REG - Gunsynd PLC - Final Results

GunsyndAnnouncement

05/12/2024 07:00

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RNS Number : 8779O  Gunsynd PLC  05 December 2024

 

 

Gunsynd plc

 

("Gunsynd" or the "Company")

 

Final Results for the Year Ended 31 July 2024

 

Gunsynd (AIM: GUN) is pleased to announce that its Final Results for the year
ended 31 July 2024 will shortly be posted to shareholders and are available on
the Company's website: http://www.gunsynd.com/ (http://www.gunsynd.com/) .

 

 

This announcement contains inside information for the purposes of the UK
Market Abuse Regulation.

 

The Directors of the Company are responsible for the release of this
announcement.

 

 

For further information please contact:

 Gunsynd plc                                       +44 (0) 78 7958 4153

 Hamish Harris / Peter Ruse

 Cairn Financial Advisers LLP (Nominated Adviser)  +44 (0) 20 7213 0880

 James Caithie / Liam Murray / James Western

 Peterhouse Capital Limited (Broker)               +44 (0) 20 7469 0936

 Lucy Williams

 

CHAIRMAN'S REPORT (INCORPORATING THE STRATEGIC REVIEW)

 

I present the annual report and financial statements for the year ended 31
July 2024.  The Company made a loss for the year to 31 July 2024 of £845,000
(2023: loss £1,706,000) after taxation. The loss was a result of unrealised
losses on the value of investments held. The Company had net assets of
£1,557,000 (2023: £2,145,000) at 31 July 2024, and cash balances of
£148,000 (2023: £164,000).

 

Introduction

The cyclical downturn in the mineral resource exploration sector continued
throughout the year under review, however, there are signs that this pressure
may now be easing, not least with increases in the prices of gold, copper and
uranium, the commodities of focus within the Company's portfolio.  Stock
market conditions remain depressed, but the board believes this has created a
situation of vast disconnect between commodity prices and the valuation of
junior exploration companies.

 

The year saw the Company shift its focus towards investing in North American
natural resources, particularly in Canada and with respect to buying majority
stakes in non-operated exploration licenses.  Fortunately the board was able
to pivot away to future commitments in a nickel project towards better
performing commodities.  Whilst yet to be reflected in the share price as at
the date of this report, this change of strategy has already yielded positive
results, not least with the exceptional assay results at Falcon and the
impressive share price performance of 1911 Gold Corporation.

 

Review of Investments

 

1.   NATURAL RESOURCES INVESTMENTS

Falcon, Merlin and Bear Twit

 

Gunsynd has acquired a 100% legal and beneficial interest in the Falcon Lake
and Merlin U-Cu projects and Bear-Twit VMS projects in Canada (together the
"Projects"). These Projects are early stage exploration projects which are
prospective for uranium, copper and other resources.

 

Rock Chip samples at Falcon averaged over 15% Cu and three of four samples at
Merlin were over 1,000 ppm U.  The exceptional results from the field work
has meant that these projects will be a key focus for the Company moving
forward with more field work anticipated once conditions allow in 2025.

 

1911 Gold Corporation ("1911")

 

Gunsynd holds 2,770,000 shares in 1911 representing approximately 2% of its
issued share capital.

 

1911 owns a mill and mining complex, 1m ounces at an attractive grade of
6.4g/t and a vast portfolio of exploration tenure along strike in a first
world mining jurisdiction all for a very modest market cap of CAD $5m. Gunsynd
was  pleased to be investing alongside well renowned gold investor Eric
Sprott who cornerstoned a CAD $3.9m fundraise in December 2023. This only
strengthens our confidence of the potential upside and value creation amongst
a backdrop of record Gold prices.

 

Metals One investment

 

Gunsynd holds 6.25% of the issued share capital of Metals One Finland Oy, a
subsidiary of Metals One which holds the Black Schist Project.

 

Metals One Plc ("Metals One") announced a maiden JORC Inferred Mineral
Resource ("Resource") for the P5 area of the Finland - Black Schist Project of
29 Mt. This brings the total Black Schist Project resource to 57.1 Mt, more
than double the previous estimate. 3.6 Mt (6.25%) of the 57.1 MT Black Schist
Project resource is attributable to project partner, Gunsynd Plc. Metals One
has the option to acquire this 6.25% from Gunsynd for £250,000 wholly or
partly in cash or ordinary shares in Metals One.

 

Aberdeen Minerals Limited ("Aberdeen")

 

Gunsynd holds 2,000,000 shares in Aberdeen representing approximately 2% of
its issued share capital.

 

 

Drilling program is currently underway at Arthrath Central within
the Arthrath Project. Following the completion of the equity fundraise,
Aberdeen commenced its next round of drilling at Arthrath as part of its
mineral exploration programmes for deposits of nickel, copper and cobalt in
North East Scotland. Two rigs were mobilised to the site on 10 July 2024.
This campaign consisted of 2,685 metres of core drilling over six holes
between July and September 2024, as the first stage of an overall 6,300 metre
program.

 

The aim of the current six hole program is to explore deeper within the large
Arthrath conduit-related sulphide system and test the potential for massive
sulphide deposits in a geological setting which appears to be comparable to
several global nickel sulphide orebody analogues.

 

Drilling has been positive so far with good levels of sulphide and net
sulphide textures intersected in the two shallower holes, which have tested
the southern part of the deposit in areas where there was no / limited
historical drilling.

 

Rincon Resources Pty Ltd ("Rincon")

 

Gunsynd holds 3,000,000 shares representing approximately 1% of Rincon's
issued share capital.

 

In October 2024, Rincon announced some highly significant copper and TREO1
drilling results from recent RC drilling programs at its West Arunta Project,
located in Western Australia. Copper mineralisation at Pokali East, which also
includes credits for gold, silver, bismuth and cobalt among others, indicates
the potential for a substantial multi-million tonne copper resource with
mineralisation starting from surface.

 

Pokali East - Five (5) RC holes were drilled to validate historical drill
intersections and assist in confirming the current IOCG model, the vertical
orientation of high-grade copper lodes, and to collect essential assay data
for IOCG alteration mapping and targeting at depth. All 5 drill holes returned
significant copper results over extended widths and depths with 24WARC026.

 

Eagle Mountain Mining Limited ("Eagle Mountain")

 

Gunsynd holds 2,500,000 shares in Eagle Mountain representing approximately 1%
of its issued share capital.

 

Eagle Mountain announced in October 2024 that detailed drill planning is
currently underway to test the highly prospective targets identified from
recent geophysical modelling that has significantly enhanced the potential of
their porphyry-style targets at Silver Mountain. These promising areas are
characterised by elevated velocity and lowered magnetic response, similar to
those found at other world-class porphyry deposits. These geophysical
indicators, combined with mapped and sampled surface high-grade copper, silver
and gold mineralisation, suggest the possibility of a large-scale
porphyry-hydrothermal system at Silver Mountain.

 

Omega Oil & Gas Limited ("Omega")

 

Gunsynd holds 450,000 shares in Omega representing less than 1% of its issued
share capital.

 

Omega the 100% holder of Potential Commercial Area (PCA) 342 and PCA 343
(Omega's Canyon Gas Field project),  announced that the Canyon-1H horizontal
well was spudded on 21 September 2024. The well program consists of
re-entering the Canyon-1 vertical well and drilling a new horizontal section
up to a maximum length of 1,100m long. The drilling program is expected to
take 4 weeks to complete. The Canyon-1H horizontal well aims to test whether a
potentially economic flow rate can be achieved from the highly prospective
Canyon Sandstone at the base of the Permian Kianga Formation. Omega plans to
complete a multi-stage hydraulic fracture stimulation, flowback and well
testing program after analysing and integrating the results of the well.

 

2. OTHER INVESTMENTS

Rogue Baron PLC ("Rogue Baron")

 

Rogue Baron PLC (AQSE: SHNJ) is a leading company in the premium spirit sector
listed on the Access segment of the AQSE Growth Market. Gunsynd currently
holds 3,590,594 ordinary shares in Rogue Baron, representing approximately
15.06% of its issued share capital. Gunsynd also retains a balance of
£111,464 of Convertible Loan Notes consisting of accrued interest.

 

During the year, Rogue Baron undertook a share consolidation in which every 6
Ordinary shares of £0.001 were consolidated into 1 New Ordinary Share of
£0.006.

 

Low 6 Limited ("Low6")

 

The Company has invested approximately £265,000 (2023: £265,000) in Low6 of
which nil (2023: £152,000) was impaired during the year to reflect the most
recent valuation of Low6 share price for a current value of £113,000 (2023:
£113,000). Gunsynd holds approx. 0.66% of Low6's issued share capital.

 

Amongst a backdrop of incredibly challenging trading conditions, the company
has continued to build the revenues and has now begun to trade profitability.
The management of Low6 have repositioned the business to focus on licensing
its software offering to clients and have developed a varied customer base and
have maintained an excellent customer retention rate. Gunsynd remains
encouraged with the businesses ability to adapt and grow in difficult market
conditions and look forward to the company's ongoing growth and profitability.

 

Charger Metals NL ("Charger")

 

During the financial year ended 31 July 2024, the Company disposed of
2,537,060 ordinary shares in Charger for AUD$658,000 (approximately
£343,000). Following the disposals the Company holds nil ordinary shares in
Charger.

 

Other investments

 

The Company has various other minor stakes in unlisted and listed company
investments totalling £170,000. These have been impaired by £95,000 during
the year to reflect the downturn in economic markets.

 

Finance Review

 

As noted above, the Company made a loss for the year of £845,000 (2023: loss
£1,706,000) after taxation. Most of the loss generated was from the decrease
in value of the Company's investment portfolio.  The Company had net assets
of £1,557,000 (2023: £2,145,000) as at 31 July 2024, and cash balances of
£148,000 (2023: £164,000).

 

Outlook

 

Whilst good progress was made by numerous companies in our portfolio this
unfortunately has yet to be reflected in their share price performance. Our
Canadian investments have performed strongly not least Falcon and 1911 Gold
Corporation.  The board is optimistic that market conditions and commodity
prices will both improve and are confident that our pivot towards copper,
uranium and gold is one that could provide considerable potential near to
medium term upside to shareholders.

 

The Board continues to look at investments in line with its investment policy
as highlighted on the Company's website. This could potentially include
increasing a stake(s) in investments already held. Such investment(s) may or
may not lead to a reverse takeover.

 

The Board would also like to take this opportunity to thank shareholders for
their continued support.

 

 

Hamish Harris

Chairman

3 December 2024

 

FINANCIAL STATEMENTS

 

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 JULY 2024

 

                                                                               2024     2023

                                                                               £000     £000
 Continuing operations

 Income
 Unrealised (loss) on financial investments                                    (95)     (1,043)
 Realised (loss)/gain on financial investments                                 (94)     (35)
                                                                               (189)    (1,078)

 Administrative expenses
 Salaries and other staff costs                                                (283)    (284)
 Foreign exchange                                                              (3)      (3)
 Other administrative expenses                                                 (306)    (281)
 Total administrative expenses                                                 (592)    (568)

 Operating loss                                                                (781)    (1,646)

 Impairment of financial investments                                           (95)     (212)
 Other income                                                                  28       149
 Finance income                                                                3        3

 (Loss) before taxation                                                        (845)    (1,706)

 Taxation                                                                      -        -

 (Loss) for the period attributable to equity shareholders of the Company      (845)    (1,706)

 Other comprehensive income / (expenditure) for the period net of tax          -        -
 Total comprehensive earnings for the period attributable to shareholders      (845)    (1,706)

 Earnings per ordinary share                                                            *restated
 Basic (pence)                                                                 (0.171)  (0.406)
 Diluted (pence)                                                               (0.171)  (0.406)

 

 

The notes form an integral part of these financial statements.

STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2024

 

                                                                 2024      2023

                                                                 £000      £000
 ASSETS
 Non-current assets
 Financial investments at fair value through profit or loss      1,295     1,891
 Total non-current assets                                        1,295     1,891

 Current assets
 Trade and other receivables                                     259       194
 Cash and cash equivalents                                       148       164
 Total current assets                                            407       358

 Total assets                                                    1,702     2,249

 Current liabilities
 Trade and other payables                                        (145)     (104)
 Total current liabilities                                       (145)     (104)

 Total liabilities                                               (145)     (104)

 Net assets                                                      1,557     2,145

 Equity attributable to equity holders of the company
 Ordinary share capital                                          519       382
 Deferred share capital                                          2,299     2,299
 Share premium reserve                                           13,596    13,459
 Investment in own shares                                        (43)      (26)
 Share based payments reserve                                    -         24
 Retained earnings                                               (14,814)  (13,993)
 Total equity                                                    1,557     2,145

 

 

The notes form an integral part of these financial statements.

 

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JULY 2024

 

                                                            Deferred  Share    Investment  Share-based
                                                   Share    Share     premium  in own      payments     Retained
                                                   capital  capital   reserve  shares      reserve      earnings  Total
                                                   £000     £ 000     £000     £000        £000         £000      £000
 At 31 July 2022                                   382      2,299     13,459   (26)        39           (12,302)  3,851

 Loss for the year                                 -        -         -        -           -            (1,706)   (1,706)
 Total comprehensive Loss for the period           -        -         -        -           -            (1,706)   (1,706)

 Transactions with owners:
 Transfer within Equity on lapse of share options  -        -         -        -           (15)         15        -
 At 31 July 2023                                   382      2,299     13,459   (26)        24           (13,993)  2,145

 Loss for the year                                 -        -         -        -           -            (845)     (845)
 Total comprehensive Loss for the period           -        -         -        -           -            (845)     (845)

 Transactions with owners:
 Issue of Share Capital                            137      -         144      -           -            -         281
 Share Issue Costs                                 -        -         (7)      -           -            -         (7)
 Adjustment for shares held in Trust               -        -         -        (17)        -            -         (17)
 Transfer within Equity on lapse of share options  -        -         -        -           (24)         24        -
 At 31 July 2024                                   519      2,299     13,596   (43)        -            (14,814)  1,557

 

 

The notes form an integral part of these financial statements.

 

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024

 

                                                              2024   2023

                                                              £000   £000
 Cash flow from operating activities
 (Loss) after tax                                             (845)  (1,706)
 Tax on losses                                                -      -
 Finance income net of finance costs                          (3)    (3)
 Unrealised loss on revaluation of financial investments      95     1,043
 Realised loss/(gain) on sale of financial investments        94     35
 Other income                                                 -      (124)
 Impairment provision                                         95     212
 Shares issued in lieu of payment                             54     -
 Foreign exchange movements                                   -      1
 Changes in working capital:
 (Increase)/decrease in trade and other receivables           (62)   4
 Increase in trade and other payables                         41     24
 Cash outflow from operations                                 (531)  (514)
 Taxation received                                            -      -
 Net cash outflow from operating activities                   (531)  (514)

 Cash flow from investing activities
 Payments for financial investments                           (475)  (405)
 Disposal proceeds from sale of financial investments         787    294
 Unsecured loans to investee company                          -      (35)
 Net cash inflow/(outflow) from investing activities          312    (146)

 Cash flows from financing activities
 Proceeds on issuing of ordinary shares                       210    -
 Cost of issue of ordinary shares                             (7)    -
 Net cash inflow from financing activities                    203    -

 Net decrease in cash and cash equivalents                    (16)   (660)
 Cash and cash equivalents at the beginning of the year       164    824
 Cash and cash equivalents at the end of the year             148    164

 

During the year, the Company issued shares to settle certain liabilities and
other obligations. On 28 March 2024, 17,000,000 ordinary shares were issued to
settle a liability valued at £24,000. On 11 July 2024, the Company issued
20,000,000 ordinary shares to the Gunsynd Employee Benefit Trust at par value,
resulting in an aggregate cost to the Company of £17,000. On the same date,
19,230,769 ordinary shares were issued to settle liabilities of £25,000.

 

During the previous year, there were share for share exchanges involving
Pacific Nickel Limited that resulted in additional non cash investment of
£124,154.

 

The notes form an integral part of these financial statements.

 

NOTES TO THE FINANCIAL STATEMENTS

 

1    Presentation of the financial statements

 

Description of business & Investing Policy

Gunsynd plc is public limited company domiciled in the United Kingdom. The
Company's registered office is 78 Pall Mall, London SW1Y 5ES.

 

The Company's Investing Policy is to invest in and/or acquire companies and/or
projects within the natural resources sector, life sciences sector
(concentrating on but not being limited to, plant-based nutrition and
environmentally friendly alternatives to food sources) and the alcohol
beverage sector, (concentrating on but not being limited to, ingredients used
within the production of such beverages including sugar cane, agave, and
molasses) which the Board considers, in its opinion, have potential for
growth. The Company will consider opportunities in all sectors as they arise
if the Board considers there is an opportunity to generate potential value for
Shareholders. The geographic focus will primarily be Europe, Australia, the US
and the Caribbean, however investments may also be considered in other regions
to the extent the Board considers that potential value can be achieved.

 

Where appropriate, the Board may seek to invest in businesses where it may
influence the business at a board level, add their expertise to the management
of the business, and utilise their industry relationships and access to
finance.

 

The Company's interests in an investment and/or acquisition may range from a
minority position to full ownership and may comprise one investment or
multiple investments.  The investments may be in either quoted or unquoted
companies; be made by direct acquisitions or farm-ins; and may be in
companies, partnerships, earn-in joint ventures, debt or other loan
structures, joint ventures or direct or indirect interests in assets or
projects.  The Board may focus on investments where intrinsic value may be
achieved from the restructuring of investments or merger of complementary
businesses.

 

The Board expects that investments will typically be held for the medium to
long term, although short term disposal of assets cannot be ruled out if there
is an opportunity to generate a return for Shareholders.  The Board will
place no minimum or maximum limit on the length of time that any investment
may be held.  The Company may be both an active and a passive investor
depending on the nature of the individual investment.  There is no limit on
the number of projects into which the Company may invest, and the Company's
financial resources may be invested in a number of propositions or in just one
investment, which may be deemed to be a reverse takeover under the AIM
Rules.  The Board intends to mitigate risk by appropriate due diligence and
transaction analysis.  Any transaction constituting a reverse takeover under
the AIM Rules will also require Shareholder approval.  The Board considers
that, as investments are made and new investment opportunities arise, further
funding of the Company may also be required.

 

Where the Company builds a portfolio of related assets, it is possible that
there may be cross holdings between such assets.  The Company does not
currently intend to fund any investments with debt or other borrowings but may
do so if appropriate.  Investments in early stage assets are expected to be
mainly in the form of equity, with debt potentially being raised later to fund
the development of such assets.  Investments in later stage assets are more
likely to include an element of debt to equity gearing.  The Board may also
offer New Ordinary Shares by way of consideration as well as cash, thereby
helping to preserve the Company's cash for working capital and as a reserve
against unforeseen contingencies including, for example, delays in collecting
accounts receivable, unexpected changes in the economic environment and
operational problems.

 

Investments may be made in all types of assets and there will be no investment
restrictions on the type of investment that the Company might make or the type
of opportunity that may be considered.  The Company may consider possible
opportunities anywhere in the world.

 

The Board will conduct initial due diligence appraisals of potential business
or projects and, where they believe further investigation is warranted, intend
to appoint appropriately qualified persons to assist.  The Board believes its
expertise will enable it to determine quickly which opportunities could be
viable and so progress quickly to formal due diligence.  The Company will not
have a separate investment manager.

 

Basis of preparation - Going concern

The financial statements have been prepared on a going concern basis.  This
basis assumes that the company will have sufficient funding to enable it to
continue to operate for the foreseeable future and the Directors have taken
steps to ensure that they believe that the going concern basis of preparation
remains appropriate.

 

The Company made a loss for the year of £845,000 (2023: loss £1,706,000)
after taxation.  The Company had net assets of £1,557,000 (2023:
£2,145,000) and cash balances of £148,000 (2023: £164,000) at 31 July
2024.  The Directors have prepared financial forecasts which cover a period
of at least 12 months from the date that these financial statements are
approved to 31 December 2025.  These forecasts show that the Company expects
to have sufficient financial resources to continue to operate as a going
concern.

 

In forming the conclusion that it is appropriate to prepare the financial
statements on a going concern basis the Directors have made the following
assumptions that are relevant to the next twelve months:

-    In the event that the Company's investments require further funding,
sufficient funding can be obtained by the various investee companies; and

-    In the event that operating expenditure increases significantly as a
result of successful progress with regards to the Company's investments,
sufficient funding can be obtained by selling level 1 investments.

 

The cost structure of the Company comprises a high proportion of discretionary
spend and therefore in the event that cash flows become constrained, costs can
be quickly reduced to enable the Company to operate within its available
funding.  As a junior investment company, the Directors are aware that the
Company must go to the marketplace to raise cash to meet its investment plans,
and/or consider liquidation of its investments and/or assets as is deemed
appropriate. The Company has previously constantly demonstrated its ability to
raise further cash by way of completing placings during the prior years, and
are confident of further equity fund raising should the company require such
cash injection.  Therefore, they are confident that existing cash balances,
along with the any new funding would be adequate to ensure that costs can be
covered.

 

Consequently, the Directors have a reasonable expectation that the Company has
adequate resources to continue to operate for the foreseeable future and that
it remains appropriate for the financial statements to be prepared on a going
concern basis.

 

Financial period

These financial statements cover the financial year from 1 August 2023 to 31
July 2024, with comparative figures for the financial year from 1 August 2022
to 31 July 2023.

 

Accounting principles and policies

The preparation of the financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period.  Actual results could differ from those estimates.

 

The financial statements have been prepared in accordance with the Company's
accounting policies approved by the Board and signed on their behalf by Hamish
Harris and Donald Strang,

 

 

2    Earnings per share

 

 (Loss) attributable to ordinary shareholders                                   2024     2023
                                                                                         *restated
 The calculation of (loss) per share is based on the loss after taxation
 divided by the weighted average number of shares in issue during the period:
 (Loss) from operations (£000)                                                  (845)    (1,706)
 Total (£000)                                                                   (845)    (1,706)

 Number of shares
 Weighted average number of ordinary shares in issue (millions)                 526.31   449.80
 Less: weighted average shares held by the Employee Benefit Trust (millions)    (31.09)  (30.00)
 Weighted average number of ordinary shares for the purposes of basic (loss)    494.13   419.80
 per share (millions)
 Weighted average number of ordinary shares for the purposes of diluted (loss)  495.48   445.30
 per share (millions)
 Basic (loss) per share (expressed in pence)                                    (0.171)  (0.406)
 Diluted (loss) per share (expressed in pence)                                  (0.171)  (0.406)

 

Basic earnings per share are calculated by dividing the loss attributable to
ordinary shareholders by the weighted average number of ordinary shares in
issue during the period. The weighted average number of shares excludes shares
held by an Employee Benefit Trust and has been adjusted for the issue of
shares during the period.

 

3    Events after the end of the reporting period

 

On 3 September 2024, the Company raised gross proceeds of £250,000 through
the issue of 200 million shares at 0.125p each.

 

Between 1 July and 18 November 2024 the Company disposed of 3,063,333 shares
in 1911 gold for proceeds of CAD $443,461 approximately £247,000.

 

On 21 November 2024, the Company acquired a 100% interest in the Greylark
uranium project in Nunavut, Canada, for £50,000. The payment included the
issuance of 37.5 million new ordinary shares at a price of 0.12 pence per
share, totalling £45,000, and £5,000 in cash. Pinwheel Resources Ltd has
been appointed as the initial operator and granted a 1.5% net smelter royalty.
Additionally, Gunsynd issued 40 million shares to its Employee Benefit Trust,
which now holds approximately 8.85% of the company's enlarged issued share
capital.

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