RAGNAR METALS LIMITED — Capital/Financing Update 2017

Oct 30, 2017

283 Rokeby Road Subiaco WA 6008 P: +61 8 6141 3500 F: +61 8 9481 1947 E: info@drakeresources.com.au

30 October 2017

TERMS AND CONDITIONS OF OPTIONS Exercise Price 3 cents – Expiry date 5 May 2021

• (a) Each Option entitles the holder to subscribe for one Share upon exercise of the Option.
• (b) Each Option has an exercise price of $0.03 (Exercise Price) (on a post Consolidation basis) and the expiry date is 5 May 2021 (Expiry Date).
• (c) The Options are exercisable at any time after grant and on or prior to the Expiry Date.
• (d) The Options may be exercised by notice in writing to the Company (Notice of Exercise) and payment of the Exercise Price for each Option being exercised. Any Notice of Exercise of an Option received by the Company will be deemed to be a notice of the exercise of that Option as at the date of receipt.
• (e) Shares issued on exercise of the Options rank equally with the then Shares of the Company.
• (f) Application will be made by the Company to ASX for quotation of the Shares issued upon the exercise of the Options.
• (g) There are no participation rights or entitlements inherent in the Options and holders will not be entitled to participate in new issues of capital offered to Shareholders during the currency of the Options. However, the Company will ensure that for the purposes of determining entitlements to any such issue, the record date will be at least ten business days after the issue is announced. This will give the holders of Options the opportunity to exercise their Options prior to the date for determining entitlements to participate in any such issue.
• (h) If the Company makes a bonus issue of Shares or other securities to existing Shareholders (other than an issue in lieu or in satisfaction of dividends or by way of dividend reinvestment):
  • (i) the number of Shares which must be issued on the exercise of an Option will be increased by the number of Shares which the Optionholder would have received if the Optionholder had exercised the Option before the record date for the bonus issue; and
  • (ii) no change will be made to the Exercise Price.
• (i) If the Company makes an issue of Shares pro rata to existing Shareholders there will be no adjustment of the Exercise Price of an Option.
• (j) If there is any reconstruction of the issued share capital of the Company, the rights of the Optionholders may be varied to comply with the Listing Rules which apply to the reconstruction at the time of the reconstruction.
• (k) No application for quotation of the Options will be made by the Company.
• (l) The Options are transferable provided that the transfer of the Options complies with section 707(3) of the Corporations Act.
• (m) Cheques shall be in Australian currency made payable to the Company and crossed "Not Negotiable". The application for shares on exercise of the Options with the appropriate remittance should be lodged at the Company's share registry.

TERMS AND CONDITIONS OF OPTIONS Exercise Price 2 cents – Expiry date 8 June 2021

• (a) Each Option entitles the holder to subscribe for one Share upon exercise of the Option.
• (b) Each Option has an exercise price of $0.02 (Exercise Price) (on a post Consolidation basis) and the expiry date is 8 June 2021 (Expiry Date).
• (c) The Options are exercisable at any time after grant and on or prior to the Expiry Date.
• (d) The Options may be exercised by notice in writing to the Company (Notice of Exercise) and payment of the Exercise Price for each Option being exercised. Any Notice of Exercise of an Option received by the Company will be deemed to be a notice of the exercise of that Option as at the date of receipt.
• (e) Shares issued on exercise of the Options rank equally with the then Shares of the Company.
• (f) Application will be made by the Company to ASX for quotation of the Shares issued upon the exercise of the Options.
• (g) There are no participation rights or entitlements inherent in the Options and holders will not be entitled to participate in new issues of capital offered to Shareholders during the currency of the Options. However, the Company will ensure that for the purposes of determining entitlements to any such issue, the record date will be at least ten business days after the issue is announced. This will give the holders of Options the opportunity to exercise their Options prior to the date for determining entitlements to participate in any such issue.
• (h) If the Company makes a bonus issue of Shares or other securities to existing Shareholders (other than an issue in lieu or in satisfaction of dividends or by way of dividend reinvestment):
  • (i) the number of Shares which must be issued on the exercise of an Option will be increased by the number of Shares which the Optionholder would have received if the Optionholder had exercised the Option before the record date for the bonus issue; and
  • (ii) no change will be made to the Exercise Price.
• (i) If the Company makes an issue of Shares pro rata to existing Shareholders there will be no adjustment of the Exercise Price of an Option.
• (j) If there is any reconstruction of the issued share capital of the Company, the rights of the Optionholders may be varied to comply with the Listing Rules which apply to the reconstruction at the time of the reconstruction.
• (k) No application for quotation of the Options will be made by the Company.
• (l) The Options are transferable provided that the transfer of the Options complies with section 707(3) of the Corporations Act.
• (m) Cheques shall be in Australian currency made payable to the Company and crossed "Not Negotiable". The application for shares on exercise of the Options with the appropriate remittance should be lodged at the Company's share registry.

283 Rokeby Road Subiaco WA 6008 P: +61 8 6141 3500 F: +61 8 9481 1947 E: info@drakeresources.com.au

TERMS AND CONDITIONS OF OPTIONS Exercise Price 3 cents – Expiry date 8 June 2021

• (a) Each Option entitles the holder to subscribe for one Share upon exercise of the Option.
• (b) Each Option has an exercise price of $0.03 (Exercise Price) (on a post Consolidation basis) and the expiry date is 8 June 2021 (Expiry Date).
• (c) The Options are exercisable at any time after grant and on or prior to the Expiry Date.
• (d) The Options may be exercised by notice in writing to the Company (Notice of Exercise) and payment of the Exercise Price for each Option being exercised. Any Notice of Exercise of an Option received by the Company will be deemed to be a notice of the exercise of that Option as at the date of receipt.
• (e) Shares issued on exercise of the Options rank equally with the then Shares of the Company.
• (f) Application will be made by the Company to ASX for quotation of the Shares issued upon the exercise of the Options.
• (g) There are no participation rights or entitlements inherent in the Options and holders will not be entitled to participate in new issues of capital offered to Shareholders during the currency of the Options. However, the Company will ensure that for the purposes of determining entitlements to any such issue, the record date will be at least ten business days after the issue is announced. This will give the holders of Options the opportunity to exercise their Options prior to the date for determining entitlements to participate in any such issue.
• (h) If the Company makes a bonus issue of Shares or other securities to existing Shareholders (other than an issue in lieu or in satisfaction of dividends or by way of dividend reinvestment):
  • (i) the number of Shares which must be issued on the exercise of an Option will be increased by the number of Shares which the Optionholder would have received if the Optionholder had exercised the Option before the record date for the bonus issue; and
  • (ii) no change will be made to the Exercise Price.
• (i) If the Company makes an issue of Shares pro rata to existing Shareholders there will be no adjustment of the Exercise Price of an Option.
• (j) If there is any reconstruction of the issued share capital of the Company, the rights of the Optionholders may be varied to comply with the Listing Rules which apply to the reconstruction at the time of the reconstruction.
• (k) No application for quotation of the Options will be made by the Company.
• (l) The Options are transferable provided that the transfer of the Options complies with section 707(3) of the Corporations Act.
• (m) Cheques shall be in Australian currency made payable to the Company and crossed "Not Negotiable". The application for shares on exercise of the Options with the appropriate remittance should be lodged at the Company's share registry.

283 Rokeby Road Subiaco WA 6008 P: +61 8 6141 3500 F: +61 8 9481 1947 E: info@drakeresources.com.au

TERMS AND CONDITIONS OF OPTIONS Exercise Price 2 cents – Expiry date 13 June 2021

• (a) Each Option entitles the holder to subscribe for one Share upon exercise of the Option.
• (b) Each Option has an exercise price of $0.02 (Exercise Price) (on a post Consolidation basis) and the expiry date is 13 June 2021 (Expiry Date).
• (c) The Options are exercisable at any time after grant and on or prior to the Expiry Date.
• (d) The Options may be exercised by notice in writing to the Company (Notice of Exercise) and payment of the Exercise Price for each Option being exercised. Any Notice of Exercise of an Option received by the Company will be deemed to be a notice of the exercise of that Option as at the date of receipt.
• (e) Shares issued on exercise of the Options rank equally with the then Shares of the Company.
• (f) Application will be made by the Company to ASX for quotation of the Shares issued upon the exercise of the Options.
• (g) There are no participation rights or entitlements inherent in the Options and holders will not be entitled to participate in new issues of capital offered to Shareholders during the currency of the Options. However, the Company will ensure that for the purposes of determining entitlements to any such issue, the record date will be at least ten business days after the issue is announced. This will give the holders of Options the opportunity to exercise their Options prior to the date for determining entitlements to participate in any such issue.
• (h) If the Company makes a bonus issue of Shares or other securities to existing Shareholders (other than an issue in lieu or in satisfaction of dividends or by way of dividend reinvestment):
  • (i) the number of Shares which must be issued on the exercise of an Option will be increased by the number of Shares which the Optionholder would have received if the Optionholder had exercised the Option before the record date for the bonus issue; and
  • (ii) no change will be made to the Exercise Price.
• (i) If the Company makes an issue of Shares pro rata to existing Shareholders there will be no adjustment of the Exercise Price of an Option.
• (j) If there is any reconstruction of the issued share capital of the Company, the rights of the Optionholders may be varied to comply with the Listing Rules which apply to the reconstruction at the time of the reconstruction.
• (k) No application for quotation of the Options will be made by the Company.
• (l) The Options are transferable provided that the transfer of the Options complies with section 707(3) of the Corporations Act.
• (m) Cheques shall be in Australian currency made payable to the Company and crossed "Not Negotiable". The application for shares on exercise of the Options with the appropriate remittance should be lodged at the Company's share registry.