So this is what I could make out of it (Annuntiatio)!
Actually - taking into the consideration also the small dimensions - it is not a really pattern for 30 mm figure.
Anyway, it was quite a challenge for my skillset.
However I would have two more questions to find answers:
1. According to my knowledge the duke of Lorraine (Renee II. von Lothringen) joined Louis XI. in 1474, consequently he should have fought against Karl der Kühne in the battle of Murten in 1476. In spite of this in Blum's Schlacht bei Murten set the naming of the figure is: "Berittener Burgunder, Banner Lothringen" (mounted burgund knight with the banner Lorraine). Maybe it is a mistake?
2. What could have been on the reverse side of the banner?
Any ideas?
Have a nice evening!
Sandor