Investee Company update – Richmond Hill Resources

Gunsynd (AIM: GUN), an investing company, notes the announcement made by Richmond Hill Resources PLC ("Richmond Hill") (AQSE: SHNJ).

"Richmond Hill (AQSE: SHNJ), announces that further to the announcement on April 10, 2025, it has modified the binding term sheet with Three Mile Beach Ltd ("Three Mile") with respect to the acquisition by the Company of the legal and beneficial interest of certain mineral exploration licences in Quebec ("Proposed Transaction") and admission to AIM. The long stop date has been changed from June 30, 2025 to October 15, 2025."

Comment from Richmond Hill, "It is unfortunate that the reverse takeover has been held up by an administrative delay in Quebec and it is now likely that admission to AIM will occur in early to mid-September. However, on a fortuitous note, since Richmond Hill entered into the transaction, a number of very positive things have happened, including the receding threat of USA tariffs on China, the copper price appreciating significantly and last but not least, the return of a semblance of liquidity to UK junior markets."

At 30 June 2025, Gunsynd had loans outstanding (including interest) of £144,259 and holds 3,590,594 ordinary shares representing approximately 3.43% of the issued share capital of Richmond Hill.

Peter Ruse, Director of Gunsynd, commented: We are encouraged by the material 3.43% stake held in a new Copper transaction amongst a backdrop of copper prices soaring to record highs in the wake of President Donald Trump threatening 50% tariffs on imports of the metal. This price rally has also been attributed to a significant reduction in LME copper inventories, which have fallen by approximately 65% year-to-date. Traders have been redirecting copper shipments to the US in anticipation of potential Section 232 tariffs, leading to a sharp backwardation in the market. Copper is a critical element in electric vehicles, the power grid, military hardware and many consumer goods. The metal climbed as much as 17% during 8 July 2025 trading sessions, reaching highs of approximately $5.70/lb.

Post completion of the transaction, Richmond Hill will own the Saint Sophie Copper Project in Quebec, Canada. The project covers 87 square kilometres and is located in the Beauce region of Quebec, 60 km south of The Becancour Battery Park and 150 km North-East of Montreal. The project is comprised of multiple worked indices and historic mines of high-grade native copper, hosted in sedimentary rock and epithermal vein systems, with 146 claims spanning 87 square kilometres. The project hosts more than 14 worked indices and historic mines with copper grades over 55% Cu. Highest copper grades from drilling and indices: include 1.25t of ore @32% Cu, trench containing 42% cu and grab sample at 55% Cu.