Mr. Chris Robbins reports

GUNGNIR COMPLETES ACQUISITION OF QUESNEL MAGNICKEL PROPERTY IN CARIBOO MINING DISTRICT OF BRITISH COLUMBIA

Further to its news release dated April 28, 2026, and pursuant to the mineral property purchase agreement with Oyama Capital Corp. Gungnir Resources Inc. has completed its acquisition of a 100-per-cent interest in five mineral claims covering an area of 3,676.3 hectares. The property is located in the Cariboo mining district of British Columbia, approximately 62 kilometres east-southeast of Quesnel and 147 kilometres southeast of Prince George.

Pursuant to the purchase agreement, in exchange for the property, the company issued 12 million common shares at a deemed issue price of five cents per share and will pay $50,000 to Oyama within six months of the effective date of the purchase agreement. Furthermore, the company entered into a royalty assumption agreement dated May 22, 2026, with Oyama and the former owners of the property, whereby the company agreed to assume a 3-per-cent net smelter returns royalty on the property from Oyama. The NSR royalty may be reduced at any time from 3 per cent to 1 per cent through payment of $2-million to the former owners, who are arm's length to the company.

The consideration shares are subject to a statutory hold period of four months and one day from issuance. The acquisition has been approved by the TSX Venture Exchange. No finders' fees or commissions were paid in connection with the acquisition.

The company also wishes to clarify certain disclosure made in its original news release. Michael Gheyle, a current director of the company, is a current shareholder and former director and officer of Oyama. Therefore, pursuant to exchange policies, the parties are considered to be non-arm's-length parties, as defined by the exchange, and Mr. Gheyle abstained from voting on the approval of the purchase agreement.

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).

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