Update re Rincon Resources and Malachite Resources

Gunsynd plc

("Gunsynd" or the "Company")

Update re: Rincon Resources ASX IPO and

Malachite Resources (now Pacific Nickel Mines Limited)

Gunsynd Plc (AIM: GUN, AQSE: GUN) announces the following updates regarding Rincon Resources Pty Ltd ("Rincon") and Malachite Resources Limited ("Malachite") (renamed Pacific Nickel Mines Limited ASX:PNM "Pacific Nickel").

Rincon Resources

Further to the announcement made on 5 November 2020 regarding Rincon Resources Pty Ltd ("Rincon"), an Australian gold and base metals exploration company, Gunsynd understands that the expected listing date for Rincon's IPO on the Australian Securities Exchange (ASX) which was targeted for 10 December 2020 is expected to be subject to a short delay whilst final ASX administrative matters are completed. The Company understands that Rincon and its advisers are working closely with ASX and confirms that a further update will be made in due course.

About Rincon Resources

Rincon Resources is a Western Australian ("WA") focused gold and base metals exploration company. It currently holds the rights to three highly prospective projects in WA, the most significant of which, South Telfer, a 50,000-hectare project in the Paterson province, is approximately 12km south from Newcrest Limited's Telfer mine. The two others are highly prospective copper-gold projects - Laverton and Kiwirrkurra.

Pacific Nickel

Further to the announcements of 26 October 2020 and 21 August 2020, Pacific Nickel today announced that it has closed the placement of 76 million fully paid ordinary shares (Shares) at A$0.05 to raise A$3.8 million (the "Placement").  Gunsynd did not take part in the placing.

The Placement, which was significantly over subscribed, will be undertaken with placement of a first Tranche of 11.2 million Shares to be completed under Pacific Nickel's existing ASX Listing Rule 7.1 capacity, while the second Tranche of 64.8 million shares will be completed subject to Pacific Nickel shareholder approval.

The funds raised will be used for: a) ongoing exploration and development work in relation to the Nickel Projects in the Solomon Islands; b) preparing a definitive feasibility study in relation to these projects; and c) working capital and general corporate purposes.

Gunsynd has now received a holding statement for the upfront consideration shares with respect to the acquisition of Sunshine Minerals Limited by Pacific Nickel as announced on 21 August 2020. These shares are subject to an escrow period which applies from completion until the earlier of: (a) the date 12 months from completion; or (b) the date 10 business days after the Mines Department grants SNL a mining lease for PL 01-18.

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

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.

The Directors of Gunsynd accept responsibility for this announcement.

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