Ragnar Metals : 145m of Sulphide Mineralisation Intersected at Tullsta

17 February 2022

R gnar Metals Limited ("Ragnar" or "the Company", ASX: RAG) advises it has completed its Stage 2 diamond core drilling program at the Granmuren Deeps nickel‐copper discovery within the Company's 100%‐owned Tullsta Nickel Project in Sweden ("Tullsta" or "the Project").

H le 21DDTS007 was the most successful of all holes drilled, intersecting ~145m of extensive, almost continuous, magmatic Ni‐Cu mineralisation comprising a massive, semi‐massive, matrix and coarse blebby sulphides within the host gabbroic intrusion (Figure 1 and Table 2). 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 mineralisation 130m to the west of 21DDTS007 (Figure 2). The mineralisation extends above and below the intrusion into the surrounding meta‐sediments (Table 2), a feature unique to this drill hole. Once the downhole geophysical surveying is complete, we will interpret the hole.

Chairman Steve Formica comments, "We are thrilled to be able to report such a thick zone of sulphide mineralisation within a proven Nickel‐Copper system at the Granmuren Deeps Prospect. To have intersected 145m of almost continuous massive, semi‐massive, matrix and coarse blebby sulphides some 130m to the west of discovery hole For21DDTS002 provides great validation for our technical team who have generated this outstanding exploration target.

We eagerly anticipate the results of assays from hole 21DDTS007."

ragnarmetals.com.au

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personalIn relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of sulphide abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of mineralisation. The Company will update the market when laboratory analytical

Foresults become available.

A total of 2,021m (Table 1) was drilled in this program, with three diamond holes completed late 2021, and the final hole 21DDTS007 completed late January 2022.

Re‐entry 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 (Table 1) were completed during the Stage 2 drilling campaign targeting the DHEM plates generated from the initial discovery drill holes1 (Figure 2).

1 ASX:RAG 10/11/21 "Capital Raising to Fund Drilling Program at Tullsta"

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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 finalised. It was drilled into the DHEM Plate #T‐C1 (Figure 4), which was generated to the west of 21DDTS001 and to the east of holes 21DDTS003 & 21DDTS004 (Figure 2).

onlyThe entire gabbroic body that hole 21DDTS007 drilled through is mineralised with Ni‐Cu bearing sulphides as well as

in the hangingwall and footwall of the meta‐sediments on either side of the gabbroic intrusion. Previous drill holes

were only mineralised 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 Ni‐Cu‐Co mineralisation intersected in

the shallower 2012‐2013 drilling and the newly discovered Granmuren Deeps mineralisation. Initial modelling

demonstrates a steep west plunging nature to the mineralisation, which is also open up and down plunge (Figure 5). Mineralisation is also open vertically above and below 21DDTS007, providing plenty of scope for expansion.

usehole 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.

G ophysical surveying of the holes using DHEM and DH IP‐R 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

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igure 2: 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 mineralisation is defined to date within a 400m x 100m shaped zone.

Winter weather conditions and border restrictions delayed the restart of the drilling program and geological logging has only recently been completed as temperatures in Sweden have been below ‐200C and the core has been freezing over in the field (Figure 3). The core was transported to heated core logging sheds at Lovisa Mine near Stråssa for processing and geological logging.

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21DDTS002 & 004 Intersection

Figure 5: Long‐Section (looking south) with targeted DHIP model (green) and completed drill hole traces. Intersected sulphide zones are displayed in red which exhibit a steep westerly plunge. Mineralisation as open up and down plunge (east and west), as well as vertically up and down. Hole 21DDTS007 provides a crucial link between the upper Granmuren mineralisation and the newly discovered deeper mineralisation.

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