Vancouver – May 1, 2018 - Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCPK) (“Gungnir” or the “Company”) reports that 0995237 B.C. Ltd. (“0995237”) has requested an extension of time to make its second advance royalty payment of $1,000,000 due to the Company. The Company has granted a one-month extension in exchange for a non-refundable payment of $100,000 (received). The second advance royalty payment of $1,000,000 is now due in full on or before May 30, 2018.

The advance royalty payments come from the sale of the Kenville Gold Mine project (“Kenville”) located in southeastern British Columbia to private company, 0995237 on April 30^th, 2014. The Company sold Kenville as it changed its focus from pursuing mining efforts to a fully engaged exploration company focused in Sweden. Total consideration for the sale of Kenville was $5,900,000 which was partially satisfied by the delivery $900,000 on closing, with the remaining $5,000,000 to be satisfied by five (5) advance royalty payments of $1,000,000 each.  The payment of the remaining $5,000,000 is secured by a Royalty Agreement registered on title to Kenville and a Specific Security Agreement registered under the Personal Property Registry, British Columbia. The Company received the first advance royalty payment of $1,000,000 in 2017.

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 within a region hosting 12 million ounces of gold delineated in existing and mined resources plus several past-producing and producing base metal mines. The Company’s key gold project, Knaften, is situated at the southern extension of the “Gold Line” which hosts a number of gold deposits including Faboliden and Svartliden (Dragon Mining), and Barsele (Agnico Eagle and Barsele Minerals). The Company also has permits covering two nickel deposits in Sweden, Lappvattnet and Rormyrberget which collectively host 70 million pounds of nickel in historical resources (see NR dated February 24, 2015), and newly staked Norrbotten gold and base metal permits in the Norrbotten District. Gungnir additionally holds a $5,000,000 royalty stream and received the first annual payment of $1,000,000 on May 2, 2017. The next annual payment of $1,000,000 is due on or before May 30, 2018. 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:

Chris Robbins, CFO
Tel: 604-683-0484
robbinscr@shaw.ca

Jari Paakki, CEO
Tel: 705-507-4470
jpaakki@eastlink.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.

Cautionary Note Regarding Forward-Looking Statements: Certain statements made herein may contain forward-looking statements or information within the meaning of Canadian securities laws. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", or the negative of these words or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual performance of the Company to be materially different from any anticipated performance expressed or implied by the forward-looking statements.  Such forward-looking statements or information include, but are not limited to, statements or information with respect to the payment of any advance royalty payments, Gungnir Resources’ plan for future funding, and exploration and development of its properties. Forward-looking statements or information are based on a number of estimates and assumptions and are subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking statements or information. Should one or more of these risks and uncertainties materialize, or should underlying estimates and assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. For example, there is no certainty, that any economically viable mineral deposit will be located on the properties, or that the Company will receive or be able to raise sufficient capital to complete all of its exploration programs. Accordingly, undue reliance should not be placed on forward-looking statements or information. Gungnir does not expect to update forward-looking statements or information continually as conditions change, except as may be required by securities law.