Gungnir Resources : Q3 2023 Management Discussion & Analysis Statements

GUNGNIR

Gungnir Resources Inc.

MANAGEMENT DISCUSSION AND ANALYSIS

For the Three and Nine Months ended September 30, 2023

DATED November 27, 2023

Introduction and Overview

Gungnir is a junior mineral exploration company listed on the TSX Venture Exchange as a Tier 2 company under the trading symbol "GUG". The Company is also inter-listed in the United States as "ASWRF.PK". The Company is a reporting issuer in the Canadian provinces of British Columbia, Alberta, Ontario, Quebec and Nova Scotia.

Gungnir is in the business of the acquisition, evaluation and exploration of mineral properties with the primary aim of advancing them to a stage where they can be exploited at a profit, or offered for sale or option. We do not currently have any producing mineral properties and our current operations on our various properties are exploratory searches for mineable mineral deposits. Gungnir's corporate strategy is to focus on exploration in mining-friendly Sweden with the goal of discovery of high-quality gold and base metal deposits. The Company also continues to evaluate other opportunities as they arise.

This MD&A is dated November 27, 2023 and discloses specified information up to that date. Gungnir is classified as a "Venture Issuer" for the purposes of National Instrument 51-102. Our financial statements are prepared in accordance with International Financial Reporting Standards in Canada ("IFRS") and are expressed in Canadian dollars. This discussion and analysis should be read in conjunction with the annual audited financial statements for the year ended December 31, 2022 and related notes attached thereto (the "2022 Financial Statements"). Throughout this report we refer from time to time to "Gungnir", the "Company", "we", "us", "our", or "its". All these terms are used in respect of Gungnir Resources Inc. which is the reporting issuer in this document.

We recommend that readers consult the "Cautionary Statement" below, as well the section on risks and uncertainties in the accompanying unaudited Interim Financial Statements.

Cautionary Statement

Forward-Looking Information

This interim management discussion and analysis ("Interim MD&A") contains forward-looking statements and information relating to Gungnir Resources Inc. ("Gungnir" or the "Company") that are based on the beliefs of its management as well as assumptions made by and information currently available to Gungnir. When used in this document, the words "anticipate", "believe", "estimate", and "expect" and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. This Interim MD&A contains forward-looking statements relating to, among other things, regulatory compliance, environmental matters, changes in legislation or regulations, receipt of required licenses, permits and approvals, the sufficiency of current working

capital, the estimated cost and availability of funding for the continued exploration and development of Gungnir's exploration properties. Many factors could cause the actual results, performance or achievements of Gungnir to be materially different from any future results, performance or achievements whether expressed or implied by such forward-looking statements. Important factors are identified in this Interim MD&A.

Covid-19

To the date of this report, the spread of COVID-19 has severely impacted many local economies around the globe. In many countries, including Canada, businesses are being forced to cease or limit operations for long or indefinite periods of time. Measures taken to contain the spread of the virus, including travel bans, quarantines, social distancing, and closures of non-essential services have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown. Global stock markets have also experienced great volatility. Governments and central banks have responded with monetary and fiscal interventions to stabilize economic conditions. As at the date of this report, the Company has not been significantly impacted by the spread of COVID-19. The duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses, remains unclear at this time. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the Company for future periods.

Project Comments

The Company's properties consist of both early-stage grassroots projects and projects with current resources. There has been insufficient exploration on its early-stage properties to define mineral resource and it is uncertain if further exploration will result in any such targets being delineated as mineral resources. The properties with current resources are categorized as inferred resources and it is uncertain if further work will be able to advance these resources to indicated resources. In 2020 the Company completed and filed an updated National Instrument 43-101 ("NI 43-101") Technical Report on the current nickel-copper-cobalt resources at its Lappvattnet and Rormyrberget deposits.

Outlook

The Company has significantly advanced its exploration efforts in Sweden through 2023 and up to the time of this report, and continues its exploration efforts in Sweden with the primary goal of advancing to a stage where a resource can be defined or advanced and exploited at a profit or offered for sale or option. The Company initiated its seventh year of drilling in Sweden in May of 2023 and the third year of drilling on the Lappvattnet nickel property. A variety of ground geophysical surveys has been completed on the Knaften, Lappvattnet, Rormyrberget and Hemberget properties in 2021 to 2023. All of the Company's projects are located within the Vasterbotten region of northern Sweden which hosts the prolific Skellefte VMS-gold belt, "Gold Line" and "Nickel Line".

Since commencing drilling in Sweden in 2017, Gungnir has made several new discoveries and announced significant developments including discovery of a potentially sizeable intrusion-related gold system, discovery of a new volcanogenic massive sulphide (VMS) zinc-copper base metal target and discovery of a new copper-nickel target, all located on the Knaften project. All targets are open for expansion and further discovery. The Company's focus at Knaften is on its intrusion-related gold target, in particular new, undrilled IP (induced polarization) anomalies in the southern part of the property. The Company also acquired the Hemberget property located approximately 6 km north of Gungnir's Knaften project.

East of Knaften, the Company upgraded its two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, to current resources in 2020. The two separate deposits contain 177 million pounds of nickel in inferred resources* based on NI43-101 resource estimates commissioned by Gungnir in 2020. The Company's first phase drill program in 2021 at Lappvattnet produced consistent strong assay results and as a result Lappvattnet has been the Company focus since 2021.

*Gungnir Resources Inc. filed on SEDAR "The National Instrument 43-101 technical report entitled "Technical Report on the Lappvattnet and Rormyrberget Deposits, Northern Sweden" was prepared by Reddick Consulting Inc. Qualified persons are John Reddick, MSc, P.Geo, and Thomas Lindholm, MSc, fellow AusIMM. The effective date is Nov. 17, 2020.

The Company anticipates that it has sufficient funds in place from the 2022 private placement to continue its exploration efforts through 2024 (see news releases from March 2022). However, a substantial drill program at Lappvattnet will require raising funds or attracting a partner to fund work.

Exploration 2023

Drilling commenced in early May of 2023 and concluded in late September at the Company's Lappvattnet high- grade nickel project in northern Sweden (see news releases dated May 8, July 5 and September 28, 2023). Drilling continued to define and expand the limits of both the Main Zone and recently discovered Footwall Zone. A total of 1,910 metres in eight holes were drilled in 2023 which successfully accomplished our objectives and shows considerable potential to expand the deposit beyond the current 2020 Lappvattnet nickel resource, in particular the shallow down-plunge extension target in the eastern half of the property where historic drilling is very sparse. Our recently discovered Footwall Zone offers further upside potential at Lappvattnet (see long section below). Significant drilling will be required to further advance and define this high-grade nickel sulphide deposit. The Company plans to submit an expanded, multi-year drill permit extension which will include potential plans for geophysical surveys.

Highlights from 2023 Lappvattnet drilling:

• High-gradecentral core of the Main Zone shows good continuity including new intercept of 6.10 metres of 2.47% Ni including 0.55 metres of 7.36% Ni in drill hole LAP23-01 along with several of Gungnir's 2021/22 high-grade nickel hits
• Main Zone intercept 100 metres below current nickel resource
• Footwall Zone intersections up to 16.9 metres of 0.56% Ni
• Very shallow easterly plunge indicated with a total potential strike extent of approximately 1.5 kilometres
• Sparsely drilled east half of the property offers shallow to moderate depth targeting potential

2023 Results Table:

At Hemberget, the Company completed selective ground electromagnetic (EM) geophysical test profiles in the western part of this large property (Gungnir spring 2023) and drilled four scout holes in October 2023 mainly for geological purposes to assist with further evaluation of Hemberget and the surrounding greenstone belt. Further field work, including mapping, prospecting and geophysics, is required on this grassroots property.

Results of Operations To-Date (Significant Drill Intersections)

Gungnir to date has drilled 7,345 metres in fifty-three holes at Lappvattnet (2021-2023) with the goal of potentially upgrading and expanding the existing nickel deposit. Drilling has produced numerous, impressive near-surface nickel hits (Main Zone) as well as discovery of a new Footwall Zone located 25 to 75 metres in the structural footwall, or north of the Main Zone. Highlight Main Zone drill intersections include:

• 3.19% Nickel over 4.25 metres within a 10.4-metre interval grading 1.51% Nickel in drill hole LAP21-02 (from 45 metres)
• 2.62% Nickel over 5.65 metres within a 14.0-metre interval grading 1.40% Nickel in drill hole LAP21-05 (from 60 metres)
• 1.74% Nickel over 10.00 metres in drill hole LAP21-13 (from 21 metres)
• 36.00 metres grading 0.93% Nickel in drill hole LAP21-04 (from 49 metres)
• 3.02% Nickel over 5.66 metres within a 9.0-metre interval grading 2.35% Nickel in drill hole LAP22-19 (from 66 metres)
• 4.04% Nickel over 5.76 metres within an 18.28-metre interval grading 1.49% Nickel in drill hole LAP22- 25 (from 58 metres)
• 2.47% Nickel over 6.10 metres drill hole LAP23-01 (from 66 metres)

Drilling at Knaften, both by Gungnir (2017 to 2021) and prior operators, have produced several significant gold intercepts at the Knaften 300 Gold Zone, located along the north edge of the 4 x 5 km quartz diorite intrusion. Newly identified IP anomalies within the southern part of the intrusion remain untested. Highlight Knaften 300 Gold Zone intersections include:

• 14.07 g/t Au over 4.25 m (from 138.75 to 143.00 m) in hole KN19-06
• • includes 59.6 g/t Au over 1.00 m
• 5.39 g/t Au over 2.00 m (from 98.00 to 100.00 m) in hole KN19-09

• 3.45 g/t Au over 10.75 m (from 67.05 to 77.80 m) in hole 96009
• 3.20 g/t Au over 10.00 m (from 83.50 to 93.50 m) in hole 200707
• 2.92 g/t Au over 13.00 m (from 81.5 to 94.50 m) in re-sample 200707
• 3.11 g/t Au over 8.00 m (from 135.80 to 143.80 m) in hole 200714
• 2.13 g/t Au over 14.45 m (from 55.00 to 69.45 m) in hole KNA01001
• 2.01 g/t Au over 6.70 m (from 190.50 to 197.20 m) in hole 200710
• 2.89 g/t Au over 5.00 m (from 118.80 to 123.80 m) in hole 200715

Exploration and Evaluation Properties

Gungnir's exploration project areas are located in northern Sweden within the Fennoscandian Shield, a mineral rich but highly underexplored region, which extends into neighboring Finland. The Fennoscandian shield continues to offer excellent ore discovery potential, in particular under glacial till (sand and gravel) which covers large areas. Major mining companies active in the Nordic Region (mining, exploration, and investing) include Boliden, Agnico Eagle, Anglo American, Goldcorp and Kinross. Currently, Gungnir's projects include the Lappvattnet and Rormyrberget nickel deposits, and the Knaften and Hemberget properties.

Project Location Map:

Lappvattnet and Rormyrberget Nickel

The Lappvattnet and Rormyrberget nickel deposits are located along the "Nickel Line" in the eastern part of the Vasterbotten District, 60 km and 100 km respectively east of the Company's Knaften gold exploration project. The deposits are held 100% by Gungnir under two separate permits covering an area of 471.3 hectares. The properties are accessible year-round with good transportation and industrial infrastructure including shipping facilities as there are a number of active mines in the area. Gungnir acquired both deposits in open-staking in 2015. Existing licenses covering both deposits are currently valid to early January 2027.

Nickel resources totally 177 million pounds of nickel for Lappvattnet and Rormyrberget were updated in 2020.

Notes: (1) Barsele

• 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.

The NI 43-101 Technical Report entitled "TECHNICAL REPORT on the LAPPVATTNET and RORMYRBERGET DEPOSITS, NORTHERN SWEDEN" was prepared by Reddick Consulting Inc. Qualified Persons are John Reddick, M.Sc., P.Geo., and Thomas Lindholm, M.Sc., Fellow AusIMM. The Effective Date is November 17, 2020.

Knaften Project

The Knaften project is situated at the south end of a regional structure known as the "Gold Line" or Knaften-Barsele Arc located within a prolific VMS region including the Skellefte Belt and VMS belts in Finland. The main gold target is the bedrock source(s) of the large Knaften gold-in-till anomaly ("Knaften anomaly"), one of the largest in Sweden. The bedrock source is believed to be partially identified at Knaften 300, but based on the sheer size of the Knaften anomaly it is reasonable to expect more gold to be found in situ. Other gold-in-till anomalies in the region are over either current and past-producing gold mines or known gold resources. Sizeable intrusive-hosted gold deposits in the region include Barsele with more than 2 million ounces of gold (1) which is located along the same structural trend known as the Gold Line and also covers one of the sizeable gold-in-till anomalies.

Minerals, February 21, 2019 Technical Report. Combined Pit and Underground Resources: Indicated 324,000 ozs Au @ 1.81 g/t Au + Inferred 2,086,000 ozs Au @ 2.54 g/t Au (based on 349 drill holes).

Successful exploration by the Company since 2017 has resulted in new target discoveries including two new base metal targets (Rodingtrask VMS zinc-copper and a magmatic copper-nickel target) adding significant up-side to the previously gold-only Knaften project. Further in 2019, 2020 and 2021 Gungnir identified stacked gold mineralization at Knaften 300 including discovery of a new lower zone with high-grade gold (up to 59.60 g/t Au). All three targets on Knaften are wide-open for expansion and further discovery.

In 2021 the Company staked additional claims to the Knaften property to cover the entire prospective intrusion (4 x 5 km) which hosts the Knaften 300 Gold Zone along its northern edge. The expanded Knaften gold project comprises 4,887 hectares (or nearly 50 sq. km) and significantly adds to the potential of Gungnir's Knaften intrusion-hosted gold target. Further in 2021, the Company initiated an IP (induced polarization) geophysical survey over portions of the newly acquired ground (Knaften nr 600) resulting in identification of significant IP anomalies; the strongest IP anomalies in the survey (up to 40 mV/V) are the first-priority targets (see map below).

Additional Knaften Project Targets

Rodingtrask is a new VMS target discovery outside traditional Skellefte belt in northern Sweden with similar age to older VMS deposits in Finland. 2018 drilling encountered widespread metal-enrichment (Zn, Cu, Ag) in core lengths > 100 metres in host conglomerate (see NR's Aug/Oct/Nov 2018). To date, only 10 holes have tested this target area, all into the edges or halo of a large hydrothermal VMS system. So far mineralization, alteration and marker horizon defined over a strike length of 200 metres. Known mineralization is centered on a magnetic high anomaly; several similar magnetic highs clustered on >10 km trend. The current working model is a mafic volcanic- sedimentary VMS setting. The goal is to locate the core of it targeting potential higher-grade massive sulphide mineralization.

Copper-nickel mineralization on Knaften was discovered by Gungnir in 2017, with a second hole drilled near-by in 2018 cutting a core length of magmatic sulphides assaying 0.38% CuEq over 14.4m. Near-surface intersections are located 400 metres east of the Rodingtrask target. Mineralization consists of disseminated, blebby, patchy and erratically banded pyrrhotite with lesser chalcopyrite. Host rock is gabbro including vari-and orbicular textures which are documented textural styles closely associated with potential massive sulphide accumulations. There is ample blue-sky potential on this target as well with only 2 holes into the mineralized system.

Knaften Project Map:

Hemberget Property

Hemberget is located approximately 6 km north of Gungnir's Knaften project within the broader Gold Line along with Knaften. It occurs in the northern part of the Knaften greenstone belt, covering a thick package of dacite and rhyolite volcanics, including fragmentals, alongside mafic pillow lavas, straddling the large magnetic anomaly which based on government maps corresponds to a mafic-ultramafic intrusion.

The 29.4 sq. km property was acquired by staking in order to evaluate potential for intrusion hosted copper-nickel and volcanogenic massive sulphide (VMS) mineralization.

Hemberget Project Map:

Quality Control and Quality Assurance Procedure

During exploration programs all data is evaluated by Gungnir's geologists and contractors, and also by its Qualified Person, to ensure that the data is reliable and accurate, based on the analysis of the blanks, standards and duplicate samples. The information in this MD&A was prepared under the direction of Mr. Jari Paakki, P.Geo., CEO of the Company, a Qualified Person as defined by NI 43-101.

Exploration and Evaluation Properties as at September 30, 2023:

Exploration		Exploration			Option
and			Loss on	proceeds
	and
Evaluation	December		sale of			Sept. 30,
Properties	31, 2022	evaluation	Impairment	property		Recoveries	2023
Knaften	2,155,437	7,808	-	-	-	-	2,163,245
Property
Rormyrberget	48,736	-	-	-	-	-	48,736
Property
Lappvattnet	944,821	387,410	-	-	-	-	1,332,231
Property
Hemberget	10,311	99,261	-	-	-	-	109,572
Property
	3,159,305	494,479	-	-	-	-	3,653,784

Selected Annual Information

The following table summarizes selected financial data for Gungnir for each of the three most recently completed financial years. The information set forth below should be read in conjunction with the consolidated audited financial statements, prepared in accordance with International Financial Reporting Standards, and related notes.

	Year	Year	Year
	Ended	Ended	Ended
	December	December	December 31,
	31,	31,	2020
	2022	2021
Total revenues	NIL	NIL	NIL
Operating expenses	960,708	878,425	637,498
Write-down of exploration and evaluation		9,476	-
properties	-
Stock-based compensation	262,395	362,639	134,614
Comprehensive income (loss) for the year	(962,995)	(900,271)	(628,022)
Basic and diluted earnings (loss) per share	(0.01)	(0.01)	(0.01)
Total Assets	5,737,063	3,936,241	3,457,727
Total long-term liabilities	NIL	NIL	Nil
Cash dividends declared	NIL	NIL	Nil
Results of Operations
For the years ended December 31,	2022	2021	2020

Operating Expenses
General and administration	141,154	123,739	107,913
Compensation	732,716	719,480	491,010
Professional fees	86,838	35,206	38,575
Loss from operations	960,708	878,425	637,498
Other items
Interest income	8,223	114	15,830
Foreign exchange	(10,510)	(12,484)	(6,354)
Write-down of exploration and evaluation	-	(9,476)	-
properties
Comprehensive income (loss)	(962,995)	(900,271)	(628,022)

Summary of Quarterly Results - Loss from Operations

The following table sets out selected quarterly financial information of Gungnir. Gungnir' interim financial statements are prepared by management, in accordance with International Financial Reporting Standards and expressed in Canadian dollars.

	Sept.	June	Mar.	Dec.	Sept.	June	Mar.	Dec.
	30	31	31	31	30	30	31	31,
	2023	2023	2023	2022	2022	2022	2022	2021
	$	$	$	$	$		$	$
E&E
Properties	3,653,784	3,355,026	3,193,948	3,159,305	3,117,873	2,858,901	2,673,178	2,660,268
Working	1,494,581	1,935,174	2,232,835	2,468,289	2,934,062	3,365,175	3,783,149	1,178,373
Capital
Net Income				(689,659)	(173,842)	(218,459)	118,965	(520,077)
(loss)	(140,652)	(140,652)	(258,569)
Earnings
(loss) per	(0.00)	(0.00)	(0.00)	(0.01)	(0.00)	(0.00)	(0.00)	(0.01)
share

Discussion

The operating results of junior exploration companies typically demonstrate wide variations from quarter to quarter and year to year. These variances are attributed to changes in stock-based compensation, exploration costs expensed or written down, professional and consulting fees related to financings and property exploration and evaluation and reporting, transfer and filing fees which are attributed to financings and annual filings, shareholder information and general office expenses. Large billings received from completion of an exploration program can also affect any given period depending upon the timing of the billing.

Any significant changes during the current reporting period or to the year ended 2021 audited financial statements can be attributed to whether the Company completed any equity financings within the year or the volume of exploration and development activities on its properties.

For the Periods Ended September 30,	Note	2023	2022	2023	2022
		3 months	3 months	9 months	9 months
Operating expenses
General and administration	10	$ 9,936	39,525	$ 107,230	116,489
Compensation	10	125,963	124,561	442,240	345,760
Professional fees	10	2,037	7,086	8,066	54,484
		(137,936)	(171,172)	(557,536)	(516,733)
Other items
Interest income		3,267	2,966	29,803	5,887

Foreign exchange		(5,983)	(5,636)		(13,323)	(12,454)
Net loss and comprehensive loss	$	(140,652)	(173,842)	$	(541,056)	(523,300)
Weighted average number of shares		119,629,786	108,604,497		119,629,786	108,604,497
outstanding
Basic and diluted loss per share	$	(0,00)	(0,00)	$	(0.00)	(0.00)

3 Month Period ended September 30, 2023/2022

During the 3 months in the third quarter of 2023, Gungnir sustained a loss from operations of $140,652 (Q3-2022 - $173,842), the largest contributor to the decrease in Q3-2023 being General and Administration costs of $9,936 compared to $39,525 in Q3-2022. Professional fees in Q3-2023 were also lower at $2,037 compared to $7,086 in the same quarter in 2022. Previous quarters for 2023 and 2022 have expenses incurred throughout the years that are fairly well balanced from quarter to quarter when excluding non-cash based charges and any impairment to the Company's properties.

Accounting fees in Q3-2023 were $2,150 and $5,600 in Q3-2022. General expenses for the period in 2023 were $2,025 and $1,237 in 2022. Wages were $124,482 and $124,445 in Q3-2023/2022 respectively and Filing fees were $2,000 in Q3-2023 with $Nil in the same period in 2022. Foreign exchange costs were similar at $6,910 for the 2023 period and $5,636 in 2022 and bank fees were $788 and $1,213 for Q3-2023/2022. Insurance for the current period was $18,000 and $20,375 in Q3-2022. Stock Based Compensation for both 3 month periods were $Nil.

Legal fees were $2,843 in Q3-2023, $1,487 in Q3-2022; Shareholder/Investor relations in the 2023 period totaled $5,616 while in 2022 they were $14,936. Total expenses in Q3-2023 were $166,069 and in Q3-2022 they were $176,808. There were no write-downs of any exploration properties in either period.

9 Month Period ended September 30, 2023/2022

During the 9 months ending September 30, 2023 Compared to the 9 months ended September 30, 2022, Gungnir sustained a loss from operations of $541,056 and $523,300 for September 30, 2022, very consistent over the two nine month periods.

At end of Q3-2023 General and Administration costs of $107,230 compared to $116,489 at end of Q3-2022. Professional fees at Q3-2023 were lower at $8,066 compared to $54,484 incurred during the same period in 2022. The large expenditures in Professional fees in 2022 were related to the private placement/Altius Royalty Agreements as explained earlier within this report.

Accounting fees at Q3-2023 were $4,400 and $8,100 at Q3-2022. General expenses for the nine month period in 2023 were $6,914 and $5,640 in 2022. Wages totaled $371,982 and $334,445 at Q3-2023/2022 respectively and Filing fees were $13,583 at Q3-2023 with $29,528 at the same period in 2022. Foreign exchange costs were similar at $13,323 for the 2023 period and $10,515 in 2022 while bank fees were $2,004 and $3,046 for the period ended Q3-2023/2022. Insurance for the current period was $18,000 and $20,375 in Q3-2022. Stock Based Compensation at the end of 9 months 2023 was $58,184 and $Nil in 2022.

Legal fees were $3,666 at Q3-2023 and $46,384 in Q3-2022; again, due to the financing and Altius Royalty Agreement completed in 2022. Shareholder/Investor relations in the 2023 period totaled $60,254 while in 2022 they totaled $53,319. Total expenses at Q3-2023 were $570,859 and at Q3-2022 they were $527,223. There were no Write-downs of any exploration properties in 2023 and 2022 to-date.

Liquidity

Gungnir does not currently have any producing mineral properties and our current operations on our various properties in Sweden are exploratory searches for mineable mineral deposits.