Surrey - Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCPK) ('Gungnir' or the 'Company') is pleased to announce that it has entered into an agreement with Palisades Goldcorp Ltd. ('Palisades') pursuant to which Palisades has agreed to purchase a non-brokered private placement of 6,666,667 units of the Company (the 'Units') at a price of $0.06 per Unit (the 'Unit Price'), for total gross proceeds of $400,000 (the 'Offering').

Each Unit will consist of one common share in the capital of the Company (each, a 'Common Share') and one common share purchase warrant (each, a 'Warrant'). Each Warrant entitles the holder to acquire one Common Share (each, a 'Warrant Share') at a price per Warrant Share of $0.09 per share for a period of 36 months from the closing of the Offering.

The net proceeds of the Offering will be used to continue the exploration program, inclusive of drilling, at the Company's 100% owned projects in Sweden, concentrating on the Knaften Gold zone and our two nickel resources, Rormyrberget and Lappvattnet.

About Palisades Goldcorp

Palisades Goldcorp is Canada's new resource focused merchant bank. Palisades' management team has a demonstrated track record of making money and is backed by many of the industry's most notable financiers. With junior resource equities valued at generational lows, management believes the sector is on the cusp of a major bull market move. Palisades is positioning itself with significant stakes in undervalued companies and assets with the goal of generating superior returns.

About Gungnir Resources

Gungnir Resources Inc. is a Canadian-based TSX-V listed mineral exploration company (GUG: TSX-V) with gold and base metal permits in northern Sweden. The Company's key project, Knaften, hosts high-grade gold, VMS (zinc-copper) and copper-nickel targets, and all are open for expansion and further discovery. The Company also holds two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, located east of Knaften.

Contact:

Tel: +1-604-683-0484

Email: jpaakki@eastlink.ca

Forward-Looking Information

Certain statements in this news release may constitute 'forward-looking information' within the meaning of applicable securities laws (also known as forward-looking statements). Forward-looking information involves known and unknown risks, uncertainties and other factors, and may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. Forward-looking information generally can be identified by the use of terms and phrases such as 'anticipate', 'believe', 'could', 'estimate', 'expect', 'feel', 'intend', 'may', 'plan', 'predict', 'project', 'subject to', 'will', 'would', and similar terms and phrases, including references to assumptions. Some of the specific forward-looking information in this news release includes, but is not limited to, statements with respect to: Gungnir's plan for future exploration and development of its properties, Gungnir's plan for future disclosure relating to exploration and development of its properties within the timelines set out above or at all; Gungnir being able to complete the Offering; the number of Shares to be issued at closing of the Offering and the gross proceeds received; the timing of the closing of the Offering; the payment of any cash commissions, cash fees or issuance of warrants to finders; the exercise of warrants and the use of net proceeds from the Offering.

Forward-looking information is based on a number of key expectations and assumptions made by Gungnir, including, without limitation: the COVID-19 pandemic impact on the Canadian and global economy and Gungnir's business, and the extent and duration of such impact; Gungnir's and Palisades' ability to fulfill its obligations under the agreement; Gungnir's ability to complete the Offering; no material change will occur before Gungnir is able to complete the Offering; no change to laws or regulations that negatively affect Gungnir's business; there will be a demand for Gungnir's services and products in the future; all necessary approvals will be received and all conditions will be satisfied or waived and Gungnir will be able to operate its business as planned. Although the forward-looking information contained in this news release is based upon what Gungnir believes to be reasonable assumptions, it cannot assure investors that actual results will be consistent with such information.

Forward-looking information is provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information involves significant risks and uncertainties and should not be read as a guarantee of future performance or results as actual results may differ materially from those expressed or implied in such forward-looking information. Those risks and uncertainties include, among other things, risks related to: no certainty that any economically viable mineral deposit will be located on Gungnir's properties; that Gungnir will be able to complete its exploration programs as anticipated; the impacts of the COVID-19 pandemic on the Canadian and global economy, Gungnir's industry and its business, which may negatively impact, and may continue to negatively impact, Gungnir and may materially adversely affect its investments, results of operations, financial condition and Gungnir's ability to obtain additional equity or debt financing, and satisfy its financial obligations; the ability for Gungnir to close the Offering and related transaction described in this news release; the ability for Gungnir to continue to list its Shares on the TSXV or another exchange; circumstances may change resulting in the use of proceeds set out in this news release; general economic conditions; future growth potential; common share prices; liquidity; tax risk; tax laws currently in effect remaining unchanged; ability to access capital markets; competition for mental health and wellness investments; environmental matters and changes in legislation or regulations. Management believes that the expectations reflected in the forward-looking information contained herein are based upon reasonable assumptions and information currently available; however, management can give no assurance that actual results will be consistent with such forward-looking information.

The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to Gungnir. The forward-looking information is stated as of the date of this news release and Gungnir assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

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