RAGNAR METALS LIMITED — Director's Dealing 2012

Jun 28, 2012

29 June 2012

ASX Limited 2 The Esplanade PERTH WA 6000

By e-lodgement

APPENDIX 3Y – CHANGE OF DIRECTOR'S INTEREST NOTICE

Please see attached Appendix 3Y – Change of Director's Interest Notice, in relation to a transfer of shares between a Director's indirect holdings.

Jay Stephenson COMPANY SECRETARY

Appendix 3Y

Rule 3.19A.2

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	14 May 2012

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 Spouse5.WSG Capital Pty Ltd
Date of change	28 June 2012
No. of securities held prior to change	Direct10,000 Ordinary SharesIndirect1.1,905,000 Ordinary Shares2.415,000 Ordinary Shares3.80,000 Ordinary Shares4.105,000 Ordinary Shares5.142,500 Ordinary Shares
Class	Ordinary Shares
Number acquired	500,000

+ See chapter 19 for defined terms.

Number disposed	500,000
Value/Consideration	$45,000
Note: If consideration is non-cash, provide details and estimated valuation
No. of securities held after change	Direct
	10,000 Ordinary Shares
	Indirect
	1.1,405,000 Ordinary Shares
	2.415,000 Ordinary Shares
	3.580,000 Ordinary Shares
	4.105,000 Ordinary Shares
	5.142,500 Ordinary Shares
Nature of change	Off-market transfer between Director indirect
Example: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	entities

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 which	-
interest related prior to changeNote: Details are only required for a contract in relationto which the interest has changed
Interest acquired	-
Interest disposed	-
Value/Consideration	-
Note: If consideration is non-cash, provide details and anestimated 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.