Mentioned:
There’s a new tungsten company on Wall Street. And they’re backed by one of the most successful hedge fund managers of all time.
What’s happening:
- Guardian Metal Resources (NYSE: GMTL) has priced their IPO financing round and has begun trading on the New York Stock Exchange
By the numbers:
- Guardian Metal Resources will issue roughly 4.44M American Depositary Shares at a price of $13.50 USD per share in their IPO financing round
Why it matters:
- Guardian Metal Resources’ flagship asset is the Pilot Mountain tungsten project located in Nevada which is widely considered to be one of the single largest undeveloped tungsten deposits in the United States
Going deeper:
- Billionaire hedge fund manager and Wall Street legend Stanley Druckenmiller previously acquired roughly 14.75% of Guardian Metal Resources through his family office Duquesne Family Office
- The United States Department of War also notably previously committed $6.2M USD in funding to Guardian Metal Resources under the Defense Production Act Title III to advance exploration at Pilot Mountain
- Guardian Metal Resources will continue to trade on the London Stock Exchange following their debut on the New York Stock Exchange
