RAGNAR METALS LIMITED — Capital/Financing Update 2021

May 13, 2021

Proposed issue of securities

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Announcement Summary

Entity name

RAGNAR METALS LIMITED

Announcement Type

New announcement

Date of this announcement

Friday May 14, 2021

The Proposed issue is:

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A non pro rata offer of securities under a disclosure document or product disclosure statement (PDS)

Total number of +securities proposed to be issued for a non pro rata offer of securities under a disclosure document or product disclosure statement (PDS)

Maximum Number of ASX +security code +Security description +securities to be issued RAG ORDINARY FULLY PAID 2,500,000

Closing date for receipt of acceptances

Monday May 17, 2021

Proposed +issue date

Tuesday May 18, 2021

Refer to next page for full details of the announcement

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Part 1 - Entity and announcement details

1.1 Name of +Entity

RAGNAR METALS LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

1.2 Registered Number Type

Registration Number

ABN 12108560069

1.3 ASX issuer code

RAG

1.4 The announcement is

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New announcement

1.5 Date of this announcement

Friday May 14, 2021

1.6 The Proposed issue is:

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A non-+pro rata offer of +securities under a +disclosure document or +PDS

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Part 5 - Details of proposed non-pro rata offer under a disclosure document or PDS

Part 5A - Conditions

5A.1 - Are any of the following approvals required for the non-+pro rata offer of +securities under a +disclosure document or +PDS? +Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval FIRB approval Another approval/condition external to the entity Yes

5A.1a Conditions

Approval/Condition	Date for determination	Is the date estimated or	** Approval
+Security holder approval	Wednesday April 7, 2021	actual?	received/condition met?
		Actual	Yes

Comments

See Resolution 4 of the Notice of Meeting release 8 March 2021 regarding Issue of Consideration Securities for the Kenya Project.

Part 5B - Offer details

Is the proposed security a 'New	Will the proposed issue of this
class' (+securities in a class that is	+security include an offer of
not yet quoted or recorded by ASX)	attaching +securities?
or an 'Existing class' (additional	No
securities in a class that is already
quoted or recorded by ASX)?
Existing class

Details of +securities proposed to be issued

ASX +security code and description RAG : ORDINARY FULLY PAID The number of +securities to be offered under the +disclosure document or +PDS

2,500,000

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Proposed issue of securities	Proposed issue of securities
Will the offer be conditional on applications for a minimum number of
+securities being received or a minimum amount being raised (i.e. a
minimum subscription condition)?
No
Will individual security holders be required to accept the offer for a
minimum number or value of +securities (i.e. a minimum acceptance
condition)?
No
Will individual security holders be limited to accepting the offer for a
maximum number or value of +securities (i.e. a maximum acceptance
condition)?
No
Offer price details
Has the offer price been determined?
Yes
In what currency will the offer be	What is the offer price per +security?
made?	AUD 0.02000
AUD - Australian Dollar
Oversubscription & Scale back details
Will the entity be entitled to accept over-subscriptions?
No
Will a scale back be applied if the offer	is over-subscribed?
No
Will these +securities rank equally in all respects from their issue date with
the existing issued +securities in that class?
Yes

Part 5C - Timetable 5C.1 Lodgement date of +disclosure document or +PDS with ASIC Wednesday April 7, 2021 5C.2 Date when +disclosure document or +PDS and acceptance forms will be made available to investors Thursday April 8, 2021

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5C.3 Offer open date

Thursday April 8, 2021

5C.4 Closing date for receipt of acceptances

Monday May 17, 2021

5C.6 Proposed +issue date

Tuesday May 18, 2021

Part 5D - Listing Rule requirements

5D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? Yes

5D.1a Date of meeting or proposed meeting to approve the issue under listing rule 7.1 Wednesday April 7, 2021

5D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? No

Part 5E - Fees and expenses

5E.1 Will there be a lead manager or broker to the proposed offer? No

5E.2 Is the proposed offer to be underwritten? No

5E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission? No

5E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer N/A

Part 5F - Further Information

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5F.01 The purpose(s) for which the entity intends to use the cash raised by the proposed issue

Consideration payable to the Kenya Vendors for the acquisition of 100% interest in the Kenya Project tenements. Please refer to the prospectus released on 8 April 2021 for further details.

5F.1 Will the entity be changing its dividend/distribution policy if the proposed offer is successful? No

5F.2 Please explain the entity's allocation policy for the offer, including whether or not acceptances from existing +security holders will be given priority

N/A

5F.3 URL on the entity's website where investors can download the +disclosure document or +PDS https://www.asx.com.au/asxpdf/20210408/pdf/44vcby1341jk35.pdf

5F.4 Any other information the entity wishes to provide about the proposed offer

N/A

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