RAGNAR METALS LIMITED — Capital/Financing Update 2021

Nov 9, 2021

RAGNAR TO ACQUIRE HIGHLY PROSPECTIVE LITHIUM TENEMENTS IN THE PILBARA AND GASCOYNE

HIGHLIGHTS

• Binding Heads of Agreement executed to acquire 100% of WestOz Lithium Pty Ltd (HOA)
• WestOz is the applicant for five highly prospective lithium tenements in the Pilbara region and one tenement in the Gascoyne region of Western Australia
• The Pilbara region hosts numerous hard rock lithium projects including Wodgina Project (259Mt @ 1.17% LI2O)1 and Pilgangoora (309Mt @ 1.14% LI2O)2
• South Wodgina tenements (ELAs 45/5973 and 45/5974) are located ~10km south of the Wodgina mine (Mineral Resources Limited) and 35km southwest of the Pilgangoora operating mine (Pilbara Minerals Limited)
• The Pilbara region is characterised by tin-tantalum-beryl pegmatite intrusions
• Large rare-metal bearing Lithium Caesium Tantalum (LCT) type pegmatites are also found in the Wodgina and Pilgangoora districts
• Marble Bar tenements (ELAs 45/5972, 45/5986 and 45/5987) are located ~280km southeast of Port Hedland and ~80km from Marble Bar
• Marble Bar tenements are in the same regional granitic complexes as Moolyella, a mineral field well-known for its historical production in Tin and Tantalum
• The Company will conduct a review of historical geological information and other project information during the due diligence period under the HOA

Ragnar Metals Limited (ASX: RAG, "Ragnar Metals", or "the Company") is pleased to advise that it has entered into a binding Heads of Agreement (HOA) to acquire 100% of WestOz Lithium Pty Ltd (WestOz). WestOz is the applicant for five highly prospective lithium tenements in the Pilbara and one tenement in the Gascoyne province of Western Australia which are listed in Schedule 1 (Tenements).

Directors

ragnarmetals.com.au

Steve Formica Level 3, 35 Outram St T. +61 8 6245 2050 Eddie King West Perth WA 6005 F. +61 8 6245 2055 David Wheeler Australia E. info@ragnarmetals.com.au

1 MIN announcement "Wodgina Mineral Resource and Ore Reserve Update" 23 October 2018 : 196.9Mt 1.17% Li2O Indicated Resource, 62.29 Mt 1.16% Li2O Inferred Resource, 259.19 Mt 1.17% Li2O Total Mineral Resource.

2 PLS Annual Report 2021 released 21 October 2021, page 20: 21.5 M.dmt 1.35% Li2O Measured Resource, 188.7 M.dmt 1.15% Li2O Indicated Resource, 98.8M. dmt 1.06% Li2O Inferred Resource, 308.9M dmt 1.14% Li2O Total Mineral Resource.

Ragnar Chairman Steve Formica comments: "The agreement to acquire WestOz represents an excellent opportunity for Ragnar to secure highly prospective lithium tenements in Western Australia. WestOz has applied for a significant land area in a premium location, in close proximity to established lithium operations such as Wodgina and Pilgangoora. In addition, WestOz applications are adjacent to Global Lithium's Marble Bar Lithium Project which recently attracted investment from a major Chinese battery producer.

We are excited about the acquisition opportunity and in furthering our current EV and clean energy exposure from our current nickel interests in Sweden. Ragnar has been focused on exploring its nickel interests in Sweden, which we will continue to do so in conjunction with assessing the WestOz opportunity fully."

Figure 1. Location of tenements and Lithium mines surrounding the tenements.

1. South Wodgina

The South Wodgina tenements (E 45/5973 and E 45/5974) are located approximately 150km south of Port Hedland with access via the Great Northern Highway. South Wodgina is situated to the south of lithium producing mines Wodgina and Pilgangoora.

Regional Geology

The East Pilbara Terrane comprises of large domal granitic complexes surrounded and separated by narrow curvilinear belts of steeply dipping greenstone successions. The host rocks in South Wodgina belongs to the Split Rock Supersuite intrusions which are highly prospective for Lithium Caesium Tantalum (LCT) pegmatites and tin‐tantalum‐beryl pegmatite. The West Pilbara Craton is a highly endorsed area for exploration and hosts the largely underexplored Numbana Monzogranite. Most historical exploration has concentrated on the fringes of the granite metasediments contact around the granite rim . Dome and keel structure similar to Moolyella with Tin and Lithium mineralisation has not been documented in the South Wodgina tenements. This area has been previously explored for tantalum, but lithium has not been assayed systematically.

Figure 2. Location of South Wodgina tenements

Figure 3. South Wodgina tenements mainly sit on the highly fractionated Numbana Monzogranite and partly bordering younger volcanics and metasendiments to the south and east.

2. Marble Bar

The Marble Bar tenements consist of Fig Tree tenement (E45/5972), Camel Creek tenement (E45/5987), and Ant Hill tenement (E45/5986).

Local Geology

This area is part of the Pilbara Craton. The Fig Tree tenement belongs to the Mount Edgar Granitic Complex Supersuite (MEGC), while the Camel Creek and Ant Hill belong to the Corruna Downs Granitic Complex (CDGC) and all lie within the East Pilbara Terrane. The tenements are in the same regional granitic complexes where the Moolyella Project is located and have similar geological age. The area is a granitic complex largely underexplored for lithium as past explorers were focused on base metals and gold. Geological Survey of Western Australia (GSWA) regional surface geochemistry for Lithium (Li), Rubidium (Rb) and Caesium (Cs) show some indicators of LCT‐type deposits on a highly fractionated granitic region.

3. Wandagee

The Wandagee Project (E 09/2499) is located approximately 130km northeast of Carnarvon and 45km east of the Minilya Bridge Roadhouse, in the Gascoyne Region of Western Australia. Accessto the outskirts of the tenement is via sealed road from Carnarvon to Minilya then unsealed road from the Minilya Bridge Roadhouse. The Wandagee Project consists of one exploration licence (E09/2499) covering an area of approximately 400 km2 located in the East Pilbara Shire.

Regional Geology

The Wandagee tenement lies in a gravity high striking approximately North‐South along the Wandagee fault system. The local geology is predominantly comprised of sediments in the Merlinleigh Sub‐basin. The Merlinleigh Sub‐basin is a westerly dipping half‐graben complex, filled primarily by Upper Carboniferous and Permian rocks. A thick Devonian and Lower Carboniferous sequence occurs in the northern half of the sub‐ basin. Rocks in the sub‐basin onlap Precambrian basement to the east and are bounded by the Ajana, Kennedy, and Wandagee–Yanrey Fault Systems to the west. The northern boundary of the sub‐basin, with the Peedamullah Shelf, is taken at the northern margin of Permian rocks.

The Gascoyne Basin is the largest sub‐basin of the Carnarvon Basin, containing up to 4500m of Silurian to Tertiary sediments. It has been uplifted 2500 to 3000m relative to the Merlinleigh Sub‐Basin which lies to the east across the Wandagee Ridge. This ridge is a prominent gravity high feature forming the eastern margin of the Gascoyne Basin. The Wandagee and Yanrey Faults cut through the tenement, running north to south. Barren kimberlites are buried underneath the Cretaceous sediments at a depth up to 90m. Historical drilling did not test for presence of Rare Earth Elements in the previously identified kimberlites in the tenement.

Figure 5. Location of Wandgee tenement

Next Steps

The Company will undertake a desktop review of available historical geological information and other project information during the due diligence period underthe HOA. Subject to satisfactory completion ofthisreview, the Company will consider further steps including undertaking a site visit.

Details of Agreement

The Company has also entered into a conditional agreement to acquire 100% of the issued capital of WestOz Lithium Pty Ltd (ACN 642 083 583) (WestOz) from two vendors unrelated to the Company, Paul Watts and Arnel Mendoza (Transaction).

In consideration for completion of the Transaction (Completion), the Company has agreed to issue to the vendors(or their respective nominee/s) an aggregate of 10,000,000 Shares at a deemed issue price of $0.035 each and 10,000,000 optionsto acquire Shares each exercisable at $0.05 on or before that date that is 1 year after the date of issue and otherwise on customary terms (Consideration Securities).

Completion remains subject to satisfaction (or waiver) of the following conditions precedent by 31 March 2022 (or such earlier date specified):

• (a) completion of due diligence by the Company on WestOz and its assets, including the Tenements, to the satisfaction of the Company in its sole discretion no later than 9 December 2021;
• (b) grant of the Tenements;
• (c) the Company obtaining all necessary shareholder and regulatory approvals to it to lawfully complete the matters contemplated by the Transaction, including shareholder approval pursuant to ASX Listing Rule 7.1 for the issue of the Consideration Securities;
• (d) the Parties obtaining all other necessary third party consents and approvals (including any necessary ministerial consents or approvals) to lawfully complete the matters contemplated by the Transaction; and
• (e) ASX not applying Listing Rule 11.1.3 to the Transaction.

The Transaction is otherwise on terms considered standard for agreements of their nature, including vendor representations and warranties.

For the purpose of ASX Listing Rule 15.5, the Board has authorised for this announcement to be released.

For further enquiries contact:

Steve Formica Chairman RAGNAR METALS LIMITED

Tel: +61 418 920 474 Email: steve@formicagroup.com.au

Competent Person Statement

The information in this announcement that relates to the geological setting of the Tenements does not contain Exploration Targets, Exploration Results, Mineral Resources, or Ore Reserves. Information about the geology of the Tenements has been compiled from publicly available information reviewed by Mr Arnel Mendoza who is a shareholder and Director of West Oz Lithium Pty Ltd and is a member of The Australian Institute of Geoscientists. As a shareholder of WestOz Lithium, Mr Mendoza is not independent. Mr Mendoza has sufficient experience that is relevant to the style of mineralisation under consideration as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting on Exploration Results, Mineral resources and Ore Reserves". Mr Mendoza consents to the inclusion in this announcement of the matters based on the information reviewed by him in the form and context in which it appears.

Schedule 1 ‐ Tenements

Tenement ID	Name	Ownership	Size	Status
E09/2499	Wandagee	100%	129 blocks	Application
E45/5972	Fig Tree	100%	56 blocks	Application
E45/5973	South Wodgina	100%	60 blocks	Application
E45/5974	South Wodgina	100%	36 blocks	Application
E45/5986	Ant Hill	100%	70 blocks	Application
E45/5987	Camel Creek	100%	70 blocks	Application

JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteiar	JORCCodelantioexpan	Cotammenry
Salingmptechniques	f s(Naturd qlitylingt chals,dohipe anuaoampegcunneranmcs,orificialisedindutrytandad mttoolsiatespecspecssreasuremenapproprtotheinelsdeinvtigtionh adoholemraunresasucswngamma,dehadheldXRFinstruts,tc).Thelesholdsons,ornmeneseexampsutbetakelimitingthebrd mingf slingnonasoaeanoampIncludefertotaketoletivityreencemeasuresnensuresamprepresendtheiatelibrtionf attoolstemanapproprcaaonymeasuremenorsyssd.useff mAststhedeterinationinelisationthat aMaterialtothepecomorarePublicRet.porInhe'indutrytandad' wkhabedothisldbecases wressrorsennewou('relativelyimleirclationdrillingdtobtain1respegverse cuwasuseolesfrohich3kglveisedtodu30 ghamsampmwwaspurproceacrgeforf').ireInthelantionbeired,assayor casesmore expamayrequhhetheisldthathainhet slingsucaswrerecoarsegosrenampblemUnl cditiesinelisationty(pros.usuaommoor mrapesegbminedules)tdisclosfdetailedinfortionsuarnomaywarranure oma	Nolingistedinthetsampreporannouncemen
Drillinghniqtecues	Drill(irclaion-hlehairtyttarpeegcorereverse copenommerroauy,,,blast,Bakaic,tc)ddetails(diamtertripleaugerngsoneanegcoree,,,dadbedehfdiamdils,falingbihetantuttat otorsrpoonce-sampr or,tyhetheisiented adif sbyhat mthod,tc).pe,wr coreorno,wee	Nodrillingldtsteresuarerepor
Drill sleamprecovery	Mthod of rdingd aingd chipleieseecoranssesscoreansamprecoverd rld.tsanesassesseuMkeimiseled etatoeasuresnmaxsamprecoveryannsuretativeturfthelesrepresennae osampWhethelationhipistsbetwled gder aresexeen samprecoveryanradhehelebiashadduferialttotanr sampmayveoccurreepreenwlos/ginffine/cterial.saooarse ma	Nodrillingltstedresuarerepor
Loinggg	Whethed chipleshabelogicallydr core ansampveengeoanhnicallylogdlevl ofdeiliatectotatot ategeogeaesupporpproprMinelRetimtioniningtudiesd mtalluricalrasourceesamsaneg,diestus	Nodrillingltstedresuarerepor

Criteiar	JORCCodelantioexpan	Cotammenry
	WhethelogingislitativetitativeinturCo(rgquaor quannae.reorhal,)hohyteatctogcosn,cnneeprapThetotallenthd ptagfthelevtintertionlogd.ganercene oreansecsge
Sub-lingsamphniqtecuesd sleanamptionprepara	If chehedhehehalf oll ctt otterore,r cr sawnanr quarr aorewuw,taken.If nhetheiffled,tubeled,tarlit,tcdon-corewr rsamproyspean,heheleddrytt or sampwerwFoll slehelid aiafhetytturtytentr aamppesnae,quaanppropress o,letiontechniqsamppreparaueQlitytrol pdudotedforll sb-lingtagtouaconroceres apausampsesimisetivityf slesmaxrepresenoampMtaketothatthelingistativeftheineasuresnensuresamprepresenoituterial cllected,includingforinstanltsforfieldsmaoceresudulicate/sd-half slingpeconampWhetheleizeiatetotheinizeftheterialr sampss areapproprgrasomabeingled.samp	Nolingisdtesamprepor
Qliftyuaodataassaydanlabotorraytests	fTheturlityd aiatentheingdnae,quaanppropress oassayanlabotordud adhethethetechniqisidedraproceres usenrueconsreywtial ototal.parrFohyicaltools,troterhadheldXRFinstruts,tc,r geopsspecmes,nmenetheterdindeteriningthelyisincludinginstrutparames usemanasmenked mdel,dingtimlibrtionfactorlied adtheirmaanoreaescaass appn,deivaionttc.re,Naturf qlitytrol pdudoted(tandadsblankse ouaconroceres apegsr,,)dulicatesterllabotorheksdhethetablelevlspexnarayccanwr accepe,f a(ielack ofbias)d pisionhabetablished.occuracanrecveenesy	Nolingistedsamprepor
Veificationfrolingdsampaningassay	Theificaionf sigificainionbyiheindedettterttt overonnsecserpennrltertivel.anacompanypersonneTheftwinndholesuseoeDotationf pimdata,datatrydudatacumenoraryenproceres,ificationdatator(hyical ad electroic)tocls.versagepsnnproo,Discdjtmttodata.uss anyausenassay	Nolingisdtesamprepor
Lotionfcaodaintatspo	Acd qlif sdlocdrillholes(llardtytotecuracyanuaourves useacoany),do-hletreheinekingd otheloctionwnosurveysncs,mwors anrasdinMinelRetimtionuserasourceesaSpificationftheid stemd.ecogrysuseQlityd adeftophictrol.uaanquacyoograpcon	Nolingisdtesamprepor

Criiater	JORCCodelaniotexpan	Cotammenry
Dataingspacdandistribution	DataingfortingfExlortionRelts.spacreporopasuWhethethedataingddistributionisfficienttotablishtherspacansuesdef glogical ad gdeinuiiaforheMinelttytetgree oeonraconapproprraRedOrRetimtiondu()dsourceaneserve esaproceresanflasiicationlied.css appWhetheleitinghabelied.r sampcompossenapp	Nolingistedsamprepor
Orientationfodatainlationtorelogicalgeotrutursce	f sfWhethetheientationlinghievbiasd slingroroampacesneampouibletruturdthetenttohichthisisknideingpossscesanexwown,consrthedeittypospe.Ifhelaionhipbehedrillingieniondheieniontttwttatttatreseenoranorfkeinelised struturisidedtohaintrodud aoymracesconsrevecef mlingbiasthisholdbed ad rtediterial.sampsuassessenepora,	Nolingistedsamprepor
Salempitysecur	Thetaketoleity.measuresnensuresampsecur	Nolingistedsamprepor
Auditsoriewrevs	f af sTheltsditsiewlingtechniqddata.resuonyauorrevs oampues an	Nolingistedsamprepor

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criiater	JORCCodelaniotexpan	Cotammenry
Minelradtent aemennlandtenuretatuss	Tyfer/nbeloctiond ohipincludingpe,reencenameumr,aanwnerststerialissiththird ptiesh ajintagreemenormaues warsucsohipidingliesiveileinturtnettttterts,venesparrss,overrroanaesy,,historical sitesildetionl pk ad eirotalwrness or naaarnnvnmen,ingttses.Theityfthetenheld atthetimf rtinglonith asecurouree oeporagwnyknimdimtstobtaininglicetoteintheownpeenoanceoperaarea.	ThelicaiondeilsfoheELAsincludedinhetet attattnemenppraret.WtOzLithiumPtyLtdistheisted alicat.Nofreporesregreppnneohelicaionhabed.tttteappsveeengrany
Exloriontpadobytheneortiespar	Acknledgt ad aisal of elortionbythetiesowmennppraxpaor par	Thet'sthohahaddtobliclyilableinfotionreporaursveregarpuavarmafileihheGelogicalSufWAuliaincludingtttetraonorveoesrnswyGSWARet143;GSWARet181;GSWAGeheistryRetporporocmpor181.Afull reiewfhisical eloriondahabetottat ytorxpas noeenvleted.comp
Gelogoy	f mDeittylogical sttingd styleinelisationpospe,geoeanora	fofRelevtintiondingthelogical sttingtheanrmaregargeoeoisinhetetst ottt.nemensereporu

Criteiar	JORCCodelantioexpan	Cotammenry
DrillholeInfortionma	Af allinfortionterialtothedetandingfthesummaryomamaunrsolorionlincludingbulaionfhefollowinginforionttstatttexparesuaomaforllMaterialdrillholesa:ingd nhingfhedrillholellarttteasanorocoolevtionRL(RedudLel –levtionbolevlineaorceveeaaveseaeo)fhedrillholellartretmesocodipd aimthftheholeanzuoodoholelenhdiniondehtterttwnganceppoholelenth.goIfthelusionfthisinfortionisjtified othebaisthattheexcomausnsinforionisMaial adhislusiondodefrotttertttratmanonexcesnocmthedetandingfthet,theCotentPehold clealyunrsorepormpersonsurlainhyhisishettexpcasew	Nodrillholeinfotionistedrmarepor
Datationaggregathodsme	IningExlorionRelighinginghniqttts,ttecreporpasueaveragues,wimd/oinimdetrution(ttingfhighmaxumanr mumgrancasegcuo)ff gded ct-odellyMaterial ad sholdbetated.grasanras aresuansuuuWheinincholenhsfhigh gdetetertstettreaggregaceporporasrgoraltsdlonlenthsflowdelts,thedudresuangergograresuprocereuseforhionholdbed ad sical elesfttatetysucaggregassnomepxampouhtionholdbehoindetail.sucaggregas suswnThetiondfortingf mtal eivalent vlueassumps useanyreporoequasholdbelealyd.tatescrsu	foNodrillholeintionistedrmarepor
Relationhipsbetweeninelisationmraidthsdwanintertceplenthsg	fThelationhipticularlyimtantinthetingseress areparporreporoExlortionRelts.pasuIfthetryftheinelisationith rttothedrillholegeomeomrawespecleiskniholdbed.tsturteangown,nae sreporuIfiisknd olyhedoholelenhsd,hetttttetnoownannwngarereporreholdbeleatatemttothisffet('doholelenth,trusuacr senecegwngeidh nkn').ttoownw	foNodrillholeintionistedrmarepor
Diagrams	()fApiated stionith slesdtabulationproprmaps anecswcaans ointertsholdbeincludedforigificatdiscbeingcepsuanysnnoveryftedTheholdincludebut ntbelimitedtolaniewreporsesuoa pvo,drillholellarloctiond aiatetionl viewcoas anpproprsecas.	Maincludedinthet.ps areannouncemen
Balandcetingrepor	Wheheivetingf allExlortionReltsistrecomprensreporopasunofticable,tativetingbothlowdhigh gdepracrepresenreporoanrasd/oidthsholdbeticedtoid misleadingtingfanr wsupracavoreporoExlortionRelts.pasu	Nolortionltstedexparesuarerepor
Otherbstantivesu	Othelortiondata,if mingful ad mterial,holdbetedr expaeannasureporincluding(but ntlimitedto)logical obstionhyicalo: geoervas;geops	Ast offuthelortiondatahat ytbedetakesessmenrr expas noeenunrn.Noheial adingful eloriondainfoionisttettator marnmeanxparma

Criteiar	JORCCodelantioexpan	Cotammenry
loriontexpadata	lheical slbulk slesizedts;ts;surveyresugeocmurveresuampsany–thod oftretmt;talluricaltest rlts;bulkdeity,meaenmegesunsdwhnical ad rk chaisicsialtertecterttentgrounageonocracpo;,deleterioutaminatingbstans or consuces.	lyilable.tpresenava
Fuhektrr wor	Theturd slef plandfurthek(testsforlaterlnae ancaoner woregaiondehionlarledrilling).tenttenteptexss orpexss orge-scas-ouDiaglealyhighlighinghef pibleiontttenramscrareasoossexss,includingtheinlogicalintertationdfuturdrillingmageopres aneareas,idedhisinforionisiallyiivettt ctpromanoommercsensv	TheCoill cdut riewfhistoical elortiondatadmpanywoncevorxpaanhejinfoionduingdudiligiod.Fuhekttttor proecrmareenceperrr worillbelandfollowingthat riewwpneev