Gungnir Resources Inc. reported the highest-grade nickel intercept drilled to date at the Company's Lappvattnet nickel deposit in northern Sweden. Hole LAP22-25 drilled 4.04% Ni over 5.76 metres within a broader interval of 1.49% Ni over 18.28 metres starting at a down-hole depth of 57.72 metres. Hole LAP22-25 was drilled in the central part of the Lappvattnet nickel resource on section 14E splitting a 50-metre gap between historic holes LAP74292 and LAP76008.

The hole appears to have drilled into a thickened mineralized zone, possibly a fold hinge similar to LAP22-19 drilled on section 16E (80 metres to the east) which cut 2.35% Ni over 9.0 metres including 3.02% Ni over 5.66 metres starting at a down-hole depth of 66.0 metres. The nickel intercept in LAP22-25 (1.49% Ni over 18.28 metres from 57.72 to 76.0 metres) occurs below a 4-metre jack-straw textured peridotite unit. It consists of an upper disseminated sulphide interval hosted in sedimentary gneisses from 57.72 metres and a lower, high-grade massive and semi-massive sulphide zone (4.04% Ni over 5.76 metres) from 70.0 metres down-hole.

Notable, previously reported near-surface, high-grade nickel intersections drilled by Gungnir at Lappvattnet include: 3.19% Nickel over 4.25 metres within a 10.4-metre interval grading 1.51% Nickel in hole LAP21-02 (240 metres west of LAP22-25); 2.62% Nickel over 5.65 metres within a 14.0-metre interval grading 1.40% Nickel in hole LAP21-05 (200 metres west of LAP22-25); and 1.74% Nickel over 10.00 metres in hole LAP21-13 (260 metres west of LAP22-25). Further results from holes drilled in the central part of Lappvattnet (12 drill holes) are expected to be reported in January and into early February 2023. 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 (see reference below).

Complete 2022 results will be collectively tabulated once all results are received. 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. Nickel Resources: 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.