RAGNAR METALS LIMITED — Share Issue/Capital Change 2017

Apr 3, 2017

Notification of Consolidation/Split

==> picture [21 x 22] intentionally omitted <==

Notification of Consolidation/Split

Announcement Summary

Entity name

DRAKE RESOURCES LIMITED

Applicable security for the reorganisation

DRK ORDINARY FULLY PAID DRKOB OPTION EXPIRING 01-AUG-2017

Announcement Type

New Announcement Date of this announcement Monday April 3, 2017

Reorganisation type

Security consolidation Effective Date Thursday April 6, 2017 Record Date Friday April 7, 2017 Issue Date Tuesday April 18, 2017

Refer to below for full details of the announcement

Announcement Details

Part 1 - Entity and announcement details

*1.1 Name of +Entity

DRAKE RESOURCES LIMITED

Registration Number

*1.2 Registered Number Type

ACN 108560069

*1.3 ASX issuer code

DRK

*1.4 The announcement is

New announcement

*1.5 Date of this announcement

Monday April 3, 2017

*1.6 Securities affected by the reorganisation

Notification of Consolidation/Split

1 / 4

Notification of Consolidation/Split

ORDINARY FULLY PAID OPTION EXPIRING 01-AUG-2017

==> picture [21 x 22] intentionally omitted <==

DRK DRKOB

Part 2 - Approvals

*2.1 Are any of the below approvals required for the reorganisation before business day 0 of the timetable?

• Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval

• FIRB approval

• Another approval/condition external to the entity required to be given/met before business day 0 of the timetable for the reorganisation.

Yes

2.2 Approvals

**Approval/Condition Date for determination Is the date estimated Approval +Security holder Wednesday April 5, or actual? received/condition approval 2017 Actual met? [Select...] Comments

Part 3 - Reorganisation timetable and details

*3.1 +Record date

Friday April 7, 2017

3.2 Date of +security holder meeting

Wednesday April 5, 2017

3.3 Last day for trading in the pre-re-organised +securities

Wednesday April 5, 2017

*3.4 Effective date. Trading in the re-organised securities commences on a +deferred settlement basis. If the +entity's securities are suspended from trading during this period there will be no +deferred settlement trading however ASX still captures this date. Thursday April 6, 2017

3.5 Record date

Friday April 7, 2017

3.6 First day for +entity to send notices to +security holders of the change in the number of +securities they hold. First day for +entity to register +securities on a post-reorganised basis

Monday April 10, 2017

Notification of Consolidation/Split

2 / 4

Notification of Consolidation/Split

==> picture [21 x 22] intentionally omitted <==

*3.7 +Issue date. +Deferred settlement market ends. Last day for +entity to send notices to

+security holder of the change in the number of +securities they hold. Last day for +entity to register +securities on a post-reorganised basis

Tuesday April 18, 2017

3.8 Trading starts on a normal T+2 basis

Wednesday April 19, 2017

3.9 First settlement of trades conducted on a +deferred settlement basis and on a normal T+2 basis

Friday April 21, 2017

Part 4 - Reorganisation type and details

*4.1 The reorganisation is

+Security consolidation

*4.1a Consolidation ratio: the +securities will be consolidated on the basis that every

150

(pre-consolidation) +securities will be consolidated into

1

(post-consolidation) +security (/ies).

*4.2 Scrip fraction rounding

Fractions rounded down to the nearest whole number or fractions disregarded

Part 5 - +Securities on issue before and after reorganisation

*5.1 +Securities on issue before and after the reorganisation

==> picture [478 x 315] intentionally omitted <==

----- Start of picture text ----- *ASX +Security Code *ASX +SecurityDRK DescriptionORDINARY FULLYPAIDQuoted/unquoted Number on issue Number on issue after Estimate/ActualQuoted before reorganisation reorganisation Actual1,040,437,062 6,936,247*ASX +Security Code *ASX +SecurityDRKOB DescriptionOPTION EXPIRING01-AUG-2017Quoted/unquoted Number on issue Number on issue after Estimate/ActualQuoted before reorganisation reorganisation Actual366,047,882 2,440,3195.2 *Exercise price of options*ASX +Security Code *ASX +Security DescriptionDRKOB OPTION EXPIRING01-AUG-2017----- End of picture text -----

Notification of Consolidation/Split

3 / 4

Notification of Consolidation/Split

==> picture [21 x 22] intentionally omitted <==

Quoted/unquoted Exercise price before Exercise price after Quoted reorganisation reorganisation AUD 0.03000000 AUD 4.50000000

Part 6 - Further information

6.1 Further information relating to the reorganisation

6.2 Additional information for inclusion in the Announcement Summary

Notification of Consolidation/Split

4 / 4