Actually Berkshire Imperial Yeomanry I believe, but broken.
Note the flat line at 6 o’clock on the scroll. This is where the I.Y. letters would have been attached, their breaking has left a flat line rather than the normal scroll border.
It being an I.Y. is further supported by the fixings. Genuine Berks I.Y. badges had 3 loops, 2 E-W at the scroll curls and 1 North behind the horse. The scars of these are visible on your badge.
The edges of the reverse look correct as does the lettering. So it’s either an original badge or cast from an original. I would go with the former and therefore it’s GM not lead.
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