Gungnir Resources : YE 2022 Management Discussion & Analysis Statements

GUNGNIR

Gungnir Resources Inc.

MANAGEMENT DISCUSSION AND ANALYSIS

For the years ended December 31, 2022 and 2021

DATED May 1, 2023

Introduction and Overview

Gungnir is a junior mineral exploration company listed on the TSX Venture Exchange as a Tier 2 company under the trading symbol "GUG". The Company is also inter-listed in the United States as "ASWRF.PK". The Company is a reporting issuer in the Canadian provinces of British Columbia, Alberta, Ontario, Quebec and Nova Scotia.

Gungnir is in the business of the acquisition, evaluation and exploration of mineral properties with the primary aim of advancing them to a stage where they can be exploited at a profit, or offered for sale or option. We do not currently have any producing mineral properties and our current operations on our various properties are exploratory searches for mineable mineral deposits. Gungnir's corporate strategy is to focus on exploration in mining-friendly Sweden with the goal of discovery of high-quality gold and base metal deposits. The Company also continues to evaluate other opportunities as they arise.

This MD&A is dated May 1, 2023 and discloses specified information up to that date. Gungnir is classified as a "Venture Issuer" for the purposes of National Instrument 51-102. Our financial statements are prepared in accordance with International Financial Reporting Standards in Canada ("IFRS") and are expressed in Canadian dollars. This discussion and analysis should be read together with the annual audited financial statements for the year ended December 31, 2022 and related notes attached thereto (the "2022 Financial Statements"). Throughout this report we refer from time to time to "Gungnir", the "Company", "we", "us", "our", or "its". All these terms are used in respect of Gungnir Resources Inc. which is the reporting issuer in this document.

We recommend that readers consult the "Cautionary Statement" at the end of this report, as well the section on risks and uncertainties.

Cautionary Statement

Forward-Looking Information

This annual management discussion and analysis ("Annual MD&A") contains forward-looking statements and information relating to Gungnir Resources Inc. ("Gungnir" or the "Company") that are based on the beliefs of its management as well as assumptions made by and information currently available to Gungnir. When used in this document, the words "anticipate", "believe", "estimate", and "expect" and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. This Annual MD&A contains forward-looking statements relating to, among other things, regulatory compliance, the sufficiency of current working capital, the estimated cost and availability of funding for the continued exploration and development of Gungnir' exploration properties. Many factors could cause the actual results, performance or achievements of Gungnir to be materially different from any future results, performance or achievements whether expressed or implied by such forward-looking statements. Important factors are identified in this Annual MD&A.

Covid-19

To the date of this report, the spread of COVID-19 has severely impacted many local economies around the globe. In many countries, including Canada and Sweden, businesses are being forced to cease or limit operations for long or indefinite periods of time. Measures taken to contain the spread of the virus, including travel bans, quarantines, social distancing, and closures of non-essential services have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown. Global stock markets have also experienced great volatility. Governments and central banks have responded with monetary and fiscal interventions to stabilize economic conditions. As at the date of this report, the Company has not been significantly impacted by the spread of COVID-

19. The duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses, remains unclear at this time. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the Company for future periods.

Overall Performance

The following summarizes the significant corporate events and results on our exploration and evaluation projects during the year to date.

Annual General Meeting

Gungnir Resources Inc. shareholders approved all the resolutions put before them at the Company's annual general meeting (AGM) held November 10, 2022 in Surrey, B.C. At the AGM, shareholders voted in favour of resolutions to:

• Set the number of Directors at four (99.98%);
• Re-electJari Paakki, Chris Robbins, Todd Keast, and Garett Macdonald as Directors for the ensuing year (all > 99.58%);
• Appoint DeVisser Gray, LLP as the auditors for the ensuing year and authorize the Directors to fix the auditor's remuneration (99.98%); and
• Approve the Company's Stock Option 10% rolling plan (96.91%).

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

Financing

On March 18, 2022 Gungnir announced that it had entered into an agreement with Altius Royalty Corporation (ALS: TSX; ATUSF: OTCQX) ("Altius") pursuant to which Altius agreed to purchase 6,250,000 units of the Company (the "Units") at a price of $0.12 per Unit (the "Unit Price"), for total gross proceeds of $750,000. Each Unit consisted of one common share in the capital of the Company (each, a "Common Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder to acquire one Common Share (each, a "Warrant Share") at a price per Warrant Share of $0.18 per share for a period of 24 months from the closing. Altius' investment forms part of a larger non-brokered private placement offering of the Company closed late March 2022.

In March 2022, the Company concurrently entered into a royalty option agreement with Altius (the "Option Agreement") pursuant to which the Company granted Altius the right, in exchange for $250,000 in cash, to enter into: (i) a royalty agreement with respect to licences at the Company's Lappvattnet and Rormyrberget projects (the "Lappvattnet and Rormyrberget Option"), and (ii) a royalty agreement with respect to licences at the Company's Knaften project (the "Knaften Option"). Altius may exercise its Lappvattnet and Rormyrberget Option by paying the Company, at any time while it maintains its interest in these properties, $8 million at which point the Company and Altius will enter into a royalty agreement for a 2.0% gross sales royalty in perpetuity, and Altius may exercise its Knaften Option by paying the Company, at any time while it maintains its interest in the property, $2 million at which point the Company and Altius will enter into a royalty agreement for a 1.0% gross sales royalty in perpetuity.

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On March 25, 2022, Altius paid the Company $250,000 described above, which was applied against the deferred costs applicable to each of its property interests as follows:

• Knaften property - 33.33% or $83,325
• Lappvattnet property - 53.34% or $133,340, and
• Rormyrberget property - 13.33% or $33,345

At the end of March 2022, the "Company completed the second and final tranche of the non-brokered private placement for 15,068,336 units of the Company (the "Units") priced at $0.12 per Unit (the "Unit Price"), for total gross proceeds under the second and final tranche of $1,808,200, resulting in a total of 21,318,336 Units issued under the Offering for total gross proceeds of $2,558,200 (the "Offering"). Each Unit consists of one common share in the capital of the Company (each, a "Common Share") and one common share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder thereof to acquire one Common Share for a period of two years from the applicable closing date of the Offering at an exercise price of $0.18 per share.

The net proceeds of the Offering will be used to continue the exploration program, inclusive of drilling, at the Company's 100 per cent owned projects in Sweden, concentrating on its two nickel resources, Rormyrberget and Lappvattnet and its other projects, as well as for general corporate purposes.

Outlook

The Company has significantly advanced its exploration efforts in Sweden through 2022 and up to the time of this report, and continues its exploration efforts in Sweden with the primary goal of advancing to a stage where a resource can be defined or advanced and exploited at a profit or offered for sale or option. The Company initiated its sixth year of drilling in Sweden in May of 2022 and the second year of drilling on the Lappvattnet nickel property. Geophysics were completed on the Knaften, Lappvattnet and Rormyrberget properties in 2021 and the first quarter of 2022.

Since commencing drilling in Sweden in 2017, Gungnir has made several new discoveries and announced significant developments including discovery of a potentially sizeable intrusion-related gold system, discovery of a new volcanogenic massive sulphide (VMS) zinc-copper base metal target and discovery of a new copper-nickel target, all located on the Knaften project. All targets are open for expansion and further discovery. The Company's focus at Knaften is on its intrusion-related gold target, in particular new, undrilled IP (induced polarization) anomalies in the recently acquired southern extension of the property. The Company also acquired the Hemberget property located approximately 6 km north of Gungnir's Knaften project. All projects are located within the Vasterbotten region of northern Sweden which hosts the prolific Skellefte VMS-gold belt, "Gold Line" and "Nickel Line".

East of Knaften, the Company upgraded its two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, to current resources in 2020. The two separate deposits contain 177 million pounds of nickel in inferred resources* based on NI43-101 resource estimates commissioned by Gungnir in 2020. The Company's first phase drill program in 2021 at Lappvattnet produced consistent strong assay results and as a result drilling at Lappvattnet is continuing and planned to be the focus for 2023.

*Gungnir Resources Inc. filed on SEDAR "The National Instrument 43-101 technical report entitled "Technical Report on the Lappvattnet and Rormyrberget Deposits, Northern Sweden" was prepared by Reddick Consulting Inc. Qualified persons are John Reddick, MSc, P.Geo, and Thomas Lindholm, MSc, fellow AusIMM. The effective date is Nov. 17, 2020.

Lappvattnet & Rormyrberget

Continued drilling on the Lappvattnet is scheduled to begin in May of 2023 with the goal of further upgrading and expanding the existing resource, focused on defining further high-grade nickel shoots. At Rormyrberget potential remains to improve nickel grades with assaying of un-sampled drill core within the resource and to expand higher- grade zones including 2.33% nickel over 12.50 metres (see news release dated July 14, 2020).

Knaften

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The Company continues to demonstrate continuity of gold-bearing zones which extend more than 400 metres down- dip at the Knaften 300 Gold Zone ("Knaften 300"). With growing indications of a sizeable mineralized system, the Company also importantly tied-up key adjoining permits (nr 500 and nr 600) to cover the entire 4 x 5 km quartz diorite intrusion which hosts Knaften 300 along its northern edge. Gungnir now controls 4,887 hectares (or nearly 50 sq. km), expanding the size of the Knaften property by over 75% and significantly increasing the potential of Gungnir's Knaften intrusion-hosted gold target.

The new IP (Induced Polarization) anomalies identified in 2021 in the southern part of the intrusion are future drill targets at Knaften (see below) The area has not seen any previous exploration.

Hemberget

The Company added the Hemberget Property to its package of polymetallic projects in northern Sweden during the first quarter of 2022. 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 Hemberget area has been on our radar for a few years now after new copper-nickel and VMS discoveries on the Knaften project, which was previously regarded as a gold-only area. The striking feature of the 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 that we now know 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.

The Company is finalizing plans to conduct electromagnetic (EM) geophysics on the Hemberget property targeting shallow conductors potentially related to copper-nickel sulphide mineralization within a large, layered mafic- ultramafic intrusion. Similar, but much smaller intrusions, located to the south on the Company's Knaften project, host copper-nickel mineralization which was earlier discovered by Gungnir.

The initially planned ground EM survey will consist of several widely-spaced profiles across the property, totally approximately 30 line-kilometres, using a Loupe EM system, a new portable time-domain electromagnetic (TEM) instrument. The survey will be carried out by Geovista AB, Lulea, Sweden.

Exploration 2022/2023

The bulk of the Company's 2022/2023 exploration program is planned to be devoted to drilling at the Lappvattnet nickel project with up to 10,000 metres approved by Swedish authorities to the end of 2023. The total amount of drill metres will be determined based on continuing positive results. In 2022, the Company drilled 30 holes for a total of 4,240 metres with the goal of upgrading and expanding the existing resource, focused on defining further high-grade nickel shoots, as well as initial scout drilling north of Lappvattnet. A total of 1,300 metres was drilled in 2021. The Company also plans to review new geophysical results from Hemberget to potentially prioritize drilling. The Company has sufficient funds in place through the private placement completed in March 2022 to continue its planned drilling through 2023.

Results of Operations To-Date

The goal at both nickel deposits is to upgrade the current resources. At Lappvattnet, drilling commenced in the western part of the deposit in 2021 and produced numerous near-surface,high-grade nickel and wide zones of nickel mineralization through 2022. Highlights are:

• 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)

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• 36.00 metres grading 0.93% Nickel in drill hole LAP21-04 (from 49 metres)
• 3.02% Nickel over 5.66 metres within a 9.0-metre interval grading 2.35% Nickel in drill hole LAP22-19 (from 66 metres)
• 4.04% Nickel over 5.76 metres within an 18.28-metre interval grading 1.49% Nickel in drill hole LAP22-25 (from 58 metres)

In January 2023 the Company reported further, near-surface massive sulphide drill intersections at Company's Lappvattnet with the highest-grade nickel intercept drilled to date at the Company's Lappvattnet nickel deposit in northern Sweden. Hole LAP22-25 drilled 4.04% Ni over 5.76 metres within a broader interval of 1.49% Ni over

1. metres starting at a down-hole depth of 57.72 metres. Hole LAP22-25 was drilled in the central part of the Lappvattnet nickel resource on section 14E splitting a 50-metre gap between historic holes LAP74292 and LAP76008. The hole appears to have drilled into a thickened mineralized zone, possibly a fold hinge similar to LAP22-19 drilled on section 16E (80 metres to the east) which cut 2.35% Ni over 9.0 metres including 3.02% Ni over 5.66 metres starting at a down-hole depth of 66.0 metres (see news release dated October 18, 2022). The nickel intercept in LAP22-25 (1.49% Ni over 18.28 metres from 57.72 to 76.0 metres) occurs below a 4-metrejack-straw textured peridotite unit. It consists of an upper disseminated sulphide interval hosted in sedimentary gneisses from

1. metres and a lower, high-grade massive and semi-massive sulphide zone (4.04% Ni over 5.76 metres) from

1. metres down-hole.

Also, in late January 2023 the Company reported final assay results from the central part of the Lappvattnet nickel deposit. Results include hole LAP22-23 which drilled 12 metres grading 1.02% Ni at a down-hole depth of 38 metres. The central area hosts recently reported high-grade intercepts including 9 metres grading 2.35% Ni (hole LAP22-19) and 5.76 metres grading 4.04% Ni (hole LAP22-25).

The newly identified footwall zone, located approximately 50 to 75 metres structurally below the main Lappvattnet zone, was encountered in six holes and returned anomalous nickel values, including up to 0.29% Ni over 5.92 metres in LAP22-28 within a ball-textured peridotite unit. Several holes were short of the footwall target and extending some existing holes is being considered.

On December 1, 2022 the Company reported highlighted holes which included LAP22-10 which cut 7.0 metres of 1.16% Ni and LAP22-19 which intersected a new footwall nickel target approximately 75 metres below the main Lappvattnet deposit. Assays are pending for thirteen holes.

The new footwall target was encountered in holes LAP22-16,-17,-19,-26,-27, and -28 drilled on sections 15E to 16.5E. The intercepts range from core lengths of 2 to 15 metres consisting of variably mineralized peridotite, local sulphide pods and disseminated sulphides in enclosing sedimentary gneisses. Assays from the lower part of LAP22- 19 returned 5.0 metres of 0.30% Ni (or 2.4 metres of 0.40% Ni) from 149 metres, including 0.96% Ni over 0.42 metres from 150 metres down-hole. Assays for the other five holes are pending. Notable "ball-textured" peridotite/pyroxenite (previously not observed) with local matrix sulphides was encountered in hole LAP22-28, and may represent part of a conduit and source site for the nickel-bearing magma.

Also reported were the final assay results from the western part of Lappvattnet. Hole LAP22-10, drilled on section 12E, returned 7.0 metres of 1.16% Ni starting at a down-hole depth of 98 metres, including 0.53 metres of 5.31% Ni at 103.9 metres. LAP22-10 also includes 6.0 metres of 0.30% Ni starting at 109 metres down-hole. Scout holes, LAP22-12 to -15 testing a small area to the north, encountered weakly anomalous nickel.

On November 15, 2022, the Company reported further, near-surface massive sulphide drill intersections at Company's Lappvattnet. Highlighted holes included LAP22-25 and LAP22-23 which were drilled 80 metres west and east, respectively, of hole LAP22-19 which cut 9.0 metres of 2.35% Ni including 5.66 metres of 3.02% Ni in the central part of the Lappvattnet resource.

Hole LAP22-25 cut a 25-metre section of sulphide mineralization, mainly disseminated, from 51 to 76 metres downhole, including a 6-metre interval (70 to 76 metres) containing ten sections of massive sulphides below a

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