Maxim Group Downgrades Guardian Metal Resources (GMTL) to Hold
Maxim Group analyst Tate Sullivan downgraded Guardian Metal Resources (NYSE: GMTL) from Buy to Hold.
The analyst commented, "Downgrading shares to Hold. We downgrade GMTL shares to Hold, from Buy, as we increase our expense forecasts and delay our initial revenue estimate to CY2H29, from CY1H29. We factor in a longer timeline to reach initial revenue from tungsten critical mineral projects in Nevada. We believe GMTL needs more resource announcements and metallurgy work to accelerate site construction work in Nevada. One of GMTL's recent updates referred to ongoing drilling at both tungsten projects in Nevada. GMTL expects initial production before the end of CY28, but we believe this production will be for customers testing tungsten production before GMTL generates meaningful revenue. We increase our expense forecast for FY2H26 (Jun) to $6.2M, up 259% y/y, from $5.7M (there are no other estimates, per LSEG) and our FY27 operating expense forecast to $13.7M, up 22.1% y/y, from $12.6M. We introduce our FY28 operating expense forecast of $14.8M, up 8.2% y/y."
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Shares of Guardian Metal Resources closed at $20.64 yesterday.