RAGNAR METALS LIMITED — Director's Dealing 2021

Nov 10, 2021

Appendix 3Y Change of Director’s Interest Notice

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 RAGNAR METALS 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	Steve Formica
Date of last notice	12 August 2021

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	Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	Director, trustee and / or beneficiary of thefollowing related party entities;i)Stevsand Pty Ltdii) Stevsand Holdings Pty Ltd <FormicaHorticultural A/c>iii) Stevsand Investments Pty Ltd <StevenFormica Family A/c>iv) FormicaInvestmentsPtyLtd<TheFormica FamilyA/c>
Date of change	5 November 2021
No. of securities held prior to change	i)600,000 Fully paid Ordinary Shares;ii) 320,000 Fully paid Ordinary Shares;iii) 4,000,000 Fully paid Ordinary Shares;600,000 Unlisted Options, exp price$0.075, expiring 2 September 2022;6,000,000 Unlisted Director Options, expprice $0.04, expiring 19 May 2023,(escrowed 24 months);iv) 5,000,000 Fully paid Ordinary Shares;1,666,666 Listed Options, exp price $0.04,expiring 19 May 2023
Class	Unlisted Director Options

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Number acquired	4,000,000
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$40.00
No. of securities held after change	i)600,000 Fully paid Ordinary Shares;ii) 320,000 Fully paid Ordinary Shares;iii) 4,000,000 Fully paid Ordinary Shares;600,000 Unlisted Options, exp price$0.075, expiring 2 September 2022;6,000,000 Unlisted Director Options, expprice $0.04, expiring 19 May 2023,(escrowed 24 months);iv) 5,000,000 Fully paid Ordinary Shares;1,666,666 Listed Options, exp price $0.04,expiring 19 May 20234,000,000 Unlisted Director Options, expprice $0.0564, expiring 4 November 2024
Nature of changeExample: on-market trade, off-market trade, exercise of options,issue of securities under dividend reinvestment plan, participation inbuy-back	IssueofIncentiveOptionsapprovedbyShareholders at the Annual General Meeting heldon 5 November 2021.

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	Not applicable
Nature of interest	Not applicable
Name of registered holder(if issued securities)	Not applicable
Date of change	Not applicable
No. and class of securities to which interestrelated prior to changeNote: Details are only required for acontract in relation to which the interesthas changed	Not applicable
Interest acquired	Not applicable
Interest disposed	Not applicable
Value/ConsiderationNote: If consideration is non-cash,providedetailsandanestimatedvaluation	Not applicable

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

Interest after change

Not applicable

Part 3 –[+] Closed period

Were the interests in the securities or contracts detailed above traded No during a[+] closed period where prior written clearance was required? If so, was prior written clearance provided to allow the trade to proceed Not applicable during this period? If prior written clearance was provided, on what date was this provided? Not applicable

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3