RAGNAR METALS LIMITED — Director's Dealing 2023

May 22, 2023

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	David Wheeler
Date of last notice	25 November 2022

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.	PathwaysCorpInvestmentsPtyLtd<pcInvestment A/c> (Director)</pc
Date of change	19 May 2023
No. of securities held prior to change	1,000,000 Fully paid Ordinary Shares;333,333 Listed options exp price $0.04, expiring 19May 2023;3,000,000 Listed Director Options exp price $0.04,expiring 19 May 2023 (escrowed 24 months);1,500,000 Unlisted Options exp price $0.0564,expiring 4 November 2024;750,000 Class A Performance Rights expiring 21November 2025;750,000 Class B Performance Rightsexpiring21November 2025.
Class	Listed options exp price $0.04, expiring 19 May 2023;Listed Director Options exp price $0.04, expiring 19May 2023 (escrowed 24 months).
Number acquired	Nil

+ See chapter 19 for defined terms.

Number disposed	333,333 Listed options exp price $0.04, expiring 19May 2023;3,000,000 Listed Director Options exp price $0.04,expiring 19 May 2023 (escrowed 24 months).
Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation	Nil
No. of securities held after change	1,000,000 Fully paid Ordinary Shares;1,500,000 Unlisted Options exp price $0.0564,expiring 4 November 2024;750,000 Class A Performance Rights expiring 21November 2025;750,000 Class B Performance Rights expiring 21November 2025.
Nature of changeExample: on-market trade, off-market trade, exercise of options,issue of securities under dividend reinvestment plan, participation inbuy-back	Expiry of options without exercise

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 interest related prior tochangeNote: Details are only required for a contract in relation to which the interest haschanged	Not applicable
Interest acquired	Not applicable
Interest disposed	Not applicable
Value/ConsiderationNote: If consideration is non-cash, provide details and an estimated valuation	Not applicable
Interest after change	Not applicable

Part 3 – +Closed period

Were the interests in the securities or contracts detailed abovetraded during a +closed period where prior written clearance wasrequired?	No
If so, was prior written clearance provided to allow the trade toproceed during this period?	Not applicable
If prior written clearance was provided, on what date was thisprovided?	Not applicable

+ See chapter 19 for defined terms.