RAGNAR METALS LIMITED — Capital/Financing Update 2021

Sep 8, 2021

4M AT 6.6 G/T AU CONFIRMS POTENTIAL FOR SEVERAL NEW GOLD BEARING STRUCTURES AT LEEDS

HIGHLIGHTS

• Breakthrough intersection of 4m at 6.6 g/t Au from 88 m in RAG018 that targeted a newly identified SAM (Sub-Audio Magnetics) anomaly is interpreted as a possible high-grade structure that is open and undrilled for 500m to the north-northeast
• Other significant intersections confirm widespread gold over 800 m strike:
  • o 12 m at 0.9 g/t Au from 128 m including 1 m at 7.2 g/t Au in RAG007;
  • o 9 m at 0.8 g/t Au from 170 m including 1 m at 4.8 g/t Au in RAG010; and
  • o 135 m at 0.25 g/t Au from 52 m including 8 m at 1.0 g/t Au in RAG003.
• The SAM geophysics and drilling results together indicate that the area is highly prospective for multiple gold-bearing structures across the project area
• A comprehensive soil geochemistry survey is currently being planned to assess the extensive new target trends identified from the new geophysics work

Ragnar Metals Limited ("Ragnar", or "the Company", ASX:RAG) is pleased to announce breakthrough assay and geophysics results from recent drilling and SAM geophysics programs at the Leeds Gold Project ("Leeds" or the "Project") located 20km south of the Goldfields St Ives gold mining camp in Kambalda.

Chairman Steve Formica comments: "The gold assay results, and widespread anomalies are very exciting for the Company and support Ragnar's commitment to consider further exploration at the company's highly prospective Norseman-Wiluna greenstone belt. We are excited for the potential of Leeds and look forward to the possibility of further exploration work on the open high-grade Au structure."

2021 Drilling and Geophysics Program

During the months of June and July this year Ragnar completed a total of 17 holes for 2,735 metres of RC drilling as well as 2 diamond holes for 406 metres at Leeds (Table 1). The primary aim was to focus on the central 800m strike trend at Leeds where historic drilling indicates widespread areas of near-surface supergene (oxidized) mineralisation with high grade mineralisation in places including 17m @ 5.7 g/t Au (see announcement dated 16 June 2021).

The two primary objectives of the drill program were:

1. Utilise an RC rig to test at depth below known mineralisation where previous intersections indicate the mineralisation may dip variably to the west.

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. Utilise a diamond rig to establish the orientation of important mineralised structures and veins in key areas

In addition, Ragnar engaged external consultants Resource Potentials to conduct a SAM (Sub Audio Magnetic) survey across Leeds, with the aim to identify additional gold-bearing structures across the Project. SAM surveys have been very successful in the past in identifying mineralised structures at Goldfields, St Ives Gold project. SAM geophysics methods are designed to test for deeper weathering into sulphide bearing structures (NB: details of the SAM survey are outlined in Section 2 of the JORC Table).

Figure 1: Ground based SAM geophysics image (1VD MMC NW sun) showing the location of drillholes recently conducted by Ragnar and significant drilling intersections, possible gold-bearing structures interpreted from the SAM data and historic significant gold intersections. Significant previous drilling intersections are reported in acquisition announcement dated 21 January 2021.

Drilling and SAM Geophysics Results

The drilling results have confirmed the presence of multiple gold mineralised intervals hosted in felsic to intermediate volcaniclastic and intrusive rocks over a strike length of 800m. Gold mineralisation has been observed to occur as two primary types:

1. Quartz-tourmaline-pyrite vein style mineralisation style that was best represented by new drilling intersections:

8 m at 3.5 g/t Au from 88 m including 4 m at 6.6 g/t Au in RAG018; 6 m at 2.0 g/t Au from 162 m including 1 m at 7.6 g/t Au in RAG007; 4 m at 2.8 g/t Au from 60 m including 1 m at 4.0 g/t Au in RAG009 (oxidised); and 9 m at 0.8 g/t Au from 170 m including 1 m at 4.8 g/t Au in RAG010.

1. Wide zones of broadly disseminated pyrite +/- magnetite alteration and associated lower grade gold mineralisation. This mineralization style was best represented by the new drilling intersections: 135 m at 0.25 g/t Au from 52 m including 8 m at 1.0 g/t Au in RAG003; 132 m at 0.2 g/t Au from 48 m including 5 m at 1.0 g/t Au in RAG010; 30 m at 0.4 g/t Au from 140 m including 9 m at 0.9 g/t Au in RAG009; and 8 m at 0.8 g/t Au from 196 m (at end of hole) including 4 m at 1.1 g/t in RAG015

For the full set of detailed assay results refer to Table 2.

(NB: Drilling intersections are not likely to represent true width since the orientation of both mineralisation styles is yet to be determined).

The assay results from the drill program are encouraging and support Ragnar's view that Leeds is highly prospective for zones of widely disseminated low grade gold mineralisation as well as narrow high-grade gold mineralisation associated with quartz-tourmaline veins.

The results of the SAM geophysics survey are compelling, and several implications are suggested from the images:

• A. A new potential high-grade structure has been potentially discovered to the northeast of historic drilling at Leeds as indicated by the breakthrough intersection of 4 m at 6.6 g/t Au in RAG018 (Figure 1). The SAM geophysics images indicate this structure trends north-northeast and is open for 500m to the north and has not been drilled.
• B. Several strike kilometres of similar SAM anomaly trends have been identified from the work, which are all highly prospective for further gold mineralisation.
• C. The SAM geophysics indicates the area of previously identified gold mineralisation at Leeds, comprises a complex array of multiple north-northeast and north-trending structures (Figure 1).

It should be noted that diamond drilling indicates that many of the quartz-tourmaline-pyrite veins dip primarily steeply to the southeast and that the RC drilling has not been optimally orientated to intersect the high-grade structures.

Next Steps at Leeds

The following work programs are currently underway at Leeds:

• 1. A resampling program is currently underway to submit one-metre composite samples for assay where the four metres composite spear sample assays are highly mineralised (e.g. in RAG018) or highly anomalous.
• 1. A series of cross sections is currently being interpreted at Leeds to combine the new assay results and geology with historic data as well as the new SAM geophysics anomalies to better understand the likely trend of mineralisation on the Project at depth and along strike since the overall orientation of disseminated and vein-style mineralisation is still yet to be defined.
• 1. An ultra-fine fraction multi-element soil geochemistry survey with very low detection limits is currently being planned. The aim of this survey is to assist in identifying elevated gold associated with the SAM anomaly trends identified on the Project that will ultimately lead to prioritising drill targets in the next drill campaign.
• 1. Contemplate a new phase of drilling targeting several SAM anomalies with potential to host high grade gold mineralization.

BHID	Type	Easting	Northing	RL	Coords	Azi	Dip	Depth
RAG001	RC	388192	6506476	329	GDA94Z51	90	60	150
RAG002	RC	388102	6506481	320	GDA94Z51	90	55	176
RAG003	RC	388046	6506680	324	GDA94Z51	90	55	187
RAG004	RC	388760	6505560	330	GDA94Z51	90	60	150
RAG005	RC	388677	6505548	331	GDA94Z51	90	60	150
RAG006	RC	388334	6505962	322	GDA94Z51	90	55	150
RAG007	RC	388164	6506269	327	GDA94Z51	90	60	180
RAG008	RC	387869	6506983	313	GDA94Z51	90	70	72
RAG009	RC	388179	6506380	320	GDA94Z51	90	65	170
RAG010	RC	387922	6506987	326	GDA94Z51	90	60	180
RAG011	RC	387987	6506865	315	GDA94Z51	90	60	180
RAG012	RC	388135	6506172	319	GDA94Z51	90	60	186
RAG013	RC	388210	6506170	321	GDA94Z51	90	60	132
RAG014	RC	388071	6506587	352	GDA94Z51	90	60	200
RAG015	RC	387979	6506784	326	GDA94Z51	90	60	204
RAG016	RC	387960	6506883	321	GDA94Z51	90	60	118
RAG017	DD	388209	6506476	325	GDA94Z51	90	60	159.3
RAG018	RC	388277	6506548	328	GDA94Z51	90	55	150
RAG019	DD	388000	6506685	325	GDA94Z51	90	60	246.35

Table 1: Collar Table

Hole ID	From	To	Interval	Au g/t	Cutoff	Sample Type
RAG001	45	59	14	0.71	0.20	1m composite assays
including	45	48	3	1.78	0.50	1m composite assays
also including	46	48	2	2.40	1.00	1m composite assays
	77	122	45	0.13	0.10	All 1m composites
including	93	94	1	1.09	1.00	1m composite
RAG002	52	72	20	0.63	0.2	4m composites
including	56	60	4	1.02	1	All 4m composites
also including	64	72	8	0.86	0.5	All 4m composites
	88	100	12	0.44	0.1	All 4m composites
including	88	92	4	1.01	1	All 4m composites
	128	160	32	0.11	0.1	All 4m composites
RAG003	52	187	135	0.25	0.20	All 4m composites
also including	117	122	5	0.96	0.20	1m composites
also including	119	121	2	1.62	1.00	1m composite
RAG004	48	56	8	0.16	0.10	All 4m composites
RAG005	72	76	4	0.11	0.10	All 4m composites
RAG006	60	72	12	0.16	0.10	All 4m composites
including	61	63	2	0.77	0.50	1m composite
RAG007	84	88	4	0.27	0.20	All 4m composites
including	86	87	1	1.10	1.00	1m composite
	125	127	2	1.22	0.50	1m composites
including	126	127	1	2.05	1.00	1m composite
	160	172	12	0.89	0.10	All 4m composites
also including	162	168	6	2.13	1.00	1m composite assays
also including	162	164	2	5.31	1.00	1m composite assays
also including	162	163	1	7.23	1.00	1m composite assays
RAG009	40	64	24	0.61	0.20	All 4m composites
including	60	64	4	2.83	1.00	All 4m composites
also including	62	63	1	3.99	1.00	1m composite
	96	108	12	0.09	0.10	All 4m composites
	140	170	30	0.36	0.20	All 4m composites
including	158	167	9	0.88	0.50	1m composite
also including	163	164	1	2.06	1.00	1m composite
RAG010	48	180	132	0.16	0.10	All 4m composites
including	48	68	20	0.42	0.20	All 4m composites
also including	50	58	8	0.98	0.50	1m composite
also including	53	54	1	1.84	1.00	1m composite
	92	104	12	0.34	0.20	All 4m composites
	102	104	2	1.03	1.00	1m composite
	132	144	12	0.22	0.20	All 4m composites
	170	179	9	0.81	0.50	1m composite
	170	171	1	4.78	1.00	1m composite
RAG011	60	76	16	0.40	0.10	All 4m composites
including	60	64	4	0.90	0.50	All 4m composites
	120	128	8	0.26	0.10	All 4m composites
	136	180	44	0.23	0.10	All 4m composites
RAG012	44	48	4	0.21	0.10	All 4m composites
	72	76	4	0.21	0.10	All 4m composites
	120	128	8	0.09	0.10	All 4m composites
	156	168	12	0.16	0.10	All 4m composites
RAG013	44	64	20	0.12	0.1	All 4m composites
	88	96	8	0.11	0.1	All 4m composites
	104	108	4	0.05	0.05	All 4m composites
RAG014	64	68	4	0.06	0.05	All 4m composites
	132	136	4	0.05	0.05	All 4m composites
	168	200	32	0.14	0.10	All 4m composites
including	188	192	4	0.77	0.50	All 4m composites
RAG015	48	60	12	0.13	0.10	All 4m composites
	72	76	4	0.09	0.10	All 4m composites

Table 2: Composite Drill Assay Results

Hole ID	From	To	Interval	Au g/t	Cutoff	Sample Type
	92	204	112	0.13	0.10	All 4m composites
including	132	136	4	0.46	0.20	All 4m composites
also including	196	204	8	0.83	0.50	All 4m composites
also including	196	200	4	1.06	1.00	All 4m composites
RAG016	52	76	24	0.25	0.05	All 4m composites
including	56	60	4	0.62	0.50	All 4m composites
	88	92	4	0.16	0.10	All 4m composites
	100	104	4	0.15	0.10	All 4m composites
	112	116	4	0.06	0.05	All 4m composites
RAG017	68.9	69.3	0.4	1.15	1.00	diamond half cut core
	103.9	106	2.1	1.31	1.00	diamond half cut core
	120	121	1	1.29	1.00	diamond half cut core
	154	156	2	0.91	0.50	diamond half cut core
RAG018	48	68	20	0.12	0.10	All 4m composites
	88	104	16	1.74	0.10	All 4m composites
including	88	96	8	3.46	0.50	All 4m composites
also including	92	96	4	6.62	1.00	All 4m composites
RAG019	131	131.2	0.2	0.67	0.50	diamond half cut core

Competent Person Statement

The information in this announcement relating to Exploration Results is based on information compiled by Leo Horn. Mr Horn is a member of the Australasian Institute of Geoscientists. Mr Horn is an employee of Ragnar Metals Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

Mr Horn consents to the inclusion in the release of the matters based on their information in the form and context in which it appears.

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@ragnarmetals.com.au

Appendix 1: The following tables are provided to ensure compliance with the JORC Code (2012) requirements for the reporting of the Leeds Project

Section 1: Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Criteria	JORC Code explanation	RAB and RC)
Samplingtechniques	•Nature and quality of sampling (eg cutchannels, random chips, or specificspecialised industry standard measurementtools appropriate to the minerals underinvestigation, such as down hole gammasondes, or handheld XRF instruments, etc).These examples should not be taken aslimiting the broad meaning of sampling.•Include reference to measures taken toensure sample representivity and theappropriate calibration of any measurementtools or systems used.•Aspects of the determination ofmineralisation that are Material to the PublicReport. In cases where 'industry standard'work has been done this would be relativelysimple (eg 'reverse circulation drilling wasused to obtain 1 m samples from which 3kg was pulverised to produce a 30 g chargefor fire assay'). In other cases moreexplanation may be required, such aswhere there is coarse gold that has inherentsampling problems. Unusual commoditiesor mineralisation types (eg submarinenodules) may warrant disclosure of detailedinformation.	•Sampling procedures adopted by Ragnar recently at Leedsutilise a reverse circulation and diamond core rig from which a 4m composite 1-2 kg spear sample (RC), 1 m composite 1-2 kgcone split sample (RC) and/or half core (diamond) sample wastaken. The selected samples are pulverized to produce a 50 gcharge for fire assay with ICP-atomic absorption spectrometryand leachWELLTM analysis for gold at Intertek Genalysis inPerth. These industry standard sampling procedures areconsidered to beadequate for the style of gold deposit and forthe reporting of Exploration Results.
Drillingtechniques	•Drill type (eg core, reverse circulation,open-hole hammer, rotary air blast, auger,Bangka, sonic, etc) and details (eg corediameter, triple or standard tube, depth ofdiamond tails, face-sampling bit or othertype, whether core is oriented and if so, bywhat method, etc).	•In June 2021 Ragnar contracted a Schramm track mountedT450 RC rig from Three Rivers Drilling as well as a truckmounted diamond drilling with Top Drive Drilling.

Criteria	JORC Code explanation	Commentary
Drill samplerecovery	•Method of recording and assessing coreand chip sample recoveries and resultsassessed.•Measures taken to maximise samplerecovery and ensure representative natureof the samples.•Whether a relationship exists betweensample recovery and grade and whethersample bias may have occurred due topreferential loss/gain of fine/coarsematerial.	•Recoveries for all sampling methods are recorded by thegeologist during the drill program. No recovery issues wereidentified during the drill program within mineralised intervals.Sample representation is considered to be adequate for thereporting of Exploration Results.
Logging	•Whether core and chip samples have beengeologically and geotechnically logged to alevel of detail to support appropriate MineralResource estimation, mining studies andmetallurgical studies.•Whether logging is qualitative orquantitative in nature. Core (or costean,channel, etc) photography.•The total length and percentage of therelevant intersections logged.	•Detailed geological logs were recorded by the geologist for theentire length of all RC and diamond holes. The lithological logsare considered to be adequate for the reporting of ExplorationResults.
Subsamplingtechniquesand samplepreparation	•If core, whether cut or sawn and whetherquarter, half or all core taken.•If non-core, whether riffled, tube sampled,rotary split, etc and whether sampled wet ordry.•For all sample types, the nature, quality andappropriateness of the sample preparationtechnique.•Quality control procedures adopted for allsub-sampling stages to maximiserepresentivity of samples.•Measures taken to ensure that the samplingis representative of the in-situ materialcollected, including for instance results forfield duplicate/second-half sampling.•Whether sample sizes are appropriate tothe grain size of the material beingsampled.	•RC samples were initially collected over 4 m compositeintervals by spear sampling methods. Once 4 m compositeresults are received, 1 metre representative compositesamples were selected for assay that were sampled with acone splitter attached to the RC rig.•Diamond core was sawn into half core over selected intervals.•All samples were submitted to Intertek Genalysis Laboratoriesin Perth for gold by 50 g fire assay for all samples andleachWELLTM analysis for selected intervals.•Drilling and sampling procedures at Leeds are considered tobethe best practice and are also considered to be adequatefor the reporting of Exploration Results.
Quality ofassay dataandlaboratorytests	•The nature, quality and appropriateness ofthe assaying and laboratory proceduresused and whether the technique isconsidered partial or total.•For geophysical tools, spectrometers,handheld XRF instruments, etc, theparameters used in determining theanalysis including instrument make andmodel, reading times, calibrations factorsapplied and their derivation, etc.•Nature of quality control proceduresadopted (eg standards, blanks, duplicates,external laboratory checks) and whetheracceptable levels of accuracy (ie lack ofbias) and precision have been established.	•Ragnar QAQC sample procedures comprise the insertion ofstandard gold samples at a rate of 2 in every 100 samples,blank samples 1 in every 100 samples and field duplicates 2 inevery 100 samples. Assays are all within acceptable toleranceand are considered to be adequate for the reporting ofExploration Results.

Criteria	JORC Code explanation	Commentary
Verificationof samplingandassaying	•The verification of significant intersectionsby either independent or alternativecompany personnel.•The use of twinned holes.•Documentation of primary data, data entryprocedures, data verification, data storage(physical and electronic) protocols.•Discuss any adjustment to assay data.	•Twinning of significant intersections has not been completed byRagnar.
Location ofdata points	•Accuracy and quality of surveys used tolocate drill holes (collar and down-holesurveys), trenches, mine workings andother locations used in Mineral Resourceestimation.•Specification of the grid system used.•Quality and adequacy of topographic contrl	•Collar locations are taken using a handheld GPS.
Dataspacing anddistribution	•Data spacing for reporting of ExplorationResults.•Whether the data spacing and distribution issufficient to establish the degree ofgeological and grade continuity appropriate	•RC drilling was conducted at a nominal 50-60 m grid spacing onlines spaced 100m apart to follow up significant RAB and RCintersections at shallow depths on each section assuming aninitially interpreted overall westerly dip to mineralisation.
	for the Mineral Resource and Ore Reserveestimation procedure(s) and classificationsapplied.•Whether sample compositing has been	•RC samples were initially spear sample composited to 4 mintervals then 1 m composite cone split samples were submittedover selected intervals.
	applied.	•Diamond samples were composited to variable widths 0.2-2mdepending on the geology observed.
		•Sample spacing and procedures are considered appropriate forthe reporting of Exploration Results.
Orientationof data inrelation togeologicalstructure	•Whether the orientation of samplingachieves unbiased sampling of possiblestructures and the extent to which this isknown, considering the deposit type.•If the relationship between the drillingorientation and the orientation of keymineralised structures is considered tohave introduced a sampling bias, this	•RC and diamond drillingazimuths are due east (090 degrees).•A sample bias in the oxidised/supergene zone is minimal sinceit is determined as flay-lying. However, a sample bias is yet tobe determined in the primary mineralised zone since theorientation of all mineralisation styles is yet to be properlydefined.
	should be assessed and reported ifmaterial.	•RC and limited diamond drilling suggests that mineralisation isof two types. Disseminated pyrite-magnetite-associate goldmineralisation has been identified and the orientation of thisstyle has not been defined by diamond drilling. However,diamond drilling suggests that quartz-tourmaline-pyrite veinrelated mineralisation dips primarily to the southeast and drillinghas not been optimally oriented to intersect these veins sets.
Samplesecurity	•The measures taken to ensure samplesecurity.	•Ragnar ensured that sample security was maintained to ensurethe integrity of sample quality.
Audits orreviews	•The results of any audits or reviews ofsampling techniques and data.	•Audits and reviews have not been undertaken at Leeds

Section 2: Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineraltenementand landtenurestatus	•Type, reference name/number, location andownership including agreements or materialissues with third parties such as jointventures, partnerships, overriding royalties,native title interests, historical sites,wilderness or national park andenvironmental settings.•The security of the tenure held at the time ofreporting along with any knownimpediments to obtaining a license tooperate in the area.	•The Leeds Project, located 20 km south of Kambalda,comprises two granted prospecting licences P15/6017 andP15/6018 currently held by Maverick Exploration Pty Ltdwhich is under option by Ragnar Metals Limited. There areno known impediments to exploration on the projectlicenses.
Explorationdone byother parties	•Acknowledgment and appraisal ofexploration by other parties.	•Please refer to acquisition announcement dated 21 January2021.
Geology	•Deposit type, geological setting and style ofmineralisation.	•Mineralisation identified at Leeds is interpreted to beassociated with an orogenic shear zone style ofmineralisation hosted in the Archean-aged volcaniclasticrocks of the Black Flag group. Mineralisation style isinterpreted to be similar to the Invincible Deposit within theSt Ives gold camp which is also hosted in the Black FlagGroup. Style of mineralisation has been recently identifiedas of two types: a) disseminated pyrite-magnetite-associategold mineralisation and b) quartz-tourmaline-pyrite veinrelated mineralisation.
Drill holeInformation	•A summary of all information material to theunderstanding of the exploration resultsincluding a tabulation of the followinginformation for all Material drill holes:oeasting and northing of the drill holecollaroelevation or RL (Reduced Level –elevation above sea level in metres) ofthe drill hole collarodip and azimuth of the holeodown hole length and interceptiondepthohole length.•If the exclusion of this information is justifiedon the basis that the information is notMaterial and this exclusion does not detractfrom the understanding of the report, theCompetent Person should clearly explainwhy this is the case.	•Summary tables of drill hole information for all projects areincluded in the body of the announcement
Dataaggregation	•In reporting Exploration Results, weightingaveraging techniques, maximum and/orminimum grade truncations (eg cutting of	•Composite assays reported for the Leeds Project arereported at cut-off grades of between 0.1, 0.2, 0.5 g/t and 1.0
methods	high grades) and cut-off grades are usuallyMaterial and should be stated.•Where aggregate intercepts incorporate	Au.

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

Criteria	JORC Code explanation	Commentary
	short lengths of high grade results andlonger lengths of low grade results, theprocedure used for such aggregation shouldbe stated and some typical examples ofsuch aggregations should be shown indetail.•The assumptions used for any reporting ofmetal equivalent values should be clearlystated.
Relationshipbetweenmineralisation widths andinterceptlengths	•These relationships are particularlyimportant in the reporting of ExplorationResults.•If the geometry of the mineralisation withrespect to the drill hole angle is known, itsnature should be reported.•If it is not known and only the down holelengths are reported, there should be aclear statement to this effect (eg 'down holelength, true width not known').	•The true width of mineralisation has not yetbeen verified atLeeds. Additional drilling will be required to properly assessthe true thickness
Diagrams	•Appropriate maps and sections (with scales)and tabulations of intercepts should beincluded for any significant discovery beingreported These should include, but not belimited to a plan view of drill hole collarlocations and appropriate sectional views.	•See relevant maps in the body of this announcement.
Balancedreporting	•Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both low andhigh grades and/or widths should bepracticed to avoid misleading reporting ofExploration Results.	•All available data has been presented in figures.
Othersubstantiveexplorationdata	•Other exploration data, if meaningful andmaterial, should be reported including (butnot limited to): geological observations;geophysical survey results; geochemicalsurvey results; bulk samples – size andmethod of treatment; metallurgical testresults; bulk density, groundwater,geotechnical and rock characteristics;potential deleterious or contaminatingsubstances.	•Ragnar Metals Ltd (Ragnar) commissioned Gap Geophysics(Gap) to carry out sub-audio magnetic (SAM) surveying atLeeds.SAM survey data were acquired by Gap field stafffrom the 23rd of June to 30th of June 2021. Gap were ableto use a higher frequency transmitter signal to recoverTFMMIP data as well the TFEM data. The survey lines wereplanned at 50m spacing with an infill area of 25m to coverlocalised high grade gold. During the survey a galvanic loopis used to inject current directly into the ground, whichenables SAM to deliver high-definition Total MagneticIntensity and MagnetometricConductivity (MMC) data sets.Various filters on the MMC and other data produced by thesurvey were processed by Resource Potentials and laterinterpreted by Ragnar. The MMC imagery is utilisedeffectively in the district to identify deeper weathering intosulphide-gold bearing faults. However, anomalies can alsobe caused by conductive non-gold bearing lithologies suchas black shales.
Further work	•The nature and scale of planned furtherwork (eg tests for lateral extensions ordepth extensions or large-scale step-outdrilling).	•Further work is detailed in the body of the announcement.

Criteria	JORC Code explanation	Commentary
	•Diagrams clearly highlighting the areas ofpossible extensions, including the maingeological interpretations and future drillingareas, provided this information is notcommercially sensitive.