Gungnir Drills 6.52% Nickel over 0.8 Metres within 4.5 Metres of 2.04% Nickel plus 12 Metres of 1.13% Nickel at Lappvattnet - Seite 2

Drilling Details:

Results are the final two holes of the Company's recently completed initial 2021, 15-hole (1,300 metre) drill program at Lappvattnet. The program was designed to test the western part of the deposit with a series of tighter-spaced holes to better define the geometry of the mineralized zone. Drilling covered a strike length of 140 metres (sections 7.5E to 11E) which represents approximately 20% of the total strike length of the nickel deposit with the depth extent largely unexplored below 200 metres. New drilling and assays are expected to be incorporated into future resource upgrades. Please see maps in the corporate presentation on the Company's website (http://www.gungnirresources.com/).

Drill holes LAP21-14 and -15 were drilled on Section 9.5E, 20 metres east of Section 9E which included Gungnir's drill results of 0.93% Ni over 36.0 metres in hole LAP21-04 and 0.98% Ni over 33.15 metres in hole LAP21-05 (see news releases dated September 30 and October 8, 2021). The intersection in hole LAP21-14 includes a 0.8 metre interval of massive sulphide (6.52% Ni). Immediately below the massive sulphide, assays for a 0.65 metre interval of mineralized peridotite returned 44.90 g/t Pt along with 1.65% Cu and 1.2% Ni. In hole LAP21-15, nickel mineralization is hosted mainly within sulphide mineralized peridotite and includes a lower zone hosted in a separate peridotite unit. Hole LAP21-14 was drilled 101.70 metres at a dip of -60 degrees and LAP21-15 was drilled 124.4 metres at a dip of -80 degrees, both at location 1,741,571mE and 7,165,176mN at an azimuth of 340 degrees. Co-ordinates are in Swedish co-ordinate system RT90-2.5.

Sample length reported is core length; true width is estimated to be approximately 70% based on more complete geology on the adjacent, Section 9E. 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 and certified standards are routinely included in sample batches for quality assurance and control.