Final Results

Gunsynd (AIM: GUN, AQSE: GUN) is pleased to announce that its Final Results for the year ended 31 July 2023 will shortly be posted to shareholders and are available on the Company's website: http://www.gunsynd.com/.

The Directors of the Company are responsible for the release of this announcement.

I present the annual report and financial statements for the year ended 31 July 2023. The Company made a loss for the year to 31 July 2023 of £1,706,000 (2022: loss £2,426,000) after taxation. The loss was a result of unrealised losses on the value of investments held. The Company had net assets of £2,145,000 (2022: £3,851,000) at 31 July 2023, and cash balances of £164,000 (2022: £824,000).

Review of Investments

NATURAL RESOURCES INVESTMENTS

Charger Metals Limited ("Charger")

Gunsynd currently holds 2.5m shares in Charger representing approximately 4% of Charger's issued share capital.

Charger (ASX: CHR) is a Western Australian ("WA") focussed base metals (Ni,Cu,Co-PGE) and lithium exploration company which currently holds three highly prospective projects in WA and the Northern Territory ("NT") in Australia.

Highlights to 30 September 2023 for its current projects:

Bynoe Lithium Project, NT (Charger 70%)

• Maiden reverse circulation (RC) drill programme and diamond drill programme commenced.
• Initial ~2,000m RC drill programme completed as first-pass test of high priority targets including the Megabucks, Old Bucks and Enterprise prospects.
• Assays confirm significant lithium mineralisation in spodumene-bearing pegmatites at the Enterprise Prospect, with results including:
• 7m @ 0.96% Li2O from 107m, including 5m @1.13% Li2O from 108m (CBYRC023); and
• 16m @ 0.65% Li2O from 185m, including 1m @1.91% Li2O from 198m (CBYRC024)
• First hole of 1,500m diamond drill programme intersected 19.25m of spodumene-bearing pegmatite at the Enterprise Prospect - assays pending
• 5,000m RC drill programme commenced early July 2023 (post reporting period) with two drill rigs operating concurrently with the diamond rig

Lake Johnston Lithium Project, WA (Charger 70%-100%)

• Assay results received for the maiden RC drill programme completed at the Medcalf Spodumene Prospect, which totalled 41 holes for 7,199 metres and:
• Delineated a swarm of stacked spodumene-bearing pegmatites up to 13m thick (down-hole) within a 100m wide corridor along 700m of strike and 250m down-dip
• Confirmed numerous high-grade lithium results returned from spodumene-bearing pegmatites
• Priority targets have been identified for follow-up drilling to test for extensions to the high-grade lithium mineralisation

Rincon Resources Pty Ltd ("Rincon")

Gunsynd holds 11.1 million shares representing approximately 6.5% of Rincon's issued share capital.

Rincon (ASX: RCR) is a Western Australian ("WA") focussed gold and base metals exploration company quoted on the ASX. It holds the rights to three highly prospective gold and copper projects in WA, with its main focus on the South Telfer Project, covering 50,000-hectares in Paterson province. Each project has been subject to historical exploration, which has identified prospective mineralised systems. Rincon is systematically exploring these projects, aiming to delineate economic resources.

Highlights to 30 September 2023 for its current projects:

South Telfer Copper-Gold Project

• 3,000m reverse circulation ("RC") drilling program at Mammoth underway.
• 29m zone of quartz-sulphide mineralisation intersected down-dip of historic 'Westin' high grade gold intercept
• Successful application for Exploration Incentive Scheme ("EIS"2) co-funding grant of up to $180,000 for Recurve RC drilling program
• The final report for the Hasties technical review now received with planning for next steps underway

West Arunta Project (formerly Kiwirrkurra project)

• Heritage survey completed ahead of diamond drilling program at Pokali
• 1,000m diamond drilling program at Pokali set to commence as soon as site works are completed
• Site reconnaissance completed with a further 46 rock-chip samples collected for analysis

Laverton Project

• The final report for the Laverton Project assessment, target generation and prioritisation process now received with planning for next steps underway

Pacific Nickel Limited ("Pacific Nickel")

Gunsynd currently holds 2.78m shares in Pacific Nickel representing approximately 0.66% of its issued capital.

Highlights to 30 September 2023 for its current projects:

Kolosori Nickel Project (PNM 80%)

• Final drawdown of US$19m from the Glencore International AG (Glencore) Financing Facility
• Execution of a Barging Agreement with Marinepia Shipping Company Limited for the Transfer of Nickel Ore
• Mining Contractor HBS PNG Pty Ltd (HBS) delivered two tranches of mining equipment to site from PNG.
• HBS commenced major development activities (working 24 hours, two shift operations) including:
• Construction of the haul road and access roads to the stockpile area
• Commenced major earth works and removal of overburden from the first higher-grade ore blocks.
• Backfill for the wharf.
• Construction of site laboratory
• Construction of mining contractors workshop area
• Construction of a 250 man camp

Subsequent to the reporting period, commencement of mining and stock piling of nickel ore for shipment forecast for November 2023.

Jejevo Nickel Project (PNM 80%)

• Subsequent to the 30 September 2023, the company has entered into a Surface Access Rights Agreement (SARA) for a Mining Lease with landowners in respect of the Jejevo Nickel Project.

Corporate:

Cash of $23.075 million at 30 September 2023

Eagle Mountain Mining Limited ("Eagle Mountain")

Gunsynd holds 2.5 million shares in Eagle Mountain representing approximately 1% of its issued share capital.

Eagle Mountain Mining Limited (ASX: EM2), is a copper focused exploration and development company with a key objective of becoming a low emission producer at its high-grade Oracle Ridge project in Arizona, USA, to supply the rapidly growing green energy market.

Highlights to 30 September 2023 for its current projects:

• Further positive drilling and channel sampling results confirmed potential upside to the mineral resource estimate (MRE)
• Underground channel sampling assays were some of the strongest to date including:

− 15.3m at 4.02% Cu, 18.71g/t Ag and 0.14g/t Au

− 19.2m at 3.32% Cu, 37.66g/t Ag and 0.31g/t Au

− 35.7m at 2.60% Cu, 14.86g/t Ag and 0.08g/t Au

− 32.6m at 2.23% Cu, 26.13g/t Ag and 0.28g/t Au including  1.6m at 9.47% Cu, 100g/t Ag and 1.01g/t Au

• Drill core assays are expected to increase both the resource size and quality of the MRE. Results received during the Quarter include: 11.4m at 2.29% Cu, 16.45g/t Ag and 0.14g/t Au; 4.4m at 2.23% Cu, 23.41g/t Ag and 0.39g/t Au; and 63.9m at 1.11% Cu, 10.14g/t Ag and 0.09g/t Au

-Various metallurgical test work programs progressed including Ore sorting; Concentrate variability testwork including locked cycle tests; Flash floatation testwork; High pressure grind roll comminution tests; Mineral speciation testwork; and Magnetic separation testwork to recover magnetite or garnets

-Assessment of sulphide leaching processes commenced which could reduce capital and operating costs for the Project

• New MRE update on track for completion in the December 2023 quarter incorporating drilling and channel sampling undertaken since the previous MRE in October 2022 and extensive new knowledge gained from the underground mapping program

-$1.6 million in cash available at 30 September 2023

Aberdeen Minerals Limited ("Aberdeen")

Aberdeen Minerals Limited is a privately owned mineral exploration company currently engaged in mineral exploration in North East Scotland for battery raw materials.

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.

Recent update from 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.

Omega Oil & Gas Limited ("Omega")

Gunsynd subscribed for 450,000 shares at AUD 20 cents per ordinary share for a total consideration of AUD$90,000 (approximately £50,000) as part of the IPO fundraising announced on 25 October 2022.

Omega Oil and Gas Limited ("Omega") is an ASX listed Australian energy and resources company focused on natural gas exploration and oil production (ASX: OMA), on its Basin-Centred Gas drilling campaign.

Recent update from Omega:

• Estimated maiden gross 2C contingent resources of 1.73 trillion cubic feet ("TCF") and 3C contingent resources of 4.5 TCF across Omega Oil and Gas' 100% owned ATPs 2037 and 2038 in Queensland's Taroom Trough.
• Net 2C contingent resources comprise 1.51 TCF Gas and 68.6 million barrels (MMBBLS) of condensate.
• The independent resource assessment, based on the Canyon drilling campaign results, was conducted by Netherland, Sewell & Associates, Inc., a global leader in petroleum property analysis.
• Allocated resources based on a modelled average reservoir thickness of 27m in the Kianga Formation which is 221m thick at the site of the Canyon 2 well.
• Strong growth potential, with further assessment to be considered on other hydrocarbon-bearing reservoirs within the Kianga Formation and the Back Creek Group, which are highly prospective.
• The next phase of exploration and appraisal includes an innovative horizontal well targeting the Kianga Formation and a multi-stage stimulation.
• The $21 million capital raising completed on 8 August 2023 fully funds the next stage of exploration and appraisal.

First Tin Limited ("First Tin")

Gunsynd currently holds 618,000 shares in First Tin representing approximately 0.3% of its issued capital.

First Tin (LSE:1SN) successfully completed its IPO on the Standard List of the London Stock Exchange in April 2022, raising £20 million (before expenses) of new equity capital, positioning it to invest into and add value to its advanced portfolio of tin assets. As part of the IPO, First Tin acquired the Taronga tin asset in NSW Australia, the 5th largest undeveloped tin reserve globally. Taronga will now be developed alongside First Tin's other lead asset of Tellerhäuser which is located in Saxony in Germany.

First Tin recently commenced Definitive Feasibility Studies ("DFS") at Taronga and Tellerhäuser, which are both scheduled to be completed in Q4 2023. During the period, the management team focused on advancing both assets through their respective DFS. Strong operational progress was made at the Taronga asset, successfully completing all drilling and exploration work and publishing an updated JORC compliant Mineral Resource Estimate ("MRE") which increased the size of the Taronga resource by over 240% to 133 million tonnes. This updated JORC MRE statement demonstrates the true scale of the Taronga asset and there remains plenty of scope to further increase the size of total resource both from the Taronga asset itself and from its satellite orebodies.

Oyster Oil and Gas Limited ("Oyster")

Gunsynd has a holding valued at £130,000, and there has been no material change since year end. The oil price gives the Company some confidence of restoring value to this investment. Gunsynd will update the market as and when material developments occur.

OTHER INVESTMENTS

Rogue Baron PLC ("Rogue Baron")

Rogue Baron PLC (AQSE: SHNJ) is a leading company in the premium spirit sector listed on the Access segment of the AQSE Growth Market. Gunsynd currently holds 21,543,563 ordinary shares in Rogue Baron, representing approximately 24% of its

issued share capital. Gunsynd also retains a balance of £111,464 of Convertible Loan Notes consisting of accrued interest.

Rogue Baron's flagship Shinju Whisky won two medals in October 2021 including a double gold with a perfect score of 100 when voted best whisky at the 2021 Santé International Spirit Competition. In November 2021 Shinju won another gold medal, this time at the prestigious John Barleycorn awards.

Following the successful completion of transitioning to a new USA distributor in September 2022, Rogue Baron resumed full-scale sales operations in October 2022. During the fourth quarter of 2022, Rogue Baron sold around 930 cases of Shinju whisky worldwide, marking an impressive growth of approximately 100% compared to the corresponding period in 2021. Sales of Shinju whisky decreased during the first quarter of 2023 as Q1 tends to be the slowest quarter in the spirits industry. While this slowdown may impact our short-term sales figures, Rogue Baron projects an increase in sales as they move further into the Spring and Summer months.

Rogue Baron anticipates a favourable outlook for sales and margins in the second half of 2023. This positive projection is primarily attributed to the resolution of shipping issues that have arisen in recent years, but maintaining proper inventory levels will be necessary to continue the growth. Additionally, there is potential for significant growth as Rogue Baron intends to launch the 8- year-old Shinju expression into the United States market for the first time, projected in late 2023.

With an established distribution network in both Europe and the US, Rogue Baron is confident that securing the required capital would enable it to achieve a substantial increase in revenue within the short to medium term. At the time of releasing these accounts, they are actively engaged in discussions with multiple potential investors. There is an optimistic outlook that the necessary funds can be raised, leading to higher levels of revenue and profitability in the future.

Low 6 Limited ("Low6")

The Company invested approximately £265,000 in Low6 of which £152,000 was impaired during the year to reflect the most recent valuation of Low6 share price. We hold 0.66% of Low6's issued share capital.

Recent update from Low6:

Low 6 has reached a significant milestone by generating revenue of just under £1m (unaudited) for the quarter ended 30 September 2023, and expects to continue its current trajectory during Q2. Its financial year runs from 1 July 2023 to 30 June 2024. Audited revenue for the year ended 30 June 2022 was £854,851 and loss before tax was £18,350,342.

Low 6 was successful in a Request for Proposal (RFP) process with 'OPTA' Stats Perform. Its work with OPTA focuses on the launch of multiple games based on Premier League statistics. Low6 also successfully launched products with Oddschecker for the new English Premier League season and signed a significant contract extension with Rush Street Interactive in North America for product development over the next 18 months.

Oscillate plc ("Oscillate"; formerly DiscovOre plc)

Oscillate is an investment company listed on the AQSE Growth Market Exchange with the ticker, AQSE: MUSH. In April 2021, Gunsynd invested £200,000 into Oscillate being 10 million shares at 2p representing circa 4.5% of Oscillate. Oscillate underwent internal repositioning and restructuring during what has been a difficult year.

Other unlisted investments

The Company has various other minor stakes in unlisted public company investments totalling £124,000. These have been impaired by £62,000 during the year to reflect the downturn in economic markets.

Finance Review

As noted above, the Company made a loss for the year of £1,706,000 (2022: loss £2,426,000) after taxation. Most of the loss generated was from decrease in value of the Company's investment portfolio. The Company had net assets of £2,145,000 (2022: £3,851,000) at 31 July 2023, and cash balances of £164,000 (2022: £824,000).

Outlook

Whilst good progress was made by a number of companies in our portfolio this unfortunately hasn't been as yet reflected in their share price performance. The board took the decision to take profits on some of our listed investments at prices much higher than they are today which has allowed the Company to maintain a healthy cash balance. Gunsynd has not raised money since 2020. Gunsynd maintains a low fixed cost structure and this will continue through volatile and uncertain conditions across global markets.

We maintain a level of diversification in our portfolio with positions in natural resources, gaming and beverages.

The Board continues to look at investments in line with its investment policy as highlighted on the Company's website. This could potentially include increasing a stake(s) in investments already held. Such investment(s) may or may not lead to a reverse takeover.

The Board would also like to take this opportunity to thank shareholders for their continued support.

Hamish Harris

Chairman

FINANCIAL STATEMENTS

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 JULY 2023

The financial statements were approved and authorised for issue by the Board of Directors on 20 December 2023 and were signed on its behalf by:

Hamish Harris Donald Strang

Chairman Director

Company number: 05656604

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JULY 2023

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2023

During the year, there were share for share exchanges involving Pacific Nickel Limited that resulted in additional non cash investment of £124,154.

NOTES TO THE FINANCIAL STATEMENTS

1 Presentation of the financial statements

Description of business & Investing Policy

Gunsynd plc is public limited company domiciled in the United Kingdom. The Company's registered office is 78 Pall Mall, London SW1Y 5ES.

Basis of preparation - Going concern

The financial statements have been prepared on a going concern basis. This basis assumes that the company will have sufficient funding to enable it to continue to operate for the foreseeable future and the Directors have taken steps to ensure that they believe that the going concern basis of preparation remains appropriate.

The Company made a loss for the year of £1,706,000 (2022: loss £2,426,000) after taxation. The Company had net assets of £2,145,000 (2022: £3,851,000) and cash balances of £164,000 (2022: £824,000) at 31 July 2023. The Directors have prepared financial forecasts which cover a period of at least 12 months from the date that these financial statements are approved to 31 December 2024. These forecasts show that the Company expects to have sufficient financial resources to continue to operate as a going concern.

• In the event that the Company's investments require further funding, sufficient funding can be obtained by the various investee companies; and
• In the event that operating expenditure increases significantly as a result of successful progress with regards to the Company's investments, sufficient funding can be obtain by selling level 1 investments.

The cost structure of the Company comprises a high proportion of discretionary spend and therefore in the event that cash flows become constrained, costs can be quickly reduced to enable the Company to operate within its available funding. As a junior investment company, the Directors are aware that the Company must go to the marketplace to raise cash to meet its investment plans, and/or consider liquidation of its investments and/or assets as is deemed appropriate. The Company has previously constantly demonstrated its ability to raise further cash by way of completing placings during the prior years, and are confident of further equity fund raising should the company require such cash injection. Therefore, they are confident that existing cash balances, along with the any new funding would be adequate to ensure that costs can be covered.

Consequently, the Directors have a reasonable expectation that the Company has adequate resources to continue to operate for the foreseeable future and that it remains appropriate for the financial statements to be prepared on a going concern basis.

Financial period

These financial statements cover the financial year from 1 August 2022 to 31 July 2023, with comparative figures for the financial year from 1 August 2021 to 31 July 2022.

Accounting principles and policies

The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The financial statements have been prepared in accordance with the Company's accounting policies approved by the Board and signed on their behalf by Hamish Harris and Donald Strang.

2 Earnings per share

The calculation of ( loss) per share is based on the loss after taxation divided by the weighted average number of shares in issue during the period:

3 Events after the end of the reporting period

On 16 November 2023, the Company advised it had made payment of the first tranche of £250,000 to Metals One as referenced in Note 20.

On 5 December 2023, the Company advised it had raised gross proceeds of £210,000 through the issue of 105 million shares at 0.2p each.