Falcon, Greylark and Merlin Update

Gunsynd (AIM: GUN) is pleased to provide an update in relation to the Falcon Lake, Greylark and Merlin Projects in Canada (together the "Projects"), in which the Company has acquired a 100% legal and beneficial interest in the Projects. Gunsynd has appointed Southern Geoscience Consultants (SGS), to undertake a comprehensive review of all historical geophysical surveys completed across the Company's land package in the Hornby Basin including its Falcon, Greylark and Merlin licences. The Board anticipates that the review will be completed within four to six weeks.

Several local high-resolution geophysical surveys including airborne EM, airborne gravity, ground gravity, and local air radiometrics have been previously taken in the area.

• The work will consist of systematically reprocessing all available datasets, merging overlapping surveys where possible, and generating a unified property-wide geophysical database. The GEOTEM interpretation work will include interpreting conductors from each profile in a digital environment
• Classifying conductors in terms of quality, dip, etc.
• Compile conductor picks from the profiles and then interpret conductor axes, faults and dips and assign conductor names
• Correlate conductors with geology, drilling, geochemistry, magnetics, etc and classify them accordingly with priority ratings.

This approach should allow Gunsynd to prioritise drill targets and design future exploration programs with a firm understanding of the basin's geophysical characteristics.

Rock chip samples, as announced on 8 October 2024 and set out below, have previously recorded high grade results for both copper and uranium.

Falcon Lake Project

Gunsynd would also like to draw attention to the following announcement showing similar work done by another listed company on the Hornby Basin showing priority targets: High Priority Conductive Em Anomalies Identified in Hornby Basin; Marketing Update - Future Fuels

Hamish Harris, Executive Chairman of Gunsynd commented "It is pertinent to note that SGS comes with excellent recent credentials with successful work programs completed in the immediate region of the Hornby Basin for Future Fuels Inc (TSXV:FTUR), a circa C$45m market cap.

"The Mountain Lake Uranium Deposit situated adjacent to Dismal Lakes (Falcon Greylark/Merlin 100% owned by Gunsynd) is the one of the most prominent uranium occurrence within the Hornby Project. Initially discovered in 1976, this deposit within the Hornby Deposit has undergone extensive historical exploration, including over 26,000 meters of drilling across 209 drill holes. The deposit contains an estimated inferred historical resource of 3,700 tonnes of U₃O₈, equivalent to approximately 8.16 million pounds of uranium, with an average grade of 0.23% U₃O₈ with significant potential for expansion based on historical and modern exploration data including drill hole 77Y-35 which returned 5.19% U₃O₈ over 0.90m, part of a 3.90m intercept of 2.27% U₃O₈.

"Given recent data reprocessing, the Company anticipates that this work will deliver exciting results that will advance this project."

Map of prior GEOTEM surveys.