Gungnir Resources : Q3 2022 Management Discussion & Analysis Statements

GUNGNIR

Gungnir Resources Inc.

MANAGEMENT DISCUSSION AND ANALYSIS

For the Three and Nine Months ended September 30, 2022

DATED November 25, 2022

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 November 25, 2022 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 in conjunction with the annual audited financial statements for the year ended December 31, 2021 and related notes attached thereto (the "2021 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 interim management discussion and analysis ("Interim 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 Interim MD&A contains forward-looking statements relating to, among other things, regulatory compliance, environmental matters, changes in legislation or regulations, receipt of required licenses, permits and approvals, the sufficiency of current working capital, the estimated cost and availability of funding for the continued exploration and development of Gungnir's

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 Interim 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, 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.

Outlook

The Company has significantly advanced its exploration efforts in Sweden through 2021 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 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, PGeo, and Thomas Lindholm, MSc, fellow AusIMM. The effective date is Nov. 17, 2020.

Lappvattnet & Rormyrberget

The goal at both 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 (see news releases dated August 19 to December 2, 2021):

• 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)

Further drilling on the Lappvattnet began in May of 2022 with the goal of 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

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 Company intends to drill test the new IP (Induced Polarization) anomalies identified in 2021 in the southern part of the intrusion. 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.

Exploration 2022/2023

The bulk of the Company's 2022/2023 exploration program will be devoted to drilling the Lappvattnet nickel project with up to 10,000 metres approved by Swedish authorities to the end of 2023. To date in 2022, the Company drilled 30 holes for 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 has sufficient funds in place through the recent private placement completed in March 2022 to continue its planned drilling into 2023.

Results of Operations To-Date

Results reported below are from 2022 drilling at the Lappvattnet nickel deposit. Please refer to the long section below.

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 variably mineralized peridotite unit. Hole LAP22-23, located 160 metres to the east of LAP22-25, drilled a 14-metre interval of mainly disseminated sulphides starting within a peridotite unit at 39 metres and includes a one-metre slug of massive sulphide at 44.2 metres. LAP22-23 is the furthest hole drilled to the east by Gungnir.

A total of 16 holes (LAP22-16 to -31) were completed in the central part of the Lappvattnet deposit as drilling moves east along strike. Drilling was done along section lines spaced 20 metres apart (Sections 14 to 18E) with generally two holes collared at different angles from a single drill set-up to minimize our drilling footprint. Fifteen of sixteen holes intersected sulphide mineralization ranging from core lengths of less than 5 metres to 25 metres. With the exception of most of hole LAP22-19, all assays are pending in the central part of the main Lappvattnet deposit. The Company is awaiting a large number of assays (more than 500) including LAP22-25 and LAP22-23, which are expected this quarter and into the first quarter of 2023. Once results are received and geological modelling is completed, plans for more drilling will be outlined.

On October 18, 2022, the Company reported one of the top drill intersections at the Company's Lappvattnet nickel deposit. Gungnir drilled 9.0 metres of 2.35% nickel including 5.66 metres of 3.02% nickel. Results reported were partial results for hole LAP22-19 which was drilled in the central part of the Lappvattnet nickel resource.

October 18, 2022 Results

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

Length = core length in metres

Hole LAP22-19, drilled on section 16E, intersected the nickel zone at approximately 60 metres vertically below surface where it remains open at depth. Length reported is the core length; true width has not been determined due to the lack of information on the drill section. New, preliminary interpretations suggest structural folding (fold hinges) may control the localization of thickened high-grade nickel shoots which may be the case for hole LAP22-19. Geological work continues.

Previously on August 9 and September 7, 2022, the Company reported drill results from nine holes (LAP22-01 to LAP22-09) from the western part of the Lappvattnet deposit. Holes LAP22-01 to -10 were all drilled in the western one-third of the Lappvattnet nickel deposit along sections 7.5E to 12E from seven sites. Holes were drilled below and immediately east of Gungnir's 2021 drill holes. Eight of the ten holes encountered variably mineralized

peridotite (core lengths of 0.3 to 16.5 metres) and two holes hit nickel-bearing sulphides in enclosing sedimentary gneisses. A total of 25 holes have been now been drilled by Gungnir in 2021 and 2022 in the western one-third of Lappvattnet on 20-metre sections defining a continuous peridotite unit (a key host to nickel mineralization) across all sections drilled and a prominent structural plunge of 30 degrees to the east. Assays are pending for LAP22-10.

Nickel mineralization in Gungnir's 2021 and 2022 drill holes (20 holes with results received to August 9, 2022) compared with historic results in the western one-third of the resource (15 holes) shows Gungnir's core lengths averaged 14.4 metres grading 0.92% Ni (Ni grade x core length = 13.2) versus an average core length of 5.1 metres grading 1.33% Ni (Ni grade x core length = 6.8) in historic drilling. Nearly twice the nickel grade-core length product in Gungnir's holes suggests potential to thicken the current resource at least in the western one-third of the deposit. Comparable true widths are estimated to be approximately 70 to 90% of core lengths for both Gungnir and historic holes.

September 7, 2022 Results

On July 26, 2022 the Company reported the discovery of a new ultramafic unit, specifically, characteristic "jack- straw" textured peridotite which is host to the high-grade at Lappvattnet. The new ultramafic unit was intersected approximately 150 metres north of the Lappvattnet deposit in two of the five holes drilled by Gungnir. Complete assays and interpretations are pending for these five scout holes.