Gungnir Announces Grant of Stock Options

SURREY, February 14, 2023 - Gungnir Resources Inc. (TSXV:GUG)(OTCPK:ASWRF) ("Gungnir" or the "Company") announces that it has granted incentive stock options to employees, directors and officers of Gungnir to acquire an aggregate of 2,800,000 common shares at $0.08 per share, for a period of 5 years. These incentive stock options have been granted in accordance with Gungnir's Stock Option Plan.

About Gungnir Resources

Gungnir Resources Inc. is a Canadian-based TSX-V listed mineral exploration company (TSXV:GUG)(OTCPK:ASWRF) 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, and 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 which covers an 11 km long gabbro-ultramafic intrusion, a greenfield copper-nickel target. 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/Corporate Communications
Phone: +1-604-683-0484
Email: corporatecommunications@gungnirresources.com

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.

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

SOURCE: Gungnir Resources Inc.