Gunsynd (GUN ) has executed a farm-in agreement with Critical Discoveries for the Barb Gold Project in Manitoba, Canada, confirming the terms outlined on 23 June 2025.
The company has issued 13,039,813 new shares to the vendor and will shortly pay CAD$190,000 in cash.
The June term sheet set out Gunsynd’s path to 100% ownership of the Barb Gold Project via a farm-in. The project comprises 32 mining claims over 6,516.63 hectares in the Rice Lake greenstone belt, about 150 kilometres north-east of Winnipeg and roughly 30 kilometres from an operational gold mill operated by 1911 Gold Corporation.
Gunsynd, as an investing company, will not operate the project; Critical Discoveries will operate for at least 24 months. The vendor is granted a 2% net smelter royalty, with Gunsynd able to buy back 1% within three years for CAD$1.25 million.
Vendor consideration will also include up to CAD$1 million worth of shares tied to achieving milestones, including 5,000 metres of drilling, a mineral resource estimate, a preliminary economic assessment, and a commercial offtake agreement.
Admission of the 13,039,813 vendor shares to AIM is expected on or around 2 September 2025. The shares were issued at 0.1029 pence each.
Grant of options
Options over a total of 100,000,000 new shares in Gunsynd were awarded on 26 August 2025 at an exercise price of 0.12 pence (being a premium of 24%).
They have been issued to two directors of Gunsynd, Hamish Harris and Donald Strang.
The options vest immediately and will expire in 3 years from the date of grant.
View from Vox
Formalising the agreement de-risks execution and clears the way for permitting and fieldwork. The share and milestone structure limits upfront cash outlay, while proximity to established infrastructure in the Rice Lake belt is helpful for logistics and potential processing routes. Near-term catalysts are the detailed work programme, permitting timeline, and clarity on drilling that could lead to a maiden resource estimate.