Ragnar Metals : Quarterly Activities Report

DECEMBER 2021 QUARTERLY ACTIVITIES REPORT

18 January 2022

onlyRagnar Metals Limited ("Ragnar" or the "Company", ASX: RAG) presents this Quarterly Activities Report for the quarter ended 31 December 2021.

PROJECTS

Granmuren Nickel-Copper Project (Sweden)

useOn 10 November 2021, the Company announced it had successfully identified its drill targets at Tullsta. Following the granting of Environmental and Work Permits, Ragnar's Swedish geophysical consultants GeoVista AB completed DownHole Electromagnetic (DHEM) surveying of four drilled diamond core holes, which discovered the Granmuren Deeps Ni-Cu sulphide mineralisation at Tullsta. GeoVista AB reported that the DHEM models "fit the down‐plunge direction of the IP‐resistivity voxel model" that the Company had targeted, leading to the Granmuren Deeps Ni‐Cu s lphide discovery.

Four conductor plates were generated from three drill holes (Figures 1 & 2). These complement the geologically personalmodelled basal contact position, potentially extending mineralisation over a 400m long strike zone (Figure 1). Follow up program of 4 diamond core holes for ~1,800m was scheduled to test these DHEM plates comprising of 1 extension

hole (21DDTS001) and 3 new core holes (Figure 2).

The drilling aims to test the newly generated DHEM targets for nickel‐copper sulphide mineralisation, potentially extending and improving the known mineralisation within the Granmuren Deeps magmatic intrusive complex.

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Figure 1: Plan view showing the recent deep drilling (blue traces), historical shallow drilling (black traces) with sulphide intersections (red bars on drill holes) overlying a topographic-tenure map. The recent DHEM anomalies are shown by the purple plates and the modelled basal contact target zone is shown inside the 400m long red/pink zone.

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Table 1: Tullsta Project-CollarDetails

On 18 November 2021, the Company confirmed drilling had commenced at the Tullsta Project. The re-entry and extension drilling of hole 21DDTS001 began with another three diamond core holes scheduled, testing the recently generated EM plates located within the nickel-copper bearing Granmuren gabbroic intrusion.

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Figure 2: Oblique long-section (looking NNE) showing recently completed drill holes (blue traces) and planned drill holes (green traces) targeting the DHEM plates T-A1,T-B & T-C (purple plates). The Induced Polarisation-Resistivity(IP-R) model is shown in green and the interpreted basal contact target position is shown by the red polygon.

Re-entry hole 21DDTS001 extended from 515m to a depth of 707m, and holes 21DDTS005 and 21DDTS006 were completed as per Table 1 below. The final hole, 21DDTS007, was drilled to a depth of 125m before the suspension of activities over the Christmas/New Year break. Drilling will recommence in mid-January once the drill crew return from their breaks in Canada and Finland. The holes are yet to be logged, with temperatures in Sweden below -20c freezing the core over in the field. During the Christmas break, the core was transported off-site to heated core logging sheds at Lovisa Mine near Stråssa for processing and geological logging.

		Hole ID	Type	Easting	Northing	RL	Coords	Azi	Dip	Depth
		21DDTS001	DD	582220	6640654	329	SWEREF99	180	-59.2	707m
		21DDTS005	DD	582225	6640650	78.5	SWEREF99	212	-48.0	629m
		21DDTS006	DD	582030	6640630	78.7	SWEREF99	204	-61.0	630m
For	21DDTS007	DD	582225	6640650	78.5	SWEREF99	198	-53.0	In progress

On 18 November 2021, the Company announced that the Company's application for the tenement Tullsta nr 9 has now been granted, considerably increasing Ragnar's landholding in the Tullsta area, adding approx. 1,600 Ha (~16km²) to the project area.

The tenement covers an area of 16km2 and is located immediately to the south and south-west of the existing Tullsta Nickel-Copper Project near the town of Sala, within the Bergslagen District of Sweden. The tenements northern boundary is located 1.85km from the Granmuren Deposit (Figure 3). The town of Sätra brunn is located near the centre of the tenement and was excluded from the applied area. The Company now has five granted tenements at the Tullsta Project, comprising an area of 109.6km² (Figure 3 and Table 2).

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	Figure 3: Tullsta Project Tenement Map showing the location of Granmuren Ni-Cu deposit (red star) and the newly granted Tullsta nr 9
				tenement (red polygon) south of the existing tenure (blue polygon).
					Table 2: Ragnar Metals Tullsta Project Tenement Details
			Name	License ID		RAG Ownership	Area Ha		Valid From	Valid To
			Berga nr 1	2018 48		100%	2181.52		28/03/2018	28/03/2025
			Tullsta nr 6	2017 158		100%	2695.03		06/11/2017	06/11/2024
			Tullsta nr 7	2019 5		100%	4452.74		25/01/2019	25/01/2023
			Tullsta nr 8	2020 45		100%	31.41		07/05/2020	07/05/2024
personal		Tullsta nr 9	2021 75		100%	1599.00		27/10/2021	27/10/2024
			Total Area				10959.70
	The next steps for the Tullsta Project are:
For	•	Core processing and geological logging
•	Core cutting and assay sampling
•	DHEM and DHIP surveying of drill holes
•	3D modelling and targeting using the geological and geophysical data
		•	Regional exploration and mapping of the surrounding regional tenure

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CORPORATE AND ADMINISTRATIVE

Option to Acquire WA lithium Projects

onlyOn 10 November 2021, the Company announced it had executed a Binding Heads of Agreement (HoA) to acquire 100% of WestOz Lithium Pty Ltd. WestOz is the applicant for five highly prospective lithium tenements in the Pilbara region and one tenement in the Gascoyne region of WA.

The Pilbara region plays host to numerous hard rock lithium projects, including the Wodgina Project (259Mt @ 1.17% LI2O) owned by Mineral Resources Limited (ASX: MIN) and Pilgangoora (309Mt @ 1.14% LI2O) owned by Pilbara Minerals Limited (ASX: PLS).

South Wodgina tenements (ELAs) 45/5973 and 45/5974) are located ~ 10km south of the Wodgina mine (MIN owned) useand 35km southwest of the Pilgangoora operating mine (PLS owned).

Marble Bar tenements (ELAs 45/5972, 45/5986 and 45/5987) are located ~280km southeast of Port Hedland and 80km from Marble Bar. These tenements are in the same regional granitic complexes as Moolyella, a mineral field well known for its historical production of Tin and Tantalum.

The Wandagee Project (E09/2499) is located ~ 130km northeast of Carnarvon and 45km east of the Minilya Bridge Roadhouse, in the Gascoyne region of WA. The tenement lies in a gravity high, striking approximately North-South along the Wandagee fault system.

personalThe Company is currently conducting a review of historical geological and other project information during the due diligence period scheduled to end on 31 January 2022.

Successful Completion of Capital Raise

The Company also announced on 10 November 2021, they had received firm commitments from sophisticated and pr fessional investors to raise $1,225,000 through the issue of 35 million shares with an issue price of $0.035 each. The placement was completed without shareholder approval utilising the Company's placement capacity under listing rule 7.1. The Company intends to use the funds for diamond drilling at Tullsta and general working capital purposes. Taurus Capital Pty Ltd acted as the Lead Manager.

Change of Share Registry Address

On 8 October 2021, the Company announced a change in their Shareholder Registry Services provider to Automic Pty Ltd.

Shareholders can easily and efficiently manage their holdings via Automic's secure and highly accessible online Forinvestor portal. The portal provides, among other things, an online interface to update and manage shareholder

details, view balances and transaction history.

Shareholders that are not already a user of Automic's investor portal may visit https://investor.automic.com.auand signup to register their details using the two simple steps provided in the setup process.

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For further enquiries contact:	Steve Formica - Chairman
	RAGNAR METALS LIMITED
	Tel: [phone]
	Email: [e-mail]

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

Competent Person Statement

The information in this announcement relating to Exploration Results of Ragnar's Swedish assets is based on information compiled by Neil Hutchison of Geolithic Geological Services, who is a consultant to Ragnar Metals, and a member of The Australasian Institute of Geoscientists. Mr Hutchison has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the

use"Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves".

Mr Hutchison consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this announcement relating to Exploration Results of Ragnar's Western Australian assets is based on information compiled by Leo Horn. Mr Horn is a member of the Australasian Institute of Geoscientists. Mr Horn is an employee of Ragnar Metals Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under personalconsideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of

the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

Mr Horn consents to the inclusion in the release of the matters based on their information in the form and context in which it appears.

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