Ragnar Metals : Half Year Accounts

For personal use only

ABN 12 108 560 069

INTERIM FINANCIAL REPORT 31 DECEMBER 2021

Note: The information contained in this condensed report is to be read in conjunction with Ragnar Metals Limited's 2021 annual report and any announcements made by the company during the half-year period ending 31 December 2021

For personal use only

RAGNAR METALS LIMITED

AND CONTROLLED ENTITIES

ABN 12 108 560 069

INTERIM FINANCIAL REPORT 31 DECEMBER 2021

Corporate directory

Directors
Steven Formica	Non-executive Chairman
Ariel (Eddie) King	Executive Director
David Wheeler	Non-executive Director
Company Secretary
Jessamyn Lyons
Registered Office
Street:	Level 3
	35 Outram Street
Postal:	West Perth WA 6005
Telephone:	[phone]
Facsimile:	[phone]
Email:	[e-mail]
Website:	www.ragnarmetals.com.au

Auditor

Hall Chadwick WA Audit Pty Ltd

283 Rokeby Road

Subiaco

Perth WA 6008

Share Registry

Automic Pty Limited

Level 5, 191 St Georges Terrace

Perth WA 6000

Securities Exchange

Australian Securities Exchange

ASX Code

RAG

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For personal use only

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
INTERIM FINANCIAL REPORT 31 DECEMBER 2021
Contents
Directors' report .....................................................................................................................................................................	4
Auditor's independence declaration ......................................................................................................................................	8
Condensed consolidated statement of profit or loss and other comprehensive income ......................................................	9
Condensed consolidated statement of financial position ....................................................................................................	10
Condensed consolidated statement of changes in equity....................................................................................................	11
Condensed consolidated statement of cash flows ...............................................................................................................	12
Notes to the condensed consolidated financial statements ................................................................................................	13
Directors' declaration ...........................................................................................................................................................	21
Independent auditor's review report ...................................................................................................................................	22

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For personal use only

RAGNAR METALS LIMITED

AND CONTROLLED ENTITIES

ABN 12 108 560 069

INTERIM FINANCIAL REPORT 31 DECEMBER 2021

Directors' report

Your Directors present their report together with the condensed financial statements of the Group, being the Company and its controlled entities, for the half-year ended 31 December 2021.

Directors

The names of Directors in office at any time during or since the end of the half-year are:

Steven Formica	Non-executive Chairman
Ariel (Eddie) King	Executive Director
David Wheeler	Non-executive Director

Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.

Review of operations

PROJECTS

Granmuren Nickel‐Copper Project (Sweden)

On 10 November 2021, the Company announced it had successfully identified its drill targets at Tullsta. Following the granting of Environmental and Work Permits, Ragnar's Swedish geophysical consultants GeoVista AB completed DownHole Electromagnetic (DHEM) surveying of four drilled diamond core holes, which discovered the Granmuren Deeps Ni-Cu sulphide mineralisation at Tullsta. GeoVista AB reported that the DHEM models "fit the down-plunge direction of the IP-resistivity voxel model" that the Company had targeted, leading to the Granmuren Deeps Ni-Cu sulphide discovery.

Four conductor plates were generated from three drill holes (Figures 1 & 2). These complement the geologically modelled basal contact position, potentially extending mineralisation over a 400m long strike zone (Figure 1). Follow up program of 4 diamond core holes for ~1,800m was scheduled to test these DHEM plates comprising of 1 extension hole (21DDTS001) and 3 new core holes (Figure 2).

The drilling aims to test the newly generated DHEM targets for nickel-copper sulphide mineralisation, potentially extending and improving the known mineralisation within the Granmuren Deeps magmatic intrusive complex.

Figure 1: 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 recent DHEM anomalies are shown by the purple plates and the modelled basal contact target zone is shown inside the 400m long red/pink zone.

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For personal use only

RAGNAR METALS LIMITED

AND CONTROLLED ENTITIES

ABN 12 108 560 069

INTERIM FINANCIAL REPORT 31 DECEMBER 2021

On 18 November 2021, the Company confirmed drilling had commenced at the Tullsta Project. The re-entry and extension drilling of hole 21DDTS001 began with another three diamond core holes scheduled, testing the recently generated EM plates located within the nickel-copper bearing Granmuren gabbroic intrusion.

Figure 2: Oblique long-section (looking NNE) showing recently completed drill holes (blue traces) and planned drill holes (green traces) targeting the DHEM plates T-A1,T-B & T-C (purple plates). The Induced Polarisation-Resistivity(IP-R) model is shown in green and the interpreted basal contact target position is shown by the red polygon.

Re-entry hole 21DDTS001 extended from 515m to a depth of 707m, and holes 21DDTS005 and 21DDTS006 were completed as per Table 1 below. The final hole, 21DDTS007, was drilled to a depth of 125m before the suspension of activities over the Christmas/New Year break. Drilling will recommence once the drill crew return from their breaks in Canada and Finland. The holes are yet to be logged, with temperatures in Sweden below -20c freezing the core over in the field. During the Christmas break, the core was transported off-site to heated core logging sheds at Lovisa Mine near Stråssa for processing and geological logging.

Table 1: Tullsta Project-Collar Details

Hole ID	Type	Easting	Northing	RL	Coords	Azi	Dip	Depth
21DDTS001	DD	582220	6640654	329	SWEREF99	180	-59.2	707m
21DDTS005	DD	582225	6640650	78.5	SWEREF99	212	-48.0	629m
21DDTS006	DD	582030	6640630	78.7	SWEREF99	204	-61.0	630m
21DDTS007	DD	582225	6640650	78.5	SWEREF99	198	-53.0	In progress

On 18 November 2021, the Company announced that the Company's application for the tenement Tullsta nr 9 has now been granted, considerably increasing Ragnar's landholding in the Tullsta area, adding approx. 1,600 Ha (~16km²) to the project area.

The tenement is located immediately to the south and south-west of the existing Tullsta Nickel-Copper Project near the town of Sala, within the Bergslagen District of Sweden. The tenements northern boundary is located 1.85km from the Granmuren Deposit (Figure 3). The town of Sätra brunn is located near the centre of the tenement and was excluded from the applied area. The Company now has five granted tenements at the Tullsta Project, comprising an area of 109.6km² (Figure 3 and Table 2)

Table 2: Ragnar Metals Tullsta Project Tenement Details

Name	License ID	RAG Ownership	Area Ha	Valid From	Valid To
Berga nr 1	2018 48	100%	2181.52	28/03/2018	28/03/2025
Tullsta nr 6	2017 158	100%	2695.03	06/11/2017	06/11/2024
Tullsta nr 7	2019 5	100%	4452.74	25/01/2019	25/01/2023
Tullsta nr 8	2020 45	100%	31.41	07/05/2020	07/05/2024
Tullsta nr 9	2021 75	100%	1599.00	27/10/2021	27/10/2024
Total Area			10959.70

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