Investee Company Update – Aberdeen Minerals Ltd

Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce that it has received an update from its investee company Aberdeen Minerals Ltd ("Aberdeen"). Aberdeen has been awarded £294,000 in grant funding by the UK Government through the Automotive Transformation Fund ("ATF").

Aberdeen expects the ATF grant will meet 70% of the cost of a feasibility study into innovative methods to process the minerals at the company's Arthrath Nickel-Copper-Cobalt Project in Aberdeenshire. This study will investigate the potential to accelerate the production of cathode raw materials in North East Scotland for UK battery manufacturing, using more environmentally sustainable and socially acceptable approaches than the carbon-intensive, overseas supply chains on which UK industry currently relies.

Innovations to be tested include Glycine Leaching Technology, a technique patented by Draslovka, which uses glycine, a non-toxic amino acid often used as a food additive or nutritional supplement in humans and animals, as an environmentally sustainable and cost-effective way to produce critical minerals.

The ATF is delivered by the Advanced Propulsion Centre ("APC") in collaboration with the Department for Business and Trade and Innovate UK to support large-scale industrialisation and the transition to net zero. The ATF grant awarded to Aberdeen is part of a broader package of funding announced by APC.

Gunsynd subscribed for 2,000,000 shares at 7.5 pence per ordinary share for a total consideration of £150,000 as part of the fundraising announced on 16 January 2023.