RAGNAR METALS LIMITED — Director's Dealing 2012

May 13, 2012

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	7 September 2011

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 therelevant interest.	Indirect1.Pinewood Asset Pty Ltd2.Tyler Street Holdings Pty Ltd3.Wolfstar Group Pty Ltd4.WSG Capital Pty Ltd
Date of change	9-14 May 2012
No. of securities held prior to change	Direct30,000 Ordinary Shares1,500,000 Options exercisable at 58.5 centseach on or before 30 June 2013Indirect1.3,170,500 Ordinary Shares2.900,000 Ordinary Shares3.295,000 Ordinary Shares4.142,500 Ordinary Shares
Class	Ordinary Shares
Number acquired	120,000 Ordinary Shares

+ See chapter 19 for defined terms.

Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$20,465
No. of securities held after change	Direct30,000 Ordinary Shares1,500,000 Options exercisable at 58.5 centseach on or before 30 June 2013Indirect1.3,170,500 Ordinary Shares2.900,000 Ordinary Shares3.415,000 Ordinary Shares4.142,500 Ordinary Shares
Nature of changeExample: on-market trade, off-market trade, exercise of options,issueofsecuritiesunderdividend reinvestment plan,participation in buy-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 which	-
interest related prior to changeNote: Details are only required for a contract inrelation to which the interest has changed
Interest acquired	-
Interest disposed	-
Value/Consideration	-
Note: 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	7 September 2011

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	9-14 May 2012
No. of securities held prior to change	Direct10,000 Ordinary SharesIndirect1.1,905,000 Ordinary Shares2.295,000 Ordinary Shares3.80,000 Ordinary Shares4.105,000 Ordinary Shares5.142,500 Ordinary Shares
Class	Ordinary Shares
Number acquired	120,000 Ordinary Shares

+ See chapter 19 for defined terms.

Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$20,465
No. of securities held after 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
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 which	-
interest related prior to changeNote: Details are only required for a contract inrelation to which the interest has changed
Interest acquired	-
Interestdisposed	-
Value/Consideration	-
Note: 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.