Relinquishment of Bear Twit & Hornby Bay Projects
Gunsynd Plc is relinquishing its interests in the Bear Twit and Hornby Bay projects in Canada, having spent approximately £110,000 to date, to focus capital and management resources on advancing its Barb Gold Project. The decision was made after a review indicated substantial expenditure would be required to maintain and advance the relinquished projects, particularly the physical claim staking needed for Bear Twit permits, which could cost several hundred thousand pounds. This strategic shift allows Gunsynd to concentrate on the Barb project, which has shown positive assay results and offers practical advantages like all-year road access and proximity to Winnipeg, enabling quicker and lower-cost exploration programs. The company will not receive any consideration for the relinquishment.
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Gunsynd plc (AIM: GUN) ("Gunsynd" or the "Company"), the AIM-quoted investing company, announces that it has decided to relinquish its interests in the Bear Twit project in the Northwest Territories and the Hornby Bay uranium project portfolio in Nunavut, Canada (together, the "Projects").
The Company is taking the necessary steps with Pinwheel Resources Ltd ("Pinwheel") to terminate the relevant agreements and relinquish its interests in the Projects.
Under the farm-in agreement announced by the Company on 5 August 2024, Gunsynd committed to provide minimum funding of £100,000 per annum for two years towards agreed work programmes at the Bear Twit and Hornby Bay projects. To date Gunsynd has spent approximately £110,000 at project level. Following a review of the expenditure required to maintain and advance the Projects, the Board has determined that committing further capital to them would not be in the best interests of shareholders.
In particular, maintaining the Bear Twit permits would require an extensive programme of physical claim staking. Based on current estimates, this work alone could cost several hundred thousand pounds before any substantive exploration programme was undertaken.
The Board has also considered the opportunity cost of allocating capital and management resources to the Projects following the assay results from the Company's Barb Gold Project in Manitoba, Canada, announced on 29 June 2026.
The relinquishment of the Projects will remove the requirement for Gunsynd to fund further exploration expenditure under the relevant agreements and will allow the Company to concentrate its available capital and management resources on advancing Barb towards drilling.
The Company will not receive any consideration from the relinquishment, nor will any money be owed to Pinwheel.
Further details concerning the Company's planned exploration programme at Barb will be announced as appropriate.
Hamish Harris, Executive Chairman of Gunsynd, commented:
"This is a straightforward capital-allocation decision. Bear Twit and the Hornby Bay assets may retain geological potential, but the expenditure required simply to maintain and advance them is substantial.
That expenditure has to be considered against what we have now established at Barb, particularly the results of our recent surface sampling programme.
The Board believes that Barb also has considerable practical advantages over many Canadian exploration projects. It has all-year road access, is approximately two hours by road from Winnipeg and requires no helicopter support.
The Board expects this infrastructure to allow exploration programmes to be mobilised more quickly and at lower cost than at remote or seasonally accessible projects.
We therefore do not believe it would be sensible to commit further funds to Bear Twit and Hornby Bay when that capital can instead be directed towards a road-accessible gold project that has shown repeated positive gold assay results from the surface sampling."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.