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Gungnir Extends Warrant Expiry Dates

Share Capital & Compensation

News Release GUG: TSX-V

ASWRF: OTCPK

Gungnir Extends Warrant Expiry Dates

Surrey, BC – July 28, 2023 - Gungnir Resources Inc. (GUG: TSX -V, ASWRF: OTCPK) (“Gungnir” or the

“Company”) is pleased to announce that it intends to extend, subject to the approval of the TSX Venture

Exchange, the expiry dates of an aggregate of 15,330,667 outstanding warrants as detailed below. The

subject warrants were originally issued on September 24, 2020 and October 1, 2020, with an original

expiry date of three years after the applicable issue date , and September 10, 2021 , with an original

expiry date of two years after the issue date. The warrants were issued in connection with private

placements of units consisting of common shares and warrants of the Company. The n ew expiry dates

provide a one-year extension on the warrants from their original expiry dates . These warrants continue

to be exercisable at their original exercise price.

Exercise Price Original Expiry Date Amended Expiry Date

$0.09 September 24, 2023 September 24, 2024

$0.09 October 1, 2023 October 1, 2024

$0.08 September 10, 2023 September 10, 2024

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, an d VMS (zinc-copper) and

copper-nickel targets, all of which are open for expansion and further discovery. The Company has also

recently added the Hemberget property to its Swedish property portfolio, a greenfield copper -nickel

target, which based on SGU (S wedish Geological Survey) maps covers an 11 km -long gabbro-ultramafic

intrusion dated at 1.86 Ga. 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

Email: [email protected]

Jari Paakki, CEO

Email: [email protected]

Chris Robbins, CFO

Email: [email protected]

News Release GUG: TSX-V

ASWRF: OTCPK

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.