Mr. Jari Paakki reports

GUNGNIR EXTENDS KEY KNAFTEN GOLD LICENCE AND HIGHLIGHTS REGIONAL EXPLORATION POTENTIAL

Gungnir Resources Inc. has received approval from Sweden's Inspector of Mines to extend a key licence, Knaften nr 600, for a further three years. The 18.8-square-kilometre licence covers the southern part of a gold-hosting intrusion and strong, untested induced polarization (IP) chargeability anomalies up to 40 mV/V (megavolts per volt).

All of Gungnir's projects (115 km2) are situated in Sweden's Vasterbotten district which hosts over 10 million ounces of gold delineated in existing and mined resources, including several past-producing and producing volcanogenic massive sulphide (VMS) base metal mines in the well-known Skellefte belt. Gungnir's nickel resources are located in the eastern part of the district, including its key asset, Lappvattnet. Currently, the company is reviewing geophysical options at Lappvattnet focused on the eastern downplunge potential of high-grade nickel sulphides.

Initial work plans

Twofold objective of continuing to advance its Lappvattnet high-grade nickel project and increase exploration coverage across the company's entire property portfolio. In addition to evaluating geophysical options (and completing if viable) at Lappvattnet to guide future drilling, the planned 2024 regional work program will have an emphasis on prospecting and geological mapping to potentially generate new targets along side already defined IP chargeability anomalies at Knaften nr 600. A multiyear, updated work plan permit (2024 to 2025) for Knaften nr 600, inclusive of drilling, is being prepared. The start of field work is expected in the second quarter of 2024 as conditions allow.

Background

The newly extended licence forms part of Gungnir's larger Knaften-Hemberget project located along the south end of the Gold Line covering upice of one of the largest gold-in-till anomalies in Sweden. The bedrock source is believed to be partially identified at the Knaften 300 gold zone (held by Gungnir), but based on the sheer size of the anomaly it is conceivable to expect more gold to be found in situ. Other gold-in-till anomalies in the district are related to either current and past-producing gold mines or known gold resources.

The Knaften-Hemberget area is interpreted to represent a partially preserved structural dome where geologic units, and importantly potential mineralization, may be repeated along its current outer margins. This new geological model bodes well for potential new discoveries at Hemberget, including gold and base metals. At present, four zones/occurrences are known on the Knaften property, three of which were discovered by Gungnir.

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.

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