Board Change • Jul 03
High number of new and inexperienced directors There are 3 new directors who have joined the board in the last 3 years. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. Interim CEO & Director Robert Danard is the most experienced director on the board, commencing their role in 2026. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • May 26
Gungnir Resources Inc. (OTCPK:ASWR.F) completed the acquisition of Quesnel MagNickel Property from Oyama Capital Corp. Gungnir Resources Inc. (OTCPK:ASWR.F) entered into a mineral property purchase agreement to acquire Quesnel MagNickel Property from Oyama Capital Corp. for CAD 0.65 million on April 28, 2026. The consideration consists of a cash payment of CAD 0.05 million and the issuance of 12,000,000 common shares of Gungnir. The cash consideration is payable on or before six months from the effective date. Additionally, Gungnir will assume an existing 3% net smelter returns royalty (NSR) on the property. The NSR Royalty may be reduced to 1% through a payment of CAD 2 million.
The transaction is subject to customary conditions and approvals, including the final approval of the TSX Venture Exchange.
Gungnir Resources Inc. (OTCPK:ASWR.F) completed the acquisition of Quesnel MagNickel Property from Oyama Capital Corp. on May 25, 2026.
The acquisition has been approved by the TSX Venture Exchange. Board Change • May 21
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Director Todd Keast was the last independent director to join the board, commencing their role in 2011. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 30
Gungnir Resources Inc. (OTCPK:ASWR.F) has entered into a mineral property purchase agreement to acquire Quesnel MagNickel Property from Oyama Capital Corp. for CAD 0.65 million. Gungnir Resources Inc. (OTCPK:ASWR.F) has entered into a mineral property purchase agreement to acquire Quesnel MagNickel Property from Oyama Capital Corp. for CAD 0.65 million on April 28, 2026. The consideration consists of a cash payment of CAD 0.05 million and the issuance of 12,000,000 common shares of Gungnir. The cash consideration is payable on or before six months from the effective date. Additionally, Gungnir will assume an existing 3% net smelter returns royalty (NSR) on the property. The NSR Royalty may be reduced to 1% through a payment of CAD 2 million.
The transaction is subject to customary conditions and approvals, including the final approval of the TSX Venture Exchange. Announcement • Apr 23
Gungnir Resources Inc., Annual General Meeting, Jun 09, 2026 Gungnir Resources Inc., Annual General Meeting, Jun 09, 2026. Board Change • Dec 30
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 4 highly experienced directors. Independent Director Garett Macdonald was the last director to join the board, commencing their role in 2015. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 17
Gungnir Resources Inc., Annual General Meeting, Nov 15, 2024 Gungnir Resources Inc., Annual General Meeting, Nov 15, 2024. Location: british columbia, surrey Canada Announcement • Sep 16
Gungnir Resources Inc. Finds Bedrock Gold Mineralization at Hemberget, Sweden Gungnir Resources Inc. reported discovery of gold in bedrock within the newly identified gold exploration target at its 100%-held Hemberget project located in the south-east portion of the regional Gold Line, Vasterbotten District, Sweden. Assays are pending for additional prospecting samples. Highlights: New grassroots outcrop gold discovery within an unexplored area of the regional ‘Gold Line’ New surface grab assays returned highly anomalous gold up to 0.74 g/t Au from first-pass outcrop sampling Gold mineralization is associated with disseminated arsenopyrite and silica-sericite alteration making it an ideal target for Induced Polarization (IP) geophysics Excellent road access to all points of the property making for cost-efficient exploration The new mineralized outcrop at Hemberget is exposed along side a gravel logging road at the western boulder area of the newly defined exploration target. Outcropping mineralization is the same style as the angular to sub-angular arsenopyrite-bearing, silica-sericite+/-biotite altered and quartz veined boulders reported earlier. Two of the four outcrop grab samples collected returned 0.60 and 0.74 g/t Au. Assays are pending for further prospecting in the mineralized outcrop area, as well as additional altered and local arsenopyrite-bearing boulders to the west. The Gold Line structure (‘Gold Line’) is a proven but under-explored gold belt covering gold deposits and occurrences in different geological environments roughly aligned along a regional tectonic zone with gold mineralization primarily associated with arsenopyrite. The Gold Line hosts Gungnir's Knaften 300 Gold Zone and more advanced gold deposits including Barsele containing greater than 2 million Au (Agnico Eagle 55% /First Nordic Metals 45%; see First Nordic website) and Dragon Mining's Svartliden and Faboliden deposits which includes a gold mill at Svartliden. The Gold Line is defined by a more-or-less, 50-kilometre- wide linear array of locally-derived and transported gold-in-till anomalies outlined by the Swedish Geological Survey stretching for more 150 kilometres. The two largest till anomalies along the Gold Line are located at Barsele and down-ice (immediately southeast) of Gungnir's Knaften-Hemberget projects. The third large gold-in-till anomaly in the region (Vasterbotten District) is located in the Boliden/Bjorkdal area containing greater than 5 million Au in current and past-producing mines. Samples were delivered to ALS's lab facility in Pitea, Sweden for sample prep before being shipped for analyses to ALS in Ireland. Samples were assayed for Au (fire assay Au-ICP21) and analyzed by a multi-element ICP package (ME-MS41). Announcement • Jun 22
Gungnir Resources Inc. Provides Exploration Update Gungnir Resources Inc. provide an update on its current exploration activities in northern Sweden. Initial prospecting, mapping and sampling commenced earlier this month on the Company's 29.4 km2 Hemberget property which covers the northern portion of the Knaften structural dome offering potential for gold and base metals. At present, four zones/occurrences are known on the western and southern part of the dome, three of which were discovered by Gungnir. See news release dated January 24, 2024 for details on regional targets and accompanying map. Surface work is part of the Company's plan to increase exploration coverage across the Company's property portfolio in Sweden to potentially generate new targets while continuing to evaluate options for its nickel resources, including the Lappvattnet high-grade nickel project. The Company plans to rank all of its targets/projects and outline possible strategies moving forward. New Risk • May 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$1.1m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$1.1m free cash flow). Share price has been highly volatile over the past 3 months (45% average weekly change). Earnings have declined by 49% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (€2.80m market cap, or US$3.03m). Announcement • Jan 24
Gungnir Resources Inc. Highlights Regional Exploration Potential Gungnir Resources Inc. reported that it has received approval from Sweden's Inspector of Mines to extend a key licence, Knaften nr 600, for a further three years. The 18.8 km2 licence covers the southern part of a gold-hosting intrusion and strong, untested Induced Polarization (IP) chargeability anomalies up to 40 mV/V. All of Gungnir's projects (115 km2) are situated in Sweden's Vasterbotten District which hosts over ten million ounces of gold delineated in existing and mined resources, including several past-producing and producing volcanogenic massive sulphide (VMS) base metal mines in the well-known Skellefte Belt. Other gold-in-till anomalies in the district are related to either current and past-producing gold mines or known gold resources. The Knaften-Hemberget area is interpreted to represent a partially preserved structural dome where geologic units, and importantly potential mineralization, may be repeated along its current outer margins. This new geological model bodes well for potential new discoveries at Hemberget, including gold and base metals. At present, four zones/occurrences are known on the Knaften property, three of which were discovered by Gungnir. The Knaften 300 Gold Zone ("Knaften 300") is an intrusion-hosted gold zone situated within the northern part of a 4 x 5-km quartz diorite. It consists of apparently shallow-dipping, stacked disseminated arsenopyrite zones extending from near-surface down-dip for more than 400 metres, and remains open in all directions. It was originally discovered in 1996, followed by further drilling in the mid-2000's by Lappland Goldminers. Gungnir staked the licence in late-2016 and proceeded to commence drilling in 2017, completing 20 holes for 4,089 metres from 2017 to 2021. Recognizing larger intrusion-hosted gold potential, Gungnir staked Knaften 600 (the newly extended licence) to cover the entire quartz diorite intrusion in 2020. The Company initiated an IP survey over just a portion of the Knaften 600 licence resulting in new, significant IP chargeability anomalies; the strongest anomalies in the survey (up to 40 mV/V) are first-priority targets. Knaften 300 Gold Zone intersections by prior operators and Gungnir (2017 to 2021) include: 14.07 g/t Au over 4.25 m (from 138.75 to 143.00 m) in hole KN19-06: includes 59.6 g/t Au over 1.00 m; 5.39 g/t Au over 2.00 m (from 98.00 to 100.00 m) in hole KN19-09; 3.45 g/t Au over 10.75 m (from 67.05 to 77.80 m) in hole 96009; 3.20 g/t Au over 10.00 m (from 83.50 to 93.50 m) in hole 200707; 2.92 g/t Au over 13.00 m (from 81.5 to 94.50 m) in re-sample 200707; 3.11 g/t Au over 8.00 m (from 135.80 to 143.80 m) in hole 200714; 2.13 g/t Au over 14.45 m (from 55.00 to 69.45 m) in hole KNA01001; 2.01 g/t Au over 6.70 m (from 190.50 to 197.20 m) in hole 200710; 2.89 g/t Au over 5.00 m (from 118.80 to 123.80 m) in hole 200715. Gabbro-hosted, copper-nickel mineralization was discovered at Knaften by Gungnir drill-testing ground electromagnetic/magnetic anomalies. Thick intervals of gabbro were cut in two drill holes in 2017 and 2018 yielding up to 0.38% CuEq over 14.4m. Mineralization consists of disseminated, blebby, patchy and erratically banded pyrrhotite with lesser chalcopyrite. At Hemberget, a much larger-scale gabbro unit (11-km strike length as mapped by the Swedish Geological Survey, SGU), and presumed same magmatic suite, offers an expansive exploration target. Unsourced, larger cluster of gold bearing boulders discovered by Gungnir's prospectors in 2014. Assays up to 8.52 g/t Au were yielded from disseminated pyrrhotite and arsenopyrite mineralized felsic volcanic breccias. Although no felsic volcanics are mapped on a regional-scale at Knaften, ample felsic rock units, including fragmentals, are mapped on Hemberget which are planned to be the prime prospecting targets for this style of mineralization. Volcanogenic Massive Sulphide (VMS) style mineralization was discovered by Gungnir in 2018 testing new ground electromagnetic (EM) anomalies. Drilling encountered widespread metal-enrichment (Zn, Cu, Ag) with associated hydrothermal alteration, a traceable marker horizon containing sphalerite (zinc sulphide), decimetre-scale bedded compact Fe-sulphides and occasional sphalerite clasts. Felsic volcanics rocks mapped on Hemberget may offer potential to host new VMS mineralization as well as gold-bearing targets noted above. New Risk • Nov 28
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$1.7m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$1.7m free cash flow). Share price has been highly volatile over the past 3 months (74% average weekly change). Earnings have declined by 59% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (€2.98m market cap, or US$3.28m). Announcement • Sep 29
Gungnir Resources Inc. Reports 2023 Drill Results from Its Lappvattnet High-Grade Nickel Deposit in Northern Sweden Gungnir Resources Inc. reported 2023 drill results from the Company's Lappvattnet high-grade nickel deposit in northern Sweden. Drilling continued to define and expand the limits of both the Main Zone and recently discovered Footwall Zone. The 2023 program at Lappvattnet consisted of eight holes drilled on three profiles (Sections 13E, 16E and 19E) totaling 1,910 metres; please refer to accompanying long section and results table below. Gungnir has now drilled 53 holes for 7,345 metres in three rounds at Lappvattnet from 2021 to 2023. The Main Zone was cut in five holes with the deepest intercept in drill hole LAP23-08 located on section 19E approximately 100 metres below the current nickel resource with mineralization hosted in a thicker peridotite unit similar to the western part of the deposit. Drill hole LAP23-01 further refined the central high-grade core of the Main Zone (> 5% Ni assays; pink on attached long section) which appears to plunge very shallowly to the east. Holes LAP23-02, -03 and -07 further defined continuity within the Main Zone. Three holes, LAP23-04, -05 and -06 contributed to defining the upper and lower limits, and plunge of the Main Zone. The Main Zone, on the sections drilled, dips steeply to the south at -70 to -80o and has a total strike length potential of approximately 1.5 km to the eastern property boundary. The east half of the property is sparsely drilled with most historic holes over-shooting the new refined target, and some holes drilled too deep and/or too short. The sub-parallel Footwall Zone is located about 25 to 75 metres in the structural footwall, or north of the Main Zone starting at Section 13E (apparent western limit). It was encountered in three holes drilled. Footwall intercepts include 16.9 metres of 0.56% Ni (drill hole LAP23-02) and highly anomalous Ni mineralization in holes LAP23-05 and LAP23-08 (with individual assays up to 0.62% Ni) up to 175 metres below the current resource block. Nickel in all three holes is hosted within sulphide mineralized peridotite units and its margins. The Footwall Zone is open at depth and possibly down-plunge, sharing a similar structural trend with the Main Zone. In addition to incorporating 2023 drill data into the Company's 3D model, next steps will also include field/data reviews in the eastern part of property ahead of the next phase of work. The Company plans to submit an expanded, multi-year drill permit extension which will include potential plans for geophysical surveys. The Company also plans to evaluate metallurgical testing options. At the same time as the Lappvattnet field checks, scheduled for October, management will view drill core from four, short scout holes that the Company drilled at its Hemberget property. Preliminary drill collar co-ordinates in Swedish system RT90-2.5 (Easting/Northing), drill section, azimuth and dip in degrees, and hole length in metres (final surveys pending): · LAP23-01: 1741710mE/7165216mN; 13E; azimuth: 335o; dip: -55o; length: 150m · LAP23-02: 1741710mE/7165216mN; 13E; azimuth: 335o; dip: -78o; length: 210m · LAP23-03: 1741839mE/7165215mN; 16E; azimuth: 335o; dip: -52o; length: 199m · LAP23-04: 1741840mE/7165214mN; 16E; azimuth: 335o; dip: -70o; length: 252m · LAP23-05: 1741840mE/7165214mN; 16E; azimuth: 335o; dip: -80o; length: 303m · LAP23-06: 1741950mE/7166265mN; 19E; azimuth: 335o; dip: -45o; length: 198m · LAP23-07: 1741950mE/7166265mN; 19E; azimuth: 335o; dip: -60o; length: 250m · LAP23-08: 1741968mE/7166225mN; 19E; azimuth: 335o; dip: -65o; length: 348m Core was logged and tagged for sampling at the Company's logging facility in Lycksele, Sweden, then shipped to ALS Minerals' Core Services Laboratory in Mala, Sweden. 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, certified standards and duplicates are routinely included in sample batches for quality assurance and control. Gungnir's nickel resources in Sweden currently total 177 million pounds (80.5 million kg) of nickel: · 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. Announcement • Sep 09
Gungnir Resources Inc., Annual General Meeting, Nov 10, 2023 Gungnir Resources Inc., Annual General Meeting, Nov 10, 2023. New Risk • Jul 20
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$1.7m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$1.7m free cash flow). Share price has been highly volatile over the past 3 months (23% average weekly change). Earnings have declined by 61% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (€4.30m market cap, or US$4.79m). Announcement • Jul 06
Gungnir Resources Inc. Provides Update on Exploration Work in Sweden Gungnir Resources Inc. provided an update on continuing exploration activities at its Lappvattnet and Hemberget properties in northern Sweden. Lappvattnet High-Grade Nickel Project: Drilling continues to focus on upgrading and potentially expanding the Lappvattnet high-grade nickel deposit with present drill holes targeting the eastern half of the deposit and areas below the current resource; 1,115 metres in five holes have been drilled so far in 2023 (to date Gungnir has drilled 6,550 metres in fifty holes); 122 samples have been tagged for assay and will be shipped to the lab for prep work; Highlight drill results from 2022 include: 9.0 m @ 2.35% Ni including 5.66 m @ 3.02% Ni (ddh LAP22-19, from 66 m) and 18.28 m @ 1.49% Ni including 5.76 m @ 4.04% Ni (ddh L AP22-25, from 58 m). Hemberget Project: Targeting potential copper-nickel sulphide mineralization associated with an 11 km-long, layered mafic (gabbro) - ultramafic intrusion (1.86 Ga); New conductors identified in the western part of the property from a partially completed ground electromagnetic (EM) geophysical survey (Gungnir spring 2023); Regional prospecting by the Company confirms outcropping and boulders of mafic intrusive rocks as well as a wide, sulphide-bearing unit which could provide ideal conditions to precipitate copper/nickel; Copper/nickel mineralization discovered in a much smaller gabbro intrusion on nearby Knaften project (Gungnir 2017 discovery); Drill permits are being finalized. Gungnir's nickel resources in Sweden currently total 177 million pounds (80.5 million kg) of nickel: 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. Announcement • May 10
Gungnir Resources Inc. Resumes Drilling at High-Grade Lappvattnet Nickel Project, Sweden Gungnir Resources Inc. announced that drilling will start this week at the Company's Lappvattnet high-grade nickel project in northern Sweden. Drilling will continue to focus on upgrading and potentially expanding the Lappvattnet nickel deposit, specifically targeting: (a) the eastern, shallow down-plunge extension of the main nickel zone; (b) additional, thickened high-grade nickel shoots within the eastern half of the existing inferred resource; and (c) grade and continuity of the newly discovered footwall zone. Highlight drill results from 2021/22: 10.4 m @ 1.51% Ni including 4.25 m @ 3.19% Ni (ddh LAP21-02, from 45 m) 14.0 m @ 1.40% Ni including 5.65 m @ 2.62% Ni (ddh LAP21-05, from 60 m) 10.0 m @ 1.74% Ni (ddh LAP21-13, from 21 m) 36.0 m @ 0.93% Ni (ddh LAP21-04, from 49 m) 9.0 m @ 2.35% Ni including 5.66 m @ 3.02% Ni (ddh LAP22-19, from 66 m) 18.28 m @ 1.49% Ni including 5.76 m @ 4.04% Ni (ddh LAP22-25, from 58 m) In 2022, the Company drilled 30 holes for a total of 4,240 metres and 15 holes for 1,300 metres in 2021. The 45 holes were drilled in the western half of the property covering a strike length of 450 metres with nickel intercept points (main nickel zone) to a vertical depth of about 100 metres. The current two-year drill permit at Lappvattnet is valid to the end of this year with further drilling possible with a new work plan submission. The total amount of drill metres in 2023 will be based on continuing positive results and access to planned drill sites. Heavier than normal snowfall this winter and subsequent melt may result in prolonged wet conditions in the eastern parts of the planned drill area. The Company is actively monitoring spring thaw and ground conditions. Gungnir's nickel resources in Sweden currently total 177 million pounds (80.5 million kg) of nickel: 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. Announcement • Jan 31
Gungnir Resources Inc. Reports Final Assay Results from the Central Part of the Company's Lappvattnet Nickel Deposit in Northern Sweden Gungnir Resources Inc. reported final assay results from the central part of the Company's Lappvattnet nickel deposit in northern Sweden. New results include hole LAP22-23 which drilled 12 metres grading 1.02% Ni at a down-hole depth of 38 metres. The central area hosts recently reported high-grade intercepts including 9 metres grading 2.35% Ni (hole LAP22-19) and 5.76 metres grading 4.04% Ni (hole LAP22-25). Highlights: Hole LAP22-23, the easternmost hole drilled by Gungnir (Section 18E), cut 12 metres of 1.02% Ni, including 5.13 metres of 1.75% Ni; · Numerous high-grade individual assays up to 4.98% Ni continue to demonstrate a robust high-grade nickel system; areas to the east and at depth only sparsely drilled; · Drill contractor confirmed for 2023. Results reported are for thirteen additional holes (LAP22-16, -17, -20 to -24, -26 to -31) drilled in the central part of the Lappvattnet resource between sections lines 14 to 18E testing for grade, continuity and geometry of the sulphide zone. Not including earlier reported 2022 holes from this area, the main Lappvattnet deposit (‘Main’) was encountered in ten of these holes with the best interval recorded in LAP22-23 (12 metres of 1.02% Ni, including 5.13 metres of 1.75% Ni). Three of the holes (LAP22-16, -22 and -24), which encountered thicker than expected overburden, over-shot the main Lappvattnet zone. The newly identified footwall zone (‘Footwall’), located approximately 50 to 75 metres structurally below the main Lappvattnet zone, was encountered in six holes and returned anomalous nickel values, including up to 0.29% Ni over 5.92 metres in LAP22-28 within a ball-textured peridotite unit. Several holes were short of the footwall target and extending some existing holes is being considered. Notable, previously reported near-surface, high-grade nickel intersections drilled by Gungnir at Lappvattnet include: 3.19% Ni over 4.25 metres within a 10.4-metre interval grading 1.51% Ni in hole LAP21-02; 2.62% Ni over 5.65 metres within a 14.0-metre interval grading 1.40% Ni in hole LAP21-05; 1.74% Ni over 10.0 metres in hole LAP21-13; 3.02% Ni over 5.66 metres within a 9.0-metre interval grading 2.35% Ni over in hole LAP22-19; and 4.04% Ni over 5.76 metres within a 18.28-metre interval grading 1.49% Ni in hole LAP22-25. Drilling is part of the systematic program at Lappvattnet with the plan of upgrading and expanding the existing resource following general recommendations outlined in the 2020 Technical Report. To date, the Company has drilled a total of 5,435 metres in 45 holes in 2021 and 2022. Lengths noted are core length; true width has not been determined as structural interpretations are on-going. Core was logged and tagged for sampling at the Company's logging facility in Lycksele, Sweden, then shipped to ALS Minerals' Core Services Laboratory in Mala, Sweden. 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, certified standards and duplicates are routinely included in sample batches for quality assurance and control. Announcement • Jan 05
Gungnir Resources Inc. Reports Highest-Grade Nickel Intercept Drilled At Lappvattnet Nickel Deposit in Northern Sweden Gungnir Resources Inc. reported the highest-grade nickel intercept drilled to date at the Company's Lappvattnet nickel deposit in northern Sweden. Hole LAP22-25 drilled 4.04% Ni over 5.76 metres within a broader interval of 1.49% Ni over 18.28 metres starting at a down-hole depth of 57.72 metres. Hole LAP22-25 was drilled in the central part of the Lappvattnet nickel resource on section 14E splitting a 50-metre gap between historic holes LAP74292 and LAP76008. The hole appears to have drilled into a thickened mineralized zone, possibly a fold hinge similar to LAP22-19 drilled on section 16E (80 metres to the east) which cut 2.35% Ni over 9.0 metres including 3.02% Ni over 5.66 metres starting at a down-hole depth of 66.0 metres. The nickel intercept in LAP22-25 (1.49% Ni over 18.28 metres from 57.72 to 76.0 metres) occurs below a 4-metre jack-straw textured peridotite unit. It consists of an upper disseminated sulphide interval hosted in sedimentary gneisses from 57.72 metres and a lower, high-grade massive and semi-massive sulphide zone (4.04% Ni over 5.76 metres) from 70.0 metres down-hole. Notable, previously reported near-surface, high-grade nickel intersections drilled by Gungnir at Lappvattnet include: 3.19% Nickel over 4.25 metres within a 10.4-metre interval grading 1.51% Nickel in hole LAP21-02 (240 metres west of LAP22-25); 2.62% Nickel over 5.65 metres within a 14.0-metre interval grading 1.40% Nickel in hole LAP21-05 (200 metres west of LAP22-25); and 1.74% Nickel over 10.00 metres in hole LAP21-13 (260 metres west of LAP22-25). Further results from holes drilled in the central part of Lappvattnet (12 drill holes) are expected to be reported in January and into early February 2023. Drilling is part of the systematic program at Lappvattnet with the plan of upgrading and expanding the existing resource following general recommendations outlined in the 2020 Technical Report (see reference below). Complete 2022 results will be collectively tabulated once all results are received. To date, the Company has drilled a total of 5,435 metres in 45 holes in 2021 and 2022. Lengths noted are core length; true width has not been determined as structural interpretations are on-going. Core was logged and tagged for sampling at the Company's logging facility in Lycksele, Sweden, then shipped to ALS Minerals' Core Services Laboratory in Mala, Sweden. 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, certified standards and duplicates are routinely included in sample batches for quality assurance and control. 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. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. Independent Director Garett Macdonald was the last director to join the board, commencing their role in 2015. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. Independent Director Garett Macdonald was the last director to join the board, commencing their role in 2015. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 
