Mr. Jari Paakki reports

GUNGNIR PROVIDES UPDATE ON EXPLORATION WORK IN SWEDEN

Gungnir Resources Inc. has provided an update on continuing exploration activities at its Lappvattnet and Hemberget properties in northern Sweden.

Lappvattnet high-grade nickel project:

• Drilling continues to focus on upgrading and potentially expanding the Lappvattnet high-grade nickel deposit with present drill holes targeting the eastern half of the deposit and areas below the current resource.
• A total of 1,115 metres in five holes have been drilled so far in 2023 (to date Gungnir has drilled 6,550 metres in 50 holes).
• A total of 122 samples have been tagged for assay and will be shipped to the lab for prep work.
• Highlight drill results from 2022 include: nine m at 2.35 per cent Ni, including 5.66 m at 3.02 per cent Ni (diamond drill hole LAP22-19, from 66 m) and 18.28 m at 1.49 per cent Ni, including 5.76 m at 4.04 per cent Ni (diamond drill hole LAP22-25, from 58 m).

Hemberget project:

• Targeting potential copper-nickel sulphide mineralization associated with an 11-kilometre-long, layered mafic (gabbro)-ultramafic intrusion (1.86 billion years).
• New conductors identified in the western part of the property from a partially completed ground electromagnetic (EM) geophysical survey (Gungnir, spring 2023).
• Regional prospecting by the company confirms outcropping and boulders of mafic intrusive rocks as well as a wide, sulphide-bearing unit which could provide ideal conditions to precipitate copper/nickel.
• Copper/nickel mineralization discovered in a much smaller gabbro intrusion on nearby Knaften project (Gungnir, 2017 discovery).
• Drill permits are being finalized.

• Lappvattnet: Inferred resource of 780,000 tonnes grading 1.35 per cent nickel for 23.1 million lb (10.5 million kg) 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.

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, a greenfield copper-nickel target, which, based on SGU (Swedish Geological Survey) maps, covers an 11 km long gabbro-ultramafic intrusion dated at 1.86 billion years.

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