Gungnir Resources Inc. to report further, near-surface massive sulphide drill intersections at the Company's Lappvattnet nickel deposit in northern Sweden. Highlighted holes include LAP22-25 and LAP22-23 which were drilled 80 metres west and east, respectively, of hole LAP22-19 which cut 9.0 metres of 2.35% Ni including 5.66 metres of 3.02% Ni in the central part of the Lappvattnet resource (news release dated October 18, 2022). To date, the Company has drilled 30 holes for total of 4,240 metres of our planned 2022/23 program with the goal of upgrading and expanding the existing resource, focused on defining further high-grade nickel shoots, as well as initial scout drilling north of Lappvattnet.

The Company is awaiting a large number of assays (more than 500) which are expected this quarter and into the first quarter of 2023. Once results are received and geological modelling is completed, plans for more drilling will be outlined. The potential target area for drilling is shown in slide 3 in the accompanying figures (shaded in grey) plus potential future drilling further along strike and down-plunge to the east (large grey arrows).

A total of 16 holes (LAP22-16 to -31) were completed in the central part of the Lappvattnet deposit within the outlined block shown. Drilling was done along section lines spaced 20 metres apart (Sections 14 to 18E) with generally two holes collared at different angles from a single drill set-up to minimize our drilling footprint. Fifteen of sixteen holes intersected sulphide mineralization ranging from core lengths of less than 5 metres to 25 metres.

With the exception of most of hole LAP22-19, all assays are pending in the central part of the main Lappvattnet deposit. Hole LAP22-25 cut a 25-metre section of sulphide mineralization, mainly disseminated, from 51 to 76 metres downhole, including a 6-metre interval (70 to 76 metres) containing ten sections of massive sulphides below a variably mineralized peridotite unit. Hole LAP22-23, located 160 metres to the east of LAP22-25, drilled a 14-metre interval of mainly disseminated sulphides starting within a peridotite unit at 39 metres and includes a one-metre slug of massive sulphide at 44.2 metres (accompanying core photo shows core ends from approximately the middle of this mineralization).

LAP22-23 is the furthest hole drilled to the east by Gungnir. Lengths noted are core length; true width has not been determined. Hole LAP22-25 was drilled at an azimuth of 335 degrees at location 1,741,733mE and 7,165,247mN (RT90-2.5 co-ordinates) on Section 14E The 111-metre-long hole was drilled at a dip of -75 degrees.

LAP22-23, a 101-metre-long hole drilled at an azimuth of 335 degrees at a dip of -75 degrees, at location 1,741,880mE and 7,165,318mN on Section 18E. Gungnir's nickel sulphide resources in Sweden include Lappvattnet and Rormyrberget. In 2020, the Company updated both resources which collectively total 177 million pounds of nickel.

The properties are accessible year-round with good transportation and industrial infrastructure including shipping facilities and are located about an hour drive from Boliden's mill complex. 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.