Gunsynd PLC Investee Company Update -- Aberdeen Minerals Ltd (6757P)

TIDMGUN

RNS Number : 6757P

Gunsynd PLC

11 October 2023

Gunsynd plc

("Gunsynd" or the "Company")

Investee Company Update - Aberdeen Minerals Ltd

Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce that it has received an update from its investee company Aberdeen Minerals Ltd ("Aberdeen"). Aberdeen has been awarded GBP294,000 in grant funding by the UK Government through the Automotive Transformation Fund ("ATF").

Aberdeen expects the ATF grant will meet 70% of the cost of a feasibility study into innovative methods to process the minerals at the company's Arthrath Nickel-Copper-Cobalt Project in Aberdeenshire. This study will investigate the potential to accelerate the production of cathode raw materials in North East Scotland for UK battery manufacturing, using more environmentally sustainable and socially acceptable approaches than the carbon-intensive, overseas supply chains on which UK industry currently relies.

Innovations to be tested include Glycine Leaching Technology, a technique patented by Draslovka, which uses glycine, a non-toxic amino acid often used as a food additive or nutritional supplement in humans and animals, as an environmentally sustainable and cost-effective way to produce critical minerals.

The ATF is delivered by the Advanced Propulsion Centre ("APC") in collaboration with the Department for Business and Trade and Innovate UK to support large-scale industrialisation and the transition to net zero. The ATF grant awarded to Aberdeen is part of a broader package of funding announced by APC.

Gunsynd subscribed for 2,000,000 shares at 7.5 pence per ordinary share for a total consideration of GBP150,000 as part of the fundraising announced on 16 January 2023.

More information can be found on Aberdeen's website: www.aberdeenminerals.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.

For further information please contact:

 
Gunsynd plc 
 Hamish Harris/ Peter Ruse       [phone] 
Cairn Financial Advisers LLP 
 James Caithie / Liam Murray     [phone] 
Peterhouse Capital Limited 
 Lucy Williams                   [phone] 
 

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October 11, 2023 02:00 ET (06:00 GMT)