Mr. Chris Robbins reports

GUNGNIR TO ACQUIRE QUESNEL MAGNICKEL PROPERTY IN CARIBOO MINING DISTRICT OF BRITISH COLUMBIA

Gungnir Resources Inc. has entered into a mineral property purchase agreement dated April 28, 2026, with Oyama Capital Corp., an arm's-length party to Gungnir, pursuant to which the company agreed to acquire a 100-per-cent interest in five mineral claims covering an area of 3,676.3 hectares (the Quesnel MagNickel property). The property is located in the Cariboo mining district of British Columbia, approximately 62 kilometres (km) east-southeast of Quesnel and 147 km southeast of Prince George.

Acquisition terms

Pursuant to the purchase agreement, the company agreed to acquire a 100-per-cent interest in the Quesnel MagNickel property from Oyama in consideration for issuing 12 million common shares and paying $50,000 to Oyama. The consideration shares will be issued at a deemed price of five cents per consideration share, being the five-day volume-weighted average trading price of the company's common shares on the TSX Venture Exchange immediately preceding the effective date. The cash consideration is to be paid on or before the date that is six months from the effective date.

The company also agreed to assume a 3-per-cent net smelter return (NSR) royalty on the property from Oyama, which is payable to the former owners of the property, pursuant to the terms of a royalty assignment and assumption agreement to be entered into among Gungnir, Oyama and the former owners. The NSR royalty may be reduced at any time from 3 per cent to 1 per cent through payment of $2-million to the former owners, who are arm's length to the company.

The consideration shares will be subject to a statutory hold period of four months and one day from issuance. The closing of the acquisition is subject to customary conditions and approvals, including final approval of the exchange. No finders' fees or commissions will be paid in connection with the acquisition.

About Gungnir Resources Inc.

Gungnir Resources is a Canadian-based junior mineral exploration firm strategically positioned in the Vasterbotten district of northern Sweden, a region historically recognized for its prolific geological endowment and Tier 1 mining jurisdiction status. The company's portfolio is characterized by a dual-commodity focus, balancing a substantial nickel-copper-cobalt resource base with high-potential gold exploration targets along the Gold Line (Knaften-Barsele Arc).

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