Ragnar Metals Limited announced that Swedish drilling contractor Allroc AB have mobilised to Tullsta and have commenced drilling activities to test the potential of the Granmuren nickel-copper discovery. Granmuren is located within the Company's 100%-owned Tullsta Nickel Project in Sweden, 110km NW of Stockholm. A 3,000m diamond drilling contract was awarded to Allroc AB who completed the two previous successful drilling campaigns for Ragnar during 2021 which led to the discovery of substantial Ni-Cu-Co mineralisation within the magmatic Granmuren gabbroic intrusion.

Stage 1 comprises three holes for ~1,600m to test the Keel Zone and the controls on mineralisation below hole 21DDTS007. The four Stage 2 holes for ~1,400m will test the up-plunge zone between hole 21DDTS007 and the historical shallower mineralisation, including the shallower portion of the Upper Keel to the east, which is supported by the DHIP-R modelling. Drilling will also test the Northern and Southern Lobes, providing new shallow target zones away from the main intrusive chamber.

Allroc have reopened blocked hole 21DDTS001 and have grouted the fractured upper portion of the hole so geophysical surveying can be completed. This will provide important geophysical information as hole 21DDTS001 passes along the northern side and under the main Granmuren intrusion. In addition, the hole was terminated at 707m, 93m into a separate gabbroic body below and south of the main intrusion.

In early June, Ragnar executives completed a field trip to Tullsta with the Company's consulting geologists from Geolithic and GeoVista (Figure 5), to enhance the understanding of the Granmuren mineralisation and geological model. The drill program has been slightly modified to test the "Keel Zone" at the base of the intrusion, which is considered a key target for the development of massive to semi-massive sulphide mineralisation. Separately, GeoVista identified additional historical data that has been incorporated into the geological model which supports the west plunging extension of the Granmuren Intrusion at depth and a downthrown fault to the east of Granmuren.

This is potentially the faulted extensions of the Granmuren Intrusion, providing additional target zones. A visit to Ragnar's Gaddebo project was also undertaken. The Gaddebo project is a historical nickel mine that contains two small shafts and an open pit located ~20km ESE of Granmuren and produced grades up to 4.9% Ni historically .

A number of sulphide bearing rock chip samples were collected from the mineralised dumps and these have been submitted for assay.