Option to Acquire WA Lithium Projects

Ragnar Chairman Steve Formica comments: "The agreement to acquire WestOz represents an excellent opportunity for Ragnar to secure highly prospective lithium tenements in Western Australia. WestOz has onlyapplied for a significant land area in a premium location, in close proximity to established lithium operations such as Wodgina and Pilgangoora. In addition, WestOz applications are adjacent to Global Lithium's Marble

Bar Lithium Project which recently attracted investment from a major Chinese battery producer.

We are excited about the acquisition opportunity and in furthering our current EV and clean energy exposure fr m our current nickel interests in Sweden. Ragnar has been focused on exploring its nickel interests in Sweden, which we will continue to do so in conjunction with assessing the WestOz opportunity fully."

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Figure 1. Location of tenements and Lithium mines surrounding the tenements.

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Figure 3. South Wodgina tenements mainly sit on the highly fractionated Numbana Monzogranite and partly bordering younger volcanics

and metasendiments to the south and east.

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2. Marble Bar

The Marble Bar tenements consist of Fig Tree tenement (E45/5972), Camel Creek tenement (E45/5987), and Ant Hill tenement (E45/5986).

Local Geology

This area is part of the Pilbara Craton. The Fig Tree tenement belongs to the Mount Edgar Granitic Complex Supersuite (MEGC), while the Camel Creek and Ant Hill belong to the Corruna Downs Granitic Complex (CDGC) and all lie within the East Pilbara Terrane. The tenements are in the same regional granitic complexes where the Moolyella Project is located and have similar geological age. The area is a granitic complex largely underexplored for lithium as past explorers were focused on base metals and gold. Geological Survey of Western Australia (GSWA) regional surface geochemistry for Lithium (Li), Rubidium (Rb) and Caesium (Cs)

Forshow some indicators of LCT‐type deposits on a highly fractionated granitic region.

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personal3. Wandagee

The Wandagee Project (E 09/2499) is located approximately 130km northeast of Carnarvon and 45km east of the Minilya Bridge Roadhouse, in the Gascoyne Region of Western Australia. Access to the outskirts of the tenement is via sealed road from Carnarvon to Minilya then unsealed road from the Minilya Bridge Roadhouse. The Wandagee Project consists of one exploration licence (E09/2499) covering an area of

Forapproximately 400 km2 located in the East Pilbara Shire.

Regional Geology

The Wandagee tenement lies in a gravity high striking approximately North‐South along the Wandagee fault system. The local geology is predominantly comprised of sediments in the Merlinleigh Sub‐basin. The Merlinleigh Sub‐basin is a westerly dipping half‐graben complex, filled primarily by Upper Carboniferous and Permian rocks. A thick Devonian and Lower Carboniferous sequence occurs in the northern half of the sub‐ basin. Rocks in the sub‐basin onlap Precambrian basement to the east and are bounded by the Ajana, Kennedy, and Wandagee-Yanrey Fault Systems to the west. The northern boundary of the sub‐basin, with the Peedamullah Shelf, is taken at the northern margin of Permian rocks.

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