Conditional further investment in Rincon Resources

13 September 2022

Gunsynd plc

("Gunsynd" or the "Company")

Conditional further investment in Rincon Resources Limited

Further to the announcement on 25 January 2021, Gunsynd Plc (AIM: GUN, AQSE: GUN) announces that it has conditionally invested approximately a further £100,000 in one of its investee companies, Rincon Resources Limited ("Rincon") (ASX: RCR), an ASX listed Australian gold and base metals exploration company. This further investment is subject to Rincon shareholder approval at a general meeting of Rincon shareholders to be held during Q4 2022.

The Gunsynd investment is part of a conditional capital raise of up to AUD$1.2million announced on 13 September 2022 by Rincon (consisting of 15 million shares at AUD 8 cents) ("Capital Raise") supported by existing and new investors. Gunsynd has signed a conditional placement commitment letter for 2,165,812 shares at 8 AUD cents for a total consideration of AUD$173,265, from the Company's existing cash resources. Rincon intends to utilise the funds raised pursuant to the Capital Raise to explore its existing and proposed projects and for general working capital.

Gunsynd currently holds 8.9 million ordinary shares in Rincon representing approximately 17.34% of Rincon's issued share capital. Following the Capital Raise, Gunsynd will hold 11,065,812 ordinary shares in Rincon representing approximately 16.68% of Rincon's issued share capital.

Donald Strang, Executive Director of Gunsynd, is a Non-Executive Director of Rincon and holds 300,000 ordinary shares in Rincon.

For the year ended 30 June 2021, Rincon had turnover of AUD$621 and made a loss of AUD$1,172,095.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

The Directors of Gunsynd accept responsibility for this announcement.

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