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.