Guardian Metal Resources' (GMTL) board approved in principle a proposed spinout of its non-tungsten exploration portfolio into a new company, the company said Wednesday.

The new company would seek admission to trading on AIM by Q2 2027, with assets expected include gold, silver and copper project Garfield, gold project Golconda Summit and silver and gold project Stonewall in Nevada, Guardian Metal said.

The transaction remains subject to its final structure, regulatory and third-party approvals and consents, and final board approval, the company said.

Additionally, Guardian Metal said its independent directors determined that the remuneration arrangements with Chief Executive Oliver Friesen, including enterprise management incentive options announced last July 17, were "fair and reasonable."

Shares of the company were up more than 5% in premarket activity on Wednesday.

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