REG - Gunsynd PLC - Half-year Report
27/03/2025 07:15
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RNS Number : 3917C Gunsynd PLC 27 March 2025
Gunsynd plc
("Gunsynd", or the "Company")
Interim Results for the six months ended 31 January 2025
Chairman's Statement
I am pleased to report the interim results for the six months ended 31 January
2025.
Review of Investments
Falcon, Merlin and Greylark (Copper, Uranium Projects)
Falcon, Merlin and Greylark (CU, U Projects) - Gunsynd holds 100% in each of
the licences totalling a combined 9,307 hectares ("ha") in Nunavut, Canada.
Rock chip samples at Falcon averaged over 15% Cu and three of four samples at
Merlin were over 1,000 ppm U. As stated in the Company's announcement of 21
November 2024, Future Fuels purchased the Mountain Lake deposit adjacent to
Greylark from Iso Energy in November 2024 at a valuation multiples of that
which Gunsynd paid for Falcon, Merlin and Greylark.
Bear Twit (Zinc, Lead, Copper Project)
Gunsynd holds 100% of the licence held over circa 17,000 ha in the North West
Territories, Canada.
In December 2024 digitisation and interrogation of historic data revealed
widespread, untested soil anomalism and further, high grade, drill-tested
occurrences with outstanding zinc grades.
Black Schist Projects
In February 2025 Metals One Plc announced the outcome of a Preliminary
Economic Assessment ("PEA") for the Finland - Black Schist Ni-Cu-Co-Zn
Project.
The PEA was undertaken by Wardell Armstrong International, part of Wardell
Armstrong LLP and showed that at current nickel prices the project was
uneconomic using a discount factor of 8/10%.
Gunsynd has paid £250,000 with respect to the conditional farm in agreement
with Metals One Plc and has received 6.25% of the enlarged share capital of
Finnaust Mining Northern OY ("Finnaust") (which holds the Black Schist
Projects).
1911 Gold Corporation ("1911 Gold")
Gunsynd Plc invested approximately CAD$350,000 (c. £210,000) into 1911 Gold
(TSXV: AUMB), a junior gold development and exploration company located in
Manitoba, in the heart of the Rice Lake gold district within the West Uchi
greenstone belt in Canada.
For each ordinary share subscribed for in 1911 Gold, the Company received a
warrant over a new ordinary share with an exercise price of CAD$ 0.10 per
share and exercisable for a period of 24 months from the date of closing of
the offering by 1911 Gold.
1911 Gold announced two sets of drilling results in February 2025 with
intercepts including up to 21.8 g/t gold.
As at 31 January 2025, Gunsynd held 2,770,000 shares and 5,833,333 warrants
exercisable at CAD$ 0.10 in 1911 Gold.
Aberdeen Minerals ("Aberdeen")
In February 2025 assay results were received from Aberdeen's seven-hole, 2024
exploration drilling campaign at Arthrath Central which tested the deeper
magmatic conduit-related sulphide system.
Results delivered the combined thickest and highest-grade intersections seen
at Arthrath to date, with the addition of downhole geophysics providing strong
encouragement for what these higher resolution geophysical anomalies may
deliver at depth.
The next drill program will continue to vector in on grade and conductivity
signals which have been consistent indicators of higher sulphide saturation
(and higher metal content).
Gunsynd holds 2,000,000 ordinary shares in Aberdeen which were acquired for
£150,000.
Low 6 Limited ("Low6")
It was a transformational year for Low6, a B2B supplier of gaming software, as
underlying revenue growth was circa 90%+ year on year, up to £4.2M (July 2023
to June 2024) and delivered a positive EBITDA position. Deloitte named
Low6 as the 17th fastest growing tech companies in the UK in 2024
(https://www.deloitte.co.uk/fast50/winners/2024/
(https://www.deloitte.co.uk/fast50/winners/2024/) ).
Low6 continue to onboard new clients across both media and iGaming sectors,
and forecast another year of growth in revenue.
The Company has invested £265,000 in Low6 to date.
Omega Oil and Gas Limited ("Omega")
Omega announced in March 2025 a successful fracture stimulation at Canyon-1H
with flow testing commenced with condensate flows observed at surface.
The Company has invested £50,000 in Omega to date.
Richmond Hill Resources PLC (formerly Rogue Baron PLC)
In February 2025 Rogue Baron announced a proposed new strategy towards natural
resources with the intention of entering into a reverse takeover and a name
change to Richmond Hill Resources PLC ("Richmond Hill").
In March 2025, Richmond Hill announced that it had signed a letter of intent
with Three Mile Beach Ltd ("Three Mile") with respect to the acquisition by
Richmond Hill of the legal and beneficial interest of certain mineral
exploration licences in Quebec.
At 31 January 2025, Gunsynd had loans outstanding (including interest) of
£153,552 and holds 3,590,594 ordinary shares representing approximately 5.9%
of the issued share capital of Richmond Hill.
Oyster Oil and Gas Limited
Gunsynd has a holding valued at £50,000, and there has been no material
change since 31 July 2023. Gunsynd will update the market as and when material
developments occur.
Finance Review
The Company's loss for the period was £357,000 (31 January 2024: £621,000
loss). The realised and unrealised market valuation on financial investments
for the period was a loss of £49,000 (31 January 2024: £369,000 loss).
The Company had net assets at 31 January 2025 of £1,677,000 (31 January 2024:
£1,735,000) including cash balances of £105,000 (31 January 2024:
£113,000).
Outlook
We maintain a level of diversification in our portfolio but are mainly
concentrated in natural resources, particularly in North America and are
unlikely to change this in the near future. Equity prices for junior resources
stocks again remain depressed in the period. Although not yet reflected in
equity prices, commodity prices, particularly gold and copper, have exhibited
signs of recent strength. If the recent weakness of the USD persists, these
commodity prices may signal a long-overdue uptick in the shares prices of
junior natural resources companies.
Gunsynd very much looks forward to updating the market on progress of its
Canadian assets over the coming year.
Hamish Harris
Chairman
This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and 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
Liam Murray / James Western
Peterhouse Capital Limited (Broker) +44 (0) 20 7469 0936
Lucy Williams
The interim results will be available electronically on the Company's website:
www.gunsynd.com (http://www.gunsynd.com) .
Gunsynd plc
Interim statement of comprehensive income - unaudited
For the six months ended 31 January 2025
Unaudited Unaudited Audited
Six months ended
Six months ended
Year
31 January
31 January
ended
2025 2024
31 July
2024
£'000 £'000 £'000
Unrealised (loss)/gain on financial investments (74) (212) (95)
Realised gain on financial investments 25 (157) (94)
(49) (369) (189)
Administrative and other costs (298) (251) (592)
Impairment of financial investments (25) (15) (95)
Other income 14 14 28
Finance income 1 - 3
(Loss) before tax (357) (621) (845)
Taxation - -
Loss for the period (357) (621) (845)
Loss for the period and total comprehensive loss attributable to equity (357) (621) (845)
shareholders
Other comprehensive (expenditure)/income for the period net of tax - - -
Total comprehensive (expenditure)/income for the period (357) (621) (845)
(Loss) per ordinary share
Basic (0.042) (0.129) (0.171)
Diluted (0.042) (0.129) (0.171)
Gunsynd plc
Interim statement of financial position - unaudited
As at 31 January 2025
Unaudited Unaudited Audited
At 31 January 2025
At 31 January 2024
At 31 July
2024
£'000 £'000 £'000
ASSETS
Non-current assets
Financial investments 1,436 1,519 1,295
Total non-current assets 1,436 1,519 1,295
Current assets
Trade and other receivables 264 202 259
Cash and cash equivalents 105 113 148
Total current assets 369 315 407
Total assets 1,805 1,834 1,702
LIABILITIES
Current liabilities
Trade and other payables (128) (99) (145)
Total current liabilities (128) (99) (145)
Total liabilities (128) (99) (145)
Net assets 1,677 1,735 1,557
EQUITY
Equity attributable to equity holders of the company
Ordinary share capital 882 472 519
Deferred share capital 2,299 2,299 2,299
Share premium reserve 13,744 13,580 13,596
Investment in own shares (77) (26) (43)
Retained earnings (15,171) (14,590) (14,814)
Total equity 1,677 1,735 1,557
Gunsynd plc
Interim statement of changes in equity - unaudited
For the six months ended 31 January 2025
Ordinary Share Capital Deferred share capital Share Premium Investment in own shares Share Based Payment Reserve Retained earnings Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Unaudited
At 31 July 2023 382 2,299 13,459 (26) 24 (13,993) 2,145
Loss for the six month period ended 31 January 2024 - - - - - (621) (621)
Total comprehensive expenditure for the period - - - - - (621) (621)
Transactions with owners:
Issue of share capital 90 - 121 - - - 211
Transfer within Equity on lapse of share options - - - - (24) 24 -
At 31 January 2024 472 2,299 13,580 (26) - (14,590) 1,735
Audited
At 31 July 2023 382 2,299 13,459 (26) 24 (13,993) 2,145
Profit for the year - - - - - (845) (845)
Total comprehensive income for the year - - - - - (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
Unaudited
At 31 July 2024 519 2,299 13,596 (43) - (14,814) 1,557
Loss for the six month period ended 31 January 2025 - - - - - (357) (357)
Total comprehensive expenditure for the period - - - - - (357) (357)
Transactions with owners:
Issue of share capital 363 - 161 - - - 524
Share Issue Costs - - (13) - - - (13)
Adjustment for shares held in Trust - - - (34) (34)
At 31 January 2025 882 2,299 13,744 (77) - (15,171) 1,677
Gunsynd plc
Interim statement of cash flows - unaudited
For the six months ended 31 January 2025
Unaudited Unaudited Audited
Six months ended
Six months ended
Year
31 January 2025
31 January 2024
ended
31 July 2024
£'000 £'000 £'000
Cash flows from operating activities
(Loss) after tax (357) (621) (845)
Finance income net of finance costs (1) - (3)
Unrealised loss on revaluation of financial investments 74 212 95
Realised loss/(gain) on sale of financial investments (25) 157 94
Other income - (14) -
Impairment provision 25 15 95
Shares issued in lieu of payment 24 - 54
Foreign exchange movements 3 (2) -
Operating cash outflow before changes in working capital (257) (253) (510)
Movement in trade and other receivables (5) 8 (62)
Movement in trade and other payables (17) (5) 41
Cash flow from operations (279) (250) (531)
Tax received - - -
Net cash flows used in operating activities (279) (250) (531)
Cash flow from investing activities
Payments for financial investments (130) (460) (475)
Disposal proceeds from sale of financial investments 129 448 787
Unsecured loans to investee company - - -
Net cash outflow from investing activities (1) (12) 312
Cash flows from financing activities
Proceeds on issuing of ordinary shares 250 211 210
Cost of issue of ordinary shares (13) - (7)
Net cash inflow from financing activities 237 211 203
Net (decrease) in cash and cash equivalents (43) (51) (16)
Cash and cash equivalents at start of period 148 164 164
Cash and cash equivalents at end of period 105 113 148
Notes to the interim report
For the six months ended 31 January 2025
1 Basis of preparation
As permitted IAS 34, 'Interim Financial Reporting' has not been applied to
these half-yearly results. The financial information of the Company for the
six months ended 31 January 2025 have been prepared in accordance with the
recognition and measurement principles of International Financial Reporting
Standards, International Accounting Standards and Interpretations
(collectively "IFRS") issued by the International Accounting Standards Board
("IASB") as adopted by the European Union ("adopted IFRS") and are in
accordance with IFRS as issued by the IASB. The condensed interim financial
information has been prepared using the accounting policies which will be
applied in the Company's statutory financial statements for the year ending 31
July 2024.
The financial information shown in this publication is unaudited and does not
constitute statutory accounts as defined in Section 434 of the Companies Act
2006. The comparative figures for the financial year ended 31 July 2024 have
been derived from the statutory accounts for 2024. The statutory accounts have
been delivered to the Registrar of Companies. The auditors have reported on
those accounts; their report was unqualified and did not contain statements
under the section 498(2) or 498(3) of the Companies Act 2006.
2 Earnings per share
The calculation of the loss per share is based on the loss attributable to
ordinary shareholders divided by the weighted average number of shares in
issue during the period.
Unaudited Unaudited Audited
Six months ended
Six months ended
Year
31 January 2025
31 January 2024
ended
31 July 2024
£'000 £'000 £'000
(Loss) on ordinary activities after tax (357) (621) (845)
Weighted average number of ordinary shares for the purposes of basic (loss) 853.58 482.32 494,13
per share (millions)
Weighted average number of ordinary shares for the purposes of diluted (loss) 931.30 485.01 495.48
per share (millions)
Basic (loss) per share (expressed in pence) (0.042) (0.129) (0.171)
Diluted (loss) per share (expressed in pence) (0.042) (0.129) (0.171)
However, due to losses incurred in the half year there is no dilutive effect
from the potential exercise of the share options in existence.
3 Events after the end of the reporting period
None at the date of publication
4. Financial Information
The Board of Directors approved this interim report on 25 March 2025.
A copy of this report can be obtained from our website at www.gunsynd.com
(http://www.gunsynd.com)
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or
anticipated future events and anticipated results that are forward-looking in
nature and, as a result, are subject to certain risks and uncertainties, such
as general economic, market and business conditions, competition for qualified
staff, the regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political jurisdiction,
uncertainties regarding the results of exploration, uncertainties regarding
the timing and granting of prospecting rights, uncertainties regarding the
Company's ability to execute and implement future plans, and the occurrence of
unexpected events. Actual results achieved may vary from the information
provided herein as a result of numerous known and unknown risks and
uncertainties and other factors.
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