Ragnar Metals : Assays Confirm Large Scale Potential of Granmuren Discovery

12 April 2022

ASSAYS CONFIRM LARGE SCALE POTENTIAL OF THE GRANMUREN MAGMATIC NI-CU-CO DISCOVERY

HIGHLIGHTS

•  Diamond core hole 21DDTS007 intersected 146.3m @ 0.56% Ni, 0.49% Cu & 0.05% Co (from 393.5m depth), including a high grade zone of 34.0m @ 0.90% Ni, 0.80% Cu & 0.08% Co

•  The extensive mineralisation contains multiple higher-grade zones including;

  • o 0.45m @ 2.51% Ni, 0.21% Cu & 0.19% Co (Hanging wall)

  • o 2.60m @ 1.44% Ni, 0.42% Cu & 0.12% Co

  • o 2.45m @ 1.02% Ni, 1.30% Cu & 0.08% Co

  • o 34.0m @ 0.90% Ni, 0.80% Cu & 0.08% Co including;

    •  15.0m @ 1.14% Ni, 1.00% Cu & 0.09% Co which includes;

      •  7.0m @ 1.57% Ni, 0.52% Cu & 0.13% Co

  • o 2.0m @ 1.55% Ni, 0.22% Cu & 0.13% Co

  • o 1.0m @ 2.25% Ni, 0.22% Cu & 0.12% Co (Foot wall)

•  3D review of drill data indicates a steep west plunging zone of thick nickel-copper mineralisation extending from surface down to 400m true vertical depth

•  Grades and thickness are increasing with depth and 3D review confirms huge potential upside in 3 key areas:

  • o At depth along the plunge length of the intrusion

  • o Within a 240m wide gap in the drilling above 21DDTS007

  • o Up-dip and close to surface in untested area to the east of the historical drilling

•  DHIP-R geophysical survey completed with data currently being modelled

•  A further 4 diamond drill holes to be planned targeting the magmatic sulphide accumulations

Ragnar Metals Limited ("Ragnar" or "the Company", ASX: RAG) advises that laboratory assay results have now been received for the final drill holes completed during the 2021-2022 campaign at the Granmuren Deeps nickel-copper discovery. Granmuren is located within the Company's 100%-owned Tullsta Nickel Project in Sweden ("Tullsta" or "the Project").

Chairman Steve Formica comments, "With the results of hole 21DDTS007 now received, we can start to understand the potential scale of the Granmuren Intrusive system. All holes drilled in this drilling program added to the discovery and understanding of the magmatic sulphides intersected in the drilling. The modelling and interpretation to date show this to be an extensive system with the potential to host significant tonnage of Ni-Cu-Co metals.

The mineralisation within the Granmuren Gabbroic Intrusion starts from the surface and continues down to 400m vertical depth. It is open and increasing in size and grade with depth, similar to Anglo American's Sakatti Deposit in Finland which Ragnar continues to form its geological modelling around."

Directors

Steve Formica	Level 3, 35 Outram St	T. [phone]
Eddie King	West Perth WA 6005	F. [phone]
David Wheeler	Australia	[e-mail]
ragnarmetals.com.au

Next Steps

•  Await Down Hole IP-Resistivity (DHIP-R) modelling results being processed by GeoVista

•  Use DHIP-R models to re-interpret the 3-dimensional geological model to drive the next round of exploration targeting

•  At least 4 diamond drill holes are planned to test favourable trap sites for Ni-Cu-Co sulphide accumulations

•  Investigate the eastern up plunge surface position of the Granmuren Intrusion and plan for future drill testing (Figure 1)

•  Commence regional analysis of the Granmuren magmatic intrusion within the tenement package targeting favourable sites for potential Ni-Cu sulphide mineralisation.

•  Commence field investigation and mapping of regional target areas

Figure 1: Long-Section (looking north) with drilling pierce points and grade-thickness contours. Several untested target zones have been identified and pending the DHIP-R survey models to confirm drill targets positions.

There is a large near surface target area where the intrusion appears to plunge up towards the surface, into an untested area to the east of the drilling (Figures 1 & 3). Field investigation and shallow drilling is required to verify and validate this new near-surface target zone.

Hole 21DDTS007 was the most successful of all holes drilled, intersecting a substantial 146.3m wide zone of intrusion related magmatic Ni-Cu-Co bearing sulphides. The central mineralised zone within the gabbroic intrusion comprises massive, semi-massive, matrix and coarse blebby sulphides (Figure 2) which have returned significant assay intersections over 1% nickel and copper with over 0.1% cobalt (Table 1).

Figure 2: Magmatic Ni-Cu sulphides in 21DDTS007 displaying massive to semi-massive and matrix to coarse blebby sulphide mineralisation within the core of the host gabbroic intrusion. Assays returned 7m @ 1.57% Ni, 0.52% Cu & 0.13% Co (454-461m) and typical mineralisation below the higher-grade zone (461-464m).

The Granmuren magmatic sulphide mineralisation now extends continuously from surface to a vertical true depth of 400m below surface where the mineralisation's grades and thickness are increasing as the gabbroic intrusion deepens (Figures 1 & 3). The entire gabbroic body intersected in hole 21DDTS007 is mineralised with Ni-Cu-Co bearing sulphides above 0.2% Ni. In addition, there is remobilised mineralisation in the hanging wall and footwall of the meta-sediments either side of the gabbroic intrusion (Table 1 & Figure 3). Previous drill holes only intersected mineralisation towards the bottom of the gabbroic intrusion. Initial 3D modelling demonstrates a steep west plunging nature to the mineralisation which is also open up and down plunge (Figures 1 & 3). Hole 21DDTS007 provides a new perspective as well as a crucial link between the Ni-Cu-Co mineralisation intersected in the shallower 2012-2013 drilling and the newly discovered Granmuren Deeps mineralisation. Mineralisation is also open vertically above and below 21DDTS007 where there is a 240m wide untested gap between the drill holes, providing plenty of scope for expansion and theaddition of shallower mineralisation to the deposit. This untested zone requires follow up drill testing to establish the relationship between the near surface mineralisation and the deeper, more continuous style of mineralisation.

Figure 3: Cross Section view (looking east) showing the intersected Ni-Cu mineralisation and the interpreted geology. Mineralisation is continuous from surface to a 400m depth, with the grade and thickness of the system increasing with depth.

The assays report considerable sulphur in the system with the broader mineralisation defined by >3% sulphur and the higher grades being associated with >15% sulphur (Table 1). This is a useful correlation for modelling the internal zones within the Granmuren Intrusion to better understand the 3D architecture of the system for targeting the higher grades. In addition, it gives Ragnar confidence in the visual estimates reported by the Swedish geologist in the field ahead of future assay results.

Importantly the nickel and copper grades are very similar to each other in hole 21DDTS007, with the Ni/Cu ratio being 1/1.1 (near equal Ni & Cu) over the broader mineralised zones which are like the large scale Kevista Mine1 and Sakatti

1https://www.boliden.com/operations/mines

Deposit in Finland2 (Figure 4). (NB: these comparisons are made for the purpose of elucidating the geological and geophysical modelling of the Granmuren mineralisation; the Company does not represent that the Granmuren mineralisation is comparable in size or grade to Kevista or Sakatti or any other known deposit). In the other drill holes at Granmuren, the Ni/Cu ratio is closer to the typical >2 (more Ni-less Cu) as seen in most magmatic sulphide intrusion. With the elevated copper and in addition the cobalt reporting above 0.1% in many of the higher-grade zones, this adds considerable metal value to the potential of the project.

Sakatti Deposit-Finland

Figure 4: 3D Long Section of Anglo American's Sakatti Deposit in Finland. Ni-Cu grades and thickness increase with depth and Granmuren shows similar geometry to this style of intrusion.

Geophysical surveying of the holes using Down Hole Induced Polarisation & Resistivity (DHIP-R) has been completed by our geophysical consultants GeoVista in Sweden. The data is currently being processed & modelled and will be combined with the previous DHIP-R data to build a detailed 3D geophysical model to aid in the next round of drill hole targeting. Ragnar anticipate that this modelling will work as well as the initial 2019 survey3 that led to the Granmuren Deeps discovery4. This DHIP-R model will give us a 3D visual insight into the shape, size and plunge of the intrusion which our geological consultants will use to determine the best sulphide trap site positions to target for the next round of drilling as the Company continues to add value and scale to the Tullsta Project.

• 2https://finland.angloamerican.com/en

• 3 ASX:RAG 02/01/2020 - Geophysical Survey Extends Mineralisation at Swedish Nickel Projects

• 4 ASX:RAG 22/06/2021 - Massive Sulphide Intersected at Tullsta