RAGNAR METALS LIMITED — Capital/Financing Update 2021

Nov 4, 2021

Announcement Summary

Entity name

RAGNAR METALS LIMITED

Date of this announcement

Friday November 05, 2021

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

ASX +securitycode	Security description	Total number of+securities to beissued/transferred	Issue date
New class - codeto be confirmed	Unlisted Options expiring 4 November 2024exercisable at $0.0564	10,000,000	05/11/2021

Refer to next page for full details of the announcement

Part 1 - Entity and announcement details

1.1 Name of entity

RAGNAR METALS LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ABN

Registration number

12108560069

1.3 ASX issuer code RAG

1.4 The announcement is

New announcement

1.5 Date of this announcement

5/11/2021

Part 2 - Issue details

2.1 The +securities the subject of this notification are:

Other

Please specify

Securities issued as previously announced to the market in an Appendix 3B dated 5 November 2021

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

does not have an existing ASX security code ("new class")

Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX

in an Appendix 3B

New +securities

ASX +security code	+Security description
New class - code to be confirmed	Unlisted Options expiring 4 November 2024 exercisable at$0.0564

+Security type

ISIN code

Options

Date the +securities the subject of this notification were issued

5/11/2021

Will all the +securities issued in this class rank equally in all respects from their issue date? Yes

Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under listing rule 6.1? Yes

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued.

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02432193-6A1054556?access\_token=8 3ff96335c2d45a094df02a206a39ff4

Options Details

+Security currency AUD - Australian Dollar Exercise price AUD 0.05640000 Expiry date 4/11/2024

Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option

Other

Equity Securities

Description

RAG : ORDINARY FULLY PAID

the market in an Appendix 3B

Any other information the entity wishes to provide about the +securities the subject of this notification

Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to

the market in an Appendix 3B

The options are an incentive based component of the Director's and Company secretary's remuneration.

Issue details

Number of +securities10,000,000
Were the +securities issued for a cash consideration?Yes
In what currency was the cash consideration beingpaid?	What was the issue price per +security?
AUD - Australian Dollar	AUD 0.00001000
Purpose of the issue
Other
Additional Details
The options are an incentive based component of the Director's and Company secretary's remuneration.

Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

ASX +security code and description	Total number of+securities on issue
RAG : ORDINARY FULLY PAID	337,684,889
RAGOC : OPTION EXPIRING 19-MAY-2023	91,666,497

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

ASX +security code and description	Total number of+securities on issue
RAGAL : OPTION EXPIRING 17-JUN-2023 EX $0.06	2,000,000
RAGAM : OPTION EXPIRING 17-JUN-2023 EX $0.08	2,000,000
RAGAC : ORDINARY FULLY PAID RESTRICTED	6,500,000
RAGAD : OPTION EXPIRING 19-MAY-2023 RESTRICTED	4,000,000
RAGAE : OPTION EXPIRING 19-MAY-2023 RESTRICTED	60,000,000
RAGAJ : OPTION EXPIRING 02-SEP-2022 EX $0.075	600,000
RAGAK : OPTION EXPIRING 19-MAY-2023 EX $0.04	4,000,000
New class - code to be confirmed : Unlisted Options expiring 4 November 2024 exercisableat $0.0564	10,000,000

Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? No

5.2b Are any of the +securities being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? No

5.2c Are any of the +securities being issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No