TERMINATION OF BLACK SCHIST NICKEL FARM-IN-GUNSYND PLC

TERMINATION OF BLACK SCHIST NICKEL FARM-IN-GUNSYND PLC

Termination of Black Schist Nickel Farm-In

Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce that it has, in agreement with Metals One plc ("Metals One"), decided to terminate the farm-in to the Black Schist project in Finland.

Gunsynd notes the announcement by Metals One today, an excerpt of which can be viewed below:

"Gunsynd Farm-In Termination Agreement

On 25 July 2023, Metals One entered into a subscription and shareholders' agreement between Metals One, Metals One Finland Oy (formerly named FinnAust Mining Northern Oy) ("Metals One Finland") and Gunsynd, as detailed in the Company's admission document, pursuant to which Gunsynd agreed to subscribe for such number of shares in the capital of Metals One Finland (which holds the Black Schist Project) as is equal to 25% of the voting rights of Metals One Finland, at an aggregate subscription price of £1,000,000 over four tranches of £250,000 (the "Gunsynd Farm-In").

On 16 November 2023, Gunsynd subscribed for the initial 6.25% tranche of the voting rights of Metals One Finland for an aggregate price of £250,000.

Alongside today's Placing, the Company has reached an agreement with Gunsynd to terminate the Gunsynd Farm-In. As part of the termination agreement, Metals One has been granted a three year option to re-acquire the 6.25% of Metals One Finland currently held by Gunsynd for an aggregate consideration of £250,000 payable, at the discretion of the Company, either wholly or partly in cash or Ordinary Shares in the capital of the Company at the greater of the Placing Price or the 30 day VWAP prior to exercising the option (such Ordinary Shares, if used as consideration, will be locked-in for a period of 12 months from the date of allotment and issue of such shares).

As part of the Gunsynd Farm-In, Gunsynd was also granted warrants to subscribe for 1,500,000 Ordinary Shares in the Company. These warrants have been cancelled as part of the termination agreement."

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.

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