Mr. Jari Paakki reports

GUNGNIR RESUMES DRILLING AT HIGH-GRADE LAPPVATTNET NICKEL PROJECT, SWEDEN

Drilling will start this week at Gungnir Resources Inc.'s Lappvattnet high-grade nickel project in northern Sweden. Drilling will continue to focus on upgrading and potentially expanding the Lappvattnet nickel deposit, specifically targeting: (a) the eastern, shallow down-plunge extension of the main nickel zone; (b) additional, thickened high-grade nickel shoots within the eastern half of the existing inferred resource; and (c) grade and continuity of the newly discovered footwall zone.

"Drilling at Lappvattnet continues to deliver high-grade nickel sulphides with possibly some of the highest-grade nickel drill intersections recorded in Sweden. We had an 80-per-cent hit rate with our drilling in 2021 and 2022 which returned numerous, impressive near-surface nickel intersections including 12 holes with individual assays greater than 5 per cent Ni with a peak assay of 7.38 per cent Ni. We plan to build on these successes moving forward," commented Jari Paakki, chief executive officer.

Highlight drill results from 2021/22:

• 10.4 metres at 1.51 per cent Ni including 4.25 m at 3.19 per cent Ni (DDH LAP21-02, from 45 m);
• 14.0 m at 1.40 per cent Ni including 5.65 m at 2.62 per cent Ni (DDH LAP21-05, from 60 m);
• 10.0 m at 1.74 per cent Ni (DDH LAP21-13, from 21 m);
• 36.0 m at 0.93 per cent Ni (DDH LAP21-04, from 49 m);
• 9.0 m at 2.35 per cent Ni including 5.66 m at 3.02 per cent Ni (DDH LAP22-19, from 66 m);
• 18.28 m at 1.49 per cent Ni including 5.76 m at 4.04 per cent Ni (DDH LAP22-25, from 58 m).

In 2022, the company drilled 30 holes for a total of 4,240 metres and 15 holes for 1,300 metres in 2021. The 45 holes were drilled in the western half of the property covering a strike length of 450 metres with nickel intercept points (main nickel zone) to a vertical depth of about 100 metres.

The current two-year drill permit at Lappvattnet is valid to the end of this year with further drilling possible with a new work plan submission. The total amount of drill metres in 2023 will be based on continuing positive results and access to planned drill sites. Heavier-than-normal snowfall this winter and subsequent melt may result in prolonged wet conditions in the eastern parts of the planned drill area. The company is actively monitoring spring thaw and ground conditions.

Please refer to Gungnir's nickel projects slide deck on the company's website for maps, drill core photos, assay results tables and 3-D modelling snapshots.

Gungnir's nickel resources in Sweden currently total 177 million pounds (80.5 million kilograms) of nickel:

• Lappvattnet: inferred resource of 780,000 tonnes grading 1.35 per cent nickel for 23.1 million pounds (10.5 million kilograms) of nickel;
• Rormyrberget: inferred resource of 36.8 million tonnes grading 0.19 per cent nickel for 154 million lb (70 million kg) of nickel.

The National Instrument 43-101 technical report entitled "Technical Report on the Lappvattnet and Rormyrberget Deposits, Northern Sweden" was prepared by Reddick Consulting Inc. Qualified persons are John Reddick, MSc, PGeo, and Thomas Lindholm, MSc, fellow, AusIMM. The effective date is Nov. 17, 2020.

All lengths noted above are core length; true width has not been determined. The technical information in this news release has been prepared, verified and approved by Jari Paakki, PGeo, chief executive officer and a director of the company. Mr. Paakki is a qualified person under National Instrument 43-101.

About Gungnir Resources Inc.

Gungnir Resources is a Canadian-based TSX Venture Exchange-listed mineral exploration company with gold and base metal projects in northern Sweden. Gungnir's assets include two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, both with updated nickel resources, and the Knaften project which hosts a developing intrusion-hosted gold system, and volcanogenic massive sulphide (zinc-copper) and copper-nickel targets, all of which are open for expansion and further discovery. The company has also recently added the Hemberget property to its Swedish property portfolio which covers an 11-kilometre-long gabbro-ultramafic intrusion, a greenfield copper-nickel target. Further information about the company and its properties may be found on its website or on SEDAR.

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