Half-year Report

Gunsynd plc

("Gunsynd", or the "Company")

Interim Results for the six months ended 31 January 2025

Chairman's Statement

I am pleased to report the interim results for the six months ended 31 January 2025.

Review of Investments

Falcon, Merlin and Greylark (CU, U Projects) - Gunsynd holds 100% in each of the licences totalling a combined 9,307 hectares ("ha") in Nunavut, Canada.

Rock chip samples at Falcon averaged over 15% Cu and three of four samples at Merlin were over 1,000 ppm U. As stated in the Company's announcement of 21 November 2024, Future Fuels purchased the Mountain Lake deposit adjacent to Greylark from Iso Energy in November 2024 at a valuation multiples of that which Gunsynd paid for Falcon, Merlin and Greylark.

Gunsynd holds 100% of the licence held over circa 17,000 ha in the North West Territories, Canada.

In December 2024 digitisation and interrogation of historic data revealed widespread, untested soil anomalism and further, high grade, drill-tested occurrences with outstanding zinc grades.

In February 2025 Metals One Plc announced the outcome of a Preliminary Economic Assessment ("PEA") for the Finland - Black Schist Ni-Cu-Co-Zn Project.

The PEA was undertaken by Wardell Armstrong International, part of Wardell Armstrong LLP and showed that at current nickel prices the project was uneconomic using a discount factor of 8/10%.

Gunsynd has paid £250,000 with respect to the conditional farm in agreement with Metals One Plc and has received 6.25% of the enlarged share capital of Finnaust Mining Northern OY ("Finnaust") (which holds the Black Schist Projects).

Gunsynd Plc invested approximately CAD$350,000 (c. £210,000) into 1911 Gold (TSXV: AUMB), a junior gold development and exploration company located in Manitoba, in the heart of the Rice Lake gold district within the West Uchi greenstone belt in Canada.

For each ordinary share subscribed for in 1911 Gold, the Company received a warrant over a new ordinary share with an exercise price of CAD$ 0.10 per share and exercisable for a period of 24 months from the date of closing of the offering by 1911 Gold.

1911 Gold announced two sets of drilling results in February 2025 with intercepts including up to 21.8 g/t gold.

As at 31 January 2025, Gunsynd held 2,770,000 shares and 5,833,333 warrants exercisable at CAD$ 0.10 in 1911 Gold.

In February 2025 assay results were received from Aberdeen's seven-hole, 2024 exploration drilling campaign at Arthrath Central which tested the deeper magmatic conduit-related sulphide system.

Results delivered the combined thickest and highest-grade intersections seen at Arthrath to date, with the addition of downhole geophysics providing strong encouragement for what these higher resolution geophysical anomalies may deliver at depth.

The next drill program will continue to vector in on grade and conductivity signals which have been consistent indicators of higher sulphide saturation (and higher metal content).

Gunsynd holds 2,000,000 ordinary shares in Aberdeen which were acquired for £150,000.

It was a transformational year for Low6, a B2B supplier of gaming software, as underlying revenue growth was circa 90%+ year on year, up to £4.2M (July 2023 to June 2024) and delivered a positive EBITDA position. Deloitte named Low6 as the 17th fastest growing tech companies in the UK in 2024 (https://www.deloitte.co.uk/fast50/winners/2024/).

Low6 continue to onboard new clients across both media and iGaming sectors, and forecast another year of growth in revenue.

The Company has invested £265,000 in Low6 to date. 

Omega announced in March 2025 a successful fracture stimulation at Canyon-1H with flow testing commenced with condensate flows observed at surface.

The Company has invested £50,000 in Omega to date.

In February 2025 Rogue Baron announced a proposed new strategy towards natural resources with the intention of entering into a reverse takeover and a name change to Richmond Hill Resources PLC ("Richmond Hill").

In March 2025, Richmond Hill announced that it had signed a letter of intent with Three Mile Beach Ltd ("Three Mile") with respect to the acquisition by Richmond Hill of the legal and beneficial interest of certain mineral exploration licences in Quebec.

At 31 January 2025, Gunsynd had loans outstanding (including interest) of £153,552 and holds 3,590,594 ordinary shares representing approximately 5.9% of the issued share capital of Richmond Hill.

Gunsynd has a holding valued at £50,000, and there has been no material change since 31 July 2023. Gunsynd will update the market as and when material developments occur.

Finance Review

The Company's loss for the period was £357,000 (31 January 2024: £621,000 loss). The realised and unrealised market valuation on financial investments for the period was a loss of £49,000 (31 January 2024: £369,000 loss).

The Company had net assets at 31 January 2025 of £1,677,000 (31 January 2024: £1,735,000) including cash balances of £105,000 (31 January 2024: £113,000).

Outlook

We maintain a level of diversification in our portfolio but are mainly concentrated in natural resources, particularly in North America and are unlikely to change this in the near future. Equity prices for junior resources stocks again remain depressed in the period. Although not yet reflected in equity prices, commodity prices, particularly gold and copper, have exhibited signs of recent strength. If the recent weakness of the USD persists, these commodity prices may signal a long-overdue uptick in the shares prices of junior natural resources companies.

Gunsynd very much looks forward to updating the market on progress of its Canadian assets over the coming year.

Hamish Harris

Chairman

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

For further information, please contact:

The interim results will be available electronically on the Company's website: www.gunsynd.com.

Gunsynd plc

Interim statement of comprehensive income - unauditedFor the six months ended 31 January 2025

Gunsynd plc

Interim statement of financial position - unauditedAs at 31 January 2025

Gunsynd plc

Interim statement of changes in equity - unauditedFor the six months ended 31 January 2025

Gunsynd plc

Interim statement of cash flows - unauditedFor the six months ended 31 January 2025

Notes to the interim report

For the six months ended 31 January 2025

1 Basis of preparation

As permitted IAS 34, 'Interim Financial Reporting' has not been applied to these half-yearly results. The financial information of the Company for the six months ended 31 January 2025 have been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively "IFRS") issued by the International Accounting Standards Board ("IASB") as adopted by the European Union ("adopted IFRS") and are in accordance with IFRS as issued by the IASB. The condensed interim financial information has been prepared using the accounting policies which will be applied in the Company's statutory financial statements for the year ending 31 July 2024.

The financial information shown in this publication is unaudited and does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The comparative figures for the financial year ended 31 July 2024 have been derived from the statutory accounts for 2024. The statutory accounts have been delivered to the Registrar of Companies. The auditors have reported on those accounts; their report was unqualified and did not contain statements under the section 498(2) or 498(3) of the Companies Act 2006.

2 Earnings per share

The calculation of the loss per share is based on the loss attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period.

However, due to losses incurred in the half year there is no dilutive effect from the potential exercise of the share options in existence.

3 Events after the end of the reporting period

None at the date of publication

4. Financial Information

The Board of Directors approved this interim report on 25 March 2025.

A copy of this report can be obtained from our website at www.gunsynd.com

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.