Half-year Results

Chairman's Statement

I am pleased to report the interim results for the six months ended 31 January 2024.

Review of Investments

1911 Gold Corporation ("1911 Gold")

Gunsynd Plc invested approximately CAD$350,000 (c. £200,000) 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 has 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.

Aberdeen Minerals Limited ("Aberdeen")

Gunsynd holds 2,000,000 ordinary shares which were purchased at a price of 7.5 pence per share for a total consideration of £150,000.

In March 2024 Aberdeen announced a conditional equity financing of up to £5.5 million to invest in its mineral exploration programmes for deposits of nickel, copper and cobalt in North East Scotland. Responsibly sourced and secure supplies of these metallic raw materials used in batteries and electrification are critical to an energy transition in Scotland and the UK. This conditional equity financing was at a price of 8.5p per share, a premium to where Gunsynd invested.

Low 6 Limited ("Low6")

Low6 has continued to build revenue and has now traded profitability for all seven months of the current financial year being July 2023 through to January 2024. Monthly revenues have risen to just under £400k per month.

The company forecasted revenue of £4.5m for FY24 (July 2023-June 2024), and the company is on target to surpass that having contracted over £3.9m between 1 July 2023 and 31 January 2024. With five trading months to follow, the company anticipates that it will hit its revenue target for FY24. This compares to audited revenue for the company for the year ended 30 June 2022 of £854,851.

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

Omega Oil and Gas Limited ("Omega")

Omega announced in October 2023:

• 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, Australia.
• Net 2C contingent resources comprise 1.51 TCF Gas and 68.6 million barrels (MMBBLS) of condensate.

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

Charger Metals Limited ("Charger")

Gunsynd currently holds 852,542 shares in Charger representing approximately 1.1% of Charger's issued share capital.

The most recent ASX quarterly report from Charger issued in January 2024 indicated the following highlights:

Lake Johnston Lithium Project, Western Australia

• Charger identified a new 1.2km trend of pegmatite outcrops with visible spodumene confirmed by high-grade rock chip samples up to 4.2% Li2O.
• Results received from a soil sampling programme across the Mt Gordon tenement have identified several large soil anomalies
• $3 million currently budgeted for exploration programmes in 2024 at Lake Johnston, including Reverse Circulation ("RC") and diamond drilling programmes of priority targets, to be funded by Rio Tinto Exploration Pty Ltd ("RTX"), a wholly-owned subsidiary of Rio Tinto Limited (ASX: RIO), under the Farm-in Agreement.
• 2024 exploration programmes commenced in January 2024, with diamond drilling underway at the Medcalf Spodumene Prospect to test for extensions to the high-grade lithium mineralisation returned from the maiden RC drill programme completed in Q2 2023.

Bynoe Lithium Project, Northern Territory

• Assays were received for the infill soil sampling programme completed in the northeastern area of the Bynoe Lithium Project, along with the first-pass results from the ground gravity survey.
• Approximately 20 lithium prospects identified by the company to-date at Bynoe remain untested, and the results from the coincident geochemical and geophysical surveys are expected to generate further targets.
• The company is reviewing all of the Bynoe data over the "wet season" in order to prioritise drill targets ready for the next "dry season" field campaign, due to commence in Q2 2024.

Rincon Resources Pty Ltd ("Rincon")

Gunsynd holds 4,000,000 shares representing approximately 1.8% of Rincon's issued share capital.

The most recent ASX quarterly report from Rincon issued in January 2024 indicated the following highlights:

West Arunta Project

The Pokali diamond drilling program has been deferred until February 2024 due to unfavourable weather conditions. Rock Chip samples were collected from site reconnaissance programs, confirming the presence of carbonatite related rare earth element ("REE") mineralisation at Pokali North and also demonstrated widespread high-grade copper mineralisation over the 4km long Pokali IOCG Prospect area. Portable x-ray florescence ("pXRF") analysis of a selection of rock-chip samples highlighted two apparent REE trends, with best total rare earth element ("TREE") results of 0.48% TREE (KWRK094), 0.43% TREE (KWRK104) and 0.25% TREE (KWRK107).

South Telfer Project

Over 3,500m (17 holes) of reverse circulation ("RC") drilling were completed at Mammoth and Westin. The program successfully confirmed the presence of what the company believes could be a significant gold system at Westin. Multiple zones of anomalous gold mineralisation highlighted at least three potential sub-vertical gold-bearing structures that remain open down-dip and along strike.

Eagle Mountain Mining Limited ("Eagle Mountain")

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

Highlights from the Eagle Mountain Mining December quarter results.

• Testing during the quarter identified a simpler processing method at Oracle Ridge with a raft of cost and environmental benefits. Highlights from recent testwork include:
• Increased mining productivity as a result of larger stopes and multiple fronts, enabled by the updated Mineral Resource, refer below.
• Up to 30% increase in copper head grade possible from ore sorting.
• Excellent copper recovery from rougher flotation, direct tank-leaching and an onsite SX/EW plant that produces LME grade copper sheet.
• In November 2023, the Mineral Resource Estimate for Oracle Ridge was upgraded to 28.2mt at 1.35% Cu, 11.06g/t Ag and 0.16g/t Au using a 0.8% copper cut-off grade for 380kt of contained copper. Measured and Indicated Resources now account for 54% of the MRE for Oracle Ridge.

Pacific Nickel Limited ("Pacific Nickel")

Gunsynd currently holds 996,838 shares in Pacific Nickel.

In January 2024 Pacific Nickel announced that it had completed its first DSO shipment from its Kolosori Nickel project and that an initial payment had been received from offtake partner Glencore International AG. In late February 2024 a second 60,000 tonne bulk carrier was loaded with average grade of around 1.65% nickel. This was followed in March by a third loading of a 60,000 tonne bulk carrier. Pacific Nickel is now focused on the ramp up to full production of 1.5mtpa is proceeding and expected to be finalised in May 2024.

Rogue Baron PLC ("Rogue Baron")

Gunsynd holds 21,543,563 shares in Rogue Baron equal to 16.89% of the issued share capital.

Rogue Baron plc announced in March 2024 that a USA based Institutional Investor ("Investor") agreed to invest USD $1,000,000 directly into Rogue Baron's wholly owned US subsidiary, Shinju Spirits Inc (the "Investment").

The USD $1,000,000 investment is comprised of USD $750,000 in cash and USD $250,000 worth of business enhancement services, which will be provided by the Investor to support the sales growth of Shinju Japanese Whisky, the company's signature brand.

In return for the Investment, the Investor will receive $750,000 of Seed Series Preferred Shares in Shinju Spirits that will have customary rights of a venture capital financing, commensurate with the rights set out in the American National Venture Capital Association Model Legal Documents. The Investor will also receive $250,000 in warrants to purchase up to a further $250,000 in common stock of Shinju Spirits.

Finnaust Mining Northern OY (Black Schist Projects) (the "Projects")

In June 2022 Gunsynd announced heads of terms with Metals One Plc ("Metals One") to farm into the Black Schist Projects in Finland, containing a nickel-zinc-copper-cobalt deposit proximal, and analogous, to the large Talvivaara mine. Gunsynd has paid £250,000 with respect to the conditional farm in agreement with Metals One and will receive 6.25% of the enlarged share capital of Finnaust Mining Northern OY ("Finnaust") (which holds the Projects).

In February 2024 Metals One Plc announced significant intersections of mineralised black schists were identified in all eight drillholes and geological continuity with Metals One's existing resource at its R1 Hook target which could support future resource expansion.

Metals One continues to update its prospectivity model with the valuable geophysical and petrophysical insights into the nature of mineralised black schists gathered during this programme.

The strategy is for the company to show a clear path to the economic extraction of its assets. This includes a longer-term ambition of potentially defining a 200 Mt resource in the Paltamo area, the scale of which could underpin a significant supply of critical minerals to the European market at what Metals One expects to be a low cost of production.

Oyster Oil and Gas Limited ("Oyster")

Gunsynd has a holding valued at £130,000, 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 £621,000 (31 January 2023: £576,000 loss). The realised and unrealised market valuation on financial investments for the period was a loss of £369,000 (31 January 2023: £305,000 loss).

The Company had net assets at 31 January 2024 of £1,735,000 (31 January 2023: £3,275,000) including cash balances of £113,000 (31 January 2023: £304,000).

Outlook

We maintain a level of diversification in our portfolio but are mainly concentrated in natural resources and are unlikely to change this in the future.

Equity prices for junior resources stocks declined substantially during the period particularly which had a negative effect on the Company and its share price. The board believes that the end of the interest rate tightening cycle is likely over and this should be positive for commodities on the back of a potentially weaker USD. This has already started to be reflected in higher prices for certain commodities such as gold and copper.

Whilst the results for the period are disappointing there have been a number of positives including the progress in Low6, the institutional fundraise in to Rogue Baron's subsidiary at a substantial premium and the share price performance of 1911 Gold.

The Board continues to look at investments in line with its investment policy as highlighted on the Company's website and would also like to take this opportunity to thank shareholders for their continued support.

Hamish Harris

Chairman

Notes to the interim report

For the six months ended 31 January 2024

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 2024 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 2023.

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 2023 have been derived from the statutory accounts for 2023. 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

Financial Information

The Board of Directors approved this interim report on 17 April 2024.

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