Yes, THERE IS an ending, where the Queen wins. You can achieve it by spamming the ''3'' key while keeping your back glued to the throne. It will force the Hero to go into a close proximity to the Queen and eventually receive damage while trying to dodge the attack. You'll have to keep doing it even if it seems like the Hero's having an upper hand - whatever he does, DO NOT move an inch after the dialog cutscene ends, so that the Queen's back is against a throne. You will ALSO have to throw in some mace swings when the Hero is extra-close, but most of the time the ''3'' key is more then enough. ALSO DO NOT let the Hero activate Queen's second faze more then once – that seems to encourage him or something...
I also only used the ''1'' key before he ran into the throne room with a blessed sword. That may or may not helped with the effectiveness of the above mentioned tactic later on.
Kudos to that video, which helped me out a lot – you may watch it to get the better idea of the tactic that I'm talking about:
It may feel cheap and dirty, but the game literally becomes rigged towards the Hero from the point where he receives a blessed sword and a blessed bow.
A-and... the ending, where the Queen is defeated seems to be the canonical one – the one where she wins just ain't worth the sweat, so don't worry too much, if you won't be able to get it.
That being said, the game is cool! The pixel art's beautiful and effective. I'd only wish for the gameplay to be a bit more fair towards the unfair boss you play as XD