Gunsynd's FY24 results: Losses narrow as focus shifts to North American natural resources
() , a holding company with a focus on natural resources, issued a portfolio and trading update covering the 12 months to July 31, 2024.
Portfolio highlights include Gunsynd's 100%-owned Falcon Lake and Merlin U-Cu projects and Bear-Twit VMS projects in Canada. These are early-stage exploration assets, prospective for uranium, copper and other resources. Early samples from Falcon averaged over 15% copper, and 3 of 4 samples had over 1,000 ppm uranium. The positive results prompted to prioritise the projects, with more field work expected in 2025.
Gunsynd also held 2% interest in 1911 Gold Corporation with gold assets in Canada. 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, at a modest market cap of CAD$5m. 1911 successfully completed a CAD$3.9m fundraise in December 2023.
Gunsynd acquired 6.25% interest in Metals One Finland, which has the Black Schist project. Metals One announced a maiden resource for its P5 licence of 29 Mt, bringing the total Black Schist resource to 57.1 Mt, more than double its previous estimate. also had a 2% interest in Aberdeen Minerals where a drilling programme is underway within the Arthrath project targeting deposits of nickel, copper and cobalt in Northeast Scotland. Drilling has been positive so far with good levels of sulphide intersected.
natural resource investments with less than 2% interest held include Rincon Resources, which recently reported significant copper intersections in Western Australia; Eagle Mountain targeting high-grade copper, silver and gold mineralisation at Silver Mountain; and Omega Oil & Gas targeting hydrocarbons in the prospective Canyon Sandstone within the Bowen Basin, Australia.
Financially, narrowed its loss significantly to £845k from last year's £1.7m. The company had net assets of £1.56m as of July 31 2024, and a cash balance of £148k.
View from Vox
Gunsynd reports good progress across is natural resources portfolio, with a much narrowed loss to less than half over last year. Most of the loss came from a decrease in value of 's portfolio due to a cyclical downturn in the mineral exploration sector during the period.
However, there are clear signs that market pressure is now easing, with significant recent increases in the prices of gold, copper, and uranium where has significant investments. In the meantime, there is an opportunity for investors as current conditions have created a disconnect between commodity prices and the valuation of junior explorers.
's Canadian investments performed particularly well, including exceptional early results from Falcon and impressive share performance of 1911 Gold Corporation, validating 's decision to pivot toward North American copper, uranium and gold assets. We expect the move to result in significant medium-term upside for investors.
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