The pendant depicts Mjolnir with Goat heads. These are the goats of Odin. They eat leaves from the world-tree Yggdrasil, which convert into the mead that flows from her udders. This mead is what the warriors at Valhalla, and Odin, drink.
There is the Futhark Rune "Thurisaz" inscribed - the symbol of instinctual will, vital eroticism, regenerative catalyst.