RAGNAR METALS LIMITED — Director's Dealing 2016

Apr 10, 2016

Suite 12, Level 1, 11 Ventnor Avenue West Perth WA 6005 P: +61 8 6141 3585 F: +61 8 6141 3599 E: info@drakeresources.com.au

ASX Announcement 11 April 2016

Change of Directors Interest Notice

Drake Resources Limited ('Company') attaches a Change of Directors Interest Notice ('Appendix 3Y') for Dr Robert Beeson, Non-executive Director. The Company advises that this notice has not met the timetable as per Listing Rule 3.19A, however it has given notice as soon as the Company Secretary was made aware of the off-market transfer made by Dr Beeson from his direct holding to his superannuation fund.

Under the Company's corporate governance policy all Directors must inform the Company Secretary via email as soon as possible following the acquisition or sale of securities in the Company. The Company believes that its current polices are adequate for Compliance under Listing Rule 3.19B. The Officers of the Company are aware of their obligations regarding 'notifiable interests of a Director.

Jay Stephenson COMPANY SECRETARY

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 30/9/2001. 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	Robert Beeson
Date of last notice	3 December 2015

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)	Indirect1.Beeson Superannuation Fund
Note: Provide details of the circumstances giving rise to therelevant interest.	2.Spouse
Date of change	12 February 2016
No. of securities held prior to change	Direct
	5,320,160 Ordinary Fully Paid Shares
	Indirect
	1.8,520,895 Ordinary Fully Paid Shares
	1,907,598 Options 3 cents exp 01/08/2017
	2.14,934 Ordinary Fully Paid Shares
Class	Ordinary Shares and Options
Number acquired	5,320,160 Ordinary Shares
Number disposed	5,320,160 Ordinary Shares

+ See chapter 19 for defined terms.

Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	Nil
No. of securities held after change	DirectNilIndirect1.13,841,055 Ordinary Fully Paid Shares1,907,598 Options 3 cents exp 01/08/20172.14,934 Ordinary Fully Paid Shares
Nature of changeExample: on-market trade, off-market trade, exercise of options,issue of securities under dividend reinvestment plan, participationin buy-back	Off–market transfer from direct holding to BeesonSuperannuation Fund

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.andclass 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/ConsiderationNote: If consideration is non-cash, provide details andan estimated valuation	-
Interest after change	-

+ See chapter 19 for defined terms.

Part 3 – +Closed period

Were the interests in the securities or contracts detailed	No
above traded during a +closed period where prior written
clearance was required?
If so, was prior written clearance provided to allow the	N/A
trade to proceed during this period?
If prior written clearance was provided, on what date was	N/A
this provided?

+ See chapter 19 for defined terms.