New Risk • Mar 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (56% accrual ratio). Market cap is less than US$10m (AU$13.7m market cap, or US$9.43m). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Revenue is less than US$5m (AU$6.2m revenue, or US$4.3m). New Risk • Mar 19
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$13.7m (US$9.63m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (56% accrual ratio). Market cap is less than US$10m (AU$13.7m market cap, or US$9.63m). Minor Risk Revenue is less than US$5m (AU$6.2m revenue, or US$4.4m). Reported Earnings • Mar 10
First half 2026 earnings released: EPS: AU$0.01 (vs AU$0 in 1H 2025) First half 2026 results: EPS: AU$0.01 (up from AU$0 in 1H 2025). Revenue: AU$5.46m (up AU$5.03m from 1H 2025). Net income: AU$4.93m (up AU$5.00m from 1H 2025). Profit margin: 90% (up from net loss in 1H 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Board Change • Jan 05
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 2 highly experienced directors. Independent Non-Executive Chairman Steve Formica was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Dec 06
Independent Non-Executive Chairman recently bought AU$67k worth of stock On the 4th of December, Steven Formica bought around 2m shares on-market at roughly AU$0.038 per share. This transaction amounted to 7.3% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth AU$100k. Steven has been a buyer over the last 12 months, purchasing a net total of AU$167k worth in shares. Recent Insider Transactions • Nov 22
Independent Non-Executive Chairman recently bought AU$101k worth of stock On the 21st of November, Steven Formica bought around 4m shares on-market at roughly AU$0.025 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Steven has been a buyer over the last 12 months, purchasing a net total of AU$201k worth in shares. Announcement • Oct 02
Ragnar Metals Limited, Annual General Meeting, Nov 20, 2025 Ragnar Metals Limited, Annual General Meeting, Nov 20, 2025. Reported Earnings • Sep 27
Full year 2025 earnings released: AU$0.001 loss per share (vs AU$0.005 loss in FY 2024) Full year 2025 results: AU$0.001 loss per share (improved from AU$0.005 loss in FY 2024). Revenue: AU$1.22m (up 263% from FY 2024). Net loss: AU$306.0k (loss narrowed 87% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 4% per year. New Risk • Mar 18
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$2.2m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.2m free cash flow). Earnings have declined by 27% per year over the past 5 years. Revenue is less than US$1m (AU$659k revenue, or US$421k). Market cap is less than US$10m (AU$8.53m market cap, or US$5.45m). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). Reported Earnings • Mar 14
First half 2025 earnings released: EPS: AU$0 (vs AU$0.002 loss in 1H 2024) First half 2025 results: EPS: AU$0 (improved from AU$0.002 loss in 1H 2024). Net loss: AU$70.5k (loss narrowed 91% from 1H 2024). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. New Risk • Mar 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 21% per year over the past 5 years. Revenue is less than US$1m (AU$335k revenue, or US$213k). Market cap is less than US$10m (AU$8.06m market cap, or US$5.11m). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). Announcement • Dec 02
Ragnar Metals Limited has completed a Derivatives Offering in the amount of AUD 0.094791 million. Ragnar Metals Limited has completed a Derivatives Offering in the amount of AUD 0.094791 million.
Security Name: Options
Security Type: Equity Option
Securities Offered: 94,791,065
Price\Range: AUD 0.001
Transaction Features: Rights Offering Reported Earnings • Sep 28
Full year 2024 earnings released: AU$0.005 loss per share (vs AU$0.001 loss in FY 2023) Full year 2024 results: AU$0.005 loss per share (further deteriorated from AU$0.001 loss in FY 2023). Net loss: AU$2.43m (loss widened 433% from FY 2023). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Announcement • Sep 27
Ragnar Metals Limited, Annual General Meeting, Nov 15, 2024 Ragnar Metals Limited, Annual General Meeting, Nov 15, 2024. New Risk • Jun 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 1.9% per year over the past 5 years. Revenue is less than US$1m (AU$107k revenue, or US$71k). Market cap is less than US$10m (AU$8.06m market cap, or US$5.37m). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (25% increase in shares outstanding). Reported Earnings • Mar 13
First half 2024 earnings released: AU$0.002 loss per share (vs AU$0.001 loss in 1H 2023) First half 2024 results: AU$0.002 loss per share (further deteriorated from AU$0.001 loss in 1H 2023). Net loss: AU$795.6k (loss widened 271% from 1H 2023). New Risk • Mar 13
New major risk - Revenue and earnings growth Earnings have declined by 2.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$1.9m free cash flow). Earnings have declined by 2.1% per year over the past 5 years. Revenue is less than US$1m (AU$5.7k revenue, or US$3.7k). Market cap is less than US$10m (AU$9.01m market cap, or US$5.95m). Minor Risk Shareholders have been diluted in the past year (25% increase in shares outstanding). Recent Insider Transactions • Feb 28
Independent Non-Executive Chairman recently bought AU$58k worth of stock On the 26th of February, Steven Formica bought around 3m shares on-market at roughly AU$0.02 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Steven's only on-market trade for the last 12 months. Announcement • Oct 21
BHP Metals Exploration Pty Ltd acquired Ragnar Metals Sweden Ab from Ragnar Metals Limited (ASX:RAG) BHP Metals Exploration Pty Ltd signed an agreement to acquire Ragnar Metals Sweden Ab from Ragnar Metals Limited (ASX:RAG) for AUD 9.8 million on June 26, 2023.The transaction is subject to the satisfaction of conditions, including RAG completing an internal restructure to transfer specific Swedish licences from RAG to Ragnar Metals Sweden AB. The sale is expected to be complete by 30 September 2023.BHP Metals Exploration Pty Ltd completed the acquisition of Ragnar Metals Sweden Ab from Ragnar Metals Limited (ASX:RAG) on October 19, 2023. Reported Earnings • Sep 27
Full year 2023 earnings released: AU$0.001 loss per share (vs AU$0.003 loss in FY 2022) Full year 2023 results: AU$0.001 loss per share (improved from AU$0.003 loss in FY 2022). Net loss: AU$455.7k (loss narrowed 62% from FY 2022). Announcement • Sep 27
Ragnar Metals Limited, Annual General Meeting, Nov 15, 2023 Ragnar Metals Limited, Annual General Meeting, Nov 15, 2023. New Risk • Sep 27
New major risk - Revenue and earnings growth Earnings have declined by 0.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.3m free cash flow). Earnings have declined by 0.1% per year over the past 5 years. Revenue is less than US$1m (AU$4.0k revenue, or US$2.5k). Market cap is less than US$10m (AU$10.9m market cap, or US$6.97m). Minor Risk Shareholders have been diluted in the past year (25% increase in shares outstanding). New Risk • Jul 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.3m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Revenue is less than US$1m (AU$4.0k revenue, or US$2.7k). Market cap is less than US$10m (AU$9.95m market cap, or US$6.73m). Minor Risk Shareholders have been diluted in the past year (25% increase in shares outstanding). Reported Earnings • Mar 15
First half 2023 earnings released: AU$0.001 loss per share (vs AU$0.002 loss in 1H 2022) First half 2023 results: AU$0.001 loss per share (improved from AU$0.002 loss in 1H 2022). Net loss: AU$214.5k (loss narrowed 66% from 1H 2022). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Dec 23
Ragnar Metals Limited Announces Assays Reveal Upper Higher Grade Zone at Tullsta Ragnar Metals Limited received positive assay results from the recent 2022 diamond drill program, led by Swedish drilling contractor Allroc AB to further test the Granmuren nickel-copper discovery. Granmuren is located within the Company's 100%-owned Tullsta Nickel Project in Sweden, 110km NW of Stockholm ("Tullsta" or "the Project"). Complete assay results have now been received from 22DDTS009 and 22DDTS010 which were both collared from the northeast and angled back toward the southwest aimed to pierce the highly prospective northern contact of the gabbro host intrusion . Assay results have been returned from 22DDTS010 and successfully returned multiple intervals of variably disseminated, blebby, matric, vein, semi-massive and massive nickel-copper-cobalt sulphide within the upper zone from 153m to 189m and a lower zone from 338m to 444.9m. The highlight assay results are clearly from the upper zone where high tenor variable sulphide of robust width returned 30m at 0.78% Ni, 0.46% Cu & 0.1% Co from 167m. These are the highest-grade assays within the upper zone to date on the project and are considered highly significant. Assays for 22DDTS010 also returned a thick lower zone of moderate tenor disseminated nickel-copper-cobalt sulphide of 42m at 0.23% Ni, 0.18% Cu & 0.08% Co from 389m, including zones of high tenor massive sulphide 2.9m at 1.14% Ni, 0.38% Cu & 0.1% Co. Selected assay results, see Table 1. Assay results were also returned from 22DDTS009 where a significant interval of moderate tenor disseminated nickel-copper-cobalt sulphide within the upper zone returned 86m at 0.26% Ni, 0.24% Cu & 0.02% Co from 187m as well asa similar lower zone that returned 46m at 0.32% Ni, 0.29% Cu & 0.03% Co including a higher-grade massive sulphideinterval of 2.0m at 0.94% Ni, 0.66% Cu & 0.1% Co. For selected assay results. These assay results in the upper zone are the highest grade to date which strongly supports Ragnar's depositional model that will ultimately assist discovery efforts focused on the deeper basal massive sulphide zone. The new assay results will be incorporated with the new downhole IP and EM data that is scheduled for early January 2023 and will produce a robust 3D model to accurately define deeper drill targets that are now Ragnar's highest priority focus. Ragnar is also awaiting assay results for 22DDTS012 intersected 137m containing 8% visual sulphide estimates along with various intervals of massive and semi-massive sulphides. Announcement • Nov 21
Ragnar Metals Limited Completes Diamond Core Drilling Program, Led by Swedish Drilling Allroc AB to Further Test the Granmuren Nickel-Copper Discover Ragnar Metals Limited completed the diamond core drilling program, led by Swedish drilling Allroc AB to further test the Granmuren nickel-copper discovery. Granmuren is located within the Company's 100%-owned Tullsta Nickel Project in Sweden, 110km NW of Stockholm. Initial assay results have been received for the priority rush samples which contained semi-massive sulphides at the base of the Granmuren gabbroic intrusion which returned a length weighted average of 2.86m @ 1.14% Ni, 0.38% Cu & 0.08% Co from 442.00-444.86m. The assays returned anomalous Ni-Cu-Co mineralisation confirming the visual estimates for this section as reported in late September 2022. The remainder of the hole is being processed at the laboratory which has considerable delay times, driving Ragnar's decision to put these samples in as a priority in order to verify whether laboratory assay results supported the visual field estimations at depth. Investors should note that the available assay results cover an interval less than 3 metres at the base of the hole. The remaining laboratory assays from the hole, including intervals for which visual estimates of sulphide mineralisation were reported, are still to be received. Those assay results must be received to determine the widths and grades of mineralisation at other intervals in the hole. Drilling Update Stage 1 and 2 drilling is now complete at the Granmuren Ni-Cu-Co discovery with 2,562.75m drilled during the campaign. The program provided valuable information about the sulphide formation and deposition within the Granmuren Intrusion, leading to the development of the Company's ore-forming model, identifying the Central and Basal zones as well as the northern contact as the most favourable locations for the deposition of higher-grade Ni-Cu-Co sulphides. The sulphide mineralisation in hole 22DDTS010 displays typical disseminated, interstitial, matrix, semi-massive and vein style sulphide mineralisation over broad zones. It was drilled to the south of hole 21DDTS007 to determine the 3- dimensional nature of the mineralisation, to intersect the basal contact to the south and to test the northern contact higher up in the intrusion. The intersections of the extensive magmatic sulphide support the potential of the Granmuren intrusive system to host a substantial Ni-Cu-Co deposit in the Sala District of Sweden. DHIP-R geophysical surveying of the holes has been completed with GeoVista currently processing and interpreting the model in combination with the previous DHIP-R data. DHEM down a number of key drill holes has been scheduled and will be completed in the near future. The results of the geophysical survey data will provide a more concise model and controls around the deposition of the sulphide system which will allow for accurate targeting of the massive sulphide accumulation within the intrusion. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Independent Non-Executive Chairman Steve Formica was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Independent Non-Executive Chairman Steve Formica was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 31
Ragnar Metals Limited Announces 137M of Nickel Sulphides at Tullsta Ragnar Metals Limited is continuing the 3,000m drilling program, led by Swedish drilling company Allroc AB to further test the Granmuren nickel-copper discovery. Granmuren is located within the Company's 100%-owned Tullsta Nickel Project in Sweden, 110km NW of Stockholm ("Tullsta" or "the Project"). Stage 1 drilling has progressed, successfully intersecting broad widths of magmatic sulphide mineralisation in hole 22DDTS012 which was drilled back towards the northern contact of the Granmuren gabbroic intrusion. This drill hole has assisted greatly in understanding and developing the geological model for the Granmuren Intrusion. Most importantly, this leads to a greater understanding on the controls of sulphide development and its deposition. Hole 22DDTS012 successfully tested above and below the highly mineralised drill hole 21DDTS007 that intersected 146.3m at 0.6% Ni and 0.5% Cu.1 Recently completed drillhole 22DDTS012 intersected 137m of sulphide bearing gabbros and has continued to confirm the substantial volume of sulphide mineralisation intersected throughout the large-scale gabbroic intrusion. The sulphide mineralisation continues to display typical disseminated, interstitial/matrix, semi-massive, massive and vein style sulphide mineralisation over broad zones, with the Central and Basal zones producing the higher tenor massive and semi-massive sulphide accumulations. Handheld pXRF readings by the technical team has confirmed the presence of Ni-Cu-Co mineralisation within these zones which have been sampled and sent to the laboratory for assay analysis. Ragnar's geologists interpret that the sulphides formed towards the top of the intrusion through sulphide assimilation and initially forming the original upper mineralisation first discovered in 2012-2013. As the Ni-Cu-Co bearing sulphides began to form on mass, the dense weight of the sulphide metal accumulations resulted in a collapse of the sulphide body. The hot sulphide metal slurry began draining sub vertically down the northern margin of the slowly cooling intrusion resulting in the development of the crowded crystal-sulphide mush textures shown by the interstitial and semi-massive textures. Massive sulphide zones formed along the basal contacts and internally within choked conduits inside the cooling gabbroic intrusion, as well as injected into fractures within the footwall meta-sediments. The Central and Basal zones are the most prospective for massive and semi-massive sulphide deposition and will be the focus for future drilling programs. Board Change • Oct 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Independent Non-Executive Chairman Steve Formica was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 30
Ragnar Metals Limited Announces Magmatic Sulphide Intersections Confirm Potential Scale of Tullsta Ragnar Metals Limited is continuing the 3,000m drilling program, led by Swedish drilling Allroc AB to further test the Granmuren nickel-copper discovery. Granmuren is located within the company's 100%-owned Tullsta Nickel Project in Sweden, 110km NW of Stockholm. Highlights: 3,000m diamond core drilling program continues at Granmuren Ni-Cu-Co deposit within the company's 100% owned Tullsta Nickel Project in Sweden; Holes 22DDTS009 and 22DDTS010 have intersected visual magmatic sulphides to the east and west of highly successful 21DDTS007 which returned1 146.3m at 0.6% Ni, 0.5% Cu & 0.05% Co; Visual Sulphide Estimates include the mineralised upper and lower zones within the Granmuren magmatic gabbroic intrusion including Hole 22DDTS009: 103.0m containing 7% visual sulphide estimates (Upper Zone) Including 35.1m with 11% matrix style sulphides; 51.5m containing 8% visual sulphides estimates (Lower Zone) Including 2.88m containing 37% matrix and semi-massive sulphides; Hole 22DDTS010: 47.35m containing 19% visual sulphides estimates (Upper Zone) Including 7.4m containing 50% semi-massive sulphides 56.50m containing 6% visual sulphides estimates (Lower Zone) Including 3.5m of several semi-massive sulphide zones up to 80%; Hole 22DDTS011 is underway, drilling perpendicular to hole 21DDTS007 to test the 3-dimensional nature of the potentially significant magmatic sulphide system; Downhole geophysics comprising downhole electromagnetics (DHEM) and downhole induced polarization and resistivity (DHIP-R) surveying has commenced; Stage 2 drilling will commence at the completion of 22DDTS011 and will comprise shallower drilling of the Upper Keel Target as well as testing the Northern and Southern Lobe targets; The core is being prepared for independent laboratory analysis with results expected in November. Announcement • Sep 18
Ragnar Metals Limited Auditor Raises 'Going Concern' Doubt Ragnar Metals Limited filed its Annual on Sep 16, 2022 for the period ending Jun 30, 2022. In this report its auditor, Hall Chadwick, gave an unqualified opinion expressing doubt that the company can continue as a going concern. Reported Earnings • Sep 17
Full year 2022 earnings released: AU$0.003 loss per share (vs AU$0.009 loss in FY 2021) Full year 2022 results: AU$0.003 loss per share. Net loss: AU$1.20m (loss widened 44% from FY 2021). Announcement • Jul 18
Ragnar Metals Limited announces Drilling Underway at Granmuren Ragnar Metals Limited announced that Swedish drilling contractor Allroc AB have mobilised to Tullsta and have commenced drilling activities to test the potential of the Granmuren nickel-copper discovery. Granmuren is located within the Company's 100%-owned Tullsta Nickel Project in Sweden, 110km NW of Stockholm. A 3,000m diamond drilling contract was awarded to Allroc AB who completed the two previous successful drilling campaigns for Ragnar during 2021 which led to the discovery of substantial Ni-Cu-Co mineralisation within the magmatic Granmuren gabbroic intrusion. Stage 1 comprises three holes for ~1,600m to test the Keel Zone and the controls on mineralisation below hole 21DDTS007. The four Stage 2 holes for ~1,400m will test the up-plunge zone between hole 21DDTS007 and the historical shallower mineralisation, including the shallower portion of the Upper Keel to the east, which is supported by the DHIP-R modelling. Drilling will also test the Northern and Southern Lobes, providing new shallow target zones away from the main intrusive chamber. Allroc have reopened blocked hole 21DDTS001 and have grouted the fractured upper portion of the hole so geophysical surveying can be completed. This will provide important geophysical information as hole 21DDTS001 passes along the northern side and under the main Granmuren intrusion. In addition, the hole was terminated at 707m, 93m into a separate gabbroic body below and south of the main intrusion. In early June, Ragnar executives completed a field trip to Tullsta with the Company's consulting geologists from Geolithic and GeoVista (Figure 5), to enhance the understanding of the Granmuren mineralisation and geological model. The drill program has been slightly modified to test the "Keel Zone" at the base of the intrusion, which is considered a key target for the development of massive to semi-massive sulphide mineralisation. Separately, GeoVista identified additional historical data that has been incorporated into the geological model which supports the west plunging extension of the Granmuren Intrusion at depth and a downthrown fault to the east of Granmuren. This is potentially the faulted extensions of the Granmuren Intrusion, providing additional target zones. A visit to Ragnar's Gaddebo project was also undertaken. The Gaddebo project is a historical nickel mine that contains two small shafts and an open pit located ~20km ESE of Granmuren and produced grades up to 4.9% Ni historically . A number of sulphide bearing rock chip samples were collected from the mineralised dumps and these have been submitted for assay. Announcement • May 30
Ragnar Metals Limited Announces Further Drilling to Commence At Granmuren to Expand Mineralisation Ragnar Metals Limited advised that further drilling is planned to commence shortly following the successful modelling of the Down Hole Induced Polarisation & Resistivity (DHIP-R) survey data at the Granmuren nickel-copper discovery. Granmuren is located within the Company's 100%-owned Tullsta Nickel Project in Sweden, 110km NW of Stockholm. Ragnar recently reported the successful DHIP-R geophysical program completed utilising the seven deep holes drilled during 20212. Modelling of the 3D data defined a low resistivity-high conductance body that coincides with the gabbroic rocks intersected in the drill holes, confirming the effectiveness of the DHIP-R method. The IP modelling has also defined high chargeability anomalies, which are consistent with sulphide mineralisation within the gabbroic intrusion, with a defining halo surrounding the intrusion within the meta sediments . The IP modelling supports the Ni-Cu-Co sulphides intersected in the drilling and also highlighted newly defined areas that require drill testing. A total of ~2,800m of diamond drilling has been planned and will comprise 3 validation holes (Stage 1) for ~1,500m and 4 expansion holes (Stage 2) for ~1,300m. Stage 1 will comprise two holes drilled to the north of the intrusion and are targeting ~25m either side of hole 21DDTS007 to enhance the understanding of the extent and nature of the mineralisation. A single scissor hole will be drilled to the south of the intrusion to determine optimal angles for future drilling and understanding the controls on the Ni-Cu-Co mineralisation. Stage 2 drilling will comprise 4 holes each targeting untested zones identified by the DHIP-R modelling. The Company will monitor the drilling program and adjust the drilling program pending results. The drilling contract has again been awarded to Allroc Drilling who successfully completed the 2021 drilling campaigns forRagnar. Announcement • May 18
Ragnar Metals Limited Announces Downhole IP Modelling Defines Large Anomalies At Tullsta Ragnar Metals Limited announced that the Down Hole Induced Polarisation & Resistivity (DHIP-R) survey data has now been modelled at the Granmuren Deeps nickel-copper discovery. Granmuren is located within the Company's 100%-owned Tullsta Nickel Project in Sweden, 110km NW of Stockholm Ragnar engaged its Swedish geological and geophysical consultants to conduct a novel DHIP-R survey, which was completed in March 2022. This followed the successful DHIP-R test survey completed in 2019 that provided targets that supported the Company's conceptual magmatic intrusion model. Drilling of those modelled targets in 2021 discovered extensive magmatic Ni-Cu-Co mineralisation at depth within the modelled gabbroic intrusion, warranting the further use of the novel DHIP-R geophysical technique on the seven deep holes recently drilled by the Company. Traditional Induced Polarisation (IP) surveys are completed on the surface but can be hampered by limited penetration at depth as well as other interference issues. Due to the potential depth of the magmatic mineralisation being targeted at Granmuren Deeps, the Company's consultants (Geolithic and GeoVista) worked together to test a method of using IP receivers in a downhole probe (similar to downhole electromagnetic (DHEM) receiver probes) rather than positioning the receivers on the surface. The deep 2022 DHIP-R data was merged with the shallower 2019 data toprovide a comprehensive dataset at Granmuren. This method has provided access to far greater depths than traditional IP surveys and delivered a true 3-dimensional (3D) dataset for the Company to utilise in further exploration campaigns. Modelling the 3D data defined a low resistivity-high conductance body that coincides with the gabbroic intersections in the drill holes, confirming the effectiveness of the DHIP-R method. The IP modelling has also defined high chargeability anomalies, which are consistent with sulphide mineralisation within the gabbroic intrusion, with a defining halo surrounding the intrusion within the meta sediments. This IP model supports the Ni- Cu-Co sulphides intersected in the drilling and highlights large untested areas for further drill targeting. The generated conductivity model indicates the main gabbroic intrusion is at a minimum 500m long x 450m wide, extends to a vertical depth of 550m below the surface and has a down-plunge strike of 750m from the surface. GeoVista's geophysicist notes that the modelling algorithm is conservative and does not extrapolate too far away from the down-hole electrodes indicating the mineralised system is potentially much larger than modelled since it is open away from the drill holes in several directions and in particular at depth. The 2021 drilling also intersected narrow gabbroic zones outside and above the main intrusion and were initially thought to be minor gabbroic dykes. The conductivity model has now defined additional lobes or chambers off the side of the main gabbroic body to the north and south. These new lobes are up to 100m x 100m x 150m in dimension with coincident IP chargeability anomalies suggesting the potential for additional sulphide mineralisation and providing new target zones away from the main intrusive chamber. The geophysical data combined with geological interpretation of the drilling data provides the first complete 3D model of the Ni-Cu-Co mineralised Granmuren magmatic intrusion, which paves the way for the next phase of targeted drilling. Targets have been identified within the intrusion surrounding existing mineralisation including up-plunge to the east where the intrusion appears to come close to the surface, down-plunge at a depth where it is open and untested, as well as the new lobes to the north and south of the main intrusion. In addition to these localised target zones, several regional targets have been defined from heliborne Versatile Time Domain Electromagnetics (VTEM) survey data completed by the Company in 2011. High priority VTEM anomalies TU1, TU2 and TU3, were generated from the survey back in 2011. In 2012 TU1 was drilled, leading to the discovery of the Granmuren mineralisation. VTEM anomalies TU2 and TU3 are located 2.5km to the NE of the Granmuren discovery and remain untested. The Granmuren discovery is centred on a large E-W magnetic feature, which is interpreted to be related to the gabbroic intrusion. This 1,500m long anomaly and two new anomalies (TU1 East), centred 500m and 1,300m to the east of the intrusion, all have similar features to the Granmuren system and warrant further field investigation and drill targeting. Further analysis on these new areas will occur in June 2022 during a scheduled site trip. Announcement • Apr 12
Ragnar Metals Limited Announces Assays Confirm Large Scale Potential of the Granmuren Magmatic NI-CU-CO Discovery Ragnar Metals Limited advised that laboratory assay results have now been received for the final drill holes completed during the 2021-2022 campaign at the Granmuren Deeps nickel-copper discovery. Granmuren is located within the Company's 100%-owned Tullsta Nickel Project in Sweden ("Tullsta" or "the Project"). Next Steps: Await Down Hole IP-Resistivity (DHIP-R) modelling results being processed by GeoVista. Use DHIP-R models to re-interpret the 3-dimensional geological model to drive the next round of exploration targeting. At least 4 diamond drill holes are planned to test favourable trap sites for Ni-Cu-Co sulphide accumulations. Investigate the eastern up plunge surface position of the Granmuren Intrusion and plan for future drill testing. Commence regional analysis of the Granmuren magmatic intrusion within the tenement package targeting favourable sites for potential Ni-Cu sulphide mineralisation. Commence field investigation and mapping of regional target areas. There is a large near surface target area where the intrusion appears to plunge up towards the surface, into an untested area to the east of the drilling. Field investigation and shallow drilling is required to verify and validate this new near-surface target zone. Hole 21DDTS007 was the most successful of all holes drilled, intersecting a substantial 146.3m wide zone of intrusion related magmatic Ni-Cu-Co bearing sulphides. The central mineralised zone within the gabbroic intrusion comprises massive, semi-massive, matrix and coarse blebby sulphides which have returned significant assay intersections over 1% nickel and copper with over 0.1% cobalt. The Granmuren magmatic sulphide mineralisation now extends continuously from surface to a vertical true depth of 400m below surface where the mineralisation's grades and thickness are increasing as the gabbroic intrusion deepens. The entire gabbroic body intersected in hole 21DDTS007 is mineralised with Ni-Cu-Co bearing sulphides above 0.2% Ni. In addition, there is remobilised mineralisation in the hanging wall and footwall of the meta- sediments either side of the gabbroic intrusion. Previous drill holes only intersected mineralisation towards the bottom of the gabbroic intrusion. Initial 3D modelling demonstrates a steep west plunging nature to the mineralisation which is also open up and down plunge. Hole 21DDTS007 provides a new perspective as well as a crucial link between the Ni-Cu-Co mineralisation intersected in the shallower 2012-2013 drilling and the newly discovered Granmuren Deeps mineralisation. Mineralisation is also open vertically above and below 21DDTS007 where there is a 240m wide untested gap between the drill holes, providing plenty of scope for expansion and the addition of shallower mineralisation to the deposit. This untested zone requires follow up drill testing to establish the relationship between the near surface mineralisation and the deeper, more continuous style of mineralisation. The assays report considerable sulphur in the system with the broader mineralisation defined by >3% sulphur and the higher grades being associated with >15% sulphur. This is a useful correlation for modelling the internal zones within the Granmuren Intrusion to better understand the 3D architecture of the system for targeting the higher grades. In addition, it gives Ragnar confidence in the visual estimates reported by the Swedish geologist in the field ahead of future assay results. Importantly the nickel and copper grades are very similar to each other in hole 21DDTS007, with the Ni/Cu ratio being 1/1.1 (near equal Ni & Cu) over the broader mineralised zones which are like the large scale Kevista Mine and Sakatti Deposit in Finland2. (NB: these comparisons are made for the purpose of elucidating the geological and geophysical modelling of the Granmuren mineralisation; the Company does not represent that the Granmuren mineralisation is comparable in size or grade to Kevista or Sakatti or any other known deposit). In the other drill holes at Granmuren, the Ni/Cu ratio is closer to the typical >2 (more Ni-less Cu) as seen in most magmatic sulphide intrusion. With the elevated copper and in addition the cobalt reporting above 0.1% in many of the higher-grade zones, this adds considerable metal value to the potential of the project. Announcement • Feb 17
Ragnar Metals Limited Completes Its Stage 2 Diamond Core Drilling Program At the Granmuren Deeps Nickelcopper Discovery Ragnar Metals Limited announced it has completed its Stage 2 diamond core drilling program at the Granmuren Deeps nickelcopper discovery within the Company's 100% owned Tullsta Nickel Project in Sweden. Hole 21DDTS007 was the most successful of all holes drilled, intersecting approximately 145m of extensive, almost continuous, magmatic NiCu mineralization comprising a massive, semimassive, matrix and coarse blebby sulphides within the host gabbroic intrusion. The Swedish geological logging data and core photo images demonstrate that the visual sulphide estimation for hole 21DDTS007 is far more extensive and better than the original discovery hole 21DDTS002, which first intersected the mineralization 130m to the west of 21DDTS007. The mineralization extends above and below the intrusion into the surrounding metasediments, a feature unique to this drill hole. Once the downhole geophysical surveying is complete, it will interpret the hole. A total of 2,021m was drilled in this program, with three diamond holes completed late 2021, and the final hole 21DDTS007 completed late January 2022. Reentry of core hole 21DDTS001 was undertaken at the beginning of Stage 2 drilling, extending the hole from 515m to a depth of 707m due to reinterpretation of the geological model recognising that the gabbroic intrusion must exist on the other side of a fault zone along the northern edge of the system. Additional holes 21DDTS005, 21DDTS006 and 21DDTS007 were completed during the Stage 2 drilling campaign targeting the DHEM plates generated from the initial discovery drill holes. Hole 21DDTS007 was the last hole to be drilled during the Stage 2 campaign. The company was awaiting geological logging data and, the DHEM interpretations from the extension of 21DDTS001 before planning could be finalized. It was drilled into the DHEM Plate #TC1, which was generated to the west of 21DDTS001 and to the east of holes 21DDTS003 & 21DDTS004. The entire gabbroic body that hole 21DDTS007 drilled through is mineralized with NiCu bearing sulphides as well as in the hanging wall and footwall of the metasediments on either side of the gabbroic intrusion. Previous drill holes were only mineralized towards the bottom of the grabbroic intrusion, with only minor disseminated sulphides seen in the upper portions of the gabbro. This hole provides a crucial link between the NiCuCo mineralization intersected in the shallower 2012-2013 drilling and the newly discovered Granmuren Deeps mineralization. Initial modelling demonstrates a steep west plunging nature to the mineralization, which is also open up and down plunge. Mineralization is also open vertically above and below 21DDTS007, providing plenty of scope for expansion. Geophysical surveying of the holes using DHEM and DH IPR is currently being planned by GeoVista, and the generated data will be combined with the existing data to build a detailed 3D geophysical model to aid the next round of drill hole targetting. Now that the deep platform holes are in place, Ragnar can use directional drilling to wedge out of these parent holes to save time and money during the next drilling stage. Recent Insider Transactions • Aug 13
Independent Non-Executive Chairman recently bought AU$7.3m worth of stock On the 13th of August, Steven Formica bought around 1m shares on-market at roughly AU$5.96 per share. This was the largest purchase by an insider in the last 3 months. Steven has been a buyer over the last 12 months, purchasing a net total of AU$7.3m worth in shares. Recent Insider Transactions • Jun 29
Non-Executive Director recently bought AU$64k worth of stock On the 28th of June, Ariel King bought around 1m shares on-market at roughly AU$0.063 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold AU$22k more in shares than they bought in the last 12 months. Announcement • Jun 22
Ragnar Metals Limited Announces Massive Sulphide Mineralisation Intersected At Tullsta Ragnar Metals Limited announced maiden drilling at its 100%-owned Tullsta Nickel Project in Sweden has intersected significant magmatic sulphide mineralization in the second drill hole of the program. Visual inspection of core from diamond drill hole 21DDTS002 by supervising Swedish geologists GeoVista AB in Sweden and a review of the core photos/logs by the Company's Australian geologist from Geolithic Geological Services in Australia confirms the collective opinion that the mineralisation contains primary Ni- Cu bearing sulphides of magmatic origin. Ragnar has dispatched the core for assaying to confirm the presence and grade of nickel-copper-PGE mineralisation and expects results during the September quarter. The Company first discovered near surface Ni-Cu-Co mineralisation at Tullsta from heliborne VTEM survey data in 2012. In 2018, Geolithic and GeoVista commenced re-evaluation and field work on the Granmuren mineralisation, recognising the sulphides had been remobilised from a distal source. Ragnar commissioned GeoVista to complete an IP-Resistivity survey over the area in late 2019, and 3D modelling of the data defined a large NW plunging anomaly below the Granmuren mineralisation. The geological and geophysical model was similar to the Sakatti Ni-Cu-PGE deposit to the NE across the border in Finland, which was discovered in 2009. The 3D IP model defined a continuous body that extends from below the level of historical drilling and open to the northwest. Magnetic and gravity modelling also indicated a western to north-western plunging body trending towards the Tullsta Nr8 permit area, which abuts the Berga Nr1 permit. Ragnar planned four drill holes to target this modelled body, and has completed two to date, with the third hole underway. Ragnar's first hole (21DDTS001) was drilled southwards towards the northern end of the IP model and intersected metasediments which contained widespread finely disseminated pyrite, locally containing up to 5% blebby pyrite over individual meters. No intrusive gabbroic rocks or any notable Ni-Cu bearing sulphides were intersected in the drill hole, although the barren sulphides may help to explain the geophysical anomaly outside of the intrusion. It is well understood that barren sulphide bearing sediments are required for the assimilation and deposition of primary sulphides by the gabbro during intrusion. It is reasonable to interpret that the sulphides in 21DDTS001 may be an important contributing factor to triggering the formation of the Ni-Cu mineralisation within the Granmuren Intrusive Complex. The second hole (21DDTS002) was drilled from the same drill site towards the SW, testing the deeper projected plunge of the IP model. A few blebs of pyrrhotite and disseminated pyrite grains were noted, with a network of pyrrhotite stringers veins emerging around 497m and leading into the Upper Zone mineralisation. Mineralisation continues to the base of the gabbroic-pyroxenitic intrusion displaying repetitions of the mineralised zones as the sulphide pulses developed in the cooling magma. The deviation of the hole resulted in the hole intersecting the modelled plunge direction just outside the target position and slightly deeper, however this adds more scale to the mineralised zones both up and down plunge from this intersection. The third hole of the program has commenced to the south and is drilling northwards testing the south dipping trend of the known Granmuren mineralisation at depth. A fourth hole has been planned from the same drill site, testing the dipping mineralisation and underneath the plunging model at depth, testing all possible open directions and providing geophysical platform holes. Down Hole Electro-Magnet (DHEM) surveying of the holes is being planned and should work extremely well given the volume and density of the sulphide mineralisation intersected in 21DDTS002. This will allow vectoring towards the core zone of the mineralised magmatic intrusive system which will provide targets to be tested in the next round of drilling. Core from hole 21DDTS002 will undergo detailed logging, sampling and analytical testing and the Company will provide an update once results are received during the September quarter. It's not clear at this stage of the laboratory wait times in Sweden, however its anticipated that they will be shorter than current wait times in Australia. Ragnar is preparing additional plans and work permits in Sweden to be submitted to the Inspectorate of Mines to prepare for the next stage of follow-up works at the Tullsta Project in order to rapidly advance this exciting new discovery at Granmuren Deeps. Announcement • Jun 16
Ragnar Metals Limited Announces Commencement of Maiden Drill Program on Leeds Gold Project Ragnar Metals Limited announced the commencement of its maiden drill program at the Leeds Gold Project ("Leeds"). Leeds is located on the Norseman-Wiluna greenstone belt approximately 20km south of the Goldfields St Ives gold mining camp in Kambalda, Western Australia. Significant work programs have been conducted by Ragnar in the lead-up to the drill program. Compilation work by Ragnar geologists have interpreted a 1.6 km long north-northeast trending gold-bearing
shear zone that dips steeply west (Figure 2). The shear zone is masked by a shallow flat-lying blanket of
supergene (oxidized) zone of gold that has been intersected by previous drilling. Compilation work by Ragnar geologists have interpreted a 1.6 km long north-northeast trending gold-bearing shear zone that dips steeply west. The shear zone is masked by a shallow flat-lying blanket of supergene (oxidized) zone of gold that has been intersected by previous drilling. Announcement • May 29
Ragnar Metals Limited Commences Drilling At Swedish Tullsta Nickel Project Ragnar Metals Limited advised shareholders that exploration and drilling activities have commenced at the Company's 100% owned Tullsta Nickel Project in Sweden. Ragnar has commissioned Swedish drilling contractors Allroc AB to complete a minimum of 2,200m of diamond core drilling. The project will be managed by Ragnar's in country geological consultants GeoVista AB, who have been working with Ragnar at the Tullsta Project since 2017 and are entrusted to manage the program. GeoVista have a team of local geologists to manage and log the drill core as well as completing the core cutting and sampling locally in Sweden. The Granmuren Nickel Mineralisation is located within Berga Nr1 tenement, which is one of four tenements making up the Tullsta Nickel Project. The tenements cover the extent of the gabbroic mafic intrusion which hosts the Granmuren Nickel Mineralisation and Ragnar has been granted Work & Environmental Permits to undertake the drilling within the Granmuren mineralised zone. Drillholes will be located to test targets in the anomalous zones defined by the IP resistivity survey and subsequent 3D modelling at the Granmuren nickel deposit. The Granmuren nickel deposit is strongly supported by the generated 3D models and is characterised by a steeply dipping zone forming an anomaly of up to 150m in width within a gabbroic host rock intrusion. Within this zone there are multiple lenses of nickel sulphide mineralisation that were highlighted during the IP resistivity survey. This survey defined a continuous body that extends from the surface to below the level of drilling which is open to the northwest. Magnetic and gravity modelling also indicates a western to north-western plunging body trending towards the Tullsta Nr8 permit area, which abuts Berga Nr1 permit. In addition, there is a weakly north plunging, Eastern Anomaly as well as a developing Southern Anomaly that warrant further investigation. The company has committed to using diamond drilling and downhole geophysical measurements to test the main NW plunging modelled IP-Resistivity anomaly at the Tullsta Nickel Project with the anticipation of expanding the already defined nickel mineralisation. Ragnar Metals owns 100% of the Tullsta and Gaddebo Projects which are located near Sala within the Bergslagen District of Sweden, 110km NW of the capital Stockholm. The Tullsta nickel project comprises of 5 contiguous granted permits covering an area of 136.44km2. Ragnar also owns the Gaddebo Project to the SSE of Tullsta. The Tullsta Project contains the Granmuren Nickel Deposit which was discovered in 2012 by drilling of a VTEM survey anomaly. Mineralisation at Granmuren comprises two thick fingers of highly sulphidic pyroxenitic-gabbroic intrusions which predominantly comprise of disseminated-blebby sulphide mineralisation containing high tenure Ni-Co-Cu mineralisation. In 2018 GeoVista completed geophysical IP-Resistivity testwork on several drill core samples collected from the deposit during the 2018 field trip. In late 2019 Ragnar completed an Induced Polarization & Resistivity/Chargeability Survey (IP-R) over the Granmuren mineralised zone within the Berga nr1 permit and has subsequently defined drill targets at depth potentially extending the mineralisation at Granmuren as well as defining new untested drill targets. 
