Gungnir Resources Inc. reported further, near-surface drill results and visuals at the company's Lappvattnet nickel deposit in northern Sweden. Highlighted holes include LAP22-10 which cut 7.0 metres of 1.16% Ni and LAP22-19 which intersected a new footwall nickel target approximately 75 metres below the main Lappvattnet deposit. Assays are pending for thirteen holes.

The new footwall target was encountered in holes LAP22-16, -17, -19, -26, -27, and -28 drilled on sections 15E to 16.5E. The intercepts range from core lengths of 2 to 15 metres consisting of variably mineralized peridotite, local sulphide pods and disseminated sulphides in enclosing sedimentary gneisses. Assays from the lower part of LAP22-19 returned 5.0 metres of 0.30% Ni (or 2.4 metres of 0.40% Ni) from 149 metres, including 0.96% Ni over 0.42 metres from 150 metres down-hole.

Assays for the other five holes are pending. Notable "ball-textured" peridotite/pyroxenite with local matrix sulphides was encountered in hole LAP22-28 and may represent part of a conduit and source site for the nickel-bearing magma. Modelling and evaluations continue.

Also reported the final assay results from the western part of Lappvattnet. Hole LAP22-10, drilled on section 12E, returned 7.0 metres of 1.16% Ni starting at a down-hole depth of 98 metres, including 0.53 metres of 5.31% Ni at 103.9 metres. LAP22-10 also includes 6.0 metres of 0.30% Ni starting at 109 metres down-hole.

Scout holes, LAP22-12 to -15 testing a small area to the north, encountered weakly anomalous nickel. Assays are pending for holes LAP22-16, -17, -20 to -23, and -25 to -31. All of these holes are located within the central part of Lappvattnet and include mineralized intervals from the main Lappvattnet deposit and the new footwall target.

Co-ordinate details for all holes drilled by Gungnir in 2021/22 are tabled in slide 2 in the accompanying figures. All lengths noted are core length; true width has not been determined. 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.

Nickel Resources: The company'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.