Targets identified at Falcon, Greylark and Merlin

Gunsynd (AIM: GUN) is pleased to provide an update in relation to the Falcon Lake, Greylark and Merlin Projects in Canada (together the "Hornby Basin Projects"), in which the Company has acquired a 100% legal and beneficial interest in the Projects. Further to the announcement of 10 July 2025 Southern Geoscience consultants have now completed 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 and have identified 22 targets to follow up with field work.

Falcon

At Falcon, the broad 2 km spacing of the AEM (Airborne ElectroMagnetic) survey detected weak anomalies that should be flown in a tighter spaced survey to better define and evaluate the anomalies.

Greylark

The central part of the Greylark project contains 5 conductive anomalies that should be followed up with field review consisting of geochemical sampling and potentially ground based EM surveys to identify deep bedrock conductors.

Merlin

Merlin hosts multiple moderate EM conductors, including several isolated targets coincident with magnetic features. The presence of conductive cover limits depth penetration in places making a follow up ground EM survey warranted to better assess the bedrock potential.

Data review across the Falcon, Merlin, and Greylark project areas has identified multiple discrete airborne EM anomalies of interest. Gunsynd plans to advance these high-priority targets through a combination of ground-based geophysics, geological mapping, and surface geochemistry to refine exploration targets and guide future drill planning, which may support long-term evaluation of the project's mineral potential.

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