Maybe it’s because of a sense that we are expendable parts in the great capitalist machine, that the endlessly repeating death trope has been increasingly respawning in movies – from Edge of Tomorrow to Mickey 17 and now this Canadian sword’n’sorcery caper. With its sisyphean vibe and implacable mood, it also owes a fair bit to the Dark Souls video games; though it’s not a masterpiece on that level, it nevertheless has a grim self-conviction that grips despite its low-budget limitations.

Paladin Bhodie (Jeremy Ninaber) – who apparently asked the barber for the Gondor bob and beard trim – agrees to enter a cursed realm to rescue red-haired maiden Avalon (Kristen Kaster), who is central to a humanity-saving prophecy. Needing to collect three magic stones to open up an exit portal, he makes a pact with the Keeper demon (Shane Nicely) for a magic talisman that can resurrect him enough times to beat the stones’ guardians. It turns out Avalon – no slouch with the steel herself – has made the same arrangement, only to die multiple deaths at the hands of the first adversaries: a pair of bloodthirsty witches.

So this is Groundhog Day by way of Gary Gygax. Though writer-director Matthew Ninaber does produce a few sparks of drollness as the pair fathom how to vanquish the harpies, he mostly dungeon-masters this quest with unwavering seriousness. Everyone cleaves to fervent line-readings from the Drax the Destroyer irony-free acting school, and there is much smiting, flaying, lopping of limbs, and even a demonic waterboarding. Ninaber goes all-in on this Larp love-in, conjuring up ye olde vaporous dungeons and root-wracked towers on presumably little means.

Though undeniably atmospheric, it does wade into the Swamp of Turgidity as Bhodie and Avalon slog through the trials – as well as some undisciplined acting riper than an orc’s codpiece. But Avalon’s misandry and nihilism come increasingly to the fore; offering emotional themes that rise above generic fantasy antics and which benefit from Ninaber’s straight-faced treatment. The man knows his way around the fantasy genre and, given a bigger budget, could unearth bigger treasures.

• A Knight’s War is on digital platforms, DVD and Blu-ray from 14 April.