Gungnir Receives $665,000 from Warrant and Option Exercises

SURREY, BC / ACCESSWIRE / October 27, 2021 / Gungnir Resources Inc. (TSXV:GUG)(OTC PINK:ASWRF) ("Gungnir" or the "Company") is pleased to announce that subsequent to the September 10, 2021 news release announcing the closing of a $298,200 private placement, the Company has received approximately $665,000 from the exercise of stock options and warrants.

Gungnir directors and officers exercised 1,700,000 stock options at six cents per share for proceeds of $102,000. Proceeds of approximately $563,000 were received from the exercise of warrants and agent warrants at five and nine cents per share. The Company issued a total of 12,817,665 common shares for these transactions.

The proceeds will be used for the Company's exploration activities in Sweden and for general corporate purposes.

About Gungnir Resources

Gungnir Resources Inc. is a Canadian-based TSX-V listed mineral exploration company (GUG: TSX-V, ASWRF: OTCPK) with gold and base metal projects in northern Sweden. Gungnir's assets include two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, both with updated nickel resources, and the Knaften project which hosts a developing intrusion-hosted gold system, and VMS (zinc-copper) and copper-nickel targets, all of which are open for expansion and further discovery. Further information about the Company and its properties may be found at www.gungnirresources.com or at www.sedar.com.

On behalf of the Board,
Chris Robbins, CFO and Director

For further information contact:

Head Office/Investor Relations
Phone: [phone]

Jari Paakki, CEO
Email: [e-mail]

Chris Robbins, CFO
Email: [e-mail]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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 plans for exploration of its properties; and the use of proceeds from warrant and option exercises.