GUG: TSX-V | ASWRF: OTCPK

Gungnir Resources Inc.

NICKEL and GOLD Exploration in Sweden

June 2022

WHY SWEDEN ?Sweden is the leading mining nation in Europe and continues to receive high institute rankings as one of the top countries in the world forexploration and mining. Mining is a traditional industry in Sweden which extends back over a thousand years. Sweden covers part of theFennoscandian shield, a mineral rich but highly underexplored region. Sweden continues to offer excellent ore discovery potential, inparticular under glacial till (sand and gravel) which covers large areas of Sweden, and great infrastructure.

GUNGNIR

Forward-Looking Information

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Certain statements in this news release may constitute “forward-looking information” within the meaning of applicable securities laws (alsoknown as forward-looking statements). Forward-looking information involves known and unknown risks, uncertainties and other factors, andmay cause actual results, performance or achievements or industry results, to be materially different from any future results, performance orachievements or industry results expressed or implied by such forward-looking information. Forward-looking information generally can beidentified 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.

Forward-looking information is provided for the purpose of presenting information about management’s current expectations and plansrelating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-lookinginformation involves significant risks and uncertainties and should not be read as a guarantee of future performance or results as actualresults 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 will be located on Gungnir’s properties; thatGungnir may not be able to complete its work plans and exploration programs as anticipated or at all; the impacts of the COVID-19 pandemicon the Canadian and global economy, Gungnir’s industry and its business, which may negatively impact, and may continue to negativelyimpact, Gungnir and may materially adversely affect its investments, results of operations, financial condition and Gungnir’s ability to obtainadditional equity or debt financing, and satisfy its financial obligations; general economic conditions; future growth potential; common shareprices; liquidity; tax risk; tax laws currently in effect remaining unchanged; ability to access capital markets; environmental matters; changesin legislation or regulations; 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 reasonableassumptions and information currently available; however, management can give no assurance that actual results will be consistent with suchforward-looking information.

The forward-looking information contained this presentation is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to Gungnir, and Gungnir assumesno obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

Gungnir - Management and Directors

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Jari Paakki, M.Sc., P.Geo., CEO, DirectorMr. Paakki is a Professional Geologist with over 25 years-experience in gold and base metal exploration in Canada, Scandinavia and Brazil, including twelve years with Teck Resources. Jari has spent the past dozen years in the junior exploration sector in senior management roles and as a director, including nearly 10 years exploring in Sweden. Extensive experience in gold, nickel-copper and VMS exploration and deposits. Mr. Paakki is the Company’s qualified technical person and is the Managing Director of Gungnir Sweden Filial (Gungnir’s Swedish subsidiary).

Chris Robbins, CFO, DirectorMr. Robbins holds the position of CFO and has the role of the Company’s investor relations lead. Mr. Robbins has 30 years-experience in public relations, corporate governance & financing, both in public and private sectors. Chris is the Deputy Director of Gungnir Sweden Filial.

Todd Keast, B.Sc., P.Geo., DirectorMr. Keast is a Professional Geologist with over 25 years-exploration experience, combined with numerous years of senior management experience with public companies and a consultant. Todd has extensive experience in gold, nickel-copper and VMS.

Garett Macdonald, P.Eng., MBA, DirectorGarett is a professional mining engineer with extensive experience in project development and mine operations with over 25 years of industry experience. Garett served as Vice President of Project Development for JDS Energy and Mining, and was responsible for leading the Curraghinalt Feasibility Study for Dalradian Resources, a +5M ounce high grade, narrow vein gold project in Northern Ireland, United Kingdom. Dalradian was acquired by Orion Mine Finance for $537M in 2018. From 2009 to 2013 he served as Vice President of Operations for Rainy River Resources prior to the $310M sale of Rainy River to New Gold Inc. Garett also held roles in mine operations and project engineering throughout his career with senior Canadian mining firms Placer Dome, Teck Corporation and Suncor Energy. Garett is currently President and CEO of Maritime Resources and a director of Electra Battery Materials and Aurelius Minerals. He holds a Master of Business Administration degree from Western University's Ivey Business School and a Bachelor of Engineering (Mining) from Laurentian University in Sudbury.

Company Highlights

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• Sweden-focused explorer with significant in-country expertise

• Assets highlighted by two nickel resources which collectively contain 177 million pounds of nickel (Lappvattnet and Rormyrberget), Knaften gold target and newly acquired Hemberget project

• Successful drill programs since 2017 highlighted by 2021 drilling at Lappvattnet which delivered consistent shallow drill hits of high-grade and wide-grade nickel mineralization, including:

• 3.19% Nickel over 4.25 metres within a 10.4-metre interval grading 1.51% Nickel in drill hole LAP21-02 (from 45 metres)

• 2.62% Nickel over 5.65 metres within a 14.0-metre interval grading 1.40% Nickel in drill hole LAP21-05 (from 60 metres)

• 1.74% Nickel over 10.00 metres in drill hole LAP21-13 (from 21 metres)• 36.00 metres grading 0.93% Nickel in drill hole LAP21-04 (from 49 metres)

• 2022 exploration program underway, including 4,000 metres of drilling

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Gungnir Capital Structure

Share StructureAs of 2022/06/01 (unaudited)

High-Grade Nickel News

June 1, 2022

Warrants:

• Shares Outstanding: 119,597,786• Options: 10,939,778• Warrants: 36,147,670• Compensation Options: 1,200,666• Fully Diluted: 167,885,900• Management and Directors: ~ 12.5%(on a fully diluted basis)

• Trades under GUG: TSX-V;ASWRF: OTCPK

• Working Capital: >$3.5M CDN• No debt

Market Cap CDN (June 1, 2022: $12M

6200 km

Agnico Eagle Kittila Au MineGold Reserves: 4.5 Moz Au (source AEM)

Barsele Gold Deposit / VMS> 2 million ozs Au (Feb 21, 2019)

Nickel-Copper Discovery by Anglo American; 44.4Mt @ 1.9% Cu, 0.96% Ni, 1.37 g/t 2PGM+Au (measured and indicated

resources; source GTK)

Gungnir Projects Located in Prime Location in the Nordic Region; Excellent Mineral Potential and Infrastructure

Smelter

Smelter

Smelter,Mill Northvolt

Battery Plant

Sweden

Gungnir Knaften & Hemberget Projects(Intrusion-Hosted Gold Target) + NEW VMS

Zn-Cu-Ag and Cu-Ni Targets Gungnir Lappvattnet and Rormyrberget Ni-Cu-Co deposits; collectively 177M Ibs of

contained Ni

Skellefte Belt: includes 85 known sulphide metal

deposits + gold deposits

K RL

Vasterbotten District- Skellefte VMS Belt- “Gold Line”- “Nickel Line”

K = KnaftenR = RormyrbergetL = Lappvattnet

ADVANCED STAGEDEPOSIT DEFINITION

LARGER EXPLORATION LAND PACKAGES

H

Lappvattnet and Rormyrberget Nickel Projects

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• Gungnir acquired both deposits in open-staking in 2015; two of the top known nickel sulphide deposits in Sweden. 100% Gungnir

• Accessible year-round with good transportation and industrial infrastructure including shipping facilities, and are located about an hour drive from Boliden’s mill complex

• The deposits were discovered in the 1970’s by the Swedish State Mining Property Commission (NSG). Development of an exploration shaft and drifting on the 120-metre level at the Lappvattnet deposit (no production)

• Updated resources in 2020: Lappvattnet and Rormyrberget collectively contain 177 million pounds of nickel (Gungnir Inferred Resources 2020; see NR dated Nov 25, 2020)

• Company’s first drill program at Lappvattnet initiated in August, 2021

• Drill Permit approved for up to 10,000 metres of drilling collectively for Lappvattnet and Rormyrberget between June 1, 2021 to August 31, 2022; expanded and extended work plan application submitted

Year-Round Access to Lappvattnet(excellent access to other projects as well)

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LappvattnetDeposit

Street View PhotoFrom Here

Deposit surfaceprojection

Nickel Resources & 2021 Drilling and EM Geophysics

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Sweden 2020 Nickel Resources:• 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.The 2020 Technical Report for the Lappvattnet and Rormyrberget deposits was prepared by John Reddick, M.Sc., P.Geo., of Reddick Consulting Inc. (RCI) and Thomas Lindholm, Senior Mining Engineer of Geovista AB.

2021 Program at Lappvattnet:• 15-hole phase one drill program covering a strike length of 140 metres (only 20% of the total

strike length) of the Lappvattnet deposit completed with the depth extent largely unexplored below 200 metres

• Drilling designed to test the shallow western part of the deposit with a series of tight-spaced holes to better define the geometry of the mineralized zone. New drilling and assays are expected to be incorporated into future resource upgrades

• 14 of the 15 holes drilled demonstrated continuity of the inferred resource, 10 of which expanded nickel mineralization outside of the 2020 resource block

• EM survey completed in late 2021 outlined a near-surface, untested EM conductor 100 metres north of the Lappvattnet deposit

Lappvattnet 2021 EM Survey

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(covers ~ 20% of the property)

Lappvattnet Nickel Deposit 2020 Resource Polygons and Historic Drill Hole Traces

100 m

Gungnir 2021 Drill Area

From Reddick/Lindholm 2020 Technical Report

Deposit sub-crops

Deposit at -200m

Depth extent largely unexplored below 200 metres

Lappvattnet 2021 Drill Results: High-Grade and Wide Zones of Nickel, ALL Near-Surface

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Hole ID From (m) To (m) Length (m) Ni % Cu % Co % PGEs (g/t)

LAP21-01 43.00 44.00 1.00 1.06 0.25 0.02 0.08

57.00 75.00 18.00 0.49 0.09 0.01 0.08

72.05 72.30 0.25 2.80 0.21 0.06 0.23

74.35 74.60 0.25 1.42 0.18 0.02 0.11

LAP21-02 28.00 49.65 21.65 1.09 0.21 0.02 0.28

45.40 49.65 4.25 3.19 0.37 0.07 0.21

45.40 46.50 1.10 5.05 0.17 0.11 0.25

48.15 49.65 1.50 4.25 0.13 0.09 0.19

48.15 48.40 0.25 7.38 0.07 0.13 0.21

LAP21-03 36.40 37.60 1.20 1.49 0.29 0.04 0.18

LAP21-04 49.00 85.00 36.00 0.93 0.22 0.02 0.28

49.00 54.00 5.00 1.84 0.52 0.03 0.23

49.00 50.95 1.95 2.61 0.56 0.04 0.13

50.40 50.95 0.55 4.08 0.05 0.06 0.11

52.35 52.65 0.30 6.06 0.09 0.11 0.19

70.00 85.00 15.00 1.21 0.19 0.03 0.30

LAP21-05 62.00 95.15 33.15 0.98 0.11 0.02 0.28

60.00 74.00 14.00 1.40 0.12 0.03 0.17

62.35 68.00 5.65 2.62 0.13 0.05 0.18

62.90 64.30 1.40 2.51 0.10 0.04 0.20

65.10 68.00 2.90 3.39 0.14 0.06 0.21

66.30 66.95 0.65 6.67 0.14 0.11 0.32

92.00 95.15 3.15 1.17 0.08 0.02 0.13

LAP21-06 53.00 58.00 5.00 1.50 0.21 0.03 0.10

54.65 55.50 0.85 5.61 0.07 0.10 0.18

LAP21-07 not sampled

Hole ID From (m) To (m) Length (m) Ni % Cu % Co % PGEs (g/t)

LAP21-08 54.00 60.30 6.30 0.62 0.13 0.01 0.13

55.60 55.80 0.20 5.12 0.02 0.04 0.16

60.05 60.30 0.25 3.23 0.11 0.05 0.64

LAP21-09 42.00 50.00 8.00 1.03 0.36 0.02 0.14

44.00 44.60 0.60 2.90 0.39 0.05 0.19

LAP21-10 68.00 81.65 13.65 0.83 0.11 0.02 0.12

76.15 81.65 5.50 1.16 0.12 0.02 0.10

80.95 81.65 0.70 2.22 0.10 0.03 0.12

LAP21-11 30.00 36.00 6.00 0.59 0.10 0.01 0.04

33.80 34.25 0.45 1.70 0.03 0.08 0.13

LAP21-12 20.00 51.00 31.00 0.93 0.13 0.02 0.15

28.00 35.00 7.00 1.24 0.19 0.02 0.18

33.20 33.40 0.20 6.94 0.04 0.11 0.14

43.00 51.00 8.00 0.98 0.13 0.02 0.17

LAP21-13 19.00 40.00 21.00 1.14 0.20 0.02 0.17

21.00 31.00 10.00 1.74 0.20 0.04 0.12

22.00 25.00 3.00 2.07 0.19 0.04 0.10

28.00 31.00 3.00 2.28 0.15 0.05 0.09

LAP21-14 41.00 47.50 6.50 1.58 0.32 0.03 4.75

43.05 47.50 4.45 2.04 0.37 0.04 6.91

43.05 43.85 0.80 6.52 0.05 0.11 0.23

43.85 44.50 0.65 1.20 1.65 0.03 45.53

LAP21-15 58.00 69.90 11.90 1.13 0.18 0.02 0.18

58.00 63.55 5.55 1.44 0.17 0.03 0.09

58.95 59.40 0.45 4.78 0.26 0.08 0.36

63.35 63.55 0.20 3.92 0.09 0.05 0.25

65.50 65.70 0.20 2.47 0.17 0.04 0.11

69.65 69.90 0.25 2.86 0.05 0.05 0.10

81.60 82.50 0.90 2.77 0.04 0.05 0.09

PGEs in grams per tonne (g/t) = platinum (Pt) + palladium (Pd) + gold (Au)

Length is core length in metres

Peak Individual Assays: Up to 7.38% Ni and 44.9 g/t Pt

Lappvattnet Drill Hole LAP21-02 Core with Individual Nickel Assays

5.08% Ni 4.09% Ni 5.81% Ni

1.09% Ni

0.92% Ni

7.38% Ni 3.52% Ni

3.72% Ni 0.57% Ni

0.34% Ni

One-metre long core box

3.19% Nickel over 4.25 metres within a 10.4-metre interval grading 1.51% Nickel

Lappvattnet Drill Hole LAP21-05 Core with Individual Nickel Assays

One-metre long core box

2.14% Ni1.91% Ni

5.86% Ni0.75% Ni

3.91% Ni

2.08% Ni 6.67% Ni

1.81% Ni

2.62% Nickel over 5.65 metres within a 14.0-metre interval grading 1.40% Nickel

Rormyrberget Nickel Project

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• Larger, lower grade nickel resource west of Lappvattnet• Room to improve grade + potential for higher-grade nickel shoots within the deposit• Untested EM targets outside of the resource

• Select drilling highlights from previous operators:

Hole ID From (m) To (m) Length (m) Ni (%) Cu (%) Co (%)

ROR89009 162.20 169.20 7.00 2.28 0.30 0.09

ROR90024 155.90 168.40 12.50 2.63 0.51 0.09

ROR91002 161.10 173.00 11.95 1.83 0.29 0.06

ROR-08-08 122.00 163.00 41.00 0.52 0.09 0.02

146.00 163.00 17.00 1.01 0.18 0.03

150.30 155.30 5.00 1.59 0.27 0.04

ROR-08-09 151.00 276.00 125.00 0.39 0.05 0.02

157.90 177.50 19.55 1.16 0.16 0.04

159.90 162.80 2.85 3.74 0.27 0.13

ROR-08-11 14.90 68.10 53.20 0.38 0.04 0.01

33.50 35.50 2.00 3.95 0.14 0.14

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Rormyrberget Nickel Deposit - 2021 EM Conductors and Resource Comments

Near Surface High-Grade Nickel incl 3.95% Ni over 2m

within a wider zone grading 0.76% Ni over 19.8m starting at

a down-hole depth of 20m inhistoric hole ROR-08-11

200 m

Regional colour magnetics background with historic drill hole

traces

EM Conductors

Survey Lines

2020 Resource cut-offs

Approximate deposit outline (pink)

“Additional sampling of previously unsampled intervals of core from ultramafic rocks at Rormyrberget is highly recommended as there are substantial intervals of un-sampled core … that are composited at nil grades in the current mineral resources.”

From 2020 Technical Report:http://www.gungnirresources.com/_resources/pdfs/GUNGNIR-43-101-TR-Nov-2020-Sweden-FINAL.pdf

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Unsourced Gold Anomaly at Knaften

Barsele Till Anomaly> 2 Moz Au

Source: Park 2005 PhD Thesis, Lulea University Sweden Original Data from SGU (Swedish Geological Survey)

> 5 Moz Au Boliden/Bjorkdal Area Till Anomaly: current and past-producing

gold mines

Knaften Till Anomaly

Gungnir Knaften Project

30 km

>1 Moz Au in resources

Vasterbotten District: Three Prominent Gold-In-Till Anomalies

~ 0.35 Moz Au produced

Knaften Gold Target

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• Located about 100 km west of nickel projects along the regional trend known as the “Gold Line” which hosts 2+ Moz Au Barsele gold deposit and other gold deposits

• 100% Gungnir staked claims (4,887 ha or ~ 50 sq km)

• Knaften Target: bedrock source of one of the largest gold-in-till anomalies in Sweden

• Gungnir first drilled Knaften in 2017; total drilled to date 33 holes for 6,300 metres; prior operator drilled ~ 50 holes

• Gungnir identified Knaften as an intrusion-hosted gold system with stacked zones that extend down-dip for at least 500m; and open along strike

• Only north contact of the intrusion tested, Knaften 300 Gold Zone, which lights-up with IP (induced polarization) geophysics

• In early 2021, acquired entire intrusion and completed IP geophysical survey during the summer of 2021 which outlined very significant IP anomalies (area has not seen any previous exploration); Gungnir’s prime drill targets at Knaften

Knaften 300 Gold Zone Drill Results

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• 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

Drilling highlights from Gungnir and previous operators include:

Knaften 300 Gold Zone Drill Core

20Arsenopyrite

Knaften Intrusion-Hosted Gold Target: 2021 Drill Area and IP Coverage

2 km

Knaften 300 Gold Zone

Gold Occurrence

Quartz DioriteIntrusion

Gungnir permitsin green

Permit information from SGU website. Quartz diorite outline and historic drill areas on the north edge of the intrusion from Lappland Goldminers (previous operators)

Limits of Previous Drilling

Cu-Ni Discovery

VMS Discovery

8.52 g/t Au Boulder Discovery

Barsele Gold Deposit (>2 Moz Au) same-scale reference. Source:

Agnico Eagle website (Jan 2021)

IP Survey Blocks

Chargeability IP Anomalies within Favourable

Intrusion

IP surveys attempted; aborted, no transmitter current likely due to graphite

Knaften nr 300

Knaften nr 500

Knaften nr 600(acquired in

Jan, 2021)

Knaften nr 200

IP (mV/V) 2021 Drill Area

“A”

“B”

Lighter green –acquired in Jan 2021

Knaften Intrusion-Hosted Gold Target: IP Target (>25mV/V) Size Comparison

2 km

Knaften 300 Gold Zone

Gold Occurrence

Quartz DioriteIntrusion

Permit information from SGU website. Quartz diorite outline and historic drill areas on the north edge of the intrusion from Lappland Goldminers (previous operators)

Limits of Previous Drilling

Cu-Ni Discovery

VMS Discovery

8.52 g/t Au Boulder Discovery

Barsele Gold Deposit (>2 Moz Au) same-scale reference. Source:

Agnico Eagle website (Jan 2021)

IP Survey Blocks

IP surveys attempted; aborted, no transmitter current likely due to graphite

Knaften nr 300

Knaften nr 500

Knaften nr 600(acquired in

Jan, 2021)

Knaften nr 200

IP (mV/V) 2021 Drill Area

“A”

“B”

Chargeability IP Anomalies within Favourable

Intrusion

Key Structure

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Hemberget Property

• In 2022, the Company announced that it has added the Hemberget Property to its package of polymetallic projects in northern Sweden.

• The 29.4 sq. km property was acquired by staking in order to evaluate potential for intrusion hosted copper-nickel and volcanogenic massive sulphide (VMS) mineralization

• The striking feature on the newly acquired Hemberget permit is an impressive, 11-km long magnetic anomaly which maps out a gabbro-ultramafic intrusion similar to much smaller bodies on the Knaften project (located to the south) that are copper-nickel mineralized.

• In addition to potential copper-nickel mineralization, the property covers some text-book VMS geology which adds further potential at Hemberget.

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Hemberget Airborne Magnetics

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Gungnir Resources Inc. #404-1688 152nd StreetSurrey, BC CanadaV4A 4N2

Head Office/Investor Relations:Phone: +1-604-683-0484Fax: +1-604-683-7497www.gungnirresources.com or www.sedar.com

Jari Paakki, CEOEmail: jpaakki@eastlink.ca

Chris Robbins, CFOEmail: robbinscr@shaw.ca

Contacts