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From the 2020 Technical Report for the Lappvattnet and Rormyrberget deposits prepared by John Reddick, M.Sc., P.Geo., of Reddick Consulting Inc. (RCI) and Thomas Lindholm, Senior Mining Engineer of Geovista AB prepared for Gungnir Resources with an effective date of November 17, 2020:

The Mineral Resources were prepared and classified in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves as adopted by the CIM Council in May, 2014 and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines as adopted by the CIM Council in November of 2019. It is the opinion of Mr. Reddick, the QP responsible for these Mineral Resource (“MR”) estimates, that the estimates meet the requirement of having “reasonable prospects of eventual economic extraction” on the basis of assumed metal prices, assumed metallurgical recoveries, and cut-off grades comparable to recent resource estimates filed on SEDAR for somewhat similar Ni-Cu deposits

The GUG Sweden Mineral Resources occur in two separate areas on two separate properties. The Lappvattnet resource is found on the Lappvattnet nr 101 permit, and Rormyrberget resource is located on the Rormyrberget nr 101 permit. The Lappvattnet and Rormyrberget deposits are located approximately 50 km apart in the Vasterbotten Nickel Trend.

The Mineral Resource for the Lappvattnet deposit used a polygonal estimation methodology with a minimum nickel equivalent (“NiEq”) grade and minimum horizontal width that assumes the deposit would potentially be mined using selective underground mining methods. The Rormyrberget deposit is a larger, lower grade deposit and is considered to be a resource with potential bulk mineable characteristics so it was estimated using block modelling methods and a minimum NiEq grade that assumes it would be mined using open pit. Nickel is the principal metal contributing to the NiEq grades for both deposits. The NiEq grade was determined using a combination of Ni, Cu and Co grades, assumed metallurgical recoveries and metal prices as shown in the following table and the assumptions for these parameters are common to both deposits.

Metal Prices: Ni =US$6.05/lb., Cu = US$2.75/lb, Co = US$16/lb.

Metal Recoveries: Ni=65%, Cu=80%, Co=50%

Nickel Equivalent formula:     NiEq = Ni% + 0.5594*Cu% + 2.0343*Co%

 

Mineral Resource Estimates and Contained Metal:

2020 Mineral Resources – Lappvattnet Property, Sweden

Category Tonnes Ni% Cu% Co% NiEq%
Inferred 780,000 1.35 0.25 0.025 1.54

Notes:

  1. CIM definitions were followed for Mineral Resource estimation and classification;
  2. Mineral Resources are estimated using polygonal methods with a cut-off grade of 1.0% Nickel Equivalent (NiEq). The cut-off is based on a review of reports for similar deposits filed on SEDAR in 2019 and 2020;
  3. Bulk density is 3.46 t/m3;
  4. Metal Prices used were $6.05/lb nickel, $2.75/lb copper, $16.00/lb Co;
  5. Assumed recoveries are 65% for Ni, 80% for Cu and 50% for Co; and
  6. Figures may not total due to rounding.

2020 Mineral Resources – Rormyrberget Property, Sweden

Category Tonnes Ni% Cu% Co% NiEq%
Inferred 36,800,000 0.19 0.02 0.009 0.21

Notes:

  1. CIM definitions were followed for Mineral Resource estimation and classification;
  2. Mineral Resources are estimated within a constraining wireframe that assumes open pit mining and at a cut-off grade of 0.14% Nickel Equivalent (NiEq). The cut-off is based on a review of reports for similar deposits filed on SEDAR in 2019 and 2020;
  3. The 0.14% NiEq cut-off includes only material in the constraining wireframe;
  4. Bulk density is 3.00 t/m3;
  5. Resources are reported to a maximum depth of 430m below surface;
  6. Metal Prices used were $6.05/lb nickel, $2.75/lb copper, $16.00/lb Co;
  7. Assumed recoveries are 65% for Ni, 80% for Cu and 50% for Co; and
  8. Figures may not total due to rounding.

Contained Metal – Lappvattnet Property, Sweden

Category Ni (kg)
million
Cu (kg)
million
Co (kg)
million
Ni (lbs)
million
Cu (lbs)
million
Co (lbs)
million
Inferred 10.5 1.9 0.19 23.1 4.3 0.43

Contained Metal – Rormyrberget Property, Sweden

Category Ni (kg)
million
Cu (kg)
million
Co (kg)
million
Ni (lbs)
million
Cu (lbs)
million
Co (lbs)
million
Inferred 70.0 7.4 3.3 154.0 16.2 7.3

Gungnir Sampling Results – 2020:

Gungnir Sampling of Blackstone Drill Core from Lappvattnet

DDH_ID From (m) To (m) Length (m) Ni % PGEs g/t * Pt g/t Pd g/t Au g/t
Gungnir Re-Sampling Results            
LAP07-001 32.55 34.94 2.39 1.54 0.10 0.01 0.04 0.05
LAP07-002 # 76.43 76.54 0.11 1.77 0.20 0.01 0.12 0.07
  77.10 77.33 0.23 4.99 0.33 0.03 0.25 0.05
  79.55 81.00 1.45 1.41 16.51 12.28 4.09 0.14
includes 79.55 80.00 0.45 2.13 50.91 39.00 11.80 0.11
LAP07-004 94.00 98.00 4.00 1.23 0.17 0.03 0.03 0.11
  101.00 102.00 1.00 1.05 0.31 0.14 0.03 0.14
  105.00 106.00 1.00 1.21 0.46 0.06 0.16 0.24
2007 Results                
LAP07-001 32.55 34.94 2.39 1.36 0.11 0.02 0.04 0.05
LAP07-002 76.43 81.40 4.97 3.20 4.29 2.70 1.40 0.19
includes 79.00 80.00 1.00 3.13 14.71 9.04 5.37 0.30
LAP07-004 94.00 98.00 4.00 1.24 0.19 0.03 0.03 0.13
  101.00 102.00 1.00 0.96 0.20 0.01 0.03 0.16
  105.00 106.00 1.00 1.42 0.46 0.24 0.07 0.15
* PGEs g/t = platinum (Pt) + palladium (Pd) + gold (Au)
# drill hole has several sections with insufficient core for sampling

Gungnir Sampling of Pre-Blackstone Drill Core from Lappvattnet

DDH_ID From (m) To (m) Length (m) Ni % PGEs g/t * Pt g/t Pd g/t Au g/t
76008 # 95.33 95.85 0.52 1.53 0.38 0.01 0.09 0.28
76009 # 85.34 87.00 1.66 1.37 0.26 0.03 0.16 0.07
76010 # 131.77 132.42 0.65 4.64 0.40 0.04 0.20 0.16
76005 # 84.66 85.05 0.39 3.08 0.38 0.01 0.25 0.12
75002 91.59 91.65 0.06 5.86 0.22 0.04 0.12 0.06
75001 78.40 79.29 0.89 0.89 0.09 0.01 0.02 0.06
74226 # 93.18 95.07 1.89 2.45 0.25 0.03 0.12 0.10
74226 97.07 97.53 0.46 2.63 0.33 0.01 0.15 0.17
75006 85.70 85.77 0.07 2.56 0.23 0.04 0.12 0.07
75003 88.00 89.08 1.08 0.91 0.08 0.01 0.02 0.05
75004 150.36 152.08 1.72 0.63 0.03 0.01 0.01 0.01
75007 # 138.52 139.45 0.93 2.00 0.13 0.01 0.08 0.04
75008 39.65 39.76 0.11 2.19 0.71 0.37 0.13 0.21
74212 48.24 48.70 0.46 2.10 0.11 0.01 0.03 0.07
74001 28.33 28.45 0.12 2.51 0.34 0.06 0.12 0.16
* PGEs g/t = platinum (Pt) + palladium (Pd) + gold (Au)
# contains narrow sections of missing core; a value of 0.00% Ni and 0.00 g/t PGEs has been assigned to these intervals

Gungnir Sampling of Drill Core from Rormyrberget

DDH_ID From (m) To (m) Length (m) Ni % Cu % PGEs g/t *
ROR 90024 155.90 168.40 12.50 2.33 0.45 0.42
including 160.35 165.45 5.10 3.00 0.36 0.54
including 160.95 161.30 0.35 3.24 0.32 2.56
and including 164.00 164.65 0.65 4.20 0.09 0.43
ROR 91002 159.95 173.00 13.05 1.51 0.28 0.30
including 161.05 164.90 3.85 3.01 0.50 0.44
* PGEs g/t = platinum (Pt) + palladium (Pd) + gold (Au)

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