Mr. Robert Danard reports

GUNGNIR RESOURCES INC. TO PROCEED WITH 20:1 SHARE CONSOLIDATION AND NAME CHANGE TO THREE CROWNS CRITICAL METALS INC.

Gungnir Resources Inc. received the required shareholder approval at its annual general and special meeting held on June 29, 2026, to consolidate its issued and outstanding common shares on the basis of one postconsolidation common share for every 20 preconsolidation common shares and to complete a concurrent name change to Three Crowns Critical Metals Inc., 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 postconsolidation basis on the TSX Venture Exchange under the new name, Three Crowns Critical Metals, 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 preconsolidation common shares in exchange for postconsolidation common shares issued as a result of the consolidation. Until surrendered, each certificate representing preconsolidation common shares will be deemed to represent the number of postconsolidation 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 postconsolidation common shares will be 885933 10 1 and its new ISIN will be CA 885933 10 1 6.

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 million common shares to an unlimited number of common shares. 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 TSX Venture Exchange, however, they remain subject to final approval.

About Gungnir Resources Inc.

Gungnir Resources is a Canadian-based junior mineral exploration firm strategically positioned in the Vasterbotten 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).

We seek Safe Harbor.