RAGNAR METALS LIMITED — Interim / Quarterly Report 2021

Apr 29, 2021

QUARTERLY ACTIVITIES REPORT 31 March 2021

Ragnar Metals Limited ("Ragnar" or the "Company") presents this Quarterly Activities Report for the quarter ended 31 March 2021.

PROJECTS

30 April 2021

Granmuren Nickel-Copper Project (Sweden)

The Company has secured drill permits from the Swedish Mines Inspectorate and environmental permits from the County of Sala to test the recently defined geophysical anomalies at the Granmuren nickel-copper prospect. Drillholes at Granmuren will be located to test geophysical anomalies identified from the recent IP and VTEM survey that occur in close proximity to nickel-copper mineralisation previously discovered by Ragnar. Importantly, the survey defined a continuous IP anomaly that extends from the surface to below the level of drilling which is open to the northwest (Figure 1). Magnetic modelling and VTEM conductors also strongly support a western to north-western plunging body trending towards the Tullsta nr8 permit area, which abuts Berga Nr 1 (Figures 1 and 2). The drill program to test this exciting high priority drill target for high grade nickel-copper sulphide has been planned and permitted and Ragnar intends to execute the program in 2021.

Figure 1: Granmuren prospect planned drill program at the showing the surface projection of the 3D modelled nickel mineralisation (purple), new IP chargeability model (green), existing drill traces (blue), planned drillholes (red), modelled magnetic body (orange dash), interpreted northwest plunge trend (orange arrow) and cross section location (bold black lines).

Directors

ragnarmetals.com.au

Steve Formica Suite 2, 11 Ventnor Ave T. +61 8 6245 2050 Eddie King West Perth WA 6005 F. +61 8 6245 2055 David Wheeler Australia E. info@ragnarmetals.com.au

Figure 2: Cross section (looking northeast) through the Granmuren nickel-copper prospect showing the positions of significant drilling intercepts relative to the 3D modelled magnetic body and VTEM conductor which represent a high priority drill target. Property boundary between the two granted Ragnar licenses shown in light blue.

Leeds Project (Western Australia)

On 21 January 2021, the Company announced it had entered into an agreement to acquire an 80% interest in prospecting Licences P15/6017 and P15/6018 (the Leeds Project). The Leeds Project is located 20 kilometres south along strike from the Goldfields St Ives Gold Mining Camp at Kambalda, Western Australia (Figure 3)

Previous drilling by explorers has delineated a large gold mineralised system within the Leeds Project that has been interpreted in the past to be related to a north-northwest trending shear zone within a package of sedimentary and volcaniclastic rocks.

Historic shallow drilling at the Leeds Project intersected shallow oxidised gold mineralisation from surface down to 50- 60 m depth and in places intersected deeper primary gold bearing shear zone which extend over a very large area of 2 km by 200-300 m and very high grade and large lower grade widths including:

• 17 metres at 5.7 g/t Au from 94m including 2 metres at 40.9 g/t Au in LRC001 (primary zone); and
• 70 metres at 0.4 g/t Au from 49 m including 1 metre at 4.2 g/t Au in LDRC013 (oxide & primary zone).

Figure 3: Location of the recently acquired Leeds and Kenya Gold Projects in the prolific gold mining district of the Norseman-Wiluna greenstone Belt.

Kenya Project (Western Australia)

Also announced on 21 January 2021, the Company entered into an agreement to acquire a 100% interest in the Kenya Gold Project. The Kenya Project is located 50 km along strike to the south of the AngloGold Ashanti's Sunrise Dam gold mining camp in the Laverton mining district (Figure 3). Locally the project occurs 4-5 km north, along strike from Saracen's Deep South and Safari Bore deposits. The Project also occurs 1-5 km south along strike from Legacy Iron's Kangaroo Bore and Blue Peter gold deposits which occur on a mining lease application. The Kenya Project is well located between known gold deposits within a highly fertile greenstone belt (Figure 4).

Shallow aircore drilling by Saracen to the south of the Kenya Project indicates extensive gold anomalies >0.25 g/t Au that occur up to the southern boundary of E39/1998 (Saracen Minerals ASX announcement dated 18 Feb 2020; Figure 4). The anomalies identified by Saracen include the northern extension of the Safari Bore trend as well as anomalies that occur associated with the Two Lids Fault that also occur up to the southern boundary of E39/1998 (Figure 4).

On the Kenya Project, two drill targets have been identified from geology mapping, airborne magnetic geophysics and historical geochemistry database. The targets occur along the important Pinjiun and Two Lids gold-bearing fault systems that cross-cut important lithological greenstone and/or intrusive granite contacts which are supported by elevated gold from previous shallow drilling (Figure 4). A program of work permit (POW) has been granted to test these targets initially utilising aircore drilling methods. This work program will be conducted once the priority work at the Leeds Project is complete following reinstatement.

Figure 4: Interpreted bedrock geology map showing the location of the Kenya Project licenses located between the gold deposits held by Saracen Minerals and Legacy Iron.

CORPORATE AND ADMINISTRATIVE

General Meeting

On 8 March 2021, the Company announced its intention to convene an Extraordinary General Meeting of shareholders. As the Proposed Acquisitions announced on 21 January 2021 will result in a significant change to the nature and scale of the Company's activities, approval of the Company's shareholders' was required under ASX Listing Rule 11.1.2. In order to satisfy the requirements of Chapters 1 and 2 of the ASX Listing Rules, the Company proposed to undertake a 1:5 consolidation of is issued capital.

On the 7 April 2021, post quarter, the Company announced that all resolutions had been successfully carried.

Consolidation and Capital Raising

In connection with the Proposed Acquisitions, the Company lodged its Prospectus with ASIC to undertake a capital raising to raise $5,500,000 consisting of the issue of 275,000,000 Shares (post-Consolidation) at an issue price of $0.02 per Share together with one (1) free attaching option to acquire a Share exercisable at $0.04 each on or before the date that is two years from the date of issue (New Option) for every three Shares issued (Capital Raising).

As part of the Capital Raising, the Company extended a priority offer, capped at $1,000,000 of the total amount of the Capital Raising, to existing shareholders of the Company. Shareholders were invited to subscribe for parcels of at least $2,000 worth of Shares.

Working Capital

The Company raised $200,000 to funds its working capital requirements by the issue of convertible notes to the value of $200,000 to sophisticated investors (Convertible Notes), and unsecured loans from director-related entities and an unrelated party of $200,000.

The issue of the Convertible Notes, which are convertible into a maximum number of 47,013,608 fully paid ordinary shares (pre-Consolidation) (or 9,402,739 Shares post-Consolidation).

The Company intends to redeem the Convertible Notes for cash from the proceeds of the Capital Raising.

Appendix 5B Disclosures

As outlined in the attached Appendix 5B, during the quarter the Company spent approximately:

• $80k on exploration activities;
• $7k in payments were made to related parties and their associates for director salaries, consultancy fees, superannuation and other related costs; and
• $122k on administration and corporate costs.

TENEMENT SCHEDULE

Tenement and Name	Interest at	Acquired / Disposed	Interest at end of
	beginning of		Quarter
	Quarter
Tullsta-Granmuren Project
Tullsta nr 5 2017:140	100%	N/A	100%
Tullsta nr 6 2017:158	100%	N/A	100%
Tullsta nr 7 2018	100%	N/A	100%
Tullsta nr 8 2020	100%	N/A	100%
Berga nr 1 2018:48	100%	N/A	100%
Other Projects
Gaddebo nr 3 2014:91	100%	N/A	100%

For further enquiries contact: Steve Formica - Chairman

RAGNAR METALS LIMITED Tel: +61 418 920 474 Email: steve@ragnarmetals.com.au

For the purpose of ASX Listing Rule 15.5, the Board has authorised for this announcement to be released.