We advised Guardian Metal on its U.S. IPO

Davis Polk advised Guardian Metal Resources PLC on its approximately $68 million initial public offering of 5,055,953 American depositary shares (ADSs), representing 25,279,765 ordinary shares, which included an upsize of approximately 851,800 ADSs at the time of pricing and 611,553 ADSs issued pursuant to the underwriters’ exercise of their over-allotment option.

The ADSs are listed on the NYSE American under the symbol “GMTL.” Guardian Metal’s ordinary shares are admitted to trading on the AIM market of the London Stock Exchange under the symbol “GMET.”

Guardian Metal is a U.S.-focused exploration-stage company focused on tungsten in Nevada. Its 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 mineralization that have seen prior tungsten mining activity by third parties.

The Davis Polk capital markets team included partners Michael Kaplan and Connie I. Milonakis and associates Serdar Inci and Shelby Young. Counsel Alon Gurfinkel and associate Kelli A. Rivers provided tax advice. Partner Gregory S. Rowland and associate Alex Brod provided Investment Company Act advice. Counsel David A. Zilberberg provided environmental advice. Members of the Davis Polk team are based in the New York and London offices.

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