It’s been interesting to watch the steady rise in the share price of Future Fuels Inc, the Venture-exchange listed uranium explorer with assets in Nunavut.

Because right next door to Future Fuels is London-listed Gunsynd (GUN), with its Merlin, Falcon and Greylark projects. 

Shares in Future Fuels have almost tripled in the past six months, from C$0.19 to C$0.55.

Shares in Gunsynd are broadly flat over the same period.

In part, this is because there’s been a changing of the guard at Future Fuels, with new management coming in, cutting deals and generating much interest in Canada.

One of these deals, though, is of material relevance to Gunsynd shareholders. 

In the middle of November 2024 Future Fuels acquired the ISO Energy Mountain Lake uranium project in Nunavut, at a price of just over C$700 per hectare. 

Now, Energy Mountain does have a non-compliant resource of 1.6 million tonnes at 0.28%, so there is some data for the market to get its teeth into.

Gunsynd’s numbers from its Merlin, Falcon and Greylark projects aren’t so far advanced as that. But there is still plenty of data to indicate prospectivity. The Falcon project covers 5,294 hectares, and last year returned 19.55% and 15.3% copper. 

The Merlin project covers 2,745 hectares, and includes a six kilometre east-west trending train of radioactive glacial boulders of quartz sandstones identified in the 1970s. Detailed work at Merlin has identified more than four hundred radioactive boulders with grades of up to 3.3% U3O8.

There’s less data for the Greylark uranium project, but it covers 1,268 hectares, and of the three Gunsynd projects it’s the closest to Mountain Lake, at less than a few kilometres away. Also, it’s worth remembering that Greylark came into the company on very favourable terms – at a cost of just £5,000 in cash, and £45,000 in shares.

The other two projects also lie within about 15 kilometres of Mountain Lake.

How much will all these projects end up being worth?

That’s hard to say at this point.

But Future Fuels’ market capitalisation is a handy C$23 million, which makes Gunsynd’s own valuation of just over £1 million look distinctly cheap.

After all, Gunysnd has more than 10,000 hectares of ground in the near vicinity of Mountain Lake, which itself sold for C$700 per hectare. It’s not a straight read across, of course. But it’s definitely food for thought.