RAGNAR METALS LIMITED — Management Reports 2017

Oct 30, 2017

283 Rokeby Road Subiaco WA 6008 P: +61 8 6141 3500 F: +61 8 9481 1947 E: info@drakeresources.com.au

30 October 2017

ACTIVITIES REPORT

• Asset review completed with new targets identified
• Untested coincident EM and magnetic anomaly defined at Korsheden - detailed mapping and geochemical sampling scheduled to confirm its potential
• Limited testing of the historical Gaddebo polymetallic mine has returned:
  • o 0.4% Ni, 1.7% Cu and 970ppm Co from mineralised waste material
  • o Drilling results of:
    • BH nr 1: 4.32m at 0.87% Cu, 0.24% Ni and 0.25 ppm Pt from 23.6m
    • BH nr 2: 0.92m at 0.42% Cu, 0.95% Ni, 0.43 ppm Pt and 0.58 ppm Pd from 29.52m
• Drill testing by Drake in 2012 of the Tullsta nr 2 target returned 1.55m at 0.25% Ni and 0.31% Cu

Drake Resources Limited ("Drake" or "the Company" ASX: DRK) provided this update concerning a review undertaken across the Company's Swedish mineral asset portfolio ("Portfolio").

Evaluation of the historical exploration and Drake's recent activities identified several previously overlooked opportunities in the Portfolio. It is proposed specific work programs will be implemented for each opportunity following completion of the Company's current capital raising.

FIGURE 1: LOCATION PLAN OF DRAKE'S SWEDISH MINERAL ASSET PORTFOLIO

TABLE 1: PROJECT DEVELOPMENT PLAN

Project	Work Program
Korsheden nr 1	Interpreted nickel/copper sulphide target: detailed geological mapping andgeochemical sampling of coincident EM/Magnetic anomaly interpreted torepresent nickel/copper sulphide target
Tullsta nr 2	Review of downhole geophysics and logging of diamond drill hole 12DDTS002 todetermine whether drill hole effectively tested target
Gaddebo nr 3	Historical workings: conduct systematic geological mapping and geochemicalsampling to determine the potential tenor and extent of mineralisation
Gamla Jutbo nr 1& Prasthyttan nr 1	Complete an open file literature and data compilation, inclusive of the acquisitionand re-processing of the available geophysical coverages

Location & Tenure

TABLE 2: DRAKE'S CURRENT LICENCES IN SWEDEN

Project	Licence ID	Status	Expiry	Area	Units
Gaddebo nr 3	2014:91	LIVE	30/10/2017	100	HA.
Tullsta nr 2	2012:78	LIVE	21/06/2021	32	BL.
Prasthyttan nr 1	2012:105	LIVE	14/08/2018	143.91	BL.
Gamla Jutbo nr 1	2012:104	LIVE	14/08/2018	98.72	BL.
Korsheden nr1	2012:135	LIVE	26/09/2018	222.37	HA.

Drake currently owns a total of 5 granted licences within Sweden, ranging between 90 and 200km of the capital city of Stockholm.

Korsheden nr 1 Project

FIGURE 2: KORSHEDEN MAGNETIC IMAGE, EM LINES AND EM TARGETS (DRAKE RESOURCES, ASX ANNOUNCEMENT 14 SEPTEMBER 2015)

Two EM survey lines were completed 150m apart across the southern extent of the Korsheden licence in 2015 and identified a conductor associated with a 1.4km long airborne magnetic anomaly. The conductor is interpreted to represent a gabbro-hosted nickel-copper sulphide target. The target shares many geological similarities with the Granmuren Ni-Cu Project, located 50km to the east.

The potential of the EM conductor has not been geochemically tested nor mapped in detail. A field program to determine the extent, tenor and geometry of the target involving both mapping and geochemistry is scheduled.

A scout drilling program will be undertaken to test the mineralisation potential of the target if the results warrant.

Tullsta nr 2 Project

FIGURE 3: TULLSTA NR 2 LICENCE AND MAGNETICS (VTEM_MAG_RTP)

Drake has drilled a single hole into the Tullsta nr 2 licence area in 2012 and returned at the end of hole 0.25% Nickel and 0.31% Copper in hole 12DDTS002 from a depth of 64.25 to 65.8m. A thorough review of the diamond drill hole is required to ascertain whether the target has been adequately tested. Petrology completed by Drake is expected to contribute to the understanding of the mineralisation.

Geophysical re-processing of the available VTEM and downhole-EM survey data will also be utilised to assist with this interpretation

Gaddebo nr 3 Project

Historical mining undertaken at the Gaddebo Project was for nickel, copper, cobalt, platinum and palladium. The Gaddebo nickel mine is located on the border of the Enkoping and Sala Municipalities and consists of two sets of workings: Bjorngruvan and the smaller Fogdegruvan.

The nickel, copper and palladium mineralisation occurs within ultramafic rocks. Other rocks present include granodiorite, granite and gabbro. 1,432t of nickel ore was produced from the workings between 1870-71. In 1911 the mine was dewatered and surveyed to show a depth of 25m, with 13.5m of lateral development. Subsequent trial mining in 1918 reported an average grade of 0.8% copper and 0.3% nickel (BERGSKRAFT BERGSLAGEN AB, 2014). Further investigation of the prospect is justified by the re-sampling of two diamond drill holes by Dannemora Mineral AB, which identified nickel, copper, gold, platinum and palladium mineralisation (DANNEMORA MINERAL AB, 2008).

Significant Intervals from this drilling includes:

• BH nr 1: 16.42m at 0.61% Cu, 0.15% Ni, 3.28% S and 0.22 ppm Pt from 18.09m
  • o Including 4.32m at 0.87% Cu, 0.24% Ni, 5% S, 0.25ppm Pt from 23.6m
• BH nr 2: 4.67m at 0.42% Cu, 0.24% Ni, 3.48% S, 0.23 ppm Pt and 0.22ppm Pd from 29.52m o Including 0.92m at 0.42% Cu, 0.95% Ni, 10% S, 0.43 ppm Pt and 0.58 ppm Pd from 29.52m

Hole	From	To	Interval	Co	Cu ppm	Ni ppm	S pct	Pt ppm	Pd ppm
				ppm
BH nr 1	14.00	16.00	2.00	40	151	93	0.17	<0.005	<0.001
BH nr 1	16.00	18.09	2.09	68	1,045	430	0.74	0.092	0.007
BH nr 1	18.09	19.49	1.40	73	4,370	531	1.41	0.005	0.013
BH nr 1	19.49	21.50	2.01	216	3,550	1,940	3.93	0.675	0.19
BH nr 1	21.50	23.60	2.10	186	8,050	1,520	3.32	0.119	0.131
BH nr 1	23.60	25.72	2.12	143	8,800	2,100	4.63	0.439	0.023
BH nr 1	25.72	27.92	2.20	207	8,680	2,600	5.41	0.062	0.028
BH nr 1	27.95	29.83	1.88	150	7,690	1,660	3.5	0.262	0.029
BH nr 1	29.83	31.83	2.00	80	3,000	479	1.12	0.126	0.038
BH nr 1	31.83	33.00	1.17	76	3,330	460	1.18	0.094	0.085
BH nr 1	33.00	34.54	1.54	120	5,240	1,410	3.36	0.018	0.053
BH nr 1	34.54	37.00	2.46	40	1,805	313	2.09	0.008	0.034
BH nr 2	17.15	19.00	1.85	78	694	453	0.94	0.082	0.03
BH nr 2	19.00	20.67	1.67	70	2,040	416	0.8	0.042	0.049
BH nr 2	20.67	22.00	1.33	120	4,360	1,065	2.32	0.211	0.077
BH nr 2	22.00	24.00	2.00	102	3,060	789	1.83	0.066	0.049
BH nr 2	24.00	25.34	1.34	221	8,540	2,130	4.47	0.071	0.099
BH nr 2	25.34	27.34	2.00	48	825	163	0.37	<0.005	0.005
BH nr 2	27.34	29.52	2.18	48	609	148	0.23	0.015	0.011
BH nr 2	29.52	31.24	1.72	117	3,800	932	2.57	0.183	0.193
BH nr 2	31.24	32.16	0.92	878	4,170	9,530	>10.0	0.425	0.576
BH nr 2	32.16	33.20	1.04	112	4,760	900	1.83	0.282	0.112
BH nr 2	33.20	34.60	1.40	73	4,130	582	1.54	0.122	0.098
BH nr 2	34.60	35.44	0.84	39	691	143	0.22	0.013	0.006
BH nr 2	35.44	36.90	1.46	46	1,010	246	0.48	0.065	0.043

TABLE 3: DANNEMORA MINERAL AB- RE ASSAY OF GAB1 AND GAB2

Mapping across the site by Dannemora Mineral AB confirmed the location of a small nickel mine and some pits with sulphides. The historical workings represent a priority target for field inspection, geochemical sampling and detailed geological mapping.

Gamla Jutbo nr 1 & Prasthyttan nr 1 Projects

Complete an open file literature and data compilation, inclusive of the acquisition and re-processing of the available geophysical coverages, to determine the exploration potential of the Gamla Jutbo nr 1 and Prasthyttan nr 1 licences.

Former Tullsta nr 1 Project

The Company has made applications for exploration permits Tullsta nrs 4 and 5, but ground previously covered by Tullsta nr 1 (which was part of the Tullsta nr 4 application) is under moratorium until 1 January 2018. Drake will consider the re-applying for such ground after the results of fourth quarter exploration activities.

Competent Persons Statement

The information in this announcement that relates to the Exploration Results for Drake's Swedish Mineral Asset Portfolio is based on and fairly represents information compiled by Mr Jonathan King, who is a Member of the Australian Institute of Geoscientists and Consultant to Drake Resources Ltd. Mr King has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he has undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr King consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

References

Korsheden EM survey results: Drake Resources ASX Announcement, 14 September 2015

Tullsta nr 2 Project drill hole results for 12DDTS002: Drake Resources ASX Announcement, 12 April 2012

Appendix 1: Tullsta nr 2 drilling results

TABLE 4: 12DDTS002 COLLAR INFORMATION
Hole	East (RT90)	North (RT90)	Total Depth	Dip	Azimuth	Method
12DDTS002	1,536,992	6,641,445	96.8	-80	135	DiamondDrill hole

TABLE 5: 12DDTS002 ASSAY INFORMATION

Hole	From	To	Interval	Cu %	Ni %	S %
12DDTS002	59.25	60.25	1	0.16	0.14	2.1
	60.25	61.25	1	0.18	0.14	2.32
	61.25	62.25	1	0.14	0.18	2.49
	62.25	63.25	1	0.19	0.15	2.3
	63.25	64.25	1	0.17	0.11	1.68
	64.25	65.8	1.55	0.3	0.25	3.62

Note:

Intervals reported at a cut-off grade of 0.1% Cu or 0.1% Ni All intervals reported are down hole lengths not true widths.

Appendix 2: Gaddebo nr 3 drilling results

TABLE 6: GADDEBO NR 3 COLLAR INFORMATION

Hole	East (RT90)	North (RT90)	Total Depth	Dip	Azimuth	Method
BH nr 1	1,556,481	6,634,280	37	-45	344.2	Diamond
BH nr 2	1,556,439	6,634,282	36.9	-50	344.2	Drill hole

TABLE 7: GADDEBO NR 3 ASSAY RESULTS

Hole	From	To	Interval	Co ppm	Cu ppm	Ni ppm	S pct	Pt ppm	Pd ppm
BH nr 1	14.00	16.00	2.00	40	151	93	0.17	<0.005	<0.001
BH nr 1	16.00	18.09	2.09	68	1,045	430	0.74	0.092	0.007
BH nr 1	18.09	19.49	1.40	73	4,370	531	1.41	0.005	0.013
BH nr 1	19.49	21.50	2.01	216	3,550	1,940	3.93	0.675	0.19
BH nr 1	21.50	23.60	2.10	186	8,050	1,520	3.32	0.119	0.131
BH nr 1	23.60	25.72	2.12	143	8,800	2,100	4.63	0.439	0.023
BH nr 1	25.72	27.92	2.20	207	8,680	2,600	5.41	0.062	0.028
BH nr 1	27.95	29.83	1.88	150	7,690	1,660	3.5	0.262	0.029
BH nr 1	29.83	31.83	2.00	80	3,000	479	1.12	0.126	0.038
BH nr 1	31.83	33.00	1.17	76	3,330	460	1.18	0.094	0.085
BH nr 1	33.00	34.54	1.54	120	5,240	1,410	3.36	0.018	0.053
BH nr 1	34.54	37.00	2.46	40	1,805	313	2.09	0.008	0.034
BH nr 2	17.15	19.00	1.85	78	694	453	0.94	0.082	0.03
BH nr 2	19.00	20.67	1.67	70	2,040	416	0.8	0.042	0.049
BH nr 2	20.67	22.00	1.33	120	4,360	1,065	2.32	0.211	0.077
BH nr 2	22.00	24.00	2.00	102	3,060	789	1.83	0.066	0.049
BH nr 2	24.00	25.34	1.34	221	8,540	2,130	4.47	0.071	0.099
BH nr 2	25.34	27.34	2.00	48	825	163	0.37	<0.005	0.005
BH nr 2	27.34	29.52	2.18	48	609	148	0.23	0.015	0.011
BH nr 2	29.52	31.24	1.72	117	3,800	932	2.57	0.183	0.193
BH nr 2	31.24	32.16	0.92	878	4,170	9,530	10.0	0.425	0.576
BH nr 2	32.16	33.20	1.04	112	4,760	900	1.83	0.282	0.112
BH nr 2	33.20	34.60	1.40	73	4,130	582	1.54	0.122	0.098
BH nr 2	34.60	35.44	0.84	39	691	143	0.22	0.013	0.006
BH nr 2	35.44	36.90	1.46	46	1,010	246	0.48	0.065	0.043

Note:

All intervals including those with no significant intervals have been reported

All intervals reported are down hole lengths not true widths.

Appendix 3: Tullsta nr 2 and Gaddebo nr 3 JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Comments
Samplingtechniques	Nature and quality of sampling (eg cut channels,random chips, or specific specialised industrystandard measurement tools appropriate to theminerals under investigation, such as down holegamma sondes, or handheld XRF instruments,etc.). These examples should not be taken aslimiting the broad meaning of sampling.Include reference to measures taken to ensuresamplerepresentivityandtheappropriatecalibration of any measurement tools or systemsused.	Tullsta nr 2:Diamond drill core of BQ size was collected in coretrays, core was marked and cut in half. Diamondcore sampling intervals were based on geologicallogging and ranged from 1m to a maximum 1.55minterval.Gaddebo nr 3:Diamond drill core of BQ size was collected in coretrays, core was marked and cut in half. Diamondcore sampling intervals were based on geologicallogging and ranged from 0.84m to 2.2m.Tullsta nr 2 & Gaddebo nr 3:Diamond drill core was core was cut and half wassubmitted for assay.
	Aspects of the determination of mineralisationthat are Material to the Public Report. In caseswhere 'industry standard' work has been donethis would be relatively simple (eg 'reversecirculation drilling was used to obtain 1 msamples from which 3 kg was pulverised toproduce a 30 g charge for fire assay'). In othercases more explanation may be required, suchas where there is coarse gold that has inherentsampling problems. Unusual commodities ormineralisation types (eg submarine nodules) maywarrant disclosure of detailed information.	Tullsta nr 2:Diamond drill core of BQ size was collected in coretrays, marked up and cut in half. Intervals werebased on geological logging and varied in size from1m to a maximum of 1.55m intervals. Core cuttingand sample preparation was undertaken at ALSminerals laboratory in Pitea, Sweden. Base metalsanalyses were completed at ALS Minerals inVancouver. Base metals analysis was completedby a four acid digest with an inductively coupledplasma atomic emission spectrometry finish (ICPAES) Finish.Gaddebo nr 3:Half BQ core was cut on intervals ranging from 0.84to 2.2m, guided by geological logging. No furtherdetails are provided with respect to the preparationmethod or analytical method.
Drillingtechniques	Drill type (eg core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic,etc) and details (eg core diameter, triple orstandard tube, depth of diamond tails, facesampling bit or other type, whether core isoriented and if so, by what method, etc).	Tullsta nr 2 & Gaddebo nr 3:BQ Diamond drill core, no reference to whether thecore was oriented.
Drillsamplerecovery	Method of recording and assessing core and chipsample recoveries and results assessed.	Tullsta nr 2:Recoveries reported by Drake Resources inlogging exceed 95%.Gaddebo nr 3:Core recoveries documented in historical reportsexceed 95%.
	Measures taken to maximise sample recoveryand ensure representative nature of the samples.	Tullsta nr 2 & Gaddebo nr 3:Diamond drilling by nature collects relativelyuncontaminated core samples. The diamond drillcore was cleaned at the drill site to remove thedrilling fluids and cuttings to present clean core forlogging and sampling.

Criteria	JORC Code explanation	Comments
	Whether a relationship exists between samplerecovery and grade and whether sample biasmay have occurred due to preferential loss/gainof fine/coarse material.	Tullsta nr 2 & Gaddebo nr 3:There is no significant loss of material reported inthe mineralised parts of the diamond core for eitherproject.
Logging	Whether core and chip samples have beengeologically and geotechnically logged to a levelof detail to support appropriate Mineral Resourceestimation, mining studies and metallurgicalstudies.	Tullsta nr 2:The logging completed is completed to a level ofdetail and standard in order to be utilised in amineral resource estimation.Gaddebo nr 3:The reported logging available in historical reportsis only qualitative in terms of describing lithology
	Whether logging is qualitative or quantitative innature.Core(orcostean,channel,etc)photography.	type.Tullsta nr 2:Logging has been completed on both a qualitative(lithology, alteration, vein type, mineralisation) andquantitative (mineralisation abundance) basis. Drillcore has been photographed both wet and dry.Gaddebo nr 3:Logging completed is only qualitative and only
	The total length and percentage of the relevantintersections logged.	describes the lithologies.Tullsta nr 2 & Gaddebo nr 3:All holes were logged for the entire lengths of thedrill core. All intervals with significant interceptshave been included in this logging process.
Sub-samplingtechniquesandsamplepreparation	If core, whether cut or sawn and whether quarter,half or all core taken.	Tullsta nr 2 & Gaddebo nr 3:Half drill BQ core was cut and sampled.
	If non-core, whether riffled, tube sampled, rotarysplit, etc and whether sampled wet or dry.	Tullsta nr 2 & Gaddebo nr 3:Only diamond drilling completed.
	For all sample types, the nature, quality andappropriateness of the sample preparationtechnique.	Tullsta nr 2:Report includes reference to internal laboratoryprocedurescombinedwithduplicatesandstatistical analysis was utilised to ensure thatsamplepreparationtechniquesarewithinacceptable ranges.Gaddebo nr 3:No records exist with respect to the sample
	Quality control procedures adopted for all subsampling stages to maximise representivity ofsamples.	preparation method undertaken.Tullsta nr 2:No specific references are documented withrespect to quality control procedures utilised forsub-sampling stages.
	Measures taken to ensure that the sampling isrepresentative of the in situ material collected,includingforinstanceresultsforfieldduplicate/second-half sampling.	Gaddebo nr 3:No quality control measures were published inhistorical reports regarding sub-sampling methods.Tullsta nr 2:References in report stipulates that the quality ofanalytical results was monitored by the use ofinternallaboratoryprocedurestogetherwithcertifiedstandards,duplicatesandblanks.Statistical analysis was utilised to ensure thatresults were representative and within acceptableranges of accuracy and precision.Gaddebo nr 3:No references towards field duplicates or second
		half sampling included in historical reports.

Criteria	JORC Code explanation	Comments
	Whether sample sizes are appropriate to thegrain size of the material being sampled.	Tullsta nr 2 & Gaddebo nr 3:Half core of sulphide hosted mineralisation isindustry standard for the style of mineralisationcurrently being targeted.
Quality of assaydataandlaboratory tests	The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial ortotal.	Tullsta nr 2:Base metals analysis was performed by a four aciddigest with an inductively coupled plasma atomicemission spectrometry (ICP AES) finish. Themethod is considered to be a total digestionmethod.Gaddebo nr 3:
		No documentation about the assaying methodapplied is included within the available historicalreports.
	For geophysical tools, spectrometers, handheldXRF instruments, etc, the parameters used indetermining the analysis including instrumentmake and model, reading times, calibrationsfactors applied and their derivation, etc.	Tullsta nr 2 & Gaddebo nr 3:No geophysical instruments used
	Nature of quality control procedures adopted (egstandards,blanks,duplicates,externallaboratory checks) and whether acceptablelevels of accuracy (ie lack of bias) and precisionhave been established.	Tullsta nr 2:References in report stipulates that the quality ofanalytical results was monitored by the use ofinternallaboratoryprocedurestogetherwithcertifiedstandards,duplicatesandblanks.Statistical analysis was utilised to ensure thatresults were representative and within acceptableranges of accuracy and precision.
		Gaddebo nr 3:No references towards field duplicates or secondhalf sampling included in historical reports.
Verificationofsamplingandassaying	The verification of significant intersections byeither independent or alternative companypersonnel.	Tullsta nr 2:All drilling data relating to the Project was initiallycaptured by consultants to Drake Resources, nodocumentation exists with respect to additionalthird party verification.
		Gaddebo nr 3:Dannemora Mineral AB conducted analysis of thehistorical drill core to determine the tenor andextent of mineralisation. The reports relating to thisdrill core assaying were digitally captured byconsultants to Drake Resources.
	The use of twinned holes.	Tullsta nr 2 & Gaddebo nr 3:No twinned holes were completed to date.
	Documentation of primary data, data entryprocedures, data verification, data storage(physical and electronic) protocols.	Tullsta nr 2:Primary geological and sampling data wasrecordedonhardcopyanddigitisedandsubsequently iported into a validated geologicaldatabase.Assay results were merged with theprimary database in Access and imported andfurther verified using Micromine.Gaddebo nr 3:
		Data historically reported by Dannemora MineralAB was digitised and imported into an Accessdatabase and subsequently imported and validatedin Micromine.
	Discuss any adjustment to assay data.	Tullsta nr 2 & Gaddebo nr 3:No adjustments to assay data has been performed.

Criteria	JORC Code explanation	Comments
Location of datapoints	Accuracy and quality of surveys used to locatedrill holes (collar and down-hole surveys),trenches, mine workings and other locationsused in Mineral Resource estimation.	Tullsta nr 2:Drill collar locations were located using a handheldGPS.Gaddebo nr 3:Drill collar coordinates were digitised from historicalmaps and cross referenced to the reportedlocations in order to validate their respectivelocations.
	Specification of the grid system used.	Tullsta nr 2 & Gaddebo nr 3:All coordinates reported are in Swedish RT90coordinate system.
	Quality and adequacy of topographic control.	Tullsta nr 2 & Gaddebo nr 3:A digital terrain model was generated availableairborne magnetic survey dtm which is consideredsufficient for early stage exploration.
Data spacing anddistribution	Data spacing for reporting of Exploration Results.	Tullsta nr 2 & Gaddebo nr 3:Drill holes for both Projects were located to testspecific targets and as such are not on a regulargrid.
	Whether the data spacing and distribution issufficient to establish the degree of geologicaland grade continuity appropriate for the MineralResourceandOreReserveestimationprocedure(s) and classifications applied.	Tullsta nr 2 & Gaddebo nr 3:The drilling completed to date is on an irregular gridand is of a reconnaissance nature. The drillingcompleted is insufficient to delineate a mineralresource.
	Whether sample compositing has been applied.	Tullsta nr 2 & Gaddebo nr 3:Compositing of intervals has been completed usinglength weighted averages of significant intervals.A full listing of the intervals with no compositingutilised is included in the appendices.
Orientationofdata in relation togeologicalstructure	Whether the orientation of sampling achievesunbiased sampling of possible structures and theextent to which this is known, considering thedeposit type.	Tullsta nr 2 & Gaddebo nr 3:The orientation of mineralisation for both projects ispresently poorly understood and therefore it isunknownwhethertheorientationachievesunbiased sampling.
	If the relationship between the drilling orientationand the orientation of key mineralised structuresis considered to have introduced a sampling bias,this should be assessed and reported if material.	Tullsta nr 2 & Gaddebo nr 3:Sampling bias arising from the orientation ofmineralisation is discussed above.
Sample security	The measures taken to ensure sample security.	Tullsta nr 2 & Gaddebo nr 3:No documentation exists regarding the chain ofcustody of samples.
Audits or reviews	The results of any audits or reviews of samplingtechniques and data.	Tullsta nr 2 & Gaddebo nr 3:No audits have been completed to date.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenementType,referenceand land tenurename/number,locationstatusand ownership includingagreements or materialissues with third partiessuch as joint ventures,partnerships,overridingroyalties,nativetitleinterests, historical sites,wildernessornationalpark and environmentalsettings.The security of the tenureheldatthetimeofreporting along with anyknownimpedimentstoobtaining a licence tooperate in the area.	ProjectGaddebonr 3Tullsta nr 2Prasthyttannr 1GamlaJutbo nr 1Korshedennr1	Licence ID2014:912012:782012:1052012:1042012:135	StatusLIVELIVELIVELIVELIVE	Expiry30/10/201721/06/202114/08/201814/08/201826/09/2018	Area10032143.9198.72222.37	UnitsHA.BL.BL.BL.HA.
		No known impediments exist with respect to the exploration ordevelopment of Drake's Swedish Mineral Asset Portfolio.

Exploration doneby other parties	Acknowledgment and appraisal of exploration byother parties.	Thevastmajorityofexplorationactivities documented was completedby BERGSKRAFT BERGSLAGEN ABand DANNEMORA MINERAL AB
Geology	Deposittype,geologicalsettingandstyleofmineralisation.	Drake is primarily targeting ultramaficmafic intrusive complex related Ni-CoPGE mineralisation across Sweden.
Drill holeInformation	Asummaryofallinformationmaterialtotheunderstanding of the exploration results including atabulation of the following information for all Material drillholes:easting and northing of the drill hole collarelevation or RL (Reduced Level – elevation abovesea level in metres) of the drill hole collardip and azimuth of the hole down hole length andinterceptiondepth hole length.	All drill hole information is tabulated inAppendix 1 & 2.
	If the exclusion of this information is justified on the basisthat the information is not Material and this exclusion doesnot detract from the understanding of the report, theCompetent Person should clearly explain why this is thecase.	All available information has beenreleased including those with nosignificant results.
Data aggregationmethods	In reporting Exploration Results, weighting averagingtechniques, maximum and/or minimum grade truncations(eg cutting of high grades) and cut-off grades are usuallyMaterial and should be stated.	Cut off values of 0.1% Cu and/or ≥0.1% Niapplied with maximum 1m internal dilutionon composited intervals for Tullsta nr 2 andno cut off grades applied to Gaddebo nr 3.
	Where aggregate intercepts incorporate short lengths ofhigh grade results and longer lengths of low grade results,the procedure used for such aggregation should be statedand some typical examples of such aggregations shouldbe shown in detail.	Aggregate sample assays are calculatedusing a length weighted average

	Theassumptions used for any reporting of metalequivalent values should be clearly stated.	No metal equivalents are reported.
Relationshipbetweenmineralisationwidths andintercept lengths	These relationships are particularly important in thereporting of Exploration Results.	True widths of the mineralisation have notbeen calculated or this report, as such allintersections reported are down holethicknesses
	If the geometry of the mineralisation with respect to thedrill hole angle is known, its nature should be reported.	The geometry of mineralisation is not yetunderstood.
	If it is not known and only the down hole lengths arereported, there should be a clear statement to this effect(eg 'down hole length, true width not known').	All intervals reported are down holelengths not true widths.
Diagrams	Appropriate maps and sections (with scales) andtabulations of intercepts should be included for anysignificant discovery being reported These shouldinclude, but not be limited to a plan view of drill hole collarlocations and appropriate sectional views.	Maps and plans have been included inannouncement.
Balancedreporting	Where comprehensive reporting of all Exploration Resultsis not practicable, representative reporting of both low andhigh grades and/or widths should be practiced to avoidmisleading reporting of Exploration Results.	All results including those with nosignificant results have been reported.
Othersubstantiveexploration data	Other exploration data, if meaningful and material, shouldbe reported including (but not limited to): geologicalobservations; geophysical survey results; geochemicalsurvey results; bulk samples – size and method oftreatment; metallurgical test results; bulk density,groundwater, geotechnical and rock characteristics;potential deleterious or contaminating substances.	No other exploration data is consideredmeaningful and material to thisannouncement
Further work	The nature and scale of planned further work (eg tests forlateral extensions or depth extensions or large-scalestep-out drilling).	Further ground reconnaissance samplingand mapping is proposed to be completed.A summary of required work programs isincluded in the release.
	Diagrams clearly highlighting the areas of possibleextensions, including the main geological interpretationsand future drilling areas, provided this information is notcommercially sensitive.	Further activities will be planned followingthe completion of the activities mentionedin the release.