures Thor used to manage sampling and QA/QC insertion beyond what they reported. Thor stored samples in a locked shed at their facility in Hawthorne, Nevada. A Thor technician delivered the samples to ALS in Reno, Nevada. RESPEC has not identified or reviewed any documentation detailing the sample handling, preparation, security procedures, or chain of custody protocols employed during the 1970s drilling at the Pilot Mountain project. 8.2 SAMPLE PREPARATION 8.2.1 GUARDIAN METALS SAMPLE PREPARATION AND ANALYTICAL METHODS ALS Laboratories in Reno, Nevada prepared and analyzed the samples Guardian submitted using established geochemical methods suitable for multi-element and ore-grade analysis. To conduct the initial assays for tungsten, silver, copper, and zinc, ALS used method ME-ICP61, a four-acid digestion  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img047.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 39 2 followed by inductively coupled plasma–atomic emission spectroscopy ("ICP-AES"). This methodology provides reliable detection across a broad range of metal concentrations. To ensure accurate quantification of initial assays that exceeded upper detection limits (overlimits), ALS re-analyzed overlimit samples using ore-grade methods. ALS re-assayed overlimit silver samples using aqua regia ("OG46") and four-acid ("OG62") methodologies. ALS used OG62 to re-assay overlimit copper and zinc samples. These methods incorporate enhanced digestion and detection protocols designed for high-concentration samples. Any tungsten samples that reported greater than 1,300ppm W were re-analyzed using x-ray fluorescence ("ME-XRF15c"), a pressed pellet technique appropriate for quantifying tungsten trioxide ("WO3") in high-grade material. ALS Laboratories is accredited to ISO/IEC 17025 for laboratory competence and ISO 9001 for quality management systems. These certifications confirm that ALS maintains rigorous analytical protocols and traceable procedures. RESPEC knows of no relationship between ALS and Guardian other than that of an independent commercial laboratory providing analytical services to a client. 8.2.2 HISTORICALSAMPLE PREPARATION AND ANALYTICAL METHODS Analytical protocols for the Black Fire and Thor drilling campaigns at Desert Scheelite involved standardized sample preparation and multi-element analysis conducted by ALS. Upon receipt, ALS registered, weighed, dried, and crushed the samples to achieve greater than 70% passing a 2mm screen. The lab then obtained a 1,000g split and pulverized it to greater than 85% passing a 75-micron screen. ALS subjected a portion of the prepared samples to a multi-acid digestion method suitable for near-total decomposition of silicate-rich material, then performed the elemental analysis using ICP-AES. To confirm analytical consistency, American Assay Laboratories ("AAL") processed check samples using the same methodology. AAL is accredited under ISO/IEC 17025:2017, covering both sample preparation and analytical procedures. RESPEC knows of no relationship between ALS or AAL and Black Fire or Thor other than that of an independent commercial laboratory providing analytical services. Guardian recovered a partial set of original assay certificates from the 1970s drilling programs conducted by UCC and Duval. These records provide limited insight into the analytical work performed for some of the assays obtained during that period. The laboratories identified in the available documentation include Rocky Mountain Geochemical, Skyline Labs, and Southwestern Assayers and Chemists. Sample preparation techniques used by these laboratories were not recorded in the available documentation and remain unknown to RESPEC. The analytical methods employed included atomic absorption spectroscopy for multi-element analysis and colorimetric techniques for tungsten determination. Certification status for these laboratories during the 1970s is not fully documented. However, Skyline Labs is known to have held ISO 9001:2015 and ISO 17025:2017 certifications in later years, while no  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img048.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 40 2 publicly available records confirm accreditation for Rocky Mountain Geochemical or Southwestern Assayers and Chemists. 8.3 QUALITY ASSURANCE/QUALITY CONTROL RESPEC compiled and evaluated QA/QC results from Guardian's 2024–2025 drilling programs and reviewed published QA/QC data for Black Fire and Thor. Results from CRMs, blanks, and field duplicates are summarized and discussed in this section. Certified Reference Materials CRMs are powdered materials containing known concentrations of target metals and are used to assess analytical accuracy. Commercial suppliers provide certified values and associated standard deviations derived from multiple laboratory analyses. Analytical results are typically considered acceptable when they fall within the certified value ± three standard deviations. Blanks Blanks contain metal concentrations below detection limits and are used to monitor laboratory contamination. Two types are commonly used: coarse blanks and analytical (pulp) blanks. Coarse blanks are crushed and pulverized through the full preparation process and are most effective for detecting contamination introduced during sample preparation. Analytical blanks, consisting of barren pulp material, monitor contamination at the analytical stage but are less diagnostic. Blanks returning values greater than five times the detection limit are considered failures. Duplicates Field duplicates are secondary splits of drill core or reverse circulation ("RC") samples collected at the drill site or during core sampling. They are used to evaluate the natural heterogeneity of metal distribution in the deposit but also provide a measure of sampling precision and can identify potential issues with sample splitting. Preparation duplicates are coarse reject splits usually prepared by the laboratory at the request of project staff. Pulp duplicates are also produced by the lab for their internal QA/QC programs. 8.3.1 GUARDIAN METALS QA/QC RESULTS CERTIFIED REFERENCE MATERIAL 2024-2025 During their 2024-2025 drill programs, Guardian used a combination of commercially produced and internally prepared CRMs. They obtained a commercial CRM from Geostats Pty Ltd. ("Geostats") and another from CDN Resource Laboratories Ltd. ("CDN"). Both CRMs were certified for tungsten, but the CRM from CDN was also certified for copper (Table 8-1). Internally prepared standards were derived from Desert Scheelite drill material collected by Guardian and certified for tungsten, silver, copper, lead, and zinc through round-robin testing managed by Moment Exploration Geochemistry Labs ("MEG"). The insertion rate for CRMs in Guardian's drilling program was approximately 6% for tungsten assays.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img049.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 41 2 Table 8-1. CRMs Used by Guardian Metals CRM ID Source Drill Years Insertion Count Certified W ppm W Std Dev ppm Certified Ag ppm Ag Std Dev ppm Certified Cu ppm Cu Std Dev ppm Certified Zn ppm Zn Std Dev ppm CDN-W-4 CDN 2024- 2025 25 3,660 240 1,390 80 GW-02 Geostats 2024- 2025 6 1,231 20 W311001X Guardian 2024- 2025 36 1,930.8 224.1 52.06 1.74 42,370.3 1,378.1 7,236.2 293.3 W311002X Guardian 2024- 2025 24 1,401.7 77.2 10.73 1 2,859.36 80.54 4,037.2 255.6 W311003X Guardian 2024 4 3,550.2 318.3 20.93 1.17 357.03 17.72 10,221.7 486.4 Table 8-2 summarizes the evaluation of tungsten, silver, copper, and zinc analyses in all CRMs used by Guardian. Analytical performance was generally within acceptable limits, and no consistent analytical bias evident across elements. Tungsten shows a modest negative bias (-3% to -10%) relative to the expected values, while copper and zinc results are close to the certified values, with biases typically less than ±6%. Silver results display greater variability, including a few isolated high values, but these do not indicate a systematic analytical issue. Overall CRM failure rates across all elements were low (Table 8-3), with 14 failures out of 312 insertions (4.5%). Tungsten returned 5 failures from 95 CRMs (5.3%), including four low and one high outlier. Silver exhibited the highest failure rate, with 6 failures from 64 CRMs (9.4%), all on the high side. Copper showed 2 failures from 89 CRMs (2.2%), both high outliers, while zinc returned 1 failure from 64 CRMs (1.6%). These results indicate generally strong QA/QC performance, with silver showing comparatively higher variability. The apparent copper and zinc failures for CRM W311002X may be attributed to potential mislabeling, as the copper and zinc results are consistent with the typical values reported for W311001X and W311003X. However, this possibility cannot be confirmed. The five silver failures in W311001X are interpreted as genuine analytical inaccuracies, likely reflecting greater-than-expected variability in ALS's silver analyses, as indicated by the higher standard deviation observed for this CRM. The cause of the high failure rate of GW-02 is unknown. No clear analytical or procedural cause was identified, although due to the limited number of insertions, it is difficult to evaluate the issue further. RESPEC is not aware of the specific steps Guardian undertook with ALS to address CRM assay failures.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img050.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 42 2 Table 8-2. Summary of Analyses for Guardian Certified Reference Materials 2024-2025 CRM ID Period Laboratory Element Insertions Expected Value ppm Grades in ppm Failure Counts Bias as % Low Mean High Low High CDN-W-4 2024- 2025 ALS W 25 3,660 3,380 3,499 3,610 0 0 -4.4 CDN-W-4 2024- 2025 ALS Cu 25 1,390 1,340 1,396 1,460 0 0 0.4 GW-02 2024- 2025 ALS W 6 1,231 1,130 1,158 1,220 4 0 -5.9 W311001X 2024- 2025 ALS W 36 1,931 1,590 1,730 1,820 0 0 -10.4 W311001X 2024- 2025 ALS Ag 36 52.1 51.4 54.1 56.6 0 5 4.0 W311001X 2024- 2025 ALS Cu 36 42,370.3 40,400 42,330 44,200 0 0 -0.1 W311001X 2024- 2025 ALS Zn 36 7,236.2 6,990 7,386.9 7,730 0 0 2.1 W311002X 2024- 2025 ALS W 24 1,402 1,270 1,357.9 1,700 0 1 -3.2 W311002X 2024- 2025 ALS Ag 24 10.7 10.4 13.0 55.0 0 1 20.9 W311002X 2024- 2025 ALS Cu 24 2,859 2,690 3,186.7 10,000 0 2 11.5 W311002X 2024- 2025 ALS Zn 24 4,037 3,870 4267.1 7400 0 1 5.7 W311003X 2024- 2025 ALS W 4 3550.2 2960 3237.5 3410 0 0 -8.8 W311003X 2024- 2025 ALS Ag 4 20.9 20.2 21.5 23.1 0 0 2.8 W311003X 2024- 2025 ALS Cu 4 357 340 351.3 368 0 0 -1.6 W311003X 2024- 2025 ALS Zn 4 10221.7 10550 10620 10700 0 0 3.9 Table 8-3. CRM Failures by Metal Metal Total CRMs Low High Failures Total Rate W 95 4 1 5 5.3% Ag 64 0 6 6 9.4% Cu 89 0 2 2 2.2% Zn 64 0 1 1 1.6% Total 312 4 10 14 4.5% |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img051.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 43 2 BLANKS 2024-2025 The blanks used during 2024–2025 were procured from MEG Labs and are certified. They consist of rhyolite cobbles sourced from western Nevada. The insertion rate was approximately 6%. For tungsten, 51 of the 92 analyses reported results below the detection limit of 10ppm W. Thirty-nine analyses returned between 10 and 60ppm W, below the warning limit of 100ppm W. Two analyses, at 130ppm W and 2,350ppm W, followed the processing of higher-grade samples and indicates limited contamination occurred during sample processing. For silver, 91 of the 92 analyses returned results below the detection limit of 0.5ppm Ag, with one blank assay at 7.7ppm Ag considered a failure. For copper, 9 of the 92 analyses reported results below the detection limit of 1ppm Cu. Sixty-seven analyses reported between 1 and 9ppm Cu, below the warning limit of 10ppm Cu. Sixteen analyses exceeded 10ppm Cu and indicate minor contamination during sample preparation after higher-grade samples were processed. One failure at 4,050ppm Cu corresponded to the same blank that returned 2,350ppm W. The coarse blank returned repeated failures for zinc. However, the blank material had not been evaluated or certified for zinc and may therefore be unsuitable for monitoring potential contamination of this element. Consequently, the zinc blank results are not considered reliable indicators of laboratory or sample preparation contamination. Although RESPEC does not know what follow-up actions, if any, Guardian undertook regarding the errant blank assays, the isolated failures for tungsten, silver, and copper do not indicate a systematic contamination issue during sample preparation at the laboratory. FIELD DUPLICATES 2024-2025 Guardian collected 34 field duplicates, consisting of quarter-core splits. RESPEC evaluated the results for these statistically, on scatterplots, and relative percent difference ("RPD") analyses. The results are summarized in Table 8-4. Table 8-4. Summary of Results for Field Duplicates in 2024-2025 Type Start Date End Date Metal Counts RMA Regression Rel Pct Diff Corr Coeff All Used Outliers (y = dup, x = orig) ¼ core field duplicate Sep-24 May-25 W 34 34 0 y = 1.036x - 24.022 3.5 0.958 Ag 34 29 2 y = 0.897x + 0.228 –10.9 0.962 Cu 34 34 0 y = 0.987x + 39.662 –1.3 0.998 Zn 34 34 0 y = 1.009x + 2.377 0.9 0.992 The RPDs for the elements in Table 8-3 indicate minimal bias between analyses of original and field duplicate samples for tungsten (Figure 8-1), copper (Figure 8-2), and zinc (Figure 8-3). Tungsten duplicates returned an average RPD of 3.5% with a correlation coefficient of 0.958, reflecting low  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img052.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 44 2 variability and strong reproducibility. Copper duplicates showed an average RPD of -1.3% and a correlation coefficient of 0.998, indicating excellent agreement. Zinc duplicates reported an average RPD of 0.9% with a correlation coefficient of 0.992, also demonstrating strong reproducibility. A slight negative bias was observed in the silver assay duplicates, with duplicate values consistently reporting lower concentrations than the original assays (Figure 8-4). After removal of two outlier pairs, the average RPD remained at approximately -10%, though correlation remained strong at 0.962. The variability in field duplicates generally reflects natural heterogeneity in the deposit rather than systemic analytical errors. Sampling inconsistencies can also cause variability or bias in the RPD data. Figure 8-1. Tungsten Field Duplicate vs. Original, Desert Scheelite 2024-2025.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img053.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 45 2 Figure 8-2. Copper Field Duplicate vs. Original, Desert Scheelite 2024-2025. Figure 8-3. Zinc Field Duplicate vs. Original, Desert Scheelite 2024-2025.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img054.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 46 2 Figure 8-4. Silver Field Duplicate vs. Original, Desert Scheelite 2024-2025. PREPARATION DUPLICATES 2024-2025 Guardian marked 26 coarse duplicate samples in the original sample stream and instructed ALS to prepare duplicates from the coarse rejects of the original sample. RESPEC evaluated these duplicate pairs in the same manner as for field duplicates. A summary of the results is presented inTable 8-5. Table 8-5. Summary of Results for Preparation Duplicates in 2024–2025 Type Start Date End Date Metal Counts RMA Regression Rel Pct Diff Corr Coeff All Used Outliers (y = dup, x = orig) coarse prep dup. Sep-24 May-25 W 26 26 0 y = 0.995x - 3.072 –0.5 0.989 Ag 26 26 0 y = 1.029x + 0.484 2.8 0.988 Cu 26 26 0 y = 0.999x + 20.583 –0.1 1.000 Zn 26 26 0 y = 0.973x + 33.281 –2.7 0.998 The analysis used all samples. No outliers were removed. RMA regression results indicate strong linear relationships between original and duplicate assays, with correlation coefficients ranging from 0.988 to 1.000. RPDs were minimal, ranging from -2.7% to +2.8%, which suggests good analytical precision and negligible bias across all metals. Regression slopes were near unity, further supporting the reproducibility of the preparation duplicate assays. Variability and bias in RPD data tends to decrease at each stage of crushing, such that variability is highest in field duplicates, lower in preparation duplicates, and lowest in pulp duplicates. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img055.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 47 2 PULP DUPLICATES 2024-2025 Guardian also marked 23 pulp duplicate samples in the original sample stream and instructed ALS to prepare pulp duplicates by splitting the original pulp material. A summary of the results is presented in Table 8-6. Table 8-6. Summary of Results for Pulp Duplicates in 2024-2025 Type Start Date End Date Metal Counts RMA Regression Rel Pct Diff Corr Coeff All Used Outliers (y = dup, x = orig) pulp dup. Sep-24 May-25 W 23 23 0 y = 1.031x + 40.811 3.0 0.979 Ag 23 18 1 y = 0.930x - 0.216 –7.2 0.988 Cu 23 23 0 y = 0.985x - 46.092 –1.5 0.984 Zn 23 23 0 y = 1.033x - 13.139 –0.5 0.995 RESPEC used all samples in the evaluation except for silver. For silver, RESPEC used 18 samples and excluded one outlier. RMA regression results show strong correlations between original and duplicate assays, with correlation coefficients ranging from 0.979 to 0.995. RPDs were low across all metals, ranging from –7.2% to +3.0%. The silver assays exhibited a slight negative bias (RPD = –7.2%), consistent with earlier observations of lower duplicate values at low grades. Overall, the pulp duplicate results demonstrate good analytical precision and minimal bias. SUMMARY OF HISTORICAL QA/QC RESULTS No QA/QC data are available for the original 1970s drilling or for the 2017 program completed by Thor. During the preparation of this resource estimate, no independent assessment of Black Fire's 2011– 2012 QA/QC program was possible, as the supporting data were not available for review. Although earlier technical reports—Golder [2012] and RES [2018]—describe Black Fire's QA/QC procedures and results from their campaigns, the absence of underlying data precluded RESPEC from evaluating or verifying the conclusions. As a result, all conclusions by RESPEC regarding data quality for the Thor and Blackfire QA/QC are based solely on the current dataset and accompanying documentation. 8.4 QP OPINION Based on the documentation reviewed, the authors believe that the sample preparation, analytical procedures, and QA/QC protocols implemented by Guardian during the 2024–2025 drilling programs are adequate to support the resource estimate presented in Section 11.0. Guardian's core handling and sampling followed reasonable standard operating procedures, with consistent application of sample interval selection, protocols, and chain-of-custody measures. ALS conducted sample preparation and analysis using appropriate multi-element and ore-grade methods and performed re-assays using methods with higher detection limits when overlimit assays occurred. Guardian's QA/QC measures included insertion of certified reference materials, blanks, and field, coarse, and pulp duplicates at statistically meaningful frequencies. The authors evaluated analytical performance using statistics, RPD, and regression analysis. Results for tungsten, copper, and zinc demonstrated acceptable precision and minimal bias across all duplicate types. Silver assays showed slightly elevated variability, particularly at low concentrations, but did not exhibit systematic errors.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img056.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 48 2 Blank performance was generally acceptable, with isolated failures attributed to sample carryover rather than persistent contamination. CRM results were within expected ranges, with no consistent analytical bias observed. The authors judge that QA/QC results are adequate to support the use of assay data in resource estimation, even though the CRM failure rate was somewhat high for some metals and Guardian's follow up on CRM and blank failures is not known. The duplicate data sets indicate generally low overall variability, with relative percent differences (RPDs) averaging less than 5% for tungsten, copper, and zinc. These results suggest minimal bias and strong reproducibility between original and duplicate assays. Silver duplicates exhibited a slight negative bias, with duplicate values consistently lower than the originals and an average RPD of approximately -10%. The duplicate analyses demonstrate that assay reproducibility is acceptable across the dataset, with only minor bias observed in silver. Black Fire and Thor collected samples using rotary-split RC and core methods. ALS and AAL, both ISO/IEC 17025 accredited, conducted sample prep and analysis. QA/QC protocols included insertion of CRMs and blanks, and check assays confirmed consistency. Although raw QA/QC data from the 2011– 2012 validation program is unavailable, documented procedures provide some confidence in data quality. Due to the absence of QA/QC data, the authors place lower confidence in the Black File and Thor datasets. However, comparative analysis with validated datasets supports the inclusion of select historical data in the mineral resource estimate presented in Section 11.0. Historical drilling data from the 1970s lacks documented sampling protocols and QA/QC records. However, legacy labs such as Skyline Labs held ISO accreditation in later years. The authors place lower confidence in the historical assay data due to the lack of QA/QC data and results. However, as discussed in Section 9.0, data validation through comparative analysis supports the inclusion of select historical data in the estimate of mineral resources presented in Section 11.0. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img057.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 49 2 9.0 DATA VERIFICATION RESPEC performed a variety of tasks to verify the Desert Scheelite project data. The authors compared the current drilling database to original digital records, which included assay results, collar coordinates, and down-hole orientation surveys. The limited available documentation of the historical drilling data consisted primarily of scanned assay certificates, so RESPEC manually audited a representative portion of the historical data. As detailed in Section 8.3, the authors evaluated the available QA/QC data associated with assays. In addition to the data review, RESPEC conducted a site visit that included direct inspection of the deposit area and Guardian's operational facility in Hawthorne, Nevada. 9.1 SITE VISITS AND PERSONAL INSPECTIONS Accompanied by Guardian geological personnel, RESPEC geologists visited the Pilot Mountain project on July 8 and 9, 2025, and conducted field examinations of altered and mineralized rocks of the Desert Scheelite, Garnet and Gun Metal deposits. They reviewed core from Desert Scheelite deposit holes PM24-12 and PM24-04 at Guardian's sample processing facility in Hawthorne, Nevada. The RESPEC geologists also reviewed core sample handling, processing, and storage protocols at the sample-processing and storage facilities, directly observed core handling at a rig drilling into the Garnet deposit, discussed QA/QC, logging procedures, and specific gravity ("SG") measurements with Guardian personnel, performed GPS collar checks at locations of select holes at drill sites, and collected confirmation samples for assay. 9.2 DRILL-HOLE DATA VERIFICATION Guardian compiles and manages Desert Scheelite deposit drill-hole data in a digital database. The database incorporates information sourced from original field records and laboratory-issued data files. Guardian provided RESPEC with the complete dataset, including original down-hole survey records and collar location documentation. RESPEC obtained the assay certificates for the 2024–2025 drilling program by directly downloading the data from ALS's secure reporting system. RESPEC's verification of the Desert Scheelite project data included audits of the assay, down-hole survey, and collar location tables. For each dataset, RESPEC constructed independent comparison tables using original source files and evaluated them against Guardian's database. Software tools used for this process included Microsoft Excel and the Hexagon MS Torque program. RESPEC and Guardian collaboratively reviewed and resolved any identified discrepancies. The final data tables used for resource estimation incorporated all necessary corrections. 9.2.1 DRILL-HOLECOLLAR LOCATIONS COORDINATE COMPARISONS Guardian's datum usage has been clearly documented. During the collar audit, RESPEC identified historical records that had previously been transformed to UTM coordinates using the NAD83 datum. To assess the positional implications of this discrepancy, RESPEC performed coordinate comparisons  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img058.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 50 2 between WGS84 and NAD83 datums across all collar locations with ASPS survey records. RESPEC calculated the positional offsets using Euclidean distance between Easting/Northing pairs. As summarized in Table 9-1, the mean offset was 0.1093m with a standard deviation of 0.0006m. These results confirm sub-decimeter consistency across the dataset. Table 9-1. Positional Offset Statistics —WGS84 Versus NAD83 Coordinate Comparison Offset Statistic Value (m) Minimum Offset 0.1087 Maximum Offset 0.1099 Mean Offset 0.1093 Median Offset 0.1097 Standard Deviation 0.0006 Number of Collar Points 70 Given the minimal positional difference and the consistent use of WGS84 in modern data acquisition, all coordinates in this report are retained in UTM WGS84. This approach ensures internal consistency and avoids unnecessary transformation artifacts. Based on the results of the comparison, the positional tolerance is well within acceptable limits. GPS COLLAR CHECKS During the July 2025 Pilot Mountain project site visit, RESPEC geologists took GPS measurements on eight drill pads, or suspected drill pads, to spot-check coordinates in Guardian's collar tables (Table 9-2). Field measurements and collar coordinates in the database were taken in NAD83 meters for comparison in Table 9-2. RESPEC found direct evidence of drill holes—concrete plugs, drill pipe, or open holes—at six sites. Four sites had drill-hole identifications marked in some way, of which two were Guardian holes. Two sites were suspected or determined to be pads using less direct evidence, such as the presence of cuttings, or level spots likely constructed for no other reason than drilling. Where no drill-hole identification was found at the site, the closest drill collar in the database was used for comparison. Table 9-2 gives the best-case comparisons (although unconfirmed). The RESPEC geologists used a Garmin eTrex - Legend non-differential GPS to measure coordinates at the drill sites and pads. The Garmin website indicates that the eTrex - Legend device is accurate to within "3-5m (10-16ft), 95% typical with DGPS corrections, <15m (49ft) RMS, 95% typical." The overall results were good for all holes and suspected pads, drill sites, and inferred collar locations. All measured coordinates were within an expected range of the non-differential GPS accuracy when compared to the database coordinates. The largest discrepancy was 3.6m for northings and eastings. Differences up to 6.4m was noted for elevations, although GPS readings in the vertical sense tend to be less accurate. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img059.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 51 2 Table 9-2. Verification GPS Checks of Drill Collars at the Pilot Mountain Project (Page 1 of 2) Location Drill-Hole ID Description RESPEC GPS Collar Coordinates Guardian Database Collar Coordinates Difference - RESPEC vs Database Easting (m) Northing (m) Elevation (m) Easting (m) Northing (m) Elevation (m) Easting (m) Northing (m) Elevation (m) Desert Scheelite - Test pit DSDD-02? Old wood stake in ground with no apparent markings or concrete plug 424,040 4,248,272 1,955 424,040 4,248,273.41 1,956.2 0 1.41 1.2 Desert Scheelite - Test pit DSDD-03 2ft diameter concrete plug with hole ID carved into surface 424,083 4,248,286 1,954 424,083 4,248,288.78 1,956.7 0 2.78 2.7 Desert Scheelite - Test pit 87 Rebar with orange plastic cap possibly embedded in concrete; Adjacent orange pin flag marked with '87' 424,124 4,248,289 1,955 424,125 4,248,287.26 1,957.923 1 –1.74 2.923 Desert Scheelite - Near trench west of test pit PM24- 33 1½in x 1½in wood stake marked with hole ID, proposed hole ID and dip of hole; Painted red and embedded in concrete plug 423,906 4,248,252 1,989 423,908 4,248,248.73 1,990.148 2 –3.27 1.148 Desert Scheelite - South of test pit PM24- 17 Same 1½in x 1½in wood stake embedded in concrete plug as PM24-17; Also has aluminum tag at base of stake marked with hole ID 424,305 4,248,331 1,945 424,307 4,248,328.79 1,948.363 2 –2.21 3.363 Good Hope DH-81 5½in-diameter casing extending 8in to 10in above ground surface on old drill pad. 423,916 4,249,462 1,953 423,917 4,249,458.4 1,957.8 1 –3.60 4.8 |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img060.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 52 2 Table 9-2. Verification GPS Checks of Drill Collars at the Pilot Mountain Project (Page 2 of 2) Location Drill-Hole ID Description RESPEC GPS Collar Coordinates Guardian Database Collar Coordinates Difference - RESPEC vs Database Easting (m) Northing (m) Elevation (m) Easting (m) Northing (m) Elevation (m) Easting (m) Northing (m) Elevation (m) Garnet - At site of Guardian drill hole PMGR25- 119 in progress GR-070? Metal casing with metal cap likely created on-site with cutting torch; Hole not marked, but GR-070 is the only drill hole with coordinates that are reasonable 422,230 4,249,455 2,176 422,233 4,249,452 2,175.7 3 –3.00 –0.3 Gun Metal GM-31 Metal cap with handle over open hole; Aluminum tag marked with hole ID attached to handle of cap with wire tie or bailing wire; Buried over time with 3in to 4in of loose sediment 422,447 4,248,861 2,143 422,448 4,248,858.6 2,149.4 1 –2.40 6.4 Note: Coordinates measured in UTM NAD 83 Zone 11 meters projection |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img061.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 53 2 9.2.2 DOWN-HOLE SURVEYS Guardian provided RESPEC with digital copies of the raw survey data in Excel format for each drill hole. RESPEC used these files to verify the down-hole orientation data stored in Guardian's database. RESPEC did not identify any discrepancies. No down-hole orientation data were available for the historical drill holes. As a result, survey verification was limited to the 2024–2025 dataset. No assessment of deviation parameters or survey accuracy was possible for earlier drilling campaigns. 9.2.3 ASSAYS AUDIT OF ASSAYS Using digital data files downloaded directly from ALS, RESPEC audited tungsten, silver, copper, and zinc assay values from Guardian's drilling programs in Guardian's database. RESPEC used scanned original certificates from Rocky Mountain Geochemical, Skyline Labs, and Southwestern Assayers and Chemists provided by Guardian to verify historical drill-hole assays in the historical drill database. RESPEC identified minor discrepancies, primarily in historical silver, copper, or zinc assays where sample intervals were recorded as nil values in the database but reported as below detection limit on the original certificates. In addition, RESPEC discovered that the conversion factor from elemental tungsten to tungsten trioxide (WO₃) was inconsistently applied across the assay records. RESPEC resolved all discrepancies in consultation with Guardian personnel. During the audit of the historical tungsten assay dataset, RESPEC noted that the analytical method employed by UCC and Duval was colorimetry, as indicated on original certificates from laboratories active during the 1970s, including Skyline. Colorimetric analysis was a routine and widely accepted technique for tungsten determination during that period. Although no QA/QC data from the original campaigns are available, RESPEC chose to use select historical colorimetric data in the current resource model based on the corroborating evidence from comparative analyses (described below). ASSESSMENT OF HISTORICAL ASSAYS To assess the compatibility of the assay datasets generated by different operators, RESPEC constructed box plots and cumulative probability plots ("CPP") for WO₃ values grouped by company. This method enabled visual comparison of distribution characteristics, including grade ranges, detection limits, and population continuity (Figure). |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img062.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 54 2 Figure 9-1. Box Plots of WO3 Data Sorted by Company. RESPEC evaluated the Guardian, Duval, and UCC WO₃ datasets to assess their compatibility and impact on resource estimation. As summarized in Table 9-3, Guardian and Duval report broadly similar grade distributions, with mean values near 0.12% WO₃ and medians around 0.02% WO3. Both datasets show high variability, strong skewness, and numerous outliers. This variability results from the broader sampling coverage that Guardian and Duval conducted to capture the full range of WO₃ grades across the deposit. In contrast, the UCC dataset reflects a higher-grade population with a mean of 0.31% WO3, a median of 0.27% WO3, and shows tighter clustering with fewer outliers. The UCC distribution appears less skewed and more stable, but the smaller sample size and higher detection limit reduce its direct comparability to Guardian and Duval. At the upper end of the distribution, Guardian reports slightly higher WO₃ values, which RESPEC attributes to the use of XRF analysis for overlimit assays during the 2024–2025 drilling program. Overall, Guardian and Duval provide a statistically compatible foundation for resource estimation, while UCC contributes valuable higher-grade context within its restricted population. Table 9-3: WO3 Population Statistics by Company Company Number of Samples Min Max Mean Median Co. of Variation Skewness Kurtosis Min Non-Outlier Max Non-Outlier Guardian 2,174 0.00063 3.04 0.121 0.021 2.05 5.18 40.86 0.0006 0.34 Duval 1,964 0.0003 2.84 0.115 0.021 1.89 4.05 27.93 0.0003 0.34 UCC 516 0.02 1.93 0.312 0.270 0.78 1.77 6.05 0.020 0.82 The population distributions for Duval, Guardian, and UCC show broadly similar grade profiles (Figure 9-2). Although the UCC dataset represents a smaller and more restricted population, its cumulative curve breaks at approximately 0.2% WO3 with a slope angle that closely matches those observed in the  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img063.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 55 2 Duval and Guardian datasets. Between approximately 10% and 90% of the data, the slope and spacing of the curves remain consistent across all three operators, indicating comparable grade populations despite differences in dataset size and detection limits. At the upper end of the distribution, Guardian's dataset extends to slightly higher WO₃ values, which RESPEC attributes to the use of XRF analyses for overlimit assays during the 2024-2025 drilling program. Figure 9-2. Cumulative Probability Plots of WO3 Assays by Company—Guardian in Blue, Duval in Green, and UCC in Red. To further assess the compatibility of the historical and modern assay datasets, RESPEC performed a comparison interpolation on a spatially constrained subset of the data. The analysis indicated that the historical-only dataset returned WO₃ grades approximately 17% higher than the Guardian-only dataset. The overall grade populations appear broadly similar, but the limited number of lower grade samples, particularly in the UCC dataset, combined with selective sampling of mineralized intervals and higher detection limits, likely placed greater emphasis on higher grades in the interpolation. Another contributing factor is the drilling orientation of the historical holes. The vertical historical holes intersected the subvertical deposit at low angle oblique intercepts, which likely exaggerated the apparent thickness of higher-grade zones. In contrast, Guardian designed its drilling program with angled holes to approximate true thickness and reduce geometric bias. RESPEC considers the observed difference to reflect sampling population effects and drilling geometry rather than a systematic analytical bias, although RESPEC cannot entirely rule out alternative explanations. CONFIRMATION SAMPLES RESPEC geologists collected field grab samples from outcropping mineralized zones within the Desert Scheelite and Gunmetal deposits. They obtained these samples to provide independent confirmation of mineralization style and tenor, recorded the sample locations using a handheld GPS, and made basic lithologic descriptions of the samples at the time of collection. The samples were submitted to ALS for multi-element analysis (Table 9-4). |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img064.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 56 2 Table 9-4. Assay Results from Independent Confirmation Testing of Field Grab Samples Sample ID Location Description RESPEC GPS Sample Location W Ag Pb Zn Cu Mo Easting Northing Elevation (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) DS-01 Desert Scheelite - Test pit Oxidized garnet skarn with abundant black, dark brown and orange FeOx; Cu stain up dip in possible E-W, 70° north-dipping structure 424,033 4,248,259 1,960 1,360 25.6 15.0 13,150 7,600.0 213.0 DS-02 Desert Scheelite - Test pit Oxidized garnet skarn - Mixed garnet-rich, weakly to moderately oxided skarn and strongly oxidized rock with dark brown to black FeOx; To south of DS-01 across quartz monzonite 'dike' 424,037 4,248,261 1,959 3,510 3.24 42.3 11,300 5,440.0 382.0 DS-03 Desert Scheelite - Trench Sample across 1m- to 2m-wide [possible] fault-breccia zone with abundant silicification, quartz and calcite veins and black FeOx stain; Within moderately to strongly oxidized skarn with high garnet content 423,920 4,248,246 1,986 760 1.8 47.8 654 57.5 36.6 DS-04 Gun Metal - In open cuts at east end of series of cuts and underground workings Grab sample from skarn cobbles and boulders in cut; Contains 80% to 90% garnet No GPS coordinates of location 2,780 3.33 4.6 1,170 26.0 27.1 DS-05 Gun Metal - In open cut in central portion of series of cuts and underground workings Skarn containing 80% to 90% garnet and abundant quartz veins 422,241 4,249,031 2,206 1,430 0.33 6.1 189 17.9 64.5 Note: Coordinates measured in UTM NAD 83 Zone 11 meters projection |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img065.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 57 2 Independent analysis of the grab samples confirmed the existence of the tungsten and base metal mineralization that occurs at the Pilot Mountain project. Assay results were consistent with the observed lithologic associations, providing qualitative support for the geological interpretations and mineralization model. 9.3 LIMITATIONS The verification of the historical data was subject to several limitations. The lack of down-hole survey records for historical drill holes, prevented RESPEC from validating their orientation parameters or deviation profiles. In addition, incomplete or missing assay certificates from early campaigns, limited RESPEC's ability to confirm original analytical results for some intervals. Where original documentation was unavailable, RESPEC necessarily relied on database entries. RESPEC documented these limitations and considered them in the assessment of the reliability of the historical data and in decisions regarding the use of that historical data in the estimate of mineral resources presented in Section 11.0. 9.4 ADEQUACY OF DATA In the authors' opinions, the data reviewed and verified during the audit are adequate for use in mineral resource estimation and disclosure under S-K 1300. Limitations in the historical dataset, which include incomplete down-hole survey records and inconsistent assay documentation, were identified and addressed through comparative analysis. Confidence is lower in areas influenced predominantly by pre-Guardian drilling, particularly where vertical holes intersect steeply dipping mineralized zones. These configurations may have introduced local bias toward wider zones of estimated higher grades. However, comparative analysis supports the overall inclusion of this historical data in the resource estimate, with the limitations noted. Guardian's dataset generated during the 2024-2025 drilling program meets current industry standards and supports the reliability of the resource model. Guardian and RESPEC integrated the historical data with appropriate caution. While acknowledging that there is some risk associated with the estimated volume of higher-grade material, the resulting database is suitable for technical reporting, resource estimation, and regulatory compliance. Assays determined by colorimetric methods during the 1970s drilling campaigns are considered acceptable for inclusion in the mineral resource estimate. Although these methods are less precise than modern instrumental techniques, colorimetry was a recognized and widely used procedure for tungsten analysis at the time. Partial assay certificates recovered by Guardian provide traceability, and one of the original laboratories, Skyline Labs, was later accredited to ISO 9001 and ISO/IEC 17025 standards. Although no QA/QC data from the original campaigns are available, the corroborating evidence from comparative analyses justifies the use of select historical colorimetric data in the current resource model. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img066.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 58 2 10.0 MINERAL PROCESSING AND METALLURGICAL TESTING The following summary of metallurgical test work and recovery methods is based on a memorandum prepared by Samuel Engineering ("Samuel") [Samuel, 2025], an external consultant retained by Guardian. RESPEC has reviewed the memorandum for relevance and consistency with the mineralization style observed at the Desert Scheelite deposit. RESPEC has summarized the information provided in Samuel's report and, although the underlying test procedures and results were not independently verified, RESPEC has reviewed and accepted the material presented in this section of the Technical Report Summary. 10.1 ANALYTICAL PROCEDURES To characterize mineralogy, evaluate process response, and develop preliminary beneficiation flowsheets on material from the Desert Scheelite, Garnet, and Gunmetal deposits, metallurgical test work has been conducted in multiple laboratory campaigns. Amdel Laboratories ("Amdel") in Perth, Australia completed testing under the supervision of Coffey Mining, the Guangdong Institute of Resources Comprehensive Utilization in Guangzhou, China ("the Guangdong Institute"), and the Guangzhou Research Institute of Non-ferrous Metals ("GZRINM"), Guangzhou, China. Collectively, the programs included mineralogical characterization, gravity separation, magnetic separation, and flotation testing. Amdel established a preliminary grind size for scheelite and performed gravity separation and rougher flotation testing. The Guangdong Institute performed quantitative mineralogy and developed two flotation flowsheets, one incorporating a sulfide pre-float and one without. Ancillary test work included magnetic separation for impurity control, head assays, tailings settling, and water quality evaluation for process design inputs. 10.2 MINERALIZATION Amdel prepared the composite samples used for metallurgical testing from material identified as representative of the Desert Scheelite, Garnet, and Gunmetal deposits. They assembled the composites to reflect the principal mineralization styles, with scheelite confirmed as the dominant tungsten mineral accompanied by minor sulfides. While the test work indicates metallurgical behavior consistent with the observed mineral assemblages in the Desert Scheelite deposit, detailed documentation of the composite selection, including spatial distribution, lithologic proportions, and grade variability, was not available for RESPEC to review. As such, RESPEC cannot fully confirm the representativeness of the metallurgical samples relative to the full range of mineralization within the Desert Scheelite deposit. RESPEC recommends that Guardian conduct additional metallurgical sampling across distinct mineralized domains to verify response variability and ensure that future test work captures the full range of process characteristics present in the deposit. 10.3 LABORATORIES 10.3.1 AMDEL LABORATORIES Amdel is part of Bureau Veritas Minerals, an internationally recognized analytical group operating under an ISO 9001 quality management system and accredited by the National Association of Testing Authorities (NATA) to ISO/IEC 17025 for selected analytical and assay methods. These certifications  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img067.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 59 2 verify technical competence, quality control procedures, and the traceability of analytical results. Amdel acted as an independent commercial laboratory and reported directly to Coffey Mining. No relationship or affiliation existed between Amdel and Guardian Metals other than the provision of contracted laboratory services. 10.3.2 GUANGDONG INSTITUTE OF RESOURCES COMPREHENSIVE UTILIZATION The Guangdong Institute operates as a state-affiliated research and testing organization. Although formal accreditation records were not publicly verified, comparable institutes in China typically maintain China National Accreditation Service ("CNAS") accreditation consistent with ISO/IEC 17025 requirements for mineral assay and materials testing. The Guangdong Institute performed flotation, gravity, and magnetic separation testing and provided head assay and concentrate analyses. RESPEC understands that the Guangdong Institute acted as an independent service provider to Thor, with no reported ownership or financial interest in the Pilot Mountain Tungsten Project. 10.3.3 GUANGZHOU RESEARCH INSTITUTE OF NON-FERROUS METALS GZRINM reviewed prior metallurgical test work and performed confirmatory assessments of gravity and flotation performance. GZRINM serves as a national-level research institute within China's non-ferrous metals industry, offering analytical, metallurgical, and pilot-scale testing services. While specific accreditation details were not confirmed, institutes of this type generally operate under CNAS or equivalent quality management systems aligned with ISO/IEC 17025. GZRINM acted as an independent technical consultant and laboratory. The authors know of no conflicts of interest or related-party relationships between GZRINM and Guardian. 10.4 TESTING RESULTS AND RECOVERY ESTIMATES Amdel confirmed scheelite as the sole tungsten-bearing mineral and conducted liberation studies that established a target grind size of 106µm. Gravity separation using Wilfley tabling followed by Mozley cleaning achieved an upgrade ratio of approximately 27:1, recovering about 72.5% of contained tungsten to 1.7% of the feed mass. Subsequent rougher flotation tests, performed at grind sizes of P80 106µm and P80 45µm, including a conceptual circuit that recycled gravity middlings and tails, achieved up to 90.7% WO₃ recovery. However, concentrate grades were low due to calcium gangue carryover. The Guangdong Institute conducted rougher flotation at approximately 70% passing 75µm produced rougher concentrates grading 3.92% WO₃ at 76.1% recovery. Multi-stage heated cleaning yielded final scheelite concentrates grading 66.9 to 68.2% WO₃ at recoveries of 71 to 74%, with impurity levels meeting commercial specifications. GZRINM reviewed and corroborated the gravity plus flotation process concept and recommended reagent optimization, cleaner circuit configuration, and potential recovery of additional tungsten from magnetic products by spirals or tabling. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img068.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 60 2 10.5 CONCLUSIONS ON DATA ADEQUACY RESPEC offers no conclusions regarding the content in this section and presents the summary of work completed for informational purposes only. The conclusions below are paraphrased from Samuel [2025]. Samuel concluded that the metallurgical test work completed to date provides a reasonable preliminary understanding of the mineralogy and process response of the Desert Scheelite deposit. Scheelite was confirmed as the dominant tungsten mineral, and bench scale gravity and flotation tests supported by quantitative mineralogy demonstrated recoveries exceeding 70% WO₃ at commercially saleable concentrate grades. The mineralization is amenable to conventional gravity and flotation processes commonly applied to scheelite deposits and establish a preliminary basis for assuming reasonable metallurgical recoverability in the context of an initial estimate of mineral resources. Samuel also observed that the current metallurgical dataset remains limited in spatial coverage and does not fully document sample representativeness or variability across the mineralized domains of the deposit. Accordingly, the results were considered adequate only for use in preliminary metallurgical assumptions supporting an initial estimate of mineral resources, but insufficient for detailed process design or economic analysis. Samuel recommended additional variability testing, reagent optimization, and confirmatory work on domain specific composites to validate recovery factors and establish robust process parameters for future resource and reserve estimation stages. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img069.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 61 2 11.0 MINERAL RESOURCE ESTIMATES This estimate of mineral resources for the Pilot Mountain Tungsten Project was completed for disclosure in accordance and reporting requirements outlined in the United States Securities and Exchange Commission's ("SEC") Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary. RESPEC completed the modeling and estimation of the mineral resources for the Desert Scheelite deposit on October 29, 2025. The effective date of the resource estimate is December 01, 2025, when pit optimizations were applied for resource reporting. RESPEC is independent of Guardian and its Pilot Mountain Tungsten Project by the definitions and criteria outlined in S-K 1300. There is no affiliation between RESPEC and Guardian or its Pilot Mountain Tungsten Project except that of independent consultant/client relationships. As of the date of this report, RESPEC is not aware of any unusual environmental, permitting, legal, title, taxation, socio-economic, marketing, or political factors that may materially affect the estimate of Desert Scheelite mineral resources. SEC definitions and requirements relevant to the disclosure of mineral resources are given below, with the SEC's exact text in italics: Disclosure of mineral resources… must be based on and accurately reflect information and supporting documentation prepared by a qualified person. A mineral resource is a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled. When determining the existence of a mineral resource, a qualified person must: » Be able to estimate or interpret the location, quantity, grade or quality continuity, and other geological characteristics of the mineral resource from specific geological evidence and knowledge, including sampling; and » Conclude that there are reasonable prospects for economic extraction of the mineral resource based on his or her initial assessment. At a minimum, the initial assessment must include the qualified person's qualitative evaluation of relevant technical and economic factors likely to influence the prospect of economic extraction to establish the economic potential of the mining property or project. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img070.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 62 2 In addition: » The technical report summary submitted by the qualified person to support a determination of mineral resources must describe the procedures, findings and conclusions reached. » When determining mineral resources, a qualified person must subdivide mineral resources, in order of increasing geological confidence, into inferred, indicated, and measured mineral resources. An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve. For inferred mineral resources, a qualified person: (1) Must have a reasonable expectation that the majority of inferred mineral resources could be upgraded to indicated or measured mineral resources with continued exploration; and (2) Should be able to defend the basis of this expectation before his or her peers. An Indicated Mineral Resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve. A Measured Mineral Resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve. Modifying Factors are the factors that a qualified person must apply to indicated and measured mineral resources and then evaluate in order to establish the economic viability of mineral reserves. A qualified person must apply and evaluate modifying factors to convert measured and indicated mineral resources to proven and probable mineral reserves. These factors include, but are not restricted to: Mining; processing; metallurgical; infrastructure; economic; marketing; legal; environmental compliance; plans, negotiations, or agreements  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img071.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 63 2 with local individuals or groups; and governmental factors. The number, type and specific characteristics of the modifying factors applied will necessarily be a function of and depend upon the mineral, mine, property, or project. RESPEC conducted work that included assessment of the recoverability of valuable minerals, evaluation of potential markets for recovered mineral forms, estimation of mining costs, development of a preliminary pit configuration, and analysis of milling and processing costs. These initial evaluations were completed to a level that demonstrates a "prospect of economic extraction." While the work does not establish reserves or reach feasibility standards, it is sufficient to support the declaration of mineral resources. 11.1 DATABASE RESPEC staff audited the Pilot Mountain drilling database in 2025 and finalized the database used for mineral resource estimation on October 20, 2025. A plan map showing drill-hole collar locations and resource outline for the Desert Scheelite deposit is presented in Figure 7-1 in Section 7.3. The database has 7,730 assay records accepted as usable for estimation. RESPEC excluded a total of 292 assay records, all originating from nine drill holes, due to long composited samples and selectively sampled intervals that did not align with Guardian's drill assays. RESPEC removed these records from the resource database to ensure that only reliable data contributed to the resource estimation. Of the accepted records, 3,814 have elemental tungsten assays, 5,921 have WO3 assays, 5,342 (69% of intervals with W and/or WO3 assays) have silver assays, 6,814 (88%) have copper assays, and 5,098 (65%) have zinc assays. Table 11-1 presents descriptive statistics of all data in the audited database that was imported into MS Torque for modeling and resource estimation in MinePlan. The database also contains logged lithology, alteration, and oxidation. RESPEC used all acceptable drilling data in the estimate, but RESPEC only audited the collar locations, down-hole surveys, and the tungsten, silver, copper, and zinc analyses. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img072.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 64 2 Table 11-1. Desert Scheelite Resource Database Descriptive Statistics—For All Accepted Sample Data Only Field Valid Minimum Maximum Mean Median Std. Devn. Co. of Variation Unit From 7,730 0 371.90 m To 7,730 0.5 374.90 m Length 7,730 0.04 187.6 2.952 1.8 m W 3,814 0 2.3 0.09 0.021 0.148 1.656 % WO3 5,921 0 3.04 0.132 0.029 0.229 1.731 % Ag 5,342 0.034 1,749.65 8.742 1.028 41.241 4.718 ppm Cu 6,814 0 5.02 0.058 0.012 0.209 3.613 % Zn 5,098 0 25.25 0.209 0.027 0.805 3.855 % 11.2 GEOLOGIC MODEL Guardian provided RESPEC with a comprehensive geologic model built from Guardian's and historical geological logging data. The model includes geologic solids constructed in Leapfrog Geo that were applied to code the block model. In the same manner, an oxidation model was developed from Guardian's and historical logging data, with oxidation surfaces generated in Leapfrog Geo and used to code the block model. The geologic basis for the model is described in Section 6.0, and representative schematic cross-sections are presented in Figure 11-1. 11.3 MINERAL DOMAINS Using the geologic model as a control, RESPEC interpreted domains of tungsten, silver, copper, and zinc based on sample assays. RESPEC defined the domains according to population breaks on CPPs of each metal separately. The summary of high- and low-grade domain grade ranges determined for each metal is provided in Table 11-2. Table 11-2. Grade Ranges of Tungsten, Silver, Copper, and Zinc Domains Determined from CPPs Domain % WO3 ppm Ag % Cu % Zn Low-grade 0.02 - 0.2 2.0 - 15.0 0.02 - 0.6 0.01 - 1.8 High-grade > 0.2 > 15.0 > 0.6 > 1.8 Higher grade tungsten mineralization within the Desert Scheelite deposit is concentrated in three principal zones. The hanging wall zone occurs within skarn adjacent to the hornfels contact. A mid-deposit zone is hosted within skarn and marble. The footwall zone is hosted within skarn and marble near the quartz monzonite intrusion. These elevated grades show a strong correlation with skarn alteration developed in marble host rocks, while hornfelsed clastic sedimentary units display weaker associations with tungsten mineralization. The quartz monzonite intrusive does not exhibit endoskarn development and is not mineralized. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img073.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 65 2 RESPEC constructed the grade domains in Leapfrog Geo using interval selection, which enabled the low-grade and high-grade domains to snap to the appropriate drill intercepts. To capture stratigraphic controls on mineralization and to model the domains consistently, RESPEC performed the interval selection along 25m-spaced, north–south-oriented cross-sections. Tungsten mineralization was modeled first. The resulting single set of grade domains provided the basis for defining the corresponding low-grade silver, copper, and zinc domains. Using the same interval-selection methodology described above, RESPEC constructed high-grade domains for tungsten, silver, copper, and zinc. Although RESPEC identified and modeled distinct grade populations, RESPEC applied no separate high-grade domains in the final resource estimation. To ensure appropriate control of grade estimation within the resource model, RESPEC managed grade continuity according to variogram analyses and the influence of the high-grade sample population by the application of appropriate estimation parameters, including strong high-grade search restrictions. An example of the geology and the tungsten mineral domain within the Desert Scheelite deposit is illustrated in Figure 11-1. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img074.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 66 2 Figure 11-1. North-South Cross-Section 424305E Showing Tungsten Mineral Domains and Geology. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img075.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 67 2 11.4 SPECIFIC GRAVITY Black Fire and Guardian collected a total of 892 specific gravity measurements on drill-core samples using the water-immersion method. RESPEC does not know whether Black Fire's samples were wax coated during testing. Guardian's samples were coated with wax. RESPEC evaluated the density dataset both collectively and by logged rock type. Review of measured densities by oxidation type established that oxidation effects on density were minimal. To reduce the influence of outliers and better represent the central tendency of the dataset, RESPEC assigned the median values to the lithologic units in the block model rather than assigning the arithmetic means. The density statistics associated with the different lithologies and their assigned density values are summarized in Table 11-3. Table 11-3. Density Statistics and Values Applied to the Different Lithologies in the Block Model Lithology Valid Mean Median Std. Dev. CV Minimum Maximum Density Assigned in Model Units Marble 169 2.556 2.680 0.576 0.225 0.000 3.350 2.68 g/cm3 Skarn 318 2.864 2.940 0.345 0.121 1.717 3.717 2.94 g/cm3 Hornfels 163 2.635 2.660 0.531 0.198 0.000 3.569 2.66 g/cm3 Quartz Monzonite 134 2.579 2.596 0.108 0.042 2.070 2.714 2.59 g/cm3 Clastic Sedimentary/Tertiary Volcanics 108 2.198 2.166 0.183 0.083 1.889 2.736 2.16 g/cm3 Alluvium 0 1.8 g/cm3 11.5 ASSAY CODING, CAPPING, AND COMPOSITING After defining and modeling the mineral domains, RESPEC used the resulting solids to code assay samples and evaluated assay caps for each metal by inspection of CPPs and quantile plots of the coded assays to identify potential high-grade outliers. RESPEC determined capping thresholds for tungsten, silver, copper, and zinc, and for assays located outside the modeled mineral domains. Subsequently, RESPEC visually examined outlier grades in 3D to evaluate their materiality, local grade context, proximity to neighboring samples, and spatial position within the deposit. The final capping levels are summarized in Table 11-4. Table 11-4. Capping Levels for Tungsten, Silver, Copper, and Zinc by Domain Domain % WO3 ppm Ag % Cu % Zn Inside – 355 0.95 5.0 Outside 0.17 5.5 0.15 0.15 With capping completed, RESPEC composited the drill holes to 3m intervals that honored the domain boundaries. RESPEC chose three meters because the majority of samples are 1.5m long. The descriptive statistics of the composite database for tungsten, silver, copper, and zinc are summarized in Table 11-5 through Table 11-8. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img076.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 68 2 Table 11-5. Tungsten Composite Descriptive Statistics Inside Mineralized Domain Field Valid Minimum Maximum Mean Median Std. Devn. Co. of Variation Unit Length 2,052 0.4 4.45 3.004 3.00 0.249 0.083 m WO3 2,021 0.001 2.64 0.207 0.145 0.227 1.097 % WO3_Cap 2,021 0.001 2.64 0.207 0.145 0.227 1.097 % LITHC 2,044 2 7 Outside Mineralized Domain Field Valid Minimum Maximum Mean Median Std. Devn. Co. of Variation Unit Length 5,566 0.6 4.41 2.993 3.00 0.206 0.069 m WO3 2,155 0 0.694 0.014 0.003 0.047 3.36 % WO3_Cap 2,155 0 0.17 0.011 0.003 0.024 2.141 % LITHC 5,555 1 7 Table 11-6. Silver Composite Descriptive Statistics Inside Mineralized Domain Field Valid Minimum Maximum Mean Median Std. Devn. Co. of Variation Unit Length 2,074 0.4 4.45 2.972 3.00 0.424 0.143 m Ag 1,831 0.25 763.473 14.286 3.567 41.262 2.888 ppm Ag_Cap 1,831 0.25 355 13.483 3.567 33.863 2.512 ppm LITHC 2,065 2 7 Outside Mineralized Domain Field Valid Minimum Maximum Mean Median Std. Devn. Co. of Variation Unit Length 5,566 0.6 4.41 2.993 3.00 0.206 0.069 m Ag 2,065 0.034 100.155 1.443 0.5 4.918 3.408 ppm Ag_Cap 2,065 0.034 5.5 0.986 0.5 1.092 1.107 ppm LITHC 5,555 1 7 |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img077.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 69 2 Table 11-7. Copper Composite Descriptive Statistics Inside Mineralized Domain Field Valid Minimum Maximum Mean Median Std. Devn. Co. of Variation Unit Length 2,052 0.4 4.45 3.004 3.00 0.249 0.083 m Cu 1,883 0 2.867 0.101 0.026 0.238 2.364 % Cu_Cap 1,883 0 0.95 0.087 0.026 0.164 1.877 % LITHC 2,044 2 7 Outside Mineralized Domain Field Valid Minimum Maximum Mean Median Std. Devn. Co. of Variation Unit Length 5,566 0.6 4.41 2.993 3.00 0.206 0.069 m % Cu 3,127 0 1.383 0.017 0.009 0.044 2.671 % Cu_Cap 3,127 0 0.15 0.015 0.009 0.019 1.314 % LITHC 5,555 1 7 Table 11-8. Zinc Composite Descriptive Statistics Inside Mineralized Domain Field Valid Minimum Maximum Mean Median Std. Devn. Co. of Variation Unit Length 2,052 0.4 4.45 3.004 3.00 0.249 0.083 m Zn 1,666 0.001 17.9 0.369 0.09 0.949 2.573 % Zn_Cap 1,666 0.001 5.0 0.34 0.09 0.679 1.999 % LITHC 2,052 2 7 Outside Mineralized Domain Field Valid Minimum Maximum Mean Median Std. Devn. Co. of Variation Unit Length 5,566 0.6 4.41 2.993 3.00 0.206 0.069 m Zn 2,052 0 4.9 0.022 0.007 0.125 5.619 % Zn_Cap 2,052 0 0.2 0.016 0.007 0.024 1.477 % LITHC 5,555 1 7 11.6 VARIOGRAPHY RESPEC conducted a variography study to evaluate grade continuity within the Desert Scheelite deposit. To assess spatial correlation and directional continuity of grades across the modeled domains, RESPEC generated traditional and pair-wise variograms for tungsten, silver, copper, and zinc. The results informed the selection of estimation parameters for search ranges and anisotropy, ensuring that the resource model appropriately reflects the grade continuity and geological controls on mineralization. Table 11-9 summarizes the variography study by metal domain. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img078.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 70 2 Table 11-9. Variography by Metal Domain Domain Direction Nugget First Sill Range (m) Second Sill Range (m) WO3 major 0.3 0.52 38 0.18 100 semimajor 17 40 minor 18 25 Ag major 0.25 0.5 10 0.25 40 semimajor 6.5 20 minor 7.5 14 Cu major 0.3 0.35 21 0.35 45 semimajor 14.5 35 minor 7.5 17 Zn major 0.2 0.65 24.5 0.15 70 semimajor 11 40 minor 12 34 11.7 BLOCK MODEL CODING RESPEC created a three-dimensional block model comprised of 5m x 2.5m x 5m blocks (model x, y, z). The block model is not rotated with a bearing of 0°. RESPEC chose the block size in consideration of the open pit mining scenario that would be the likely mining method for the Desert Scheelite deposit and used mineral domain solids to code partial volume percentages of the low-grade tungsten domains into blocks in the respective tungsten, silver, copper, and zinc models. The block models were also coded using the digital topographic surface and geology and oxidiation solids. RESPEC assigned the bulk density values to each block in the model based on lithology codes given in Table 11-3. (The bulk density values are discussed in Section 11.4.) The Desert Scheelite deposit is controlled sub-vertically by lithologic contacts. The orientation of mineralization conforms to the irregular contact of the quartz monzonite intrusion. To properly represent this changing orientation, RESPEC applied MinePlan's Dynamic Unfolding tool, which transforms sample coordinates into an unfolded reference frame aligned with the local geological controls. Once variograms and estimation parameters are established in the unfolded space, the results are transformed back into the original geometry to ensure that the resource model appropriately reflects the sub-vertical controls and the curvilinear orientation of mineralization around the intrusion. As a result, a single search ellipse orientation was applied to each metal in the estimation, with local anisotropy accounted for through the unfolding process. The search ellipse orientations are summarized in Table 11-10. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img079.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 71 2 Table 11-10. Search Ellipse Orientations Domain Azimuth Dip Plunge WO3 256 -70 10 Ag 256 -77 10 Cu 256 -70 10 Zn 256 -80 10 11.8 GRADE INTERPOLATION RESPEC completed three estimation methods—ordinary kriging ("OK"), inverse distance squared ("ID2 "), and nearest neighbor ("NN")—and selected the kriged estimate as the reported mineral resource estimate. RESPEC used the ID2 and NN estimates as a check on the kriged interpolation. RESPEC performed estimation runs for each metal independently, using only the composites coded to a given low-grade domain or outside modeled domains to estimate grades into respective blocks. For each metal, RESPEC ran two successive passes: an initial long pass projecting 260m along the primary axes to populate all blocks, followed by a shorter pass. To limit excessive projection of unmodeled higher-grade mineralization, as determined on CPPs for each domain, RESPEC applied strong search range restrictions to the higher-grade samples. These range restrictions were applied in the long pass for WO₃ and in all passes for silver, copper, and zinc. Strong anisotropic weighting was also applied to confine the estimation of various grade populations within the low-grade domains to narrow zones. The estimation parameters applied to tungsten, silver, copper, and zinc are summarized in Table 11-11. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img080.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 72 2 Table 11-11. Desert Scheelite Estimation Parameters (Page 1 of 2) Desert Scheelite Description Parameter Long Pass Short Pass WO3 Domain Samples: minimum \| maximum \| maximum per hole 1 \| 9 \| 3 1 \| 9 \| 3 Search anisotropies (m): major \| semimajor \| minor (vertical) 1 \| 0.3 \| 0.1 1 \| 0.4 \| 0.2 Maximum search distance (m) 260 100 High-grade restrictions (grade in % WO3, distance in m) 0.5 \| 100 - Outside WO3 Domain Samples: minimum \| maximum \| maximum per hole 1 \| 9 \| 3 - Search anisotropies (m): major \| semimajor \| minor (vertical) 1 \| 1 \| 0.4 - Maximum search distance (m) 65 - High-grade restrictions (grade in % WO3, distance in m) 0.02 \| 10 - Ag Domain Samples: minimum \| maximum \| maximum per hole 1 \| 9 \| 3 1 \| 9 \| 3 Search anisotropies (m): major \| semimajor \| minor (vertical) 1 \| 0.3 \| 0.07 1 \| 0.5 \| 0.5 Maximum search distance (m) 260 40 High-grade restrictions (grade in ppm Ag, distance in m) 15 \| 40 15 \| 40 Outside Ag Domain Samples: minimum \| maximum \| maximum per hole 1 \| 9 \| 3 - Search anisotropies (m): major \| semimajor \| minor (vertical) 1 \| 1 \| 0.4 - Maximum search distance (m) 65 - High-grade restrictions (grade in ppm Ag, distance in m) 5.5 \| 10 - Cu Domain Samples: minimum/maximum/maximum per hole 1 \| 9 \| 3 1 \| 9 \| 3 Search anisotropies (m): major/semimajor/minor (vertical) 1 \| 0.3 \| 0.07 1 \| 0.8 \| 0.4 Maximum search distance (m) 260 45 High-grade restrictions (grade in % Cu, distance in m) 0.15 \| 45 0.15 \| 45 Outside Cu Domain Samples: minimum/maximum/maximum per hole 1 \| 9 \| 3 - Search anisotropies (m): major/semimajor/minor (vertical) 1 \| 1 \| 0.4 - Maximum search distance (m) 65 - High-grade restrictions (grade in % Cu, distance in m) 0.1 \| 10 - |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img081.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 73 2 Table 11-11. Desert Scheelite Estimation Parameters (Page 2 of 2) Desert Scheelite Description Parameter Long Pass Short Pass Zn Domain Samples: minimum/maximum/maximum per hole 1 \| 9 \| 3 1 \| 9 \| 3 Search anisotropies (m): major/semimajor/minor (vertical) 1 \| 0.3 \| 0.14 1 \| 0.5 \| 0.4 Maximum search distance (m) 260 80 High-grade restrictions (grade in % Zn, distance in m) 0.5 \| 80 0.5 \| 80 Outside Zn Domain Samples: minimum/maximum/maximum per hole 1 \| 9 \| 3 - Search anisotropies (m): major/semimajor/minor (vertical) 1 \| 1 \| 0.4 - Maximum search distance (m) 65 - High-grade restrictions (grade in % Zn, distance in m) 0.1 \| 10 - 11.9 CLASSIFICATION RESPEC has classified the Desert Scheelite mineral resources as indicated and inferred based primarily on drilling density and proximity to Guardian's drilling. Other factors, such as the verification status of the drill-hole database and geologic understanding of the deposit and mineralization were considered. To incorporate these parameters, RESPEC constructed a solid around areas of denser drilling in which the majority of Guardian's drilling is located. Regions with lower drill density, and those more reliant on historical data, were classified as inferred. This approach ensures that the reported resource reflects the greater confidence in the Guardian drill-hole dataset and the lesser confidence in areas predominantly defined by historical sampling. Uncertainties in the resource estimate primarily relate to the quality and reliability of historical data. These include the analytical methodologies employed by historical operators, which may not meet current industry standards, and the selective sampling evident in certain historical drill holes, which introduces potential bias in grade representation. The adequacy of drill-hole spacing, particularly along the down-dip extent of the deposit where data density is lower, is considered in resource classification. While the modern drilling completed by Guardian provides a verified dataset that supports indicated classification in areas of higher density drilling, regions more reliant on historical information have been classified as inferred to reflect reduced confidence. Although the historical data cannot be fully verified, RESPEC made efforts to assess its reliability and alignment with Guardian's drilling. RESPEC reviewed grade population statistics and completed a comparative test interpolation using historical-only data versus Guardian-only data. As discussed in Section 9.2.3.2, the analysis indicated that the historical-only dataset returned WO₃ grades approximately 17% higher than the Guardian-only dataset, possibly due to excessive estimated volume of higher grades resulting from the predominance of vertical drilling of steeply-dipping mineralization.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img082.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 74 2 Although the difference is relatively high, the comparison demonstrated that the historical dataset is broadly consistent with Guardian's results, supporting use of the historical data. To reflect the reduced confidence associated with historical analytical methodologies, selective sampling, and the possible excessive volume of higher estimated grades, RESPEC has classified resources informed primarily by historical holes (i.e. outside the indicated solid that delineates the bulk of Guardian drilling) as inferred. RESPEC acknowledges there is some risk associated with potential overstated volume of estimated higher-grade material proximal to historical drill holes within the indicated classification solid. 11.10 MINERAL RESOURCES RESPEC estimated the Desert Scheelite mineral resources to reflect potential open-pit extraction and processing by standard milling techniques. To meet the requirement of the resources having reasonable prospects for eventual economic extraction, a series of pits were optimized assuming open pit mining and processing costs typical for mining in Nevada (Table 11-12). RESPEC and Guardian relied on the five-year average ammonium para-tungstate price forecast published by Argus. In selecting the price assumption used for pit optimization, Guardian applied a discount to that independent forecast. Guardian determined that the five-year forward forecast was more representative of current and expected market conditions than historical pricing and applied the discount to reflect market volatility and the uncertainty inherent in forward-looking price projections. The resulting price assumption represents approximately 50% of the February 2026 spot price and was selected by Guardian to provide a conservative basis for the analysis. RESPEC reviewed and accepted the pricing forecast and payability for concentrate, which is based on the payability assessment included in the Argus forecast, for reliance. Table 11-12. Pit Optimization Parameters Item Value Unit Mining cost 2.75 $/tonne Mill processing cost 15.64 $/tonne processed Process rate 4,000 Tonnes-per-day processed General and Administrative cost 3.00 $/tonne processed WO3 price $65,500 $/tonne Ag price $1.22 $/gram Zn price $2,700 $/tonne WO3 recovery 80 Percent Ag recovery 60 Percent Cu recovery 70 Percent Zn recovery 60 Percent WO3 payability 83 Percent Ag payability 75 Percent Cu payability 0 Percent Zn payability 0 Percent |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img083.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 75 2 Table 11-13 presents the estimates of indicated and inferred mineral resources for the Desert Scheelite deposit. Of the total resources, 86% by contained tonnes WO₃ and 83% by total tonnes mined and processed are classified as indicated. Inferred resources may be upgraded to the indicated category with improved geological understanding and confirmation of the low-grade WO₃ domain model supported by additional drilling and assaying, and refinement of domains for all metals. These mineral resources are not mineral reserves and do not have demonstrated economic viability. The estimates are reported on diluted blocks measuring 5m by 2.5m by 5m. A representative cross section of the tungsten block model is shown in Figure 11-2. Table 11-13. Desert Scheelite Mineral Resources Cut-off Average Grade Contained Metal Classification % WO3 Tonnes % WO3 g Ag/t % Cu % Zn t WO3 oz Ag t Cu t Zn Indicated 0.06 8,694,000 0.206 12.43 0.085 0.315 17,900 3,475,000 7,400 27,400 Inferred 0.06 1,784,000 0.169 12.00 0.063 0.225 3,000 689,000 1,100 4,000 Notes: 1. The effective date of Desert Scheelite mineral resources is December 1, 2025. 2. The estimate of mineral resources was done by RESPEC in metric tonnes. 3. The point of reference is in situ mineralization prior to extraction by open pit mining methods. 4. The average grades of the tabulations are comprised of the weighted average of block-diluted grades within an optimized pit. 5. The Desert Scheelite mineral resource cut-off grade of 0.06% WO₃ was selected by the authors. Operating assumptions were applied to establish a theoretical pit limit, including a WO₃ price of $65,500/t, an average recovery of 80% WO₃, a processing rate of 4,000 tonnes/day, $2.75/t mining cost for open pit, $15.64/t processing cost, $3.00/t processed for G&A, and an 83% payability. Blocks outside the pit limit are considered not economic at this time. 6. The accessory metals Ag, Cu, and Zn shown in Table 11-13 are the quantities contained within the mineral resources usinsg the cut-off grade established for the primary commodity(WO3). No independent cut-off grade has been applied to these accessory metals. Reported quantities of accessory metals are therefore considered by-products of the primary metal resource and their value is contingent upon the ability to economically extract the by-products along with the primary commodity. 7. The estimate of mineral resources may be materially affected by geology, environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. 8. Rounding as required by reporting guidelines may result in apparent discrepancies between tonnes, grade, and contained metal content. 9. Mineral resources are not mineral reserves and do not have demonstrated economic viability. An inferred mineral resource has a lower level of confidence than an indicated mineral resource and must not be converted to a mineral reserve. RESPEC reasonably expectsthat continued exploration and delineation will upgrade the majority of inferred mineral resources to indicated mineral resources.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img084.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 76 2 Figure 11-2. North-South Cross-Section 424305E Showing WO3 Grades in the Block Model. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img085.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 77 2 11.11 MODEL VALIDATION RESPEC systematically compared bench composite grades for WO₃, silver, copper, and zinc against coincident block estimated grades across the Desert Scheelite deposit. The results of this comparison are presented in Figure 11-3 for WO₃ only. The evaluation confirmed that block grades reproduce the distributional characteristics of the composited assay data at bench scale, with no evidence of material bias and revealed minor smoothing effects consistent with the applied interpolation methodologies. The smoothing of estimated block grades is within acceptable limits. The block model was also reviewed visually by comparing estimated block grades against the interpreted geology and the corresponding drill-hole assays, which confirmed that the block grades honor the geological framework and assay data at the deposit scale. This validation demonstrates that the models for all reported metals are reasonable and reliable, thereby meeting the requirements for disclosure under S-K 1300 standards. . Figure 11-3. WO3 Bench Composite Grades versus Coincident Block Grades Interpolated by OK, ID2 , and NN. 11.12 DISCUSSION OF RESOURCES The Desert Scheelite mineral resources are associated with a base-metal enriched tungsten skarn developed within lower Luning Formation carbonates and interbedded biotite hornfels. The skarn zone extends for approximately 600m along the contact of the Desert Scheelite quartz monzonite stock and persists for at least 300m down-dip. Mineralization is characterized by abundant scheelite accompanied by pyrite and base-metal sulfides, principally chalcopyrite and sphalerite. Mineralization is  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img086.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 78 2 oriented sub-vertically and includes three higher-grade tungsten zones within skarn or marble hosts, which may reflect favorable structural and lithological controls. A significant outcome of Guardian's work has been an improved understanding of the orientation and continuity of mineralization, leading to the development of a new geologic model. RESPEC's tungsten domain modeling and resource estimation were based on this geologic model, which also provides a framework to guide future drilling at the Desert Scheelite deposit. The Desert Scheelite mineral resources have been estimated assuming potential open-pit extraction and processing by standard milling and flotation techniques. RESPEC optimized a series of pits at variable WO₃ prices using fixed mining and processing costs reflective of Nevada operations to evaluate near-surface mineralization that, under assumed and justifiable technical and economic conditions, is likely to be, in whole or in part, economically extractable. The mineral resources are reported at a cut-off grade of 0.06% WO3 within the optimized pit. Silver, copper, and zinc quantities within the mineral resources established using the WO3 cut-off grade are also reported, but their value is dependent on the ability to economically extract the by-products. No independent cut-off grades were applied to silver, copper, or zinc, and these metals were not incorporated into a tungsten-equivalent grade. Those metals are considered by-products contingent upon economic extraction of WO3. A majority (83%) of the Desert Scheelite mineral resources have been classified as indicated, reflecting the drilling density achieved by Guardian, the supporting QA/QC data, and the improved geological understanding of the deposit. More than 97% of the indicated blocks incorporate the maximum number of composites used in grade estimation. Offsetting these positive attributes, uncertainties in the resource estimate relate primarily to the quality and reliability of historical data. These include analytical methodologies employed by historical operators that may not align with current industry standards and selective sampling in certain historical drill holes that could introduce bias in grade representation. Drill-hole spacing, particularly along the down-dip extent of the deposit where data density is lower, results in those areas remaining classified as inferred. Other limitations in the historical dataset include incomplete down-hole survey records and inconsistent assay documentation. RESPEC audits confirmed that the Guardian, Duval, and UCC datasets exhibit broadly consistent and comparable grade distributions, supporting comparability of grade populations despite differences in dataset size, detection limits, and selective sampling. Interpolation tests indicated that historical datasets returned WO₃ grades approximately 17% higher than Guardian's, a difference attributed to sampling population effects and drilling geometry rather than systematic analytical bias. Confidence in pre-Guardian data is therefore lower, and the apparent thickness of higher-grade intervals may be exaggerated in areas influenced predominantly by historical data. Guardian's angled drilling in 2024- 2025 reduced this geometric bias and provides a reliable foundation for the resource model. RESPEC acknowledges that some risk remains, which may be mitigated through additional infill drilling, twin-hole grade comparisons, and petrological studies to better define the spatial association of high-grade zones. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img087.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 79 2 Multiple grade populations were observed on the CPP of each metal. Although second, higher-grade populations were apparent on the charts and in drill assays during modeling, the geological characteristics of the higher grades were not understood and were therefore not used in the model. The higher-grade assay population was controlled by applying strong search restrictions to the estimate, however, there is a risk that some of the grade is smeared within the low-grade domain. The model is considered to provide a reasonable representation of the overall quantity of contained metal. Local variations in grade distribution, however, may be less reliably captured and remain subject to uncertainty. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img088.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 80 2 12.0 MINERAL RESERVE ESTIMATES No Mineral Reserves are reported in this technical report. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img089.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 81 2 13.0 MINING METHODS For the purposes of determining a reasonable probability of economic extraction for the resources and open pit mining method was assumed and preliminary pits were assessed. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img090.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 82 2 14.0PROCESSING AND RECOVERY METHODS For the purposes of determining a reasonable probability of economic extraction for the resources a grinding and mineral floatation recovery method was assumed. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img091.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 83 2 15.0INFRASTRUCTURE The property connects to grid power, but the timing of electrical delivery from NV Energy remains uncertain. The project may need to evaluate and cost on-site power generation to support the initial years of operations. Guardian must secure water rights for volumes to be defined in the pre-feasibility study. Guardian has sourced sufficient water for drilling and engineering test work from an existing historical borehole on site. Road access requires improvements to support potential construction activities. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img092.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 84 2 16.0 MARKET STUDIES No market studies and contracts are reported in this technical report. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img093.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 85 2 17.0ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS This summary is based on information provided by Guardian, including their compilation of baseline studies completed by WestLand Engineering & Environmental Services ("WestLand") and Guardian's own work. RESPEC has prepared this summary for reporting purposes but has not independently verified the underlying data or conclusions. The WestLand surveys referenced herein are listed in Section 24.0. 17.1 EXPLORATION PERMITTING REQUIREMENTS Exploration activities on public and private lands in Nevada fall under the jurisdiction of the NDEP Bureau of Mining Regulation and Reclamation ("BMRR"), and either the BLM or the U.S. Forest Service ("USFS") for public lands. For exploration projects disturbing less than five acres on public land, the BLM or USFS requires a NOI and a reclamation bond. Projects proposing more than five acres of disturbance must submit a PoO and EA to the land management agency, along with a reclamation permit application to NDEP–BMRR. Nevada Revised Statutes (NRS 519A.010–519A.290) and Nevada Administrative Code (NAC 519A.120– 519A.345) establish the regulatory authority for reclamation permitting. Additional provisions governing surety, fluid management trust funds, and enforcement appear in NRS 519A.350–519A.392. 17.2 PERMITTING STATUS Guardian submitted a revised PoO on June 3, 2025, addressing comments from both the BLM and NDEP. Guardian also submitted a revised Reclamation Plan to NDEP–BMRR. Guardian has completed the following permitting steps: / Guardian completed baseline environmental studies, and the BLM accepted them. / Guardian submitted the Exploration PoO and the NDEP Reclamation Permit Application to both agencies, and they accepted the submission as complete. The permit will be issued following NEPA approval of the PoO. / Guardian submitted a draft EA to the BLM on November 19, 2025. The draft included completed forms requesting authorization for exploration drilling under the expedited procedures outlined in the Department of Interior's Alternative Arrangements for Compliance with the National Environmental Policy Act Amid the National Energy Emergency (April 23, 2025) for critical minerals. 17.3 BIOLOGICAL RESOURCES AND HABITAT SURVEYS WestLand conducted biological baseline studies in 2024 and 2025 across the project area and required buffer zones. In the 2024 Baseline Biological Survey Report, WestLand documented vegetation and  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img094.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 86 2 wildlife habitat mapping, noxious weed and invasive species surveys, BLM Special Status Species surveys, greater sage-grouse and burrowing owl presence/absence surveys, migratory bird and raptor surveys, acoustic bat surveys, and golden eagle habitat analysis and surveys. WestLand completed 16 field surveys during the 2024–2025 baseline period. The surveys did not identify leks or golden eagle nests within the project boundary, although they observed four golden eagle nests within the two-mile buffer zone. Guardian commissioned WestLand to produce two addendums to the 2024 biological report: the 2025 Cold Season Internal Bat Survey Addendum and the 2025 Burrowing Owl Survey Addendum. Guardian also commissioned WestLand to complete the 2025 Golden Eagle Occupancy and Reproduction Assessment to supplement baseline data. 17.4 CONCLUSIONS RESPEC offers no conclusions regarding the content in this section and presents the summary of work completed for informational purposes only. The conclusions below are paraphrased from Guardian. The USFS reviewed the survey area using Endangered Species Act ("ESA") mapping tools and identified no critical habitats or migratory birds of concern within the intersecting USGS 7.5-minute quadrangles. On-site biological surveys conducted by WestLand confirmed the absence of federally listed threatened or endangered species within the project area. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img095.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 87 2 18.0CAPITAL AND OPERATING COSTS No capital or operating costs are reported in this technical report. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img096.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 88 2 19.0ECONOMIC ANALYSIS No economic analysis is reported in this technical report. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img097.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 89 2 20.0 ADJACENT PROPERTIES There are no operating mines or near-production properties within 20 miles of the Pilot Mountain Project. There are active exploration properties near Tonopah and Hawthorne. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img098.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 90 2 21.0OTHER RELEVANT DATA AND INFORMATION There are no other relevant disclosures. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img099.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 91 2 22.0INTERPRETATION AND CONCLUSIONS 22.1 ADEQUACY OF THE DATA USED IN ESTIMATING THE PROJECT MINERAL RESOURCES RESPEC's audit confirmed that overall, the available data are adequate for mineral resource estimation and disclosure under S-K 1300. Historical records have inconsistencies in assay documentation or missing down-hole survey documentation, which were addressed through comparative analysis. Confidence in pre-Guardian drilling remains lower, but Guardian's 2024–2025 drilling program provides a reliable foundation for the resource model. RESPEC integrated the historical information with appropriate caution, and while some risk persists in the estimated volume of higher-grade material, the database is considered suitable for technical reporting, resource estimation, and regulatory compliance. Guardian conducted their 2024–2025 drilling programs to current industry standards. RESPEC judged Guardian's core handling, sampling, and chain-of-custody procedures adequate to produce reliable samples for assay. ALS performed sample preparation and analysis using appropriate multi-element and ore-grade methods, and re-assayed overlimit values. Guardian's QA/QC program incorporated certified reference materials, blanks, and duplicates at appropriate frequencies. Statistical evaluation confirmed acceptable precision and minimal bias for tungsten, copper, and zinc. Evaluation of the silver assays showed slightly elevated variability at low concentrations but revealed no systematic errors. Overall, Guardian's QA/QC results are adequate for resource estimation, although their follow-up on isolated CRM and blank failures is not documented. Data collected by Black Fire and Thor between 2011 and 2017 were prepared and analyzed by ISO-accredited laboratories, with documented procedures providing some confidence in quality. Drilling completed in the 1970s lacks documented sampling protocols and QA/QC records, which reduces confidence in those datasets. Even so, select historical assay results were incorporated into the resource estimate where comparative analysis against modern data supported their reliability. Assay population reviews show broadly consistent grade distributions across Guardian, Duval, and UCC datasets, which supports their comparability despite differences in dataset size and detection limits. Interpolation tests indicated that historical datasets returned WO₃ grades about 17% higher than Guardian's, a difference attributed to sampling population effects and drilling geometry rather than systematic analytical bias. These findings reinforce the conjecture that estimation risk is primarily linked to the historical dataset, particularly in areas where vertical drilling and selective sampling may have biased grade representation. Guardian's angled drilling reduced geometric bias, and the modern dataset provides confidence in the overall resource model. Assays generated by colorimetric methods during the 1970s campaigns are accepted for inclusion in the resource model. Although less precise than modern instrumental techniques, colorimetry was a recognized practice for tungsten analysis at the time. Partial assay certificates recovered by Guardian provides traceability. Despite the absence of QA/QC data from the original campaigns, corroborating evidence from comparative analyses supports the selective use of historical colorimetric results in the current estimate. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img100.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 92 2 22.2 EXPLORATION Drilling at the Pilot Mountain Tungsten Project has been conducted intermittently since 1968, with successive operators contributing to the understanding of mineralization at Desert Scheelite, Good Hope, Gunmetal, and Garnet. Early programs by Hecla and Duval tested porphyry copper-molybdenum targets and tactite zones, with Duval later identifying copper-tungsten mineralization northeast of Desert Scheelite. Grace's angled drilling in 1975 confirmed the width of steeply dipping mineralization, which improved understanding of deposit geometry. UCC's work in the late 1970s extended scheelite mineralization into the Middle Gunmetal/South Contact areas and supported their acquisition of the property. Black Fire's 2011 campaign focused on verifying historical assays and Thor's 2017 exploration tested for copper-silver mineralization, providing continuity of exploration and supporting initial resource estimates. Guardian's 2024–2025 program represents the most comprehensive modern dataset, with 89 diamond core holes (68 at Desert Scheelite, 20 at Garnet, and one in the quartz monzonite stock). Guardian's drill-hole locations were professionally surveyed. Overall, the drilling record demonstrates progressive refinement of the understanding of deposit geometry and grade distribution. Historical campaigns established the presence of scheelite mineralization but were limited by vertical drilling and selective sampling. Guardian's modern program reduced geometric bias, provided reliable assay data, and forms the backbone of the resource model. 22.3 GEOLOGY AND MINERALIZATION The Pilot Mountain Tungsten Project lies within the Walker Lane structural belt of western Nevada, a zone of strike-slip faulting, extensional basins, and magmatism that has strongly influenced mineralization patterns. The Triassic Luning Formation hosts the mineralization at Pilot Mountain and represents the primary stratigraphic unit of interest in the project area. The formation is subdivided into lower, middle, and upper members, and is intruded by Jurassic to Cretaceous granitic stocks and overlain by Tertiary volcanic units. Intrusion of Jurassic quartz monzonite stocks produced contact metamorphism and skarn alteration within adjacent carbonate rocks. The Desert Scheelite deposit is a tungsten skarn formed along the contact of the quartz monzonite stock within lower Luning carbonates and biotite hornfels. Scheelite is the dominant ore mineral, accompanied by pyrite, chalcopyrite, and sphalerite, with local base-metal sulfide contents exceeding 20% in unoxidized samples. Skarn assemblages include pyroxene-rich and garnet-rich varieties, with the latter showing variable base-metal enrichment linked to the geochemical character of individual intrusions. 22.4 MINERAL RESOURCES The Desert Scheelite mineral resources are defined within a base-metal enriched tungsten skarn and extend approximately 600m along strike and at least 300m down-dip. Mineralization is sub-vertical and includes three higher-grade tungsten zones which reflect structural and lithological controls. Guardian's drilling and geologic modeling improved understanding of mineralization continuity and provided the basis for tungsten domain modeling and resource estimation. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img101.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 93 2 RESPEC estimated resources assuming potential open-pit extraction with standard milling and flotation techniques. RESPEC optimized pits at variable WO₃ prices using Nevada-based cost assumptions to evaluate near-surface mineralization that is likely to be, in whole or in part, economically extractable. Resources are reported at a 0.06% WO₃ cut-off grade. Silver, copper, and zinc are also reported, but their value is dependent on the ability to economically extract the by-products. A majority of resources (83%) are classified as indicated, supported by Guardian's drilling density, QA/QC data, and improved geologic understanding. Uncertainties remain due to limitations in historical datasets, including incomplete survey records, inconsistent assay documentation, selective sampling, and the predominance of vertical holes in steeply dipping zones, which may have exaggerated estimated higher-grade thicknesses. Guardian's angled drilling reduced geometric bias, but some risk remains in the estimated volume of higher-grade material. |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img102.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 94 2 23.0 RECOMMENDATIONS RESPEC considers the Pilot Mountain Tungsten Project to be a project of merit and recommends the proposed program and level of expenditures outlined herein. 23.1 PHASE 1 RECOMMENDED ACTIVITIES AND BUDGET RESPEC recommends that the next phase of work at Desert Scheelite focus on reducing estimation risk, validating historical data, and advancing the deposit toward feasibility-level evaluation. Guardian has initiated a pre-feasibility study, for which early-stage work is underway. To support and de-risk the Desert Scheelite model and mineral resources through this process, RESPEC proposes an approximately $10.55 million phase 1 budget summarized in Table 23-1 to complete the following activities: Drilling and Assay Programs RESPEC recommends that Guardian complete 1,500m of core drilling at Desert Scheelite. The program should increase drill density, improve confidence in grade continuity, and support conversion of inferred blocks to indicated. In particular, RESPEC recommends infill drilling in both indicated and inferred areas within the optimized pit to test the quality of the current tungsten low-grade domain model and resource estimate. RESPEC further recommends incorporation of select twin holes to validate historical assays, particularly in areas where vertical drilling may have exaggerated grade thicknesses. RESPEC advises Guardian to maintain current insertion rates of CRMs, blanks, and duplicates, and to document follow-ups with the assay laboratories on QA/QC failures to increase the defensibility of the dataset. In addition to Desert Scheelite, RESPEC recommends advancing drilling at the Garnet and Gunmetal deposits, with approximately 1,800m of core drilling planned at each. These programs will test extensions of known mineralization, improve confidence in resource geometry, and provide data to support initial resource classification. Exploration drilling totaling 2,000m is also proposed to evaluate additional targets across the Pilot Mountain property, which may contribute to future resource expansion. Petrological, Ore Characterization, and Metallurgical Studies RESPEC recommends that Guardian undertake detailed mineralogical and ore characterization studies to refine understanding of scheelite and its alteration patterns, variability in high-grade zones, and base-metal associations. RESPEC further recommends integrating these studies with metallurgical test work to build on initial evaluations of WO₃ recovery, processing performance, flotation efficiency, and by-product recoveries. Studies linking geologic variability with processing outcomes are critical to the pre-feasibility study. Geologic and Metal Domain Modeling RESPEC recommends that Guardian update geologic modeling to refine lithologic and alteration contacts and incorporate structural features that may control higher-grade mineralization. RESPEC advises continued refinement of domain boundaries and improvement of block-model reliability. Any  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img103.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 95 2 updates that materially change Desert Scheelite mineral resources should be documented and reported to maintain compliance with S-K 1300 requirements. In particular, RESPEC recommends that Guardian characterize the multiple grade populations observed on the CPPs of each metal. Although second, higher-grade populations were apparent on the charts and in drill assays during modeling, the geological characteristics of the higher grades were not understood, and were therefore not used in the model. As a result, the overall quantity of metal is likely well-represented by the model, but the local distribution of grade may not be. Understanding and modeling the higher-grade domains would reduce the local risks associated with mixing of different assay populations within the low-grade domain. Hydrology, Permitting, and Bonding RESPEC recommends that Guardian continue the hydrology study to establish baseline hydrogeological data, inform pit design, and evaluate dewatering requirements. RESPEC further recommends advancing permitting and bonding activities in parallel to ensure regulatory compliance and reduce risk in mine-planning assumptions. Support Infrastructure RESPEC recommends that Guardian secure labor, support staff, equipment, and materials at appropriate levels to sustain operational continuity and technical execution across drilling, analytical, and study programs. Adequate resourcing will enable successful delivery of work programs and maintain project progress. Table 23-1. Guardian Cost Estimate for Pilot Mountain Tungsten Project Recommended Work—Phase 1 Task Qty Unit US$ per unit US$ Desert Scheelite Core Drilling 1,500 meter $520 $780,000 Garnet Core Drilling 1,800 meter $520 $936,000 Gunmetal Core Drilling 1,800 meter $520 $936,000 Exploration Core Drilling 2,000 meter $520 $1,040,000 Assays 4,700 samples $55 $260,000 Metallurgical Test Work $450,000 Geological Modelling $25,000 Hydrology Study $675,000 Ore Characterization Study $525,000 Permitting and Bonding $645,000 Pre-Feasibility Study $1,620,000 Reporting $220,000 Labor / Support Staff $2,370,000 Equipment and Materials $70,000 Total $10,552,000  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img104.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 96 2 23.2 PHASE 2 RECOMMENDED ACTIVITIES AND BUDGET Following completion of phase 1 activities, RESPEC recommends advancing a second phase of work to support feasibility evaluation and reduce remaining technical and regulatory risks. Phase 2 is designed to expand the resource base, refine engineering inputs, and strengthen environmental and permitting foundations. The proposed phase 2 activities and budget of ~$8.48 million are summarized below and in Table 23-2. Core Drilling RESPEC recommends that Guardian complete additional core drilling across the Desert Scheelite, Garnet, and Gunmetal deposits and on exploration targets identified in phase 1 exploration. This program will test extensions of known mineralization, evaluate new zones identified during Phase 1, and improve confidence in resource geometry. RESPEC expects these results to support updated block models and contribute to the conversion of inferred material to indicated or measured categories. Metallurgical Test Work RESPEC recommends that Guardian conduct follow-up metallurgical studies. These tests will include variability assessments across multiple deposits and will refine recovery assumptions for tungsten and associated by-products. RESPEC advises that the results feed directly into process design and feasibility-level engineering. Permitting and Bonding RESPEC recommends that Guardian expand permitting and bonding activities. This work will address environmental data collection, bonding requirements, and regulatory submissions necessary to advance the project. Feasibility Study RESPEC recommends that Guardian complete a full feasibility study. This study will evaluate economic viability using updated technical and cost assumptions. RESPEC expects the feasibility study to incorporate revised resource models, metallurgical data, mine design, infrastructure planning, and permitting outcomes. Labor and Support Staff RESPEC recommends that Guardian continue to allocate resources to labor and support staff to manage drilling, data integration, engineering, and permitting workflows. Infrastructure RESPEC recommends that Guardian invest in infrastructure to support field operations, data collection, and logistics. This investment will include upgrades to access roads, core handling facilities, and temporary utilities required for sustained exploration and study activities.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img105.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 97 2 Table 23-2. Guardian Cost Estimate for Pilot Mountain Tungsten Project Recommended Work—Phase 2 Task Qty Unit US$ per unit US$ Core Drilling 6,500 meter $520 $3,380,000 Metallurgical Test Work $200,000 Permitting and Bonding $900,000 Feasibility Study $1,000,000 Labor / Support Staff $2,000,000 Infrastructure $1,000,000 Total $8,480,000  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img106.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 98 2 24.0 REFERENCES Several technical resource reports have been prepared for Pilot Mountain resources areas, none that were S-K 1300 compliant. They are as follows: Golder Associates, 2012. Desert Scheelite Resource, with Final Report Number 127641013-002-R-Rev0, prepared by Golder Associates Pty Ltd. Kaiser Engineers, 1981. Feasibility Study for Mining and Concentrating of Pilot Mountain Tungsten Ore, Mineral County, Nevada, prepared by Kaiser Engineers for Union Carbide Corporation Metals Division. RES, 2018. Update of Golder Associates Desert Scheelite Resource, prepared by Resource Evaluation Services (RES) for Thor Mining PLC. Vidale, Andrew, 2018. Pilot Mountain Mining Scoping Study, prepared by Andrew Vidale Consulting Services on behalf of for Thor Mining PLC. Other sources: American Eagle Research Institute, 2025. "Pilot Mountain Exploration Project: 2025 Golden Eagle Occupancy and Reproduction Assessment," prepared for WestLand Engineering & Environmental Services. Faulds, J. E. and C. D. Henry, 2008. "Tectonic Influences on The Spatial And Temporal Evolution of The Walker Lane: An Incipient Transform Fault Along The Evolving Pacific – North American Plate Boundary," in Spencer, J. E. and S. R. Titley, editors, Ores and Orogenesis: Circum-Pacific Tectonics, Geologic Evolution, and Ore Deposits, Arizona Geological Society Digest, Vol. 22, pp. 437-470. Grabher, D. E., 1984. "Union Carbide's Pilot Mountain Project Geologic Setting and Field Trip Guide," in Exploration for Ore in the American Cordillera, J. L. Johnson, ed., Association of Exploration Geochemists, pp. 5-24. Lederer, G. W., F. Solano, J. A. Coyan, K. M. Denton, K. E. Watts, C. N. Mercer, D. P. Bickerstaff, and M. Granitto, 2021. "Tungsten Skarn Mineral Resource Assessment of the Great Basin Region of Western Nevada and Eastern California," Journal of Geochemical Exploration , Vol. 223, pp. 1-24. Nielsen, R. L., 1963. Geology of the Pilot Mountains and Vicinity, Mineral County, Nevada, PH.D. thesis, University of California, Berkeley. Oldow, J. S., 1978. "Triassic Pamlico Formation: An Allochthonous Sequence of Volcanogenic-Carbonate Rocks in West Central Nevada," in Mesozoic Paleogeography of the Western United  |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img107.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 99 2 States, edited by Howell, D. G., and K. A. McDougall, SEPM, Pacific Section, Pacific Coast Paleogeography Symposium 2, pp. 223-235. Samuel Engineering. 2025. "Metallurgical Test Work: Pilot Mountain PFS," [Project memorandum]. Samuel Engineering, Greenwood Village, CO. Speed, R. C. 1977. "Island arc and other paleogeographic terranes of Late Paleozoic age in the western Great Basin," in Paleozoic Paleogeography of the Western United States, edited by Stewart, J.S., Stevens, C.H., and Fritsche, A. E., SEPM, Pacific Coast Section, Pacific Coast Paleogeography Symposium 1, pp. 349-362. Western Regional Climate Center, 2013. Cooperative Climatological Data Summaries. Retrieved from http://wrcc.dri.edu/climatedata/climsum/ WestLand Engineering & Environmental Services, 2024. "Pilot Mountain Exploration Project: 2024 Pre-Field Habitat Assessment." WestLand Engineering & Environmental Services, 2025a. "Pilot Mountain Exploration Project: 2024 Baseline Biological Survey Report." WestLand Engineering & Environmental Services, 2025b. "2025 Cold Season Internal Bat Survey," addendum to "Pilot Mountain Exploration Project: 2024 Baseline Biological Survey Report." WestLand Engineering & Environmental Services, 2025c. "2025 Burrowing Owl Survey," addendum to "Pilot Mountain Exploration Project: 2024 Baseline Biological Survey Report."  |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img108.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 100 2 25.0 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT The following categories of information have been provided to RESPEC by Guardian: / Electronic copies of documents, reports, maps, tables, and 3D topographic shapefiles that Guardian acquired from historical operators of the Pilot Mountain property concerning boundaries, property history, geology, and historical drilling and sampling. / Electronic copies of documents, reports, maps, tables, and 3D geologic shapefiles provided by Guardian with the results of drilling and sampling carried out by Guardian through the effective date of this report. / Electronic copies of maps, photographs, drilling data tables, laboratory assay reports and certificates from Guardian's drilling programs. RESPEC has taken all appropriate steps, in its professional judgment, to ensure that the work, information, or advice derived from the above-noted information and companies is sound. RESPEC has disclosed the uncertainties and lack of independent verification of the data in Section 5.0, Section 7.0, and Section 8.0. RESPEC has fully relied on Guardian to provide complete information concerning the pertinent legal status of Guardian and its affiliates, as well as current legal title, material terms of all agreements, material environmental and permitting information, and metallurgical test work that pertains to the Pilot Mountain Tungsten Project. RESPEC has therefore relied fully upon information and opinions provided by Guardian with regard to the land tenure, metallurgy, and environmental studies summarized in Section 3.0, Section 10.0, Section 17.0, and Appendix A. RESPEC has no reason to believe that any material facts have been withheld or misstated, and considers it reasonable to rely upon the registrant for the information summarized in Section 3.0, Section 10.0, and Section 17.0 of this report. |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img109.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 A-1 2 APPENDIX A LIST OF UNPATENTED LODE MINING CLAIMS OF THE PILOT MOUNTAIN TUNGSTEN PROJECT |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img110.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 A-2 2 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img111.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 A-3 2 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img112.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 A-4 2 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img113.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 A-5 2 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img114.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 A-6 2 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2532978d7_ex96-1img115.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSI-3732 A-7 2 |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **F-1**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Guardian Metal Resources PLC**  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation or Carry Forward Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Ordinary Shares, nominal value GBP0.01 per share, represented by American depositary shares | 457(o) | $50000000.00 | 0.0001381 | $6905.00 |
| Fees Previously Paid |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | $50000000.00  |  | $6905.00  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  |  |  | $6905.00  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> American depositary shares ("ADSs") issuable upon deposit of ordinary shares registered hereby will be registered under a separate registration statement on Form F-6 (Registration No. 333-______). Each ADS represents______ordinary shares. Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended. Includes ordinary shares represented by ADSs that may be purchased by the underwriters pursuant to their option to purchase additional ADSs to cover over-allotments, if any. In accordance with Rule 416, the Registrant is also registering an indeterminate number of additional ordinary shares that shall be issuable after the date hereof as a result of share splits, share dividends, or similar transactions.

---

| | |
|:---|:---|
| | |
| **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Form Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **File Number**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Initial Effective Date**  |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---