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Gungnir Resources Announces AGM Results

Shareholder Meetings

News Release GUG: TSX-V

ASWRF: OTCPK

Gungnir Resources Announces AGM Results

Surrey, BC – December 22, 2020 - Gungnir Resources Inc. (GUG: TSX -V) (“Gungnir” or the “Company”)

shareholders approved all the resolutions put before them at the Company’s Annual General Meeting

(the “AGM”) held today, December 22, 2020 in Surrey, BC.

At the AGM, shareholders voted in favour of resolutions to:

 Set the number of Directors at four (99.97%);

 Re-elect Jari Paakki, Chris Robbins, Todd Keast, and Garett Macdonald as Directors for the

ensuing year (all > 99.55%);

 Appoint DeVisser Gray, LLP as the auditors for the ensuing ye ar and authorize the Directors to

fix the auditor’s remuneration (99.89%); and

 Re-approve the Company’s Stock Option 10% rolling plan (97.71%).

Following the AGM, the Board of Directors re-appointed Mr. Jari Paakki as CEO and Mr. Chris Robbins as

CFO and Corporate Secretary of the Company.

The Board of Directors would like to thank the shareholders for their ongoing support.

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. Gungnir’s projects includes Knaften, which hosts a

developing intrusion-hosted gold system and the Lappvattnet-Rormyrberget nickel-copper-cobalt

deposits. 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: [email protected]

Chris Robbins, CFO

Email: [email protected]

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.

News Release GUG: TSX-V

ASWRF: OTCPK

Forward-Looking Information: 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 per formance of the Company to be materially different from any

anticipated performance expressed or implied by the forward -looking statements. 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 an d 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, that th e

Company will receive or be able to raise sufficient capital to complete all of its exploration programs or

that the transaction will complete as anticipated. Accordingly, undue reliance should not be placed on

forward-looking statements or information. G ungnir does not expect to update forward -looking

statements or information continually as conditions change, except as may be required by securities law.