Surrey, BC – March 1, 2022 - Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCPK) (“Gungnir” or the “Company”) is pleased to provide exploration highlights from 2021 and outline plans in Sweden with nickel as a key driver in 2022.

Jari Paakki, CEO, commented: “Our plan for 2022 is to build upon Gungnir’s 2021 high-grade nickel results which were some of the top, near-surface nickel drill intercepts reported in the junior-sector last year. We are planning to allocate more than three-quarters of our available exploration funds on nickel, with most of the planned drilling directed at our Lappvattnet nickel project targeting further high-grade nickel shoots. We also have an impressive new gold target at Knaften which we plan to drill-test with a few holes.”

Project Highlights from 2021:

Lappvattnet Nickel:

• Phase one drill program covered just 20% of the total strike length of Lappvattnet
• Consistent shallow drill hits of high-grade and wide zones of nickel mineralization, including:
  • 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)

• Outlined a near-surface untested “twin” electromagnetic (EM) conductor 100 metres north of the Lappvattnet nickel resource  

Knaften Gold:

• Target: bedrock source of one of the largest gold-in-till anomalies in Sweden
• Expanded the property to cover entire favourable host rock, a 4 km x 5 km intrusion
• Completed induced polarization (“IP”) geophysical survey over parts of the expanded area which outlined very significant IP chargeability anomalies (up to 40 mV/V) within the intrusion

Rormyrberget Nickel:
•    Outlined untested EM targets outside of the nickel resource

Planned 2022 Exploration Program:

• 75% or more of available exploration funds on nickel with up to 4,000 metres of drilling planned
• The Company intends to fund its exploration activities by financings in 2022, the details of which would be announced by a separate news release
• Anticipated start late spring as conditions allow
• At Lappvattnet, expanded drilling to test for further high-grade nickel shoots along strike, down-plunge and down-dip of 2021 drill holes, plus the “twin” north EM conductor
• At Knaften Gold, initial testing of new IP anomalies (area has not seen any previous exploration); drill permits and approvals pending
• At Rormyrberget, evaluate and prioritize targets; timing of drilling to be determined

Please refer to the Company’s corporate presentation for maps and additional project details: PowerPoint Presentation (gungnirresources.com)

Nickel Resources:

Gungnir’s nickel sulphide resources in Sweden include Lappvattnet and Rormyrberget. In 2020, the Company updated both resources which collectively total 177 million pounds of nickel. The properties are accessible year-round with good transportation and industrial infrastructure including shipping facilities and are located about an hour drive from Boliden’s mill complex.

• 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.

The technical information in this news release has been prepared and approved by Jari Paakki, P.Geo., CEO, and a director of the Company.  Mr. Paakki is a Qualified Person under National Instrument 43-101.

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,
Jari Paakki, CEO and Director

For further information contact:
Head Office/Investor Relations
Phone: +1-604-683-0484

Jari Paakki, CEO
Email: jpaakki@eastlink.ca

Chris Robbins, CFO
Email: robbinscr@shaw.ca

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: the intended allocation of available exploration funds; planned drilling locations and expected targets; extent of drilling and quantity of drilling holes; planned exploration program for 2022 including anticipated drilling and the timing thereof, testing of IP anomalies, and evaluating and prioritizing targets; intended financing activities; and Gungnir’s plan for development of its properties and the timing thereof.

Forward-looking information is based on a number of key expectations and assumptions made by Gungnir, including, without limitation: access to the resources will remain available year-round; transportation and infrastructure will remain available as anticipated; the COVID-19 pandemic impact on the Canadian and global economy and Gungnir’s business, and the extent and duration of such impact; 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; Gungnir will be able to operate its business as planned; Gungnir will be able to access capital markets on and successfully complete financings on terms it determines to be reasonable; and Gungnir’s plans for future exploration and development of its properties is reasonable and will be possible within the anticipated timelines. 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 may not be able to complete its planned drilling as anticipated; the impacts of the COVID-19 pandemic; the impacts of war and/or other international conflicts; ability to access capital markets and complete successful financings on terms Gungnir determines to be reasonable; environmental matters; changes in legislation or regulations; receipt of required licenses, permits and approvals; and resource estimates may not be accurate and may differ significantly from actual mineral resources. 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 this news release 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.