Capital Raising to Fund Drilling Program at Tullsta

10 November 2021

		DRILL TARGETS IDENTIFIED AT TULLSTA WITH CAPITAL
		RAISING TO FUND DRILLING PROGRAM
HIGHLIGHTS
only	∙	Ragnar has completed DownHole Electromagnetic (DHEM) geophysical surveying of the 4
use		diamond core holes at Tullsta
∙	Four conductor plates have been generated and are complementary to the interpreted model
∙	Both In-Hole and Off-Hole DHEM anomalies defined and interpreted to be the more sulphide
	rich portions of the intrusion
∙	Follow up program of 4 diamond core holes for ~1,800m has been scheduled to test these
personal		DHEM plates as all Permits have been granted
∙	Firm commitments received for placement of 35m Shares at $0.035 to sophisticated investors
	raising capital of $1.225m
∙	Allroc AB Drilling has been contracted for drilling with mobilisation to Tullsta underway
∙	Swedish Inspectorate of Mines has approved the extension period for Berga Nr1 tenure until
	28-03-2025
∙	Assay results received for diamond drill holes 21DDTS002 - 21DDTS004

Ragnar Metals Limited ("Ragnar" or "the Company", ASX: RAG) is pleased to update shareholders that the Company has received results from the downhole geophysical survey recently completed at the Granmuren nickel‐copper discovery within the Company's 100%‐owned Tullsta Nickel Project in Sweden ("Tullsta" or "the Project").

Following the granting of the Environmental and Work Permits1, Ragnar's Swedish geophysical consultants ForGeoVista AB have completed Downhole Electro‐Magnetic (DHEM) surveying of the 4 recently drilled diamond holes (Tables 1 & 2) which discovered the Granmuren Deeps Ni‐Cu sulphide mineralisation2. GeoVista report that the DHEM models "fit the down‐plunge direction of the IP‐Resistivity voxel model" that the Company had targeted, leading to the Granmuren Deeps Ni‐Cu sulphide discovery. The modelled plates are complementary to the geologically modelled basal contact position, potentially extending mineralisation

over a 400m long strike zone (Figure 1).

1. ASX:RAG - 29/09/21 "Permits Granted And Exploration Activities To Commence At Granmuren Ni‐Cu Deposit"
2. ASX:RAG ‐ 22/06/21"Massive Sulphide Mineralisation Intersected At Tullsta"

Directors
Steve Formica	Level 3, 35 Outram St	T. [phone]
Eddie King	West Perth WA 6005	F. [phone]
David Wheeler	Australia	E. [e-mail]

ragnarmetals.com.au

Four DHEM conductor plates were generated from three of the drill holes (Figures 1 & 2 and Table 1) during the geophysical survey. Ragnar has planned approximately 1,800m of diamond core drilling comprising of 1 extension hole (21DDTS001) and 3 new core holes (Figure 2). The aim of the drilling is to test the newly generated DHEM targets for nickel‐copper sulphide mineralisation, potentially extending and improving the

onlyknown mineralisation within the Granmuren Deeps magmatic intrusive complex.

Capital Raising

The Company has received firm commitments from various sophisticated and professional investors to raise $1,225,000 through the issue of 35 million Shares at an issue price of $0.035 each. The Placement will be undertaken without shareholder approval using the Company's placement capacity under Listing Rule 7.1. The Company intends to use the funds for diamond drilling at Tullsta and general working capital purposes.

useS ttlement of the capital raising is intended to take place on 15 November 2021.

The Company has entered into a Lead Manager mandate ("Mandate") with Taurus Capital Pty Ltd (ACN 091

980 764) (Corporate authorised representative #270476 of RM Capital Pty Ltd AFSL 221938) ("Taurus").

Under the Mandate, Taurus will be paid a Lead Manager Fee of 1%, plus GST, and a Placement fee of 5%,

pl s GST.

Chairman Steve Formica comments "The holes that discovered Granmuren Deeps were based on a
personal	and T‐C.

conceptual model that our geologists and geophysicists generated from the Induced Polarisation (DH‐IP) survey completed down the older shallow drill holes to the east at Granmuren. Remarkably, 3 of the 4 holes drilled to test this conceptual model intersected Ni‐Cu sulphide mineralisation along the base of the modelled i trusion. The recent DHEM surveying of these holes has now given Ragnar genuine off‐hole targets which are interpreted to be the more sulphide‐rich portions of the intrusion.

This is an exciting result given the limited drilling completed to date and the potential scale of the system which we are just beginning to explore."

Next Steps

∙ Commence ~1,800m of diamond core drilling comprising extending hole 21DDTS001 to the interpretative basal contact position and drilling 3 new holes targeting the DHEM plates T‐A1, T‐B

For	∙ Complete DHEM in the 4 follow up diamond core holes and combine with the existing data.
∙ Complete Downhole IP‐Resistivity in all 7 deep holes and tie the model into the original IP‐R model
that was used to discover Granmuren Deeps.
	∙ Use the DHEM and DH IP‐R models to drive the next round of exploration targeting.
	∙ Commence regional analysis of the Granmuren magmatic intrusion within the tenement package
	targeting favourable sites for potential Ni‐Cu sulphide mineralisation.

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onlyuse

personalFigure 1: Plan view showing the recent deep drilling (blue traces), historical shallow drilling (black traces) with sulphide intersections (red b rs on drill holes) overlying a topographic‐tenure map. The recent DHEM anomalies are shown by the purple plates and the modelled basal contact target zone is shown inside the 400m long red/pink zone.

I itial drill hole 21DDTS001 was blocked below 430m. This hole was terminated in footwall sediments (at 515m depth), however, 3D modelling and the DHEM plate T‐C indicates that the hole was not drilled deep enough and Ragnar plans to extend this hole beyond the interpreted faulted contact, through the DHEM plate and into the base of the magmatic intrusion (Figure 2).

Modelled DHEM plate T‐A1 (Figure 2) is the largest anomaly occurring in hole 21DDTS004 at a depth of 550m. This fits well with the richest sulphide intersections encountered in the hole. The axial component anomaly indicates that the conductor has been intersected by the drill hole, but the radial component anomalies indicate that the major part of the conductor is centred ~50m below the drill hole. A new drill hole has been

lanned to drill test the centre of the anomaly at around 580m downhole depth.

Table 1: Tullsta Modelled DHEM Conductor Plate Parameters
	Plate	Hole ID	Dimensions	Plate	Depth	Plate Dip	Comments
	ID			Orientation	Downhole
	T‐A1	21DDTS004	150m x 100m	E‐W	550m‐Inhole &	Sub‐vertical	Major part of
					Offhole		conductor is below
	T‐B						hole 004
For
		21DDTS002	150m x 100m	WNW‐ESE	505m‐ Inhole	Sub‐vertical	Major part of
					& Offhole		conductor is west of
							hole
	T‐C	21DDTS003	130m X 104m	WNW‐ESE	520m‐Offhole	Sub‐vertical	Flank anomaly,
		&					corresponding
		21DDTS004					position as A1,
							improves model fit
							from hole 004 data

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T‐D1	21DDTS004	100m x 60m	WNW‐ESE	550m‐Offhole	Sub‐vertical	Parameters are
						uncertain

Modelled body T‐B is responsible for the largest anomaly in drill hole 21DDTS002 at 505m depth and is of onlysimilar sized to T‐A1. This was the discovery hole at Granmuren Deeps and the anomaly coincides with a rich intersection of sulphides in this hole. The radial component indicates that the major part of the conductor is centred ~90m to the west of the borehole. A drill hole has been planned to intersect this plate at a downhole depth of ~450m and has the potential to extend the known mineralisation over a strike length of 400m. The DHEM plate sits at the western end of the modelled basal contact position of the Granmuren magmatic

intrusion.

DHEM body T‐C was modelled to explain the flank anomaly in hole 21DDTS003. The parameters of the body useare uncertain since hole 21DDTS003 was blocked at 520m depth and the survey could not be completed to nd of hole (562m). However, it seems likely that this body is sitting in a corresponding position as modelled body T‐A1, and the T‐C body improves the model fit to the data returned from hole 21DDTS004. The T‐C modelled plate is centred ~65m east of hole 21DDTS003 and a drill hole is planned to intersect the anomaly at a downhole depth of ~520m. Details of the target will be refined following the outcomes of the extension

of hole 21DDTS001 which is planned to intersect the edge of the T‐C plate ~45m further to the east. personalFor

Figure 2: Oblique long‐section (looking NNE) showing recently completed drill holes (blue traces) and planned drill holes (green traces) targeting the DHEM plates T‐A1, T‐B & T‐C (purple plates). The Induced Polarisation‐Resistivity (IP‐R) model is shown in green and the interpreted basal contact target position is shown by the red polygon.

DHEM body T‐D1 is the smallest of the plates and was modelled to explain an anomaly at 550m depth in drill hole 21DDTS004. The parameters of this body are uncertain, however it is centred ~80m west of 21DDTS004 and ~30m above 21DDTS002. No holes have been planned to test this target at this stage until geological and geophysical data from drilling of plates T‐A1 & T‐B have been assessed.

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Table 2: Drill Hole Collar Details
Hole ID	Easting	Northing	Dip	Azimuth	Depth (m)
21DDTS001	582220	6640654	‐59.17	180.00	515.00
21DDTS002	582220	6640654	‐47.78	225.00	584.35
21DDTS003	582210	6640055	‐55.00	325.00	562.00
21DDTS004	582210	6640055	‐50.00	325.00	613.00

onlyRagnar has awarded the drilling contract to Allroc AB Drilling, the drilling company that completed the initial 4 discovery holes, for a program comprising ~1,800m of drill core. Allroc are currently mobilising to Tullsta with the commencement of drilling being imminent.

useThe Swedish Inspectorate of Mines (IOM) has issued Ragnar an extension on the Exploration Licenses due to

the effects of COVID‐19 within the country. Ragnar's Licenses are now valid for a further 3‐year period until

28th March 2025 (Table 4) allowing sufficient time to fully scope out the mineralisation discovered at

Granmuren Deeps and also to evaluate the rest of the Project tenements for potential extension mineralisation associated with the Granmuren magmatic intrusion.

Core samples were submitted to MSALabs in Sweden for core cutting and sample prep, with pulps being sent to MSALabs in Canada for sodium peroxide ICP‐AES multi‐element analysis and fire assay for Au+PGEs nalysis. Independent laboratory assay checks were completed on pulps from hole 21DDTS002 by ALS in Sweden.

Laboratory results from MSALabs are summarised below in Table 3 and full results tabled as Appendix 1.

Table 3: Granmuren Deeps Significant Intersection Table.

			Hole_Id			From			To			Length			Au+Pd+Pt			Co %			Cu %			Ni %			S %
					(m)			(m)			(m)			ppm
		21DDTS001								Not assayed. Hole to be extended.
		21DDTS002	498.80		504.60		5.80		0.07		0.12			0.54		1.41		22.46
			And	504.60		505.80		1.20		0.23		0.06			2.11		0.31		4.65
personal	And	533.10		539.20		6.10		0.08		0.11			0.48		1.19		17.77
			incl	536.40		537.40		1.00		0.02	0.17		0.16		2.29		35.09
			And	546.40		550.20		3.80		0.02		0.04			0.33		0.50		7.30
			And	557.10		558.40		1.30		0.02		0.12			0.78		1.67		20.50
		21DDTS003	517.60		521.50		3.90		0.01		0.05			0.36		0.71		8.35
			incl	520.50		521.50		1.00		0.01	0.11		0.46		1.69		21.33
		21DDTS004	541.40		545.40		4.00		0.03		0.09			0.43		1.03		15.89
For
			And	557.70		563.35		5.65		0.18		0.04			0.41		0.50		6.80

The laboratory assay results have not confirmed some of the higher grade intersections in drillhole 21DDTS002 indicated by the previously released initial Minalyze XRF results. Investigation into the variation between the initial Minalyze XRF results and the laboratory assay results between Ragnar and Minalyze has determined that the core from hole 12DDTS006, which was used for the calibration of the XRF machine, had suffered aging and comprised of smaller broken pieces rather than long solid core runs which affected the grade calibration process. The coarse nature of the sulphide minerals will have also caused local

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