VANCOUVER, British Columbia, July 8, 2026 - Gungnir Resources Inc. (TSXV: GUG; OTCPK: ASWRF) (the “Company” or “Gungnir”) is pleased to announce that the Company received the required shareholder approval at its annual general and special meeting held on June 29, 2026 (the “Meeting”) to consolidate its issued and outstanding common shares (the “Common Shares”) on the basis of one (1) post-consolidation Common Share for every twenty (20) pre-consolidation Common Shares (the “Consolidation”) and to complete a concurrent name change to “Three Crowns Critical Metals Inc.” (the “Name Change”), as previously disclosed in its news release dated May 29, 2026.

As of the date hereof, the Company has 131,629,786 Common Shares issued and outstanding. Following completion of the Consolidation, the Company is expected to have approximately 6,581,489 Common Shares issued and outstanding. The Common Shares are expected to commence trading on a post-Consolidation basis on the TSX Venture Exchange (the “TSXV”) under the new name “Three Crowns Critical Metals Inc.” and the new ticker symbol “TCCM” on Tuesday, July 14, 2026.

No fractional Common Shares will be issued as a result of the Consolidation. Any fractional Common Shares of more than one-half resulting from the Consolidation will be rounded up to the nearest whole Common Share, and any fractional Common Shares less than one-half resulting from the Consolidation will be rounded down to the nearest whole Common Share. Proportionate adjustments will be made to the Company’s outstanding stock options.

A letter of transmittal will be mailed to registered shareholders providing instructions with respect to surrendering share certificates representing pre-Consolidation Common Shares in exchange for post-Consolidation Common Shares issued as a result of the Consolidation. Until surrendered, each certificate representing pre-Consolidation Common Shares will be deemed to represent the number of post-Consolidation Common Shares the holder received as a result of the Consolidation. Shareholders who hold their Common Shares in brokerage accounts or in book-entry form are not required to take any action as they will have their holdings electronically adjusted by the Company’s transfer agent or by their brokerage firms, banks, trust companies or other nominees. A copy of the letter of transmittal will also be available on the Company’s profile on SEDAR+.

The Company’s new CUSIP number for the post-Consolidation Common Shares will be 885933101 and its new ISIN number will be CA8859331016.

All of the outstanding convertible securities of the Company will also be adjusted by the Consolidation ratio and the respective exercise prices of those outstanding securities will be adjusted accordingly.

Corporate Updates

At the Meeting, the Company’s shareholders also approved the following changes to the Company’s constating documents: (i) the removal of the “pre-existing company provisions” from the Company’s notice of articles; (ii) the adoption of new articles and the deletion of the Company’s current articles; (iii) the removal of the special rights or restrictions attached to the Common Shares; and (iv) the increase of the Company’s authorized share capital from 500,000,000 Common Shares to an unlimited number of Common Shares (collectively, the “Corporate Updates”). The Corporate Updates are anticipated to be made effective on July 14, 2026, concurrent with the Name Change and Consolidation. The Corporate Updates have been conditionally approved by the TSXV, however, they remain subject to final approval.

On behalf of the Board
Robert Danard, Interim CEO and Director

For further information contact:
Head Office/Investor Relations
Phone: +1-604-683-0484
Email: corporatecommunications@gungnirresources.com

About Gungnir Resources

Gungnir Resources Inc. is a Canadian-based junior mineral exploration firm strategically positioned in the Västerbotten District of northern Sweden, a region historically recognized for its prolific geological endowment and Tier-1 mining jurisdiction status. The Company’s portfolio is characterized by a dual-commodity focus, balancing a substantial nickel-copper-cobalt resource base with high-potential gold exploration targets along the “Gold Line” (Knaften-Barsele Arc).

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 Statements

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 Consolidation, Name Change, and Corporate Updates and the timelines for implementation thereof. Forward-looking information is based on a number of key expectations and assumptions made by Gungnir, including, without limitation: the Company will be able to operate its business and operations in accordance with past practice; and general economic, financial markets, regulatory and political conditions in which the Company operates will remain the same. 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 or new targets will be located on Gungnir’s properties; that Gungnir may not be able to complete its planned work as anticipated; 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 licences, 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 in this news release is expressly qualified in its entirety by this cautionary statement. 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.