Private Sub Form_Load()
Picture1.Picture = ImageList.ListImages("Gif1").Picture 'Pone el la primera imagene en el picture
Timer1.Interval = 500 'Empieza la cadena del GIF
End Sub
Private Sub Timer1_Timer()
Picture1.Picture = ImageList1.ListImages("GIF1").Picture
Timer2.Interval = 500 'Este valor lo podes ir cambiando depende de la velocidad que kieras que tenga tu GIF
Timer1.Interval = 0
End Sub
Private Sub Timer2_Timer()
Picture1.Picture = ImageList1.ListImages("GIF2").Picture
Timer3.Interval = 500 'Este valor lo podes ir cambiando depende de la velocidad que kieras que tenga tu GIF
Timer2.Interval = 0
End Sub
Private Sub Timer3_Timer()
Picture1.Picture = ImageList1.ListImages("GIF3").Picture
Timer1.Interval = 500 'Vuelve al Timer (genera un bucle)
Timer3.Interval = 0
End Sub

Dim RepeatTimes&
Dim RepeatCount&

Private Sub Form_Load()
    LoadAniGif App.Path & "\Ejemplo.Gif", Image1 'El Gif a reproducir en el mismo directorio del programa
End Sub

Private Sub LoadAniGif(xFile As String, xImgArray)
       
    Dim F1, F2
    Dim Image1s() As String
    Dim imgHeader As String
    Static buf$, picbuf$
    Dim fileHeader As String
    Dim imgCount
    Dim i&, j&, xOff&, yOff&, TimeWait&
    Dim GifEnd
    GifEnd = Chr(0) & "!ù"
    
    Timer1.Enabled = False
    For i = 1 To xImgArray.Count - 1
        Unload xImgArray(i)
    Next i
    
    F1 = FreeFile
On Error GoTo badFile:
    Open xFile For Binary Access Read As F1
        buf = String(LOF(F1), Chr(0))
        Get #F1, , buf
    Close F1
    
    i = 1
    imgCount = 0
    
    j = (InStr(1, buf, GifEnd) + Len(GifEnd)) - 2
    fileHeader = Left(buf, j)
    i = j + 2
    
    RepeatTimes& = Asc(Mid(fileHeader, 126, 1)) + (Asc(Mid(fileHeader, 127, 1)) * 256)
    
    Do
        imgCount = imgCount + 1
        j = InStr(i, buf, GifEnd) + Len(GifEnd)
        If j > Len(GifEnd) Then
            F2 = FreeFile
            Open "tmp.gif" For Binary As F2
                picbuf = String(Len(fileHeader) + j - i, Chr(0))
                picbuf = fileHeader & Mid(buf, i - 1, j - i)
                Put #F2, 1, picbuf
                imgHeader = Left(Mid(buf, i - 1, j - i), 16)
            Close F2
            
            TimeWait = ((Asc(Mid(imgHeader, 4, 1))) + (Asc(Mid(imgHeader, 5, 1)) * 256)) * 10
            If imgCount > 1 Then
                xOff = Asc(Mid(imgHeader, 9, 1)) + (Asc(Mid(imgHeader, 10, 1)) * 256)
                yOff = Asc(Mid(imgHeader, 11, 1)) + (Asc(Mid(imgHeader, 12, 1)) * 2561)
                Load xImgArray(imgCount - 1)
                xImgArray(imgCount - 1).ZOrder 0
                xImgArray(imgCount - 1).Left = xImgArray(0).Left + (xOff * 15)
                xImgArray(imgCount - 1).Top = xImgArray(0).Top + (yOff * 15)
            End If
            xImgArray(imgCount - 1).Tag = TimeWait
            xImgArray(imgCount - 1).Picture = LoadPicture("tmp.gif")
            Kill ("tmp.gif")
            
            i = j
        End If
    Loop Until j = Len(GifEnd)
    
    If i < Len(buf) Then
        F2 = FreeFile
        Open "tmp.gif" For Binary As F2
            picbuf = String(Len(fileHeader) + Len(buf) - i, Chr(0))
            picbuf = fileHeader & Mid(buf, i - 1, Len(buf) - i)
            Put #F2, 1, picbuf
            imgHeader = Left(Mid(buf, i - 1, Len(buf) - i), 16)
        Close F2

        TimeWait = ((Asc(Mid(imgHeader, 4, 1))) + (Asc(Mid(imgHeader, 5, 1)) * 256)) * 10
        If imgCount > 1 Then
            xOff = Asc(Mid(imgHeader, 9, 1)) + (Asc(Mid(imgHeader, 10, 1)) * 256)
            yOff = Asc(Mid(imgHeader, 11, 1)) + (Asc(Mid(imgHeader, 12, 1)) * 2561)
            Load xImgArray(imgCount - 1)
            xImgArray(imgCount - 1).ZOrder 0
            xImgArray(imgCount - 1).Left = xImgArray(0).Left + (xOff * 15)
            xImgArray(imgCount - 1).Top = xImgArray(0).Top + (yOff * 15)
        End If
        xImgArray(imgCount - 1).Tag = TimeWait
        xImgArray(imgCount - 1).Picture = LoadPicture("tmp.gif")
        Kill ("tmp.gif")
    End If
    
On Error GoTo badTime
    Timer1.Interval = CInt(xImgArray(0).Tag)
badTime:
    Timer1.Enabled = True
Exit Sub
badFile:
    MsgBox "File not found.", vbExclamation, "File Error"

End Sub

Private Sub Timer1_Timer()

    For i = 0 To Image1.Count
        If i = Image1.Count Then
            If RepeatTimes > 0 Then
                RepeatCount = RepeatCount + 1
                If RepeatCount > RepeatTimes Then
                    Timer1.Enabled = False
                    Exit Sub
                End If
            End If
            For j = 1 To Image1.Count - 1
                Image1(j).Visible = False
            Next j
On Error GoTo badTime
            Timer1.Interval = CLng(Image1(0).Tag)
badTime:
            Exit For
        End If
        If Image1(i).Visible = False Then
            Timer1.Interval = CLng(Image1(i).Tag)
On Error GoTo badTime2
            Image1(i).Visible = True
badTime2:
            Exit For
        End If
    Next i

End Sub