Gungnir Resources Inc. report first 2022 assay results from continuing, systematic drilling of the Lappvattnet nickel deposit in northern Sweden. With the goal of upgrading and expanding the existing resource, drilling is now progressing to the sparsely drilled eastern two-thirds of the deposit which includes numerous high-grade nickel intersections. Results from initial six holes in the western part of Lappvattnet include wide zones of nickel mineralization up to 19 metres grading 0.80% Ni starting at 68 metres down-hole (LAP22-05) Peak individual assays of 4.29%, 3.45% and 2.80% Ni Results pending for four holes, three of which contain sections of massive sulphide Drilling has commenced in the eastern part of the resource which is defined by only thirteen historic drill holes, six of which contain assays greater than 5% Ni Significant potential to thicken the existing resource and expand it along strike and own-plunge to the east Newly defined parallel "North Trend" offers additional up-side potential on the property Holes LAP22-01 to -10 were all drilled in the western one-third of the Lappvattnet nickel deposit along sections 7.5E to 12E from seven sites; please refer to accompanying longitudinal "long" section along with drill hole co-ordinates .

Holes were drilled below and immediately east of Gungnir's 2021 drill holes. Eight of the ten holes encountered variably mineralized peridotite (core lengths of 0.3 to 16.5 metres) and two holes hit nickel-bearing sulphides in enclosing sedimentary gneisses. Of the pending results, massive and semi-massive sulphides (over core lengths greater than 0.5 metres, not including disseminated halo mineralization), were encountered in three holes, LAP22-06B, - 09 and -10.

A total of 25 holes have been now been drilled by Gungnir in 2021 and 2022 in the western one-third of Lappvattnet on 20-metre sections defining a continuous peridotite unit (a key host to nickel mineralization) across all sections drilled and a prominent structural plunge of 30 degrees to the east. The eastern two-thirds of Lappvattnet shows considerable promise for expanding the current resource which is based on just thirteen drill intercepts, six of which contain individual assays of greater than 5% Ni (< 0.10 to 1.07 metres). Drilling is targeting potential structurally thickened high-grade nickel shoots within the sparsely drilled resource as well as the down-plunge projection of peridotite from thewestern part of the deposit which remains open below the 1970s underground exploration drift located at the 120-metre level.

The peridotite has a potential down-plunge extent of greater than 600 metres. Drilling is underway in the central part of the Lappvattnet deposit on sections spaced 40-metres apart. Nickel mineralization in Gungnir's 2021 and 2022 drill holes (20 holes with results received to date) compared with historic results in the western one-third of the resource (15 holes) shows Gungnir's core lengths averaged 14.4 metres grading 0.92% Ni (Ni grade x core length = 13.2) versus an average core length of 5.1 metres grading 1.33% Ni (Ni grade x core length = 6.8) in historic drilling.

Nearly twice the nickel grade-core length product in Gungnir's holes suggests potential to thicken the current resource at least in the western one-third of the deposit. Comparable true widths are estimated to be approximately 70 to 90% of core lengths for both Gungnir and historic holes. The Company has submitted a work plan for continued drilling at Lappvattnet to the end of 2023 for up to 10,000 metres of drilling.

Approval is pending. The current workplan is valid to August 31, 2022. Drill core was logged and tagged for sampling at the Company's core logging facility in Lycksele then shipped to ALS Minerals' Core Services Laboratory in Mala.

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.