Mr. Jari Paakki reports

GUNGNIR DRILLS 6.10 METRES OF 2.47% NICKEL INCLUDING PEAK ASSAY OF 7.36% NICKEL AND HITS MAIN ZONE 100 METRES BELOW LAPPVATTNET NICKEL RESOURCE

Gungnir Resources Inc. has released 2023 drill results from the company's Lappvattnet high-grade nickel deposit in northern Sweden. Drilling continued to define and expand the limits of both the Main zone and recently discovered Footwall zone.

Highlights:

• High-grade central core of the Main Zone shows good continuity including new intercept of 6.10 metres of 2.47% Ni including 0.55 metres of 7.36% Ni in drill hole LAP23-01 along with several of Gungnir's 2021/22 high-grade nickel hits
• Main Zone intercept 100 metres below current nickel resource
• Footwall Zone intersections up to 16.9 metres of 0.56% NiVery shallow easterly plunge indicated with a total potential strike extent of approximately 1.5 kilometres
• Sparsely drilled east half of the property offers shallow to moderate depth targeting potential
• Expanded multi-year drill permit to be submitted

"This round of drilling successfully accomplished our 2023 objectives and shows considerable potential to expand the deposit beyond the current 2020 Lappvattnet nickel resource, in particular the shallow down-plunge extension target in the eastern half of the property where historic drilling is very sparse. Our recently discovered Footwall Zone offers further upside potential at Lappvattnet. Significant drilling will be required to further advance and define this high-grade nickel sulphide deposit," commented Jari Paakki, CEO.

The 2023 program at Lappvattnet consisted of eight holes drilled on three profiles (Sections 13E, 16E and 19E) totaling 1,910 metres; please refer to accompanying long section and results table below. Gungnir has now drilled 53 holes for 7,345 metres in three rounds at Lappvattnet from 2021 to 2023.

The Main Zone was cut in five holes with the deepest intercept in drill hole LAP23-08 located on section 19E approximately 100 metres below the current nickel resource with mineralization hosted in a thicker peridotite unit similar to the western part of the deposit. Drill hole LAP23-01 further refined the central high-grade core of the Main Zone (> 5% Ni assays; pink on attached long section) which appears to plunge very shallowly to the east. Holes LAP23-02, -03 and -07 further defined continuity within the Main Zone. Three holes, LAP23-04, -05 and -06 contributed to defining the upper and lower limits, and plunge of the Main Zone. The Main Zone, on the sections drilled, dips steeply to the south at -70 to -80o and has a total strike length potential of approximately 1.5 km to the eastern property boundary. The east half of the property is sparsely drilled with most historic holes over-shooting the new refined target, and some holes drilled too deep and/or too short.

The sub-parallel Footwall Zone is located about 25 to 75 metres in the structural footwall, or north of the Main Zone starting at Section 13E (apparent western limit). It was encountered in three holes drilled. Footwall intercepts include 16.9 metres of 0.56% Ni (drill hole LAP23-02) and highly anomalous Ni mineralization in holes LAP23-05 and LAP23-08 (with individual assays up to 0.62% Ni) up to 175 metres below the current resource block. Nickel in all three holes is hosted within sulphide mineralized peridotite units and its margins. The Footwall Zone is open at depth and possibly down-plunge, sharing a similar structural trend with the Main Zone.

In addition to incorporating 2023 drill data into the Company's 3D model, next steps will also include field/data reviews in the eastern part of property ahead of the next phase of work. The Company plans to submit an expanded, multi-year drill permit extension which will include potential plans for geophysical surveys. The Company also plans to evaluate metallurgical testing options. At the same time as the Lappvattnet field checks, scheduled for October, management will view drill core from four, short scout holes that the Company drilled at its Hemberget property.

Core was logged and tagged for sampling at the Company's logging facility in Lycksele, Sweden, then shipped to ALS Minerals' Core Services Laboratory in Mala, Sweden. Core was sawed on site in Mala by ALS staff and prepped sample material was sent to ALS's Lab in Ireland. Core was analyzed for multi-elements using code ME-MS41, CuOG46 analysis for >10000 ppm Cu, NiOG46 analysis for >10000 ppm Ni, and Pt, Pd, and Au were analyzed using fire assay method PGM-ICP27. Blanks, certified standards and duplicates are routinely included in sample batches for quality assurance and control.

Gungnir's nickel resources in Sweden currently total 177 million pounds (80.5 million kg) of nickel:Lappvattnet: Inferred Resource of 780,000 tonnes grading 1.35% nickel for 23.1 million lbs (10.5 million kg) of nickel.Rormyrberget: Inferred Resource of 36,800,000 tonnes grading 0.19% nickel for 154 million lbs (70 million kg) of nickel.

The NI 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, M.Sc., P.Geo., and Thomas Lindholm, M.Sc., Fellow AusIMM. The Effective Date is November 17, 2020.

The technical information in this news release has been prepared, verified and approved by Jari Paakki, P.Geo., CEO, and a director of the Company. Mr. Paakki is a Qualified Person under National Instrument 43-101.

About Gungnir Resources

Gungnir Resources Inc. is a Canadian-based TSX-V listed mineral exploration company (GUG: TSX-V, ASWRF: OTCPK) 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 VMS (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 targeting potential copper-nickel and VMS mineralization. Further information about the Company and its properties may be found at www.gungnirresources.com or at www.sedar.com.

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