RAGNAR METALS LIMITED — Director's Dealing 2011

Mar 21, 2011

Rule 3.19A.2

Appendix 3Y

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity	DRAKE RESOURCES LIMITED
ABN	12 108 560 069

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Brett Fraser
Date of last notice	8 January 2010

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	Direct & Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	Indirect1.Pinewood Asset Pty Ltd2.Tyler Street Holdings Pty Ltd3.Wolfstar Group Pty Ltd
Date of change	17 & 18 March 2011
No. of securities held prior to change	Direct1,000,000 Options exercisable on or before 1September 2011Indirect1.3,170,500 Ordinary Shares2.900,000 Ordinary Shares3.270,000 Ordinary Shares
Class	Ordinary Shares
Number acquired	25,000 Ordinary Shares
Number disposed	Nil

+ See chapter 19 for defined terms.

Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$10,000
No. of securities held after change	Direct1,000,000 Options exercisable on or before 1September 2011Indirect1.3,170,500 Ordinary Shares2.900,000 Ordinary Shares3.295,000 Ordinary Shares
Nature of changeExample: on-market trade, off-market trade, exercise of options,issue of securities under dividend reinvestment plan, participation inbuy-back	On-market purchase

Part 2 – Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract	-
Nature of interest	-
Name of registered holder(if issued securities)	-
Date of change	-
No. and class of securities to whichinterest related prior to changeNote: Details are only required for a contract inrelation to which the interest has changed	-
Interest acquired	-
Interest disposed	-
Value/ConsiderationNote: If consideration is non-cash, provide detailsand an estimated valuation	-
Interest after change	-

+ See chapter 19 for defined terms.

Part 3 – +Closed period

Were the interests in the securities or contracts detailedabove traded during a +closed periodwhere prior writtenclearance was required?	No
If so, was prior written clearance provided to allow the tradeto proceed during this period?	N/A
If prior written clearance was provided, on what date was thisprovided?	N/A

+ See chapter 19 for defined terms.

Rule 3.19A.2

Appendix 3Y

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity	DRAKE RESOURCES LIMITED
ABN	12 108 560 069

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Jay Stephenson
Date of last notice	8 January 2010

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	Direct & Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	Indirect1.Almamater Pty Ltd2.Wolfstar Group Pty Ltd3.Pazzia Pty Ltd4.Shares held by Spouse
Date of change	17 & 18 March 2011
No. of securities held prior to change	Direct10,000 Ordinary Shares1,000,000 Options exercisable on or before 1September 2011Indirect1.1,905,000 Ordinary Shares2.270,000 Ordinary Shares3.80,000 Ordinary Shares4.105,000 Ordinary Shares
Class	Ordinary Shares
Number acquired	25,000 Ordinary Shares

+ See chapter 19 for defined terms.

Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$10,000
No. of securities held after change	Direct10,000 Ordinary Shares1,000,000 Options exercisable on or before 1September 2011Indirect1.1,905,000 Ordinary Shares2.295,000 Ordinary Shares3.80,000 Ordinary Shares4.105,000 Ordinary Shares
Nature of changeExample: on-market trade, off-market trade, exercise of options,issue of securities under dividend reinvestment plan, participation inbuy-back	On-market purchase

Part 2 – Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract	-
Nature of interest	-
Name of registered holder(if issued securities)	-
Date of change	-
No. and class of securities to whichinterest related prior to changeNote: Details are only required for a contract inrelation to which the interest has changed	-
Interest acquired	-
Interest disposed	-
Value/ConsiderationNote: If consideration is non-cash, provide detailsand an estimated valuation	-
Interest after change	-

+ See chapter 19 for defined terms.

Part 3 – +Closed period

Were the interests in the securities or contracts detailedabove traded during a +closed periodwhere prior writtenclearance was required?	No
If so, was prior written clearance provided to allow the tradeto proceed during this period?	N/A
If prior written clearance was provided, on what date was thisprovided?	N/A

+ See chapter 19 for defined terms.