Gungnir Resources Inc. reported final assay results from the central part of the Company's Lappvattnet nickel deposit in northern Sweden. New results include hole LAP22-23 which drilled 12 metres grading 1.02% Ni at a down-hole depth of 38 metres. The central area hosts recently reported high-grade intercepts including 9 metres grading 2.35% Ni (hole LAP22-19) and 5.76 metres grading 4.04% Ni (hole LAP22-25).

Highlights: Hole LAP22-23, the easternmost hole drilled by Gungnir (Section 18E), cut 12 metres of 1.02% Ni, including 5.13 metres of 1.75% Ni; · Numerous high-grade individual assays up to 4.98% Ni continue to demonstrate a robust high-grade nickel system; areas to the east and at depth only sparsely drilled; · Drill contractor confirmed for 2023. Results reported are for thirteen additional holes (LAP22-16, -17, -20 to -24, -26 to -31) drilled in the central part of the Lappvattnet resource between sections lines 14 to 18E testing for grade, continuity and geometry of the sulphide zone. Not including earlier reported 2022 holes from this area, the main Lappvattnet deposit (‘Main') was encountered in ten of these holes with the best interval recorded in LAP22-23 (12 metres of 1.02% Ni, including 5.13 metres of 1.75% Ni).

Three of the holes (LAP22-16, -22 and -24), which encountered thicker than expected overburden, over-shot the main Lappvattnet zone. The newly identified footwall zone (‘Footwall'), located approximately 50 to 75 metres structurally below the main Lappvattnet zone, was encountered in six holes and returned anomalous nickel values, including up to 0.29% Ni over 5.92 metres in LAP22-28 within a ball-textured peridotite unit. Several holes were short of the footwall target and extending some existing holes is being considered.

Notable, previously reported near-surface, high-grade nickel intersections drilled by Gungnir at Lappvattnet include: 3.19% Ni over 4.25 metres within a 10.4-metre interval grading 1.51% Ni in hole LAP21-02; 2.62% Ni over 5.65 metres within a 14.0-metre interval grading 1.40% Ni in hole LAP21-05; 1.74% Ni over 10.0 metres in hole LAP21-13; 3.02% Ni over 5.66 metres within a 9.0-metre interval grading 2.35% Ni over in hole LAP22-19; and 4.04% Ni over 5.76 metres within a 18.28-metre interval grading 1.49% Ni in hole LAP22-25. Drilling is part of the systematic program at Lappvattnet with the plan of upgrading and expanding the existing resource following general recommendations outlined in the 2020 Technical Report. To date, the Company has drilled a total of 5,435 metres in 45 holes in 2021 and 2022.

Lengths noted are core length; true width has not been determined as structural interpretations are on-going. 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.