Ragnar Metals

EDDIE KING

EXECUTIVE DIRECTOR

(ASX:RAG)

◾ Company Name: Ragnar Metals ◾ Company ASX code: RAG ◾ Key commodities: Nickel ◾ Key Personnel: Eddie King, Executive Director | Steve Formica, Non-Executive Chairman | David Wheeler, Non-Executive Director ◾ Locations: Bergslagen District, Sweden; Western Australia ◾ Market Cap as of 15/07/22: $14.78M ◾Share price range over 12 months as of 15/07/22: $0.068 - $0.025 ◾ Company Website: ragnarmetals.com.au

COMPANY PROFILE

Since relisting on the ASX in May 2021, Ragnar Metals primary focus has been on developing its 100% owned Tullsta nickel-copper-cobalt project in Sweden’s Bergslagen district, which has a long history of mining.

At the centre of this is the Granmuren deposit, a substantial intrusion of massive and disseminated sulphides – mainly pyrrhotite, pentlandite and chalcopyrite hosted in gabbros and norites, which appears to have the same style of mineralisation as Vale’s major Voisey’s Bay mine in Labrador, Canada.

The deposit also appears to be an extension of the Svecofinnian province which has played a long and significant part of neighbouring Finland’s smelting and refining success.

Mineralised zones at the deposit tend to occur as long intersections of lower grade material as highlighted by a drill intersection of 63.5m grading 0.3% nickel and 0.51% copper with occasional high grade material encountered in intervals such as 4.5m at 0.81% nickel and 0.7% copper.

However, it is the company’s recent deep drilling which really has hearts racing at Ragnar.

This is all thanks to hole 21DDTS007 and its thick 143m intersection grading 0.56% nickel, 0.49% copper and 0.05% cobalt from a down-hole depth of 393.5m with a higher grade zone of 34m at 0.9% nickel, 0.8% copper and 0.08% cobalt.

Of particular note was increasing grade and thickness of mineralisation at depth while a 3D review indicated massive potential upside at depth along the plunge length of the intrusion, within a 240m gap in drilling above the hole, and updip and close to surface in the untested area east of historical drilling.

Adding further interest, a subsequent down-hole induced polarisation and resistivity (DHIP-R) survey defined a very large, highly mineralised gabbroic body 500m long by 450m wide that extends to a vertical depth of about 550m with a down-plunge strike of about 750m from surface.

This testing confirms mineralisation at Granmuren remains open, particularly at depth and has additional lobes/chambers off to the side of the main gabbroic body that are additional target zones for sulphide mineralisation.

The model also coincides with the gabbro host rock and the significant nickel-copper-cobalt intersections in recent holes including 21DDTS007, further highlighting the large-scale potential of the discovery.

To follow up on these results, the company commenced a 3000m diamond drilling program in July, with the first stage of three holes testing for extensions of mineralisation surrounding 21DDTS007. The second stage of four holes will test new target zones identified by the DHIP-R modelling.

Results from this program are expected to be released over the coming weeks or months.

While Granmuren remains the focus of the company’s efforts, it is by no means its only project.

Ragnar also holds the Gaddebo nickel project about 20km to the east-southeast as well as the Leeds and Kenya gold projects in the Goldfields and Laverton regions of Western Australia.

The leadership team at Ragnar are all highly-experienced in their respective fields, with Executive Director Eddie King sitting on the board of directors for M3 Mining (ASX:M3M), Eastern Iron Ltd (ASX: EFE), Queensland Pacific Metals Ltd (ASX:QPM) and and Rubix Resources Limited (ASX: RB6), alongside his duties with the company.

KEY INVESTMENT HIGHLIGHTS

JULY 18, 2022: Drilling commence at Granmuren. MAY 17, 2022: Downhole induced polarisation survey confirms mineralisation at Tullsta is open, particularly at depth. APRIL 12, 2022: Drilling returns a thick intercept of nickel-copper-cobalt mineralisation which highlights the large-scale potential of the Granmuren Deeps discovery. NOVEMBER 18, 2021: Grant of exploration permit increases the size of the Tullsta project by 16km2.