Mentioned:
ALM -21.18%
A publicly traded mining company in London has just received fresh funding from the United States Department of Defense. But, why?
What’s happening:
- Guardian Metal Resources (AIM: GMET) has been awarded $6.2M USD from the United States Department of Defense to accelerate a pre-feasibility study for their Pilot Mountain tungsten project located in Nevada
Why it matters:
- This is the first time ever that the United States Department of Defense has given capital to a tungsten project located within America
Going deeper:
- Pilot Mountain is widely considered to be the single largest tungsten deposit in all of the United States of America and has previously produced significant high grade drill results
- Tungsten has come into major political focus lately in North America, which has been notably fuelled by China restricting tungsten exports globally
The intrigue:
- Tungsten has also continued to be a major theme on Wall Street, which just recently led to Almonty Industries (NASDAQ: ALM) raising $90M USD in a new equity financing round and listing on the Nasdaq
