Gungnir Resources Inc. provided an update on continuing exploration activities at its Lappvattnet and Hemberget properties in northern Sweden. Lappvattnet High-Grade Nickel Project: Drilling continues to focus on upgrading and potentially expanding the Lappvattnet high-grade nickel deposit with present drill holes targeting the eastern half of the deposit and areas below the current resource; 1,115 metres in five holes have been drilled so far in 2023 (to date Gungnir has drilled 6,550 metres in fifty holes); 122 samples have been tagged for assay and will be shipped to the lab for prep work; Highlight drill results from 2022 include: 9.0 m @ 2.35% Ni including 5.66 m @ 3.02% Ni (ddh LAP22-19, from 66 m) and 18.28 m @ 1.49% Ni including 5.76 m @ 4.04% Ni (ddh L AP22-25, from 58 m). Hemberget Project: Targeting potential copper-nickel sulphide mineralization associated with an 11 km-long, layered mafic (gabbro) - ultramafic intrusion (1.86 Ga); New conductors identified in the western part of the property from a partially completed ground electromagnetic (EM) geophysical survey (Gungnir spring 2023); Regional prospecting by the Company confirms outcropping and boulders of mafic intrusive rocks as well as a wide, sulphide-bearing unit which could provide ideal conditions to precipitate copper/nickel; Copper/nickel mineralization discovered in a much smaller gabbro intrusion on nearby Knaften project (Gungnir 2017 discovery); Drill permits are being finalized.

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.