Ragnar Metals Limited Annual Report 2019

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FY2019 Annual Report · Ragnar Metals Limited

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(formerly Drake Resources Ltd)
ABN 12 108 560 069

ANNUAL REPORT
30 JUNE 2019

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Corporate Directory

Current Directors

Steven Formica

Ariel (Eddie) King

James Scovell

David Wheeler

Company Secretary

Julia Beckett

Non-executive Chairman

Non-executive Director

Registered Office

Share Registry

Street:

Suite 12, Level 1

Computershare Investor Services Pty Limited

11 Ventnor Avenue

West Perth WA 6005

Postal:

PO Box 1240

Telephone:

Facsimile:

Email:

Website:

West Perth WA 6872

+61 (08) 6245 2057

+61 (08) 6245 2055

info@ragnarmetals.com.au

www.ragnarmetals.com.au

Level 11, 172 St Georges Terrace

PERTH WA 6000

Telephone:

Email:

Website:

1300 850 505 (investors within Australia)

+61 (03) 9415 4000

web.queries@computershare.com.au

www.investorcentre.com

Securities Exchange

Australian Securities Exchange

Auditors

Bentleys

Level 40, Central Park, 152-158 St Georges Terrace

London House

Perth WA 6000

Level 3, 216 St Georges Terrace

Telephone:

131 ASX (131 279) (within Australia)

Perth WA 6000

Telephone:
Facsimile:
Website:

ASX Code

+61 (02) 9338 0000
+61 (02) 9227 0885
www.asx.com.au

RAG

Telephone:
Facsimile:
Website:

+61 (08) 9226 4500
+61 (08) 9226 4300
www.bentleys.com.au

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RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Contents

 Activities Report ..................................................................................................................................................................... 1

 Directors' report ..................................................................................................................................................................... 3

 Remuneration report.............................................................................................................................................................. 7

 Auditor's independence declaration .................................................................................................................................... 10



Consolidated statement of profit or loss and other comprehensive income ....................................................................... 12

Consolidated statement of financial position ....................................................................................................................... 13

Consolidated statement of changes in equity ...................................................................................................................... 14

Consolidated statement of cash flows ................................................................................................................................. 15

 Notes to the consolidated financial statements ................................................................................................................... 16

 Directors' declaration ........................................................................................................................................................... 40



Independent auditor's report ............................................................................................................................................... 41

 Additional Information for Listed Public Companies ............................................................................................................ 44



Tenement report .................................................................................................................................................................. 46

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RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Activities Report

Mining Interests

Ragnar’s subsidiary, Drake Sweden AB was notified that it was successful in its application for Berga Nr1, enlarging its position
adjacent to the Tullsta nr 2 and Tullsta nr 6 licences as part of the Tullsta-Granmuren Project District.

During September 2018, a field trip to Sweden was completed by Geolithic Geological Services to evaluate each of the Company’s
tenure within the Bergslagen Districts northwest of Stockholm. Geolithic was assisted by a local Swedish geological consultant
from GeoVista.

Figure 1: Tullsta and Gaddebo permits located in the Bergslagen District NW of Stockholm. The region is well supported by
infrastructure and mining operations.

Tullsta-Granmuren Project

During September 2018, a field trip to Sweden was completed to evaluate each of the Company’s tenure within the Bergslagen
Districts northwest of Stockholm.

The testwork was successful and the Tullsta core has demonstrated that the mineralisation is a highly prospective Induced
Polarization target. Two suitable drill holes will be planned, with actual drill hole locations to be finalised once the IP survey is
completed.

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RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Figure 2: 3D model of the magnetic body (blue and claret) and gravity body (pink) for the Granmuren Ni-Cu prospect; the body is
approximately 400 meters in length and plunging westwards at depth into the Tullsta nr 2 licence.

Gaddebo Project

Gaddebo is a small tenure measuring 1km x 1km located 15km SE of the town of Sala and 21km ESE of the Granmuren deposit.

Geolithic has recommended at least 2 diamond drill holes to test targets generated by the IP survey and to test the depth model
extension of the Gaddebo mineralisation.

During the year, as per Geolithic’s recommendations, Ragnar did not renew its tenure at Gamla Jutbo nr 1, Prasthyttan nr 1 and
Korsheden nr 1.

The Company’s consultants have also advised strategic tenements to be applied for to extend existing its landholding in country.

New Project Search and Potential Acquisitions

Ragnar continues to actively seek and review opportunities to acquire an advanced exploration or near-development project. A
number of projects have been evaluated with a particular focus on precious metals, base metals and other strategic minerals.

On 13 May 2019 Ragnar announced it had entered into a binding option agreement to acquire 51% of the issued capital of Karlowa
Mining Enterprises (Pty) Ltd. However, the Company elected not to exercise the option.

Board Changes

On 2 July 2018 Ragnar announced the appointment of Ms Sara Kelly as the Non-executive Chairman of the Company.

On 2 September 2019, Ragnar announced the appointment of Mr Steven Formica as Non-executive Chairman of the Company
and the resignation of Ms Sara Kelly.

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RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Directors' report

Your Directors present their report together with the financial statements of the Group, being the company and its controlled
entities, for the financial year ended 30 June 2019.

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

• Mr Steven Formica
• Mr Ariel (Eddie) King
• Mr James Scovell
• Mr David Wheeler
• Ms Sara Kelly

Non-executive Chairman (appointed 2 September 2019)

Non-executive Director

Non-executive Chairman (resigned 2 September 2019)

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

2. Company Secretary
The following person held the position of Company Secretary at the end of the financial year:

• Ms Julia Beckett
Qualifications



Ms Beckett holds a Certificate in Governance Practice and Administration and is a
Certificated Member of the Governance Institute of Australia.

Experience



in corporate
is a Corporate Governance professional, having worked
Ms Beckett
administration and compliance for the past 14 years. She has been involved in business
acquisitions, mergers, initial public offerings, capital raisings as well as statutory and financial
reporting. Ms Beckett is also Company Secretary of Calidus Resources Limited (ASX: CAI)
European Metals Holdings Limited (ASX & AIM: EMH), Doriemus Plc (Joint) (ASX: DOR) and
Metminco Limited (Joint) (ASX:MNC) and has held non-executive director roles for a number
of ASX listed companies.

3. Principal Activities
The principal activities of the Group during the financial year were the exploration and evaluation of its projects in Scandinavia.

4. Dividends Paid or Recommended
There were no dividends paid or recommended during the financial year ended 30 June 2019.

5. Operating and financial review
5.1. Nature of Operations Principal Activities

5.2. Operations Review (refer Operations review of page 1)

A detailed review of the Group’s exploration activities is set out in the section titled “Activities Report” in this annual report.

5.3. Financial Review

Operating results

a.
For the 2019 financial year the Group delivered a loss before tax of $734,233 (2018: $1,148,945).

The financial statements have been prepared on a going concern basis, which contemplates the continuity of normal
business activity and the realisation of assets and the settlement of liabilities in the ordinary course of business.

Financial position

The net assets of the Group have increased to $831,134 at 30 June 2019 (2018: $1,548,409).

As at 30 June 2019, the Group's cash and cash equivalents of $732,949 at 30 June 2019 (2018: $1,402,964) and had working
capital of $717,532 (2018: $1,318,310 working capital), as in Note 23.

6. Significant Changes in State of Affairs
On 22 November 2018, shareholders of the company approved the company name change to Ragnar Metals Ltd.

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RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Directors' report

7. Events Subsequent to Reporting Date
On 2 September 2019 Mr Steven Formica was appointed as a Non-Executive Chairman of the Company.

On 2 September 2019 Ms Sara Kelly resigned as a Non-executive Chairman of the Company.

Other than the above, there are no other significant after balance date events that are not covered in this Directors' Report or
within the financial statements at Note 22 Events subsequent to reporting date.

8. Future Developments, Prospects and Business Strategies
Likely developments, future prospects and business strategies of the operations of the Group and the expected results of those
operations have not been included in this report as the Directors believe that the inclusion of such information would be likely
to result in unreasonable prejudice to the Group.

Information relating to the directors

• Mr Steven Formica

Experience

Interest in Shares and Options

Directorships held in other listed
entities in the past three years



Non-executive Chairman (Appointed 2 September 2019)



Mr Formica has been a successful businessman and operations manager for over 35
years in several privately held business ventures across multiple industry sectors.
16,716,666 ordinary shares in Ragnar Metals Limited and options to acquire a further
3,000,000 ordinary shares.
Mr Formica also acts as a director of Bowen Coking Coal Ltd (ASX: BCB), High Grade
Metals Limited (ASX: HGM) and Veriluma Limited (ASX: VRI). He was a former
director of Orminex Ltd (ASX: ONX) and Lindian Resources Limited (ASX: LIN).

• Mr Ariel Eddie King
Qualifications

Experience



Non-executive Director (Appointed 10 February 2017)



Bachelor of Commerce and Bachelor of Engineering



Mr King is a qualified Mining Engineer. Mr King holds a Bachelor of Commerce and
Bachelor of Engineering from The University of Western Australia and is currently a
Representative for CPS Capital. Mr King’s past experience includes being Manager for
an investment banking firm, where he specialised in the technical and financial
requirements of bulk commodity and other resource projects.

Interest in Shares and Options



1,500,000 ordinary shares in Ragnar Metals Limited and options to acquire a further
2,100,000 ordinary shares.

Directorships held in other listed
entities in the past three years



Mr King also acts as a director of Eastern Iron Limited (ASX: EFE), European Cobalt
Limited (ASX: EUC), Pure Minerals Limited (ASX: PM1) and Six Sigma Metals Limited
(ASX: SI6). He was a former director of Axxis Technology Group Ltd (ASX: AYG), Bowen
Coking Coal Limited (ASX: BCB), Lindian Resources Limited (ASX: LIN) and Sultan
Resources Limited (ASX: SLZ).

• Mr James Scovell
Qualifications



Non-executive Director (Appointed 1 June 2017)



Bachelor of Law

Experience



Mr Scovell is a corporate lawyer with over 15 years’ experience. James is a member of
the Western Australian Bar Association (WABA). He achieved his Bachelor of Law from
the University of Western Australia.
Mr Scovell currently practices from Francis Burt Chambers where he acts for a broad
range of clients, including ASX listed entities and financial institutions. He notably
represented Andrew Forrest from 2006 to 2012 in relation to a high profile case
regarding director’s duties and disclosure obligations. Mr Scovell’s work primarily
involves providing practical, commercial legal advice for clients. This includes matters
involving corporate and personal
law, corporations,
disciplinary tribunals, equity, insurance, professional negligence, property law,
taxation, and trade practices.

insolvency, commercial

Interest in Shares and Options



Options in Ragnar Metals Limited to acquire 5,000,000 ordinary shares.

Directorships held in other listed
entities in the past three years



N/A

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RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Directors' report

• Mr David Wheeler
Qualifications



Non-executive Director (Appointed 4 December 2017)



Fellow of the Australian Institute of Company Directors

Experience



Interest in Shares and Options

Directorships held in other listed
entities in the past three years




Mr Wheeler has more than 30 years of Executive Management Directorship and
Corporate Advisory experience. He is a foundation Director and Partner of Pathways
Corporate, a boutique corporate advisory firm that undertakes assignments on behalf
of family offices, private clients and ASX listed companies. Mr Wheeler has
successfully engaged in business projects in the USA, UK, Europe, NZ, China, Malaysia,
Singapore and the Middle East. Mr Wheeler is a Fellow of the Australian Institute of
Company Directors and serves on public and private company boards currently
holding a number of Directorships and Advisory positions in Australian ASX listed
companies.

Options in Ragnar Metals Limited to acquire 2,000,000 ordinary shares.
Mr Wheeler also acts as a director of, Protean Energy Ltd (ASX: POW), Thred Limited
(ASX: THD) and Eneabba Gas Ltd (ASX: UTR). He was a former director Antilles Oil and
Gas NL (ASX: AVD), Castillo Copper Limited (ASX: CCZ), AusMex Mining Group Ltd (ASX:
AMG), Weststart Industrial Limited (ASX: WSI), 333D Limited (ASX: T3D), Auscann
Group Holdings Ltd (ASX: AC8), The Carajas Copper Company Ltd (renamed: Valor
Resoures Limited - ASX: VAL), Ultracharge Ltd (ASX: UTR) and Premiere Eastern Energy
Limited (delisted).

• Ms Sara Kelly

Qualifications

Experience



Non-executive Chairman (Appointed as Non-executive Chairman on 2 July 2018,
resigned 2 September 2019)



Bachelor of Law and Bachelor of Commerce



Ms Kelly is a corporate lawyer and Partner at Edwards Mac Scovell Legal (a Perth based
law firm). Ms Kelly has significant transactional and industry experience having both
worked in private practice as a corporate advisor and as in house counsel. Ms Kelly’s
experience includes the administration of regulatory frameworks and processes in a
listed company environment, acquisitions, takeovers, capital raisings and listing of
companies on ASX and AIM.

Interest in Shares and Options



Directorships held in other listed
entities in the past three years



2,541,580 ordinary shares in Ragnar Metals Limited and options to acquire a further
8,000,000 ordinary shares.
N/A

10. Meetings of directors and committees
During the financial year two meetings of Directors (including committees of Directors) were held. Attendances by each Director
during the year are stated in the following table.

DIRECTORS'
MEETINGS

AUDIT
COMMITTEE

NOMINATION
COMMITTEE

REMUNERATION
COMMITTEE

FINANCE AND
OPERATIONS
COMMITTEE

Number
eligible to
attend

Number
Attended

Number
eligible to
attend

Number
Attended

Number
eligible to
attend

Number
Attended

Number
eligible to
attend

Number
Attended

Number
eligible to
attend

Number
Attended

At the date of this report, the Remuneration, Audit, Nomination, and Finance and Operations Committees
comprise the full Board of Directors. The Directors believe the Company is not currently of a size nor are
its affairs of such complexity as to warrant the establishment of these separate committees. Accordingly,
all matters capable of delegation to such committees are considered by the full Board of Directors.

Sara Kelly

Eddie King

James Scovell

David Wheeler

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RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

11. Indemnifying Officers or Auditor

During or since the end of the financial year the Company has given an indemnity or entered into an agreement to indemnify,
or paid or agreed to pay insurance premiums as follows:

 The Company has entered into agreements to indemnify all Directors and provide access to documents, against any liability
arising from a claim brought by a third party against the Company. The agreement provides for the company to pay all
damages and costs which may be awarded against the Directors.

 The Company has paid premiums to insure each of the directors against liabilities for costs and expenses incurred by them
in defending any legal proceedings arising out of their conduct while acting in the capacity of director of the company,
other than conduct involving a wilful breach of duty in relation to the Company. The amount of the premium in 2019 was
$22,000 (2018: $24,920).

 No indemnity has been paid in respect of auditors.

12. Options

12.1. Unissued shares under option

At the date of this report, the un-issued ordinary shares of Ragnar Metals Limited under option (listed and unlisted) are as
follows:

Grant Date

Date of Expiry

Exercise Price

4 May 2017

4 May 2021

8 June 2017

8 June 2021

8 June 2017

8 June 2021

13 June 2017

13 June 2021

19 March 2018

8 June 2021

2 September 2019

2 September 2022

$0.03

$0.02

$0.03

$0.02

$0.025

$0.015

Number under
Option

14,000,000

35,000,001

2,000,000

17,500,000

25,000,000

3,000,000

96,500,001

No person entitled to exercise the option has or has any right by virtue of the option to participate in any share issue of any
other body corporate.

12.2. Shares issued on exercise of options

No ordinary shares were issued by the Company as a result of the exercise of options during or since the end of the financial
year.

13. Environmental Regulations

The Group's operations are not subject to significant environmental regulations in the jurisdictions it operates in, namely
Australia.

14. Non-audit services
During the year, Bentleys, the Company’s auditor, performed tax consulting services to the company. These services amounted
to $2,780 (2018: $1,650). Details of remuneration paid to the auditor can be found within the financial statements at Note 5
Auditor's Remuneration.

In the event that non-audit services are provided by Bentleys, the Board has established certain procedures to ensure that the
provision of non-audit services are compatible with, and do not compromise, the auditor independence requirements of the
Corporations Act 2001. These procedures include:



non-audit services will be subject to the corporate governance procedures adopted by the Company and will be reviewed
by the Board to ensure they do not impact the integrity and objectivity of the auditor; and

ensuring non-audit services do not involve reviewing or auditing the auditor's own work, acting in a management or
decision-making capacity for the Company, acting as an advocate for the Company or jointly sharing risks and rewards.

15. Proceedings on behalf of company
No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any proceedings to which
the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those proceedings.

The Company was not a party to any such proceedings during the year.

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RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

16. Auditor's independence declaration
The lead auditor's independence declaration under section 307C of the Corporations Act 2001 (Cth) for the year ended
30 June 2019 has been received and can be found on page 11 of the annual report.

17. Remuneration report (audited)
17.1. Key management personnel (KMP)

KMP have authority and responsibility for planning, directing and controlling the activities of the Group. KMP comprise the
directors of the Company and key executive personnel:

 Ms Sara Kelly (resigned 2 September 2019)

 Mr Ariel (Eddie) King

 Mr James Scovell

 Mr David Wheeler

17.2. Remuneration Policy

The remuneration policy of Ragnar Metals Limited has been designed to align director and management objectives with
shareholder and business objectives by providing a fixed remuneration component, and offering specific long-term
incentives based on key performance areas affecting the Group’s financial results. The Board of Ragnar Metals Limited
believes the remuneration policy to be appropriate and effective in its ability to attract and retain the best management
and directors to run and manage the Group, as well as create goal congruence between directors, executives and
shareholders.

The Board’s policy for determining the nature and amount of remuneration for Board members and senior executives of
the Group is as follows:

 The remuneration policy, setting the terms and conditions for the executive directors and other senior executives, was
developed by the Remuneration Committee and approved by the Board. All executives receive a base salary (which is
based on factors such as length of service and experience), superannuation, options and performance incentives. The
Remuneration Committee reviews executive packages annually by reference to the Group’s performance, executive
performance, and comparable information from industry sectors and other listed companies in similar industries.

 Executives are also entitled to participate in the employee share and option arrangements.

 All remuneration paid to Directors and executives is valued at the cost to the Company and expensed. Options given

to Directors and employees are valued using the Black-Scholes methodology.

 The Board’s policy is to remunerate Non-Executive Directors at the lower end of market rates for comparable
companies for time, commitment, and responsibilities. The Non-Executive Directors have been provided with options
that are meant to incentivise the Non-Executive Directors. The Remuneration Committee determines payments to the
Non-Executive Directors and reviews their remuneration annually based on market practice, duties, and accountability.
Independent external advice is sought when required. The maximum aggregate amount of fees that can be paid to
Non-Executive Directors is subject to approval by shareholders at the Annual General Meeting. Fees for Non-Executive
Directors are not linked to the performance of the Group. However, to align Directors’ interests with shareholder
interests, the Directors are encouraged to hold shares in the Company.

The remuneration policy has been tailored to increase the direct positive relationship between shareholders’ investment
objectives and directors’ and executives’ performance. Currently, this is facilitated through the issue of options to the
majority of directors and executives to encourage the alignment of personal and shareholder interests. The Company
believes this policy will be effective in increasing shareholder wealth.

17.3. Remuneration Details for the Year Ended 30 June 2019

There were no cash bonuses paid during the year and there are no set performance criteria for achieving cash bonuses.

The term “Key Management Personnel” refers to those persons having authority and responsibility for planning, directing
and controlling the activities of the group directly or indirectly including any Director (whether executive or otherwise) of
the Group.

A resolution that the remuneration report for the last financial year to be adopted was put to the vote at the Company's
most recent AGM, held 22 November 2018 and was passed with 99.99% in favour.

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RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Remuneration report (audited)

17.4. Directors’ and KMP Remuneration

The following table details the components of remuneration for each member of the key management personnel of the
Group:

2019

Sara Kelly(i)

Eddie King

James Scovell

David Wheeler

2018

Sara Kelly(i)

Eddie King

James Scovell

David Wheeler

Jay Stephenson(ii)

Short-term
benefits

Salary, fees
and leave
$

46,000

36,000

154,000

Short-term
benefits

Salary, fees
and leave
$

33,500

21,000

12,500

134,000

Profit share
and bonuses

Other

Profit share
and bonuses

Other

Post-
employment
benefits
Super-
annuation
$

Long-term
benefits

Termination
benefits

Equity-settled share-
based payments

Total

% Share
based
payments

Other

Equity

Options

46,000

36,000

154,000

Long-term
benefits

Termination
benefits

Equity-settled share-
based payments

Total

% Share
based
payments

Other

Equity

Options

49,132

82,632

19,652

53,152

19,652

53,152

19,652

40,652

12,500

59%

37%

48%

108,088

242,088

44.6%

(i) Resigned 2 September 2019
(ii) Resigned 1 December 2017

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RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Remuneration report (audited)

17.5. Share-based compensation

Director and Key Management Personnel share options
There were no share options granted as remuneration to Directors and Key Management Personnel during the year.

Director and Key Management Personnel ordinary shares
There were no shares granted as remuneration to Directors and Key Management Personnel during the year.

Options on issue as Remuneration
Details of the options on issue granted as remuneration to directors are detailed in table below.

2019

Options Issued

Grant Date

Exercise Price

Sara Kelly(i)

Sara Kelly

Eddie King (ii)

Eddie King

James Scovell

David Wheeler

No.

5,000,000

1,000,000

2,000,000

700,000

2,000,000

1,000,000

2,000,000

15/03/2018

8/06/2017

15/03/2018

4/05/2017

15/03/2018

8/06/2017

15/03/2018

0.025

0.03

0.02

0.025

0.03

0.025

0.03

0.02

0.025

Value

0.00983

0.0048

0.0055

0.00983

0.0047

0.00983

0.0048

0.0055

0.00983

All options have vested.

All options are exercisable are entitled to 1:1 ordinary shares in Ragnar Metals Ltd.

i Sara Kelly resigned on 2 September 2019

ii 600,000 Options were issued to Mr King’s nominee.

Value

49,132

4,769

11,060

19,652

3,296

19,652

4,769

11,060

19,652

Expiry Date

08/06/2021

04/05/2021

08/06/2021

17.6. KMP equity holdings

Movement in shareholdings of each KMP

2019

Sara Kelly (i)

Eddie King

James Scovell

David Wheeler

(i) Resigned 2 September 2019

Received during
the year as
compensation
No.

Received during
the year on
the exercise of
options
No.

Other changes
during the year
No.

Balance at
start of year
No.

2,541,580

1,500,000

4,041,580

Balance at
end of year
No.

2,541,580

1,500,000

4,041,580

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RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Directors' report

Remuneration report (audited)

b. Movement in option holdings of each KMP

2019

Sara Kelly(i)

Eddie King

James Scovell

David Wheeler

Balance at
start of year
No.

8,000,000

2,100,000

5,000,000

2,000,000

17,100,000

Granted as
Remuneration
during the year
No.

Exercised
during the year
No.

Other changes
during the year 1
No.

Balance at
end of year
No.

Vested and
Exercisable
No.

Not Vested
No.

8,000,000

2,100,000

5,000,000

2,000,000

17,100,000

(i) Resigned 2 September 2019

17.7. Other Transactions with Key Management Personnel

Edwards Mac Scovell
Ms Kelly, Non-executive Chairman of the Company is a Partner of Edwards
Mac Scovell who provide legal services to the Group.

Amounts due to and from Related Parties:

Amounts due (to) / from Edwards Mac Scovell

2019
$

2018
$

23,994

72,407

END OF REMUNERATION REPORT

This Report of the Directors, incorporating the Remuneration Report, is signed in accordance with a resolution of the Board of
Directors made pursuant to s.298(2) of the Corporation Act 2001.

STEVE FORMICA
Chairman
Dated 25th September 2019

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To The Board of Directors

Auditor’s Independence Declaration under Section 307C of the
Corporations Act 2001

As lead audit Partner for the audit of the financial statements of Ragnar Metals Limited
for the financial year ended 30 June 2019, I declare that to the best of my knowledge
and belief, there have been no contraventions of:

−

the auditor independence requirements of the Corporations Act 2001 in relation to

the audit; and

any applicable code of professional conduct in relation to the audit.

Yours faithfully

BENTLEYS
Chartered Accountants

MARK DELAURENTIS CA
Partner

Dated at Perth this 25th day of September 2019

Consolidated statement of profit or loss and other comprehensive income
For the year ended 30 June 2019

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Continuing operations
Revenue

Other income

Accounting and audit fees

Computers and software

Employee benefits expenses

Contractors and consultants

Finance costs

Impairment

Insurance

Legal fees

Public relations and advertising

Registry and ASX fees

Share-based payments

Other expenses

Loss before tax

Income tax benefit / (expense)

Loss for the period from continuing operations after tax

Note

2019
$

4,666

(84,299)

(1,194)

(152,658)

(174,211)

(226,307)

(22,730)

(21,522)

(10,000)

(36,235)

(9,743)

2018
$

5,808

260

6,068

(40,366)

(3,850)

(121,250)

(105,369)

(2,634)

(413,088)

(20,480)

(72,407)

(74,811)

(283,154)

(17,604)

(734,233)

(1,148,945)

(734,233)

(1,148,945)

Net (loss) / profit for the year

(734,233)

(1,148,945)

Other comprehensive income, net of income tax



Items that will not be reclassified subsequently to profit or loss

Items that may be reclassified subsequently to profit or loss

 Exchange differences on translating foreign operations

Other comprehensive income for the year, net of income tax

Total comprehensive income attributable to members of the parent entity

Earnings per share:

17,023

1,502

(717,210)

(1,147,443)

₵

 Basic and diluted loss per share (cents per share)

(0.23)

(0.44)

The consolidated statement of profit or loss and other comprehensive income is to be read in conjunction with the accompanying notes.

P a g e | 12

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Consolidated statement of financial position
as at 30 June 2019

Current assets
Cash and cash equivalents

Trade and other receivables

Total current assets

Non-current assets

Exploration and evaluation assets

Total non-current assets

Total assets

Current liabilities

Trade and other payables

Total current liabilities

Total liabilities

Net assets

Equity

Issued capital

Reserves

Accumulated losses

Total equity

Note

2019
$

2018
$

732,949

44,763

1,402,964

61,890

777,712

1,464,854

113,602

230,099

891,314

1,694,953

60,180

146,544

60,180

146,544

831,134

1,548,409

12a

28,641,172

28,641,237

840,179

823,156

(28,650,217)

(27,915,984)

831,134

1,548,409

The consolidated statement of financial position is to be read in conjunction with the accompanying notes.

P a g e | 13

Consolidated statement of changes in equity
for the year ended 30 June 2019

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Note

Issued
Capital

Accumulated
Losses

Options
Reserve

Share-based
Payments
Reserve

Foreign
Exchange
Translation
Reserve

Total

26,983,373

(26,767,039)

97,585

525,944

(47,780)

792,083

Balance at 1 July 2017

Loss for the year

Other comprehensive income for the year

Total comprehensive income for the
year

(1,148,945)

Transaction with owners, directly in equity

Shares issued during the year

12a

1,787,500

Transaction costs

Share buy-back unmarketable parcels

(106,838)

(22,798)

Options issued during the year

12b

245,905

(1,148,945)

1,502

(1,147,443)

1,787,500

(106,838)

(22,798)

245,905

Balance at 30 June 2018

28,641,237

(27,915,984)

343,490

525,944

(46,278)

1,548,409

Balance at 1 July 2018

Loss for the year

Other comprehensive income for the year

Total comprehensive income for the
year

Transaction with owners, directly in equity

Shares issued during the year

12a

Transaction costs

Share buy-back unmarketable parcels

Options issued during the year

12b

28,641,237

(27,915,984)

343,490

525,944

(46,278)

1,548,409

(65)

(734,233)

17,023

(717,210)

(65)

Balance at 30 June 2019

28,641,172

(28,650,217)

343,490

525,944

(29,255)

831,134

The consolidated statement of changes in equity is to be read in conjunction with the accompanying notes.

P a g e | 14

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Consolidated statement of cash flows
for the year ended 30 June 2019

Cash flows from operating activities

Payments to suppliers and employees

Interest received

Note

2019
$

2018
$

(564,980)

(544,610)

4,666

5,808

Net cash used in operating activities

8c.i

(560,314)

(538,802)

Cash flows from investing activities

Payments for exploration expenditure

Proceeds on disposal of financial assets

Net cash used in investing activities

Cash flows from financing activities

Proceeds from issue of shares

Proceeds from options

Payments for shares bought back

Payments for capital raising costs

Net cash (used)/provided by financing activities

(109,810)

(202,929)

(109,810)

(202,929)

(65)

1,750,000

250

(22,798)

(106,838)

1,620,614

Net (decrease)/increase in cash held

(670,189)

878,883

Cash and cash equivalents at the beginning of the year

1,402,964

524,168

Effect of exchange rates on cash holdings in foreign currencies

174

(87)

Cash and cash equivalents at the end of the year

732,949

1,402,964

The consolidated statement of cash flows is to be read in conjunction with the accompanying notes.

P a g e | 15

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Notes to the consolidated financial statements
for the year ended 30 June 2019

Statement of significant accounting policies

Note 1
These are the consolidated financial statements and notes of Ragnar Metals Limited (Ragnar Metals or the Company) (formerly
Drake Resources Ltd) and controlled entities (collectively the Group). Ragnar Metals is a company limited by shares, domiciled
and incorporated in Australia.

The separate financial statements of Ragnar Metals, as the parent entity, have not been presented with this financial report as
permitted by the Corporations Act 2001 (Cth).

The financial statements were authorised for issue on 25 September 2019 by the directors of the Company.

a. Basis of preparation
The financial statements comprise the consolidated financial statements of the Group. For the purposes of preparing the
consolidated financial statements, the Company is a for-profit entity. Material accounting policies adopted in the preparation of
these financial statements are presented below. They have been consistently applied unless otherwise stated.

i. Statement of compliance
These financial statements are general purpose financial statements which have been prepared in accordance with Australian
Accounting Standards and Interpretations of the Australian Accounting Standards Board (AAS Board) and International
Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), and the Corporations
Act 2001 (Cth).

Australian Accounting Standards (AASBs) set out accounting policies that the AAS Board has concluded would result in a
financial report containing relevant and reliable information about transactions, events and conditions to which they apply.
Compliance with AASBs ensures that the financial statements and notes also comply with IFRS as issued by the IASB.

ii. Going Concern

The financial statements have been prepared on the basis of going concern which contemplates continuity of normal business
activities and the realisation of assets and settlement of liabilities in the ordinary course of business.

As disclosed in the financial statements, the consolidated entity incurred a loss of $734,233 (2018: $1,148,945) and had net
cash outflows from operating and investing activities of $560,134 (2018: $538,802) and $109,810 (2018: $202,929)
respectively for the year ended 30 June 2019. As at that date, the consolidated entity had net current assets of $717,532
(2018: $1,318,310).

These factors indicate a material uncertainty which may cast significant doubt as to whether the consolidated entity will
continue as a going concern and therefore whether it will realise its assets and extinguish its liabilities in the normal course
of business and at the amounts stated in the financial report.

The Directors believe that there are reasonable grounds to believe that the consolidated entity will be able to continue as a
going concern, after consideration of the following factors:

The Directors are confident the Group has the ability to raise further funds through capital raisings as and when

1.
required to satisfy its operational expenditure commitments.

The consolidated entity has the ability to scale down its operations in order to curtail expenditure, in the event capital

2.
raisings are delayed or insufficient cash is available to meet projected expenditure.

Accordingly, the Directors believe that the consolidated entity will be able to continue as a going concern and that it is
appropriate to adopt the going concern basis in the preparation of the financial report.

The financial report does not include any adjustments relating to the amounts or classification of recorded assets or liabilities
that might be necessary if the consolidated entity does not continue as a going concern.

iii. Use of estimates and judgments
The preparation of consolidated financial statements requires management to make judgements, estimates and assumptions
that affect the application of policies and reported amounts of assets and liabilities, income and expenses. These estimates
and associated assumptions are based on historical experience and various factors that are believed to be reasonable under
the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities
that are not readily apparent from other sources. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised and in any future periods affected.

P a g e | 16

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Notes to the consolidated financial statements
for the year ended 30 June 2019

Note 1

Statement of significant accounting policies

Judgements made by management in the application of AASBs that have significant effect on the consolidated financial
statements and estimates with a significant risk of material adjustment in the next year are discussed in note 1e.

iv. Comparative figures
Where required by AASBs comparative figures have been adjusted to conform with changes in presentation for the current
financial year.

Where the Group retrospectively applies an accounting policy, makes a retrospective restatement or reclassifies items in its
financial statements, an additional (third) statement of financial position as at the beginning of the preceding period in
addition to the minimum comparative financial statements is presented.

b. Accounting Policies
The Group has consistently applied the following accounting policies to all periods presented in the financial statements. The
Group has considered the implications of new and amended Accounting Standards applicable for annual reporting periods but
determined that their application to the financial statements is either not relevant or not material.

c. Basis of consolidation
As at reporting date, the assets and liabilities of all controlled entities have been incorporated into the consolidated financial
statements as well as their results for the year then ended. Where controlled entities have entered (left) the Consolidated Group
during the year, their operating results have been included (excluded) from the date control was obtained (ceased).

d. Foreign currency transactions and balances

i. Functional and presentation currency
The functional currency of each of the Group's entities is measured using the currency of the primary economic environment
in which that entity operates. The consolidated financial statements are presented in Australian dollars which is the parent
entity's functional and presentation currency.

ii. Transaction and balances
Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the date of the
transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-monetary items measured
at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured
at fair value are reported at the exchange rate at the date when fair values were determined.

Exchange differences arising on the translation of monetary items are recognised in the profit or loss except where deferred
in equity as a qualifying cash flow or net investment hedge.

Exchange differences arising on the translation of non-monetary items are recognised directly in other comprehensive
income to the extent that the gain or loss is directly recognised in other comprehensive income, otherwise the exchange
difference is recognised in the profit or loss.

iii. Group companies and foreign operations
The financial results and position of foreign operations whose functional currency is different from the Group's presentation
currency are translated as follows:

 assets and liabilities are translated at year-end exchange rates prevailing at that reporting date;



income and expenses are translated at average exchange rates for the period; and

 retained earnings are translated at the exchange rates prevailing at the date of the transaction.

Exchange differences arising on translation of foreign operations are transferred directly to the Group's foreign currency
translation reserve in the statement of financial position. These differences are recognised in the profit or loss in the period
in which the operation is disposed.

e. Critical Accounting Estimates and Judgments
The Directors evaluate estimates and judgments incorporated into the financial report based on historical knowledge and best
available current information. Estimates assume a reasonable expectation of future events and are based on current trends and
economic data, obtained both externally and within the Group.

P a g e | 17

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Notes to the consolidated financial statements
for the year ended 30 June 2019

Note 1

Statement of significant accounting policies

i. Key Judgments – Exploration and evaluation expenditure
Exploration and evaluation costs are carried forward where right of tenure of the area of interest is current. These costs are
carried forward in respect of an area that has not at reporting date reached a stage that permits reasonable assessment of
the existence of economically recoverable reserves. The carrying value of capitalised expenditure at reporting date is
$113,602 (2018: $230,099).

During the financial year, the Group undertook assessment of its tenement assets, as a result of this assessment, the Group
decided to impair some of its exploration assets. Refer Note 10.

ii. Key Judgments – Environmental Issues
Balances disclosed in the financial statements and notes thereto are not adjusted for any pending or enacted environmental
legislation, and the directors understanding thereof. At the current stage of the Group’s development and its current
environmental impact, the directors believe such treatment is reasonable and appropriate.

iii. Key Estimate – Taxation
Balances disclosed in the financial statements and the notes thereto, related to taxation, are based on the best estimates of
directors. These estimates take into account both the financial performance and position of the company as they pertain to
current income taxation legislation, and the directors understanding thereof. No adjustment has been made for pending or
future taxation legislation. The current income tax position represents that directors' best estimate, pending an assessment
by tax authorities in relevant jurisdictions. Refer Note 6 Income Tax.

iv. Key judgements and estimates – Share-based payments
The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity
instruments at the date at which they are granted. The fair value is determined by an internal valuation using a Black-Scholes
option pricing model, using the assumptions detailed in note 18 Share-based payments.

v. Key judgements and estimates – Impairment
The Group assesses impairment at each reporting date by evaluating conditions specific to the Group that may lead to
impairment of assets. Where an impairment trigger exists, the recoverable amount of the asset is determined. Value-in-use
calculations performed in assessing recoverable amounts incorporate a number of key estimates.

f. New, revised or amending Accounting Standards and Interpretations

In the year ended 30 June 2019, the Directors have reviewed all of the new and revised Standards and Interpretations issued
by the AASB that are relevant to the Group and effective for the current annual reporting period. Those which have a material
impact on the Group are set out below.

P a g e | 18

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Notes to the consolidated financial statements
for the year ended 30 June 2019

Note 1

Statement of significant accounting policies

AASB 9 Financial Instruments

(i)
AASB 9 replaces AASB 139 Financial Instruments: Recognition and Measurement and makes changes to a number of areas
including classification of financial instruments, measurements, impairment of financial assets and hedge accounting model.

The Group has adopted AASB 9 from 1 July 2018.

The standard introduced new classification and measurement models for financial assets. A financial asset shall be measured
at amortised cost if it is held within a business model whose objective is to hold assets in order to collect contractual cash
flows which arise on specified dates and that are solely principal and interest.

A debt investment shall be measured at fair value through other comprehensive income if it is held within a business model
whose objective is to both hold assets in order to collect contractual cash flows which arise on specified dates that are solely
principal and interest as well as selling the asset on the basis of its fair value.

All other financial assets are classified and measured at fair value through profit or loss unless the entity makes an irrevocable
election on initial recognition to present gains and losses on equity instruments (that are not held-for-trading or contingent
consideration recognised in a business combination) in other comprehensive income ('OCI').

Despite these requirements, a financial asset may be irrevocably designated as measured at fair value through profit or loss
to reduce the effect of, or eliminate, an accounting mismatch.

For financial liabilities designated at fair value through profit or loss, the standard requires the portion of the change in fair
value that relates to the entity's own credit risk to be presented in OCI (unless it would create an accounting mismatch).

New simpler hedge accounting requirements are intended to more closely align the accounting treatment with the risk
management activities of the entity.

New impairment requirements use an 'expected credit loss' ('ECL') model to recognise an allowance. Impairment is measured
using a 12-month ECL method unless the credit risk on a financial instrument has increased significantly since initial
recognition in which case the lifetime ECL method is adopted. For receivables, a simplified approach to measuring expected
credit losses using a lifetime expected loss allowance is available.

The Group has applied AASB 9 retrospectively with the effect of initially applying this standard recognised at the date of initial
application, being 1 July 2018 and has elected not to restate comparative information accordingly, the information presented
for 30 June 2018 has not been restated.

The directors have determined that there is no material financial impact from the implementation of this standard, other
than disclosure requirements and accounting policy terminology.

P a g e | 19

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Notes to the consolidated financial statements
for the year ended 30 June 2019

Note 1

Statement of significant accounting policies

(ii) AASB 15 Revenue from Contracts with Customers
AASB 15 replaces AASB 118 Revenue and AASB 111 Construction Contracts and related interpretations and it applies to all
revenue arising from contracts with customers, unless those contracts are in the scope of other standards.

AASB 15 establishes a single comprehensive income for entities to use in accounting for revenue arising from contracts with
customers.

AASB 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognised,
including in respect of multiple element arrangements. The core principle of AASB 15 is that it requires identification of
distinct performance obligations within a transaction and associated transaction price allocation to these obligations.
Revenue is recognised upon satisfaction of these performance obligations, which occur when control of goods or services is
transferred, rather than on transfer of risks or rewards. Revenue received for a contract that includes a variable amount is
subject to revised conditions for recognition, whereby it must be highly probable that no significant reversal of the variable
component may occur when the uncertainties around its measurement are removed.

The core principle of AASB 15 is that an entity should recognise revenue to depict the transfer of promised goods or services
to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those
goods or services. Specifically, the Standard introduces a 5-step approach to revenue recognition:

• Step 1: Identify the contract(s) with a customer.

• Step 2: Identify the performance obligations in the contract.

• Step 3: Determine the transaction price.

• Step 4: Allocate the transaction price to the performance obligations in the contract.

• Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation.

The Group has adopted AASB 15 using the modified retrospective method of adoption (without practical expedients) with
the effect of initially applying this standard recognised at the date of initial application, being 1 July 2018. Accordingly, the
information presented for 30 June 2018 has not been restated.

The directors have determined that there is no material financial impact from the implementation of this standard, other
than disclosure requirements and accounting policy terminology.

Other than the above, the Directors have determined that there is no material impact of the new and revised Standards and
Interpretations on the Company and, therefore, no material change is necessary to Group accounting policies.

g. New Accounting Standards and Interpretations not yet mandatory or early adopted

Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory,
have not been early adopted by the consolidated entity for the annual reporting period ended 30 June 2019. The consolidated
entity's assessment of the impact of these new or amended Accounting Standards and Interpretations, most relevant to the
consolidated entity, are set out below.

P a g e | 20

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Notes to the consolidated financial statements
for the year ended 30 June 2019

Note 1

Statement of significant accounting policies

AASB 16 Leases
This standard is applicable to annual reporting periods beginning on or after 1 January 2019. The standard replaces AASB 117
'Leases' and for lessees will eliminate the classifications of operating leases and finance leases. Subject to exceptions, a 'right-
of-use' asset will be capitalised in the statement of financial position, measured at the present value of the unavoidable future
lease payments to be made over the lease term. The exceptions relate to short-term leases of 12 months or less and leases
of low-value assets (such as personal computers and small office furniture) where an accounting policy choice exists whereby
either a 'right-of-use' asset is recognised or lease payments are expensed to profit or loss as incurred. A liability corresponding
to the capitalised lease will also be recognised, adjusted for lease prepayments, lease incentives received, initial direct costs
incurred and an estimate of any future restoration, removal or dismantling costs. Straight-line operating lease expense
recognition will be replaced with a depreciation charge for the leased asset (included in operating costs) and an interest
expense on the recognised lease liability (included in finance costs). In the earlier periods of the lease, the expenses associated
with the lease under AASB 16 will be higher when compared to lease expenses under AASB 117. However EBITDA (Earnings
Before Interest, Tax, Depreciation and Amortisation) results will be improved as the operating expense is replaced by interest
expense and depreciation in profit or loss under AASB 16. For classification within the statement of cash flows, the lease
payments will be separated into both a principal (financing activities) and interest (either operating or financing activities)
component. For lessor accounting, the standard does not substantially change how a lessor accounts for leases. The directors
have determined that there is no material financial impact from the implementation of this standard, other than disclosure
requirements and accounting policy terminology.

i. Other standards not yet applicable
The Directors have also reviewed all of the new and revised Standards and Interpretations in issue not yet adopted for the
year ended 30 June 2019. As a result of this review the Directors have determined that there is no material impact of the
Standards and Interpretations in issue not yet adopted on the Group and, therefore, no change is necessary to Group
accounting policies.

Note 2

Company details

The registered office and principal place of business of the
Company is:
Address: Suite 12, Level 1

11 Ventnor Avenue

PO Box 1240

WEST PERTH WA 6005
Postal:
WEST PERTH WA 6872
Telephone:
Facsimile:

+61 (08) 6245 2050
+61 (08) 6245 2055

P a g e | 21

Notes to the consolidated financial statements
for the year ended 30 June 2019

Note 3

Revenue and other income

a. Revenue

Interest

b. Other Income

Realised foreign exchange gain/(loss)

Note 4

Profit / (loss) before income tax

The following significant revenue and expense items are relevant in explaining
the financial performance:

a. Employment costs:

 Directors’ fees

b. Impairment:



Impairment of exploration and evaluation assets

Note 5

Auditor's remuneration

Remuneration of the auditor of the Ragnar Limited for:
 Auditing or reviewing the financial reports:

 Bentleys (Australia)

 Taxation services provided by a related practice of the Auditor

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

2019
$

4,666

2019
$

152,658

226,307

2019
$

26,658

2,780

29,438

2018
$

5,808

260

2018
$

121,250

413,088

2018
$

24,237

1,650

25,887

P a g e | 22

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Notes to the consolidated financial statements
for the year ended 30 June 2019

Note 6

Income tax

Income tax expense / (benefit)

Current tax

Deferred tax

Deferred income tax expense included in income tax expense comprises:



Increase / (decrease) in deferred tax assets

(Increase) / decrease in deferred tax liabilities

Note

2019
$

2018
$

b. Reconciliation of income tax expense to prima facie tax payable

The prima facie tax payable / (benefit) on loss from ordinary activities before
income tax is reconciled to the income tax expense as follows:

(734,233)

(1,148,945)

Prima facie tax on operating loss at 27.5% (2018: 27.5%)

(201,914)

(315,960)

Add / (Less)

Tax effect of:

 Other non-allowable items

 Capital raising costs deductible

 Deferred tax asset not brought to account

Income tax expense / (benefit) attributable to operating loss

c. The applicable weighted average effective tax rates attributable to operating

profit are as follows

74,348

(6,105)

133,671

27.5

191,467

(53,284)

177,777

27.5

d. Balance of franking account at year end of the legal parent

nil

P a g e | 23

Notes to the consolidated financial statements
for the year ended 30 June 2019

Note 6

Income tax (cont.)

e. Deferred tax assets

Tax losses

Provisions and accruals

Capital Losses

Other

Set-off deferred tax liabilities

Net deferred tax assets

Less deferred tax assets not recognised

Net tax assets

f. Deferred tax liabilities

Other

Set-off deferred tax assets

Net deferred tax liabilities

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Note

2019
$

2018
$

2,818,675

2,605,899

364,987

16,994

398,147

92,932

3,200,656

3,096,978

3,200,656

3,096,978

(3,200,656)

(3,096,978)

g. Tax losses and deductible temporary differences

Unused tax losses for which no deferred tax asset has been recognised,

Unused capital losses for which no deferred tax asset has been recognised

Potential tax benefit at 27.5% (2018: 27.5%)

9,984,236

1,216,623

9,475,996

1,447,808

3,080,236

3,004,046

As the Company is seeking to generate non-assessable, non-exempt income in Chile, for the purposes of the Australian head
entity, a record of prior tax losses is kept but no tax balances have been recognised.

The tax benefits of the above deferred tax assets will only be obtained if:

the company derives future assessable income of a nature and of an amount sufficient to enable the benefits to be
utilised;
the company continues to comply with the conditions for deductibility imposed by law; and

b)
c) no changes in income tax legislation adversely affect the company in utilising the benefits.

Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from
or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted by the balance date.

Deferred income tax is provided on all temporary differences at the statement of financial position date between the tax bases
of assets and liabilities and their carrying amounts for financial reporting purposes.

Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and
unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary
differences and the carry-forward of unused tax credits and unused tax losses can be utilised, except:

• when the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition
of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects
neither the accounting profit nor taxable profit or loss; or

• when the deductible temporary difference is associated with investments in subsidiaries, associates or interests in
joint ventures, in which case a deferred tax asset is only recognised to the extent that it is probable that the temporary
difference will reverse in the foreseeable future and taxable profit will be available against which the temporary
difference can be utilised.

P a g e | 24

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Notes to the consolidated financial statements
for the year ended 30 June 2019

Note 6

Income tax (cont.)

The carrying amount of deferred income tax assets is reviewed at each balance date and reduced to the extent that it is no
longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised.

Unrecognised deferred income tax assets are reassessed at each balance date and are recognised to the extent that it has
become probable that future taxable profit will allow the deferred tax asset to be recovered.

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset
is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the
balance date.

Income taxes relating to items recognised directly in equity are recognised in equity and not in profit or loss.

Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax assets
against current tax liabilities and the deferred tax assets and liabilities relate to the same taxable entity and the same taxation
authority.

Other taxes
Revenues, expenses and assets are recognised net of the amount of GST except:

• when the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in which
case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable;
and
receivables and payables, which are stated with the amount of GST included.

•

The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in
the statement of financial position.

Cash flows are included in the Statement of Cash Flows on a gross basis and the GST component of cash flows arising from
investing and financing activities, which is recoverable from, or payable to, the taxation authority are classified as operating
cash flows.

Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority.

Note 7

Earnings per share (EPS)

a. Reconciliation of earnings to profit or loss

(Loss) / profit for the year

Note

2019
$

2018
$

(734,233)

(1,148,945)



Loss from continuing operations used in the calculation of basic EPS

(734,233)

(1,148,945)

b. Weighted average number of ordinary shares outstanding during the year

used in calculation of basic EPS

313,424,062

261,400,674

2019
No.

2018
No.

c. Earnings per share

From continuing operations

Basic EPS (cents per share)

2019
₵

(0.23)

2018
₵

(0.44)

d. At the end of the 2019 financial year, the Group has 93,500,001 unissued shares under options (2018: 93,500,001). The Group

does not report diluted earnings per share on annual losses generated by the Group.

P a g e | 25

Notes to the consolidated financial statements
for the year ended 30 June 2019

Note 8

Cash and cash equivalents

a. Current

Cash at bank

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

2019
$

2018
$

732,949

1,402,964

732,949

1,402,964

Cash comprises cash at bank and in hand. Cash equivalents are short term, highly liquid investments that are readily
convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

For the purposes of the Statement of Cash Flows, cash and cash equivalents consist of cash and cash equivalents as defined
above, net of outstanding bank overdrafts.

Cash at bank earns interest at floating rates based on daily bank deposit rates.

Short-term deposits are made for varying periods of between one and three months, depending on the immediate cash
requirements of the Company, and earn interest at the respective short-term deposit rates.

b. The Group's exposure to interest rate risk and a sensitivity analysis for financial assets and liabilities are disclosed in note 23

Financial risk management.

c. Cash Flow Information

Note

2019
$

2018
$

i. Reconciliation of cash flow from operations to (loss)/profit after income tax

Loss after income tax

(734,233)

(1,148,945)

Cash flows excluded from (loss)/profit attributable to operating activities

Non-cash flows in (loss)/profit from ordinary activities:



Impairments

Share-based payments

Exploration costs payables adjustment

 Other

Changes in assets and liabilities:



(Increase)/decrease in receivables

Increase/(decrease) in trade and other payables

Cash flow from operations

d. Credit standby facilities

The Group has no credit standby facilities.

e. Non-cash investing and financing activities

226,307

16,849

17,127

(86,364)

413,088

283,154

8,932

1,590

(19,285)

(77,336)

(560,314)

(538,802)

There were no non-cash investing or financing activities in the current or previous financial year.

P a g e | 26

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Notes to the consolidated financial statements
for the year ended 30 June 2019

Note 9

Trade and other receivables

a. Current

GST and VAT receivable

Other receivables

2019
$

21,029

23,734

44,763

2018
$

29,945

31,945

61,890

Trade receivables are measured on initial recognition at fair value and are subsequently measured at amortised cost using
the effective interest rate method, less provision for impairment. Trade receivables are generally due for settlement within
periods ranging from 15 days to 30 days.

Impairment of trade receivables is continually reviewed and those that are considered to be uncollectible are written off by
reducing the carrying amount directly. An allowance account is used when there is objective evidence that the Group will
not be able to collect all amounts due according to the original contractual terms. Factors considered by the Group in making
this determination include known significant financial difficulties of the debtor, review of financial information and significant
delinquency in making contractual payments to the Group. The impairment allowance is set equal to the difference between
the carrying amount of the receivable and the present value of estimated future cash flows, discounted at the original
effective interest rate. Where receivables are short-term discounting is not applied in determining the allowance.

The amount of the impairment loss is recognised in the statement of comprehensive income within other expenses. When a
trade receivable for which an impairment allowance had been recognised becomes uncollectible in a subsequent period, it is
written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against other
expenses in the statement of profit or loss and other comprehensive income.

Expected credit losses
The Group applies the AASB 9 simplified model of recognising lifetime expected credit losses for all trade receivables as these
items do not have a significant financing component.

Where applicable, in measuring the expected credit losses, the trade receivables are assessed on a collective basis as they
possess shared credit risk characteristics. They are grouped based on the days past due and also according to the geographical
location of customers.

The expected loss rates are based on the payment profile for sales over the past 48 months before 30 June 2019 and 30 June
2018 respectively as well as the corresponding historical credit losses during that period. The historical rates are adjusted to
reflect current and forwarding looking macroeconomic factors affecting the customer’s ability to settle the amount
outstanding.

Trade receivables are written off when there is no reasonable expectation of recovery. Failure to make payments within 180
days from the invoice date and failure to engage with the Group on alternative payment arrangement amongst other is
considered indicators of no reasonable expectation of recovery.

b. The Group's exposure to interest rate risk and a sensitivity analysis for financial assets and liabilities are disclosed in note 23

Financial risk management.

P a g e | 27

Notes to the consolidated financial statements
for the year ended 30 June 2019

Note 10 Exploration and evaluation assets

a. Non-current

Carrying amount at beginning of period

Exploration expenditure capitalised

Impairment and exploration activities written off

Carrying amount at the end of the year

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Note

2019
$

2018
$

230,099

109,810

449,190

193,997

(226,307)

(413,088)

113,602

230,099

b. Recoverability of the carrying amount of exploration assets is dependent on the successful exploration of the areas of interest.

c. During the year the Company reviewed the capitalised exploration, resulting in an impairment loss of $226,307 respecting
$176,307 in relation to the Scandinavian projects and $50,000 in relation to the prospective Nambia project. (2018: $413,088)
being recognised.

The recoupment of costs carried forward in relation to areas of interest in the exploration and evaluation phases are dependent
on the successful development and commercial exploitation or sale of the respective areas.

Exploration and evaluation expenditures in relation to each separate area of interest are recognised as an exploration and
evaluation asset in the year in which they are incurred where the following conditions are satisfied:

•

the rights to tenure of the area of interest are current; and

• at least one of the following conditions is also met:

the exploration and evaluation expenditures are expected to be recouped through successful development and

i)
exploitation of the area of interest, or alternatively, by its sale; or

ii)
exploration and evaluation activities in the area of interest have not at the balance date reached a stage which permits
a reasonable assessment of the existence or otherwise of economically recoverable reserves, and active and significant
operations in, or in relation to, the area of interest are continuing.

Exploration and evaluation assets are initially measured at cost and include acquisition of rights to explore, studies, exploratory
drilling, trenching and sampling and associated activities and an allocation of depreciation and amortised of assets used in
exploration and evaluation activities. General and administrative costs are only included in the measurement of exploration and
evaluation costs where they are related directly to operational activities in a particular area of interest.

Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that the carrying amount
of an exploration and evaluation asset may exceed its recoverable amount. The recoverable amount of the exploration and
evaluation asset (for the cash generating unit(s) to which it has been allocated being no larger than the relevant area of interest)
is estimated to determine the extent of the impairment loss (if any). Where an impairment loss subsequently reverses, the
carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only to the extent that the
increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been
recognised for the asset in previous years.

Where a decision has been made to proceed with development in respect of a particular area of interest, the relevant exploration
and evaluation asset is tested for impairment and the balance is then reclassified to development.

P a g e | 28

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Notes to the consolidated financial statements
for the year ended 30 June 2019

Note 11 Trade and other payables

a. Current

Unsecured

Trade payables

Accruals

Employment related payables

Note

11b

2019
$

21,165

21,500

17,515

60,180

2018
$

119,092

9,937

17,515

146,544

b. Trade payables are non-interest bearing and usually settled within the lower of terms of trade or 45 days.

c. The Group's exposure to interest rate risk and a sensitivity analysis for financial assets and liabilities are disclosed in note 23

Financial risk management.

Trade payables and other payables are carried at amortised cost and represent liabilities for goods and services provided to the
Group prior to the end of the financial year that are unpaid and arise when the Group becomes obliged to make future payments
in respect of the purchase of these goods and services. Trade and other payables are presented as current liabilities unless
payment is not due within 12 months.

Note 12

Issued capital

Note

2019
No.

2018
No.

2019
$

2018
$

Fully paid ordinary shares at no par value

12a

313,424,062

28,641,237

a. Ordinary shares

At the beginning of the period

Shares issued during the year:
 17 October 2017 at $0.01

 11 January 2018 at nil value

 Unmarketable parcel buy back

Transaction costs relating to share
issues

313,424,062

137,552,490

28,641,237

26,983,373

175,000,000

2,500,000

(1,628,428)

(65)

1,750,000

37,500

(22,798)

(106,838)

At reporting date

313,424,062

28,641,172

28,641,237

b. Options

Options

At the beginning of the period

Options issued/(lapsed) during the
year:

 Options expired

 2.5 cent options expiring 08.06.21

2019
No.

2018
No.

2019
$

2018
$

93,500,001

343,490

93,500,001

70,940,320

343,490

97,585

(2,440,319)

25,000,000

245,905

At reporting date

93,500,001

343,490

P a g e | 29

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Notes to the consolidated financial statements
for the year ended 30 June 2019

Note 12

Issued capital (cont.)

Terms of Ordinary Shares

Voting rights

Ordinary shares participate in dividends and the proceeds on winding up of the Company in proportion to the number of shares
held and in proportion to the amount paid up on the shares held.

At shareholders meetings, each ordinary share is entitled to one vote in proportion to the paid-up amount of the share when a
poll is called, otherwise each shareholder has one vote on a show of hands.

Note 13 Capital Management

The Directors’ objectives when managing capital are to ensure that the Group can fund its operations and continue as a going
concern, so that they may continue to provide returns for shareholders and benefits for other stakeholders. Due to the nature
of the Group’s activities, being mineral exploration, the Group does not have ready access to credit facilities, with the primary
source of funding being equity raisings. Therefore, the focus of the Group’s capital risk management is the current working capital
position against the requirements of the Group to meet exploration programmes and corporate overheads.

The Group’s strategy is to ensure appropriate liquidity is maintained to meet anticipated operating requirements, with a view to
initiating appropriate capital raisings as required.

The working capital position of the Group were as follows:

Cash and cash equivalents

Trade and other receivables

Trade and other payables

Working capital position

Note 14 Reserves

Option reserve

Foreign exchange reserve

Share-based payment reserve

a. Option reserve

Note

111

Note

14a

14b

14c

2019
$

732,949

44,763

(60,180)

2018
$

1,402,964

61,890

(146,544)

717,532

1,318,310

2019
$

2018
$

343,490

(29,255)

525,944

(46,278)

525,944

840,179

823,156

The option reserve records items recognised as expenses on the value of directors and employee equity issues. Please refer
Note 18 for further information.

b. Foreign exchange translation reserve

The foreign exchange reserve records exchange differences arising on translation of foreign controlled subsidiaries.

c. Share-based payments reserve

The share-based payments reserve records shares which have been granted as share-based payments at year end but not
issued.

P a g e | 30

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Notes to the consolidated financial statements
for the year ended 30 June 2019

Note 15 Controlled entities

Ragnar Metals Limited is the ultimate parent of the Group.

a. Subsidiaries

Country of
Incorporation

 Drake Resources Sweden AB

Sweden

 Drake Resources UK Limited

United Kingdom

 Drake (Euro) Pty Ltd

Australia

b. Investments in subsidiaries are accounted for at cost.

Note 16 Key Management Personnel compensation (KMP)

Class of
Shares

Ordinary

Percentage Owned

2019

100.0

2018

100.0

The names are positions of KMP are as follows:
• Ms Sara Kelly
• Mr Ariel (Eddie) King
• Mr James Scovell
• Mr David Wheeler

Non-executive Director

Non-executive Chairman (resigned 2 September 2019)

Information regarding individual directors and executives’ compensation and some equity instruments disclosures as required
by the Corporations Regulations 2M.3.03 is provided in the Remuneration report.

Note

2019
$

154,000

2018
$

134,000

108,088

154,000

242,088

2019
$

2018
$

Short-term employee benefits

Share-based payments

Total

Note 17 Related party transactions

Transactions between related parties are on normal commercial terms and
conditions no more favourable than those available to other parties unless
otherwise stated.

a. Transactions with KMP

b. Edwards Mac Scovell

Ms Kelly, Non-executive Chairman of the Company is a Partner of Edwards
Mac Scovell who provide legal services to the Group.

23,994

72,407

c. Transactions with KMP

 Amounts due (to) / from Edwards Mac Scovell

d. Balances and transactions between Ragnar Metals Limited and its subsidiaries, which are related parties of the Company,
have been eliminated on consolidation and are not discussed in this note. Details of transactions between the Group and
other related parties are disclosed above.

Details of KMP remuneration are disclosed in Note 16.

P a g e | 31

Notes to the consolidated financial statements
for the year ended 30 June 2019

Note 18 Share-based payments

Share-based payment expense

Gross share-based payments

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Note

18a

2019
$

2018
$

283,154

a. The following share-based payment arrangements existed at 30 June 2019:

i. Share-based payments – Share options

 On 4 May 2017 the company issued 14,000,000 Director options at an exercise price of $0.03 each, exercisable on or

before 4 May 2021.

 On 8 June 2017 the company issued 35,000,001 and 2,000,000 Director options at an exercise price of $0.02 and $0.03

each, exercisable on or before 8 June 2021.

 On 14 June 2017 the company issued 17,500,000 Adviser options at an exercise price of $0.02 each, exercisable on or

before 13 June 2021.

 On 15 March 2018 the company issued 11,000,000 Director options at an exercise price of $0.025 each, exercisable

on or before 8 June 2021.

 On 15 March 2018 the company issued 14,000,000 Advisor options at an exercise price of $0.025 each, exercisable

on or before 8 June 2021.

At balance date, no share options have been exercised.

b. Movement in share-based payment arrangements during the period

A summary of the movements of all company options issued as share-based payments is as follows:

2019

2018

Number of
Options

Weighted
Average
Exercise Price

Number of
Options

Weighted
Average Exercise
Price

Outstanding at the beginning of the year

93,500,001

$0.0230

70,940,320

Granted

Expired

Outstanding at year-end

Exercisable at year-end

93,500,001

$0.0230

25,000,000

(2,440,319)

93,500,001

$0.0246

$0.0067

$0.0230

i. The company’s share options hold no voting or dividend rights and are not transferable. At balance date, no options

had been exercised or expired.

ii. All options granted are for ordinary shares in Ragnar Metals Limited, which confer a right to one ordinary share for

every option held. All options have vested as at balance date.

iii. The weighted average remaining contractual life of options outstanding at year end was 1.931 years (2018: 2.931
years). The weighted average exercise price of outstanding options at the end of the reporting period was $0.023
(2018: $0.023).

P a g e | 32

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Notes to the consolidated financial statements
for the year ended 30 June 2019

Note 18 Share-based payments

c. Fair value of options grants during the period

There were nil options issued as share based payments during the year.

Note 19 Commitments

The Company had no capital or other expenditure commitments at 30 June 2019 (2018: $Nil).

Note 20 Contingent liabilities
There are no contingent liabilities as at 30 June 2019.

Note 21 Operating segments

Identification of reportable segments

The Group operates in the exploration and evaluation of nickel, gold, silver and base metals projects. Inter-segment
transactions are priced at cost to the Consolidated Group.

The Group has identified its operating segments based on the internal reports that are provided to the Board of Directors on
a monthly basis. Management has identified the operating segments based on the one principal activity (2018: one principal
location - Scandinavia) of mineral exploration. Corporate expenses include administration and regulatory expenses arising
from operating an ASX listed entity. Segment assets include the costs to acquire tenements and the capitalised exploration
costs of those tenements. Financial assets including cash and cash equivalents, and investments in financial assets, are
reported in the Treasury segment.

b. Basis of accounting for purposes of reporting by operating segments

i. Accounting policies adopted

Unless stated otherwise, all amounts reported to the Board, being the chief decision maker with respect to operating
segments, are determined in accordance with accounting policies that are consistent to those adopted in the annual
financial statements of the Group.

ii.

Inter-segment transactions

An internally determined transfer price is set for all inter-segment sales. This price is reset quarterly and is based on what
would be realised in the event the sale was made to an external party at arm’s length. All such transactions are eliminated
on consolidation of the Group’s financial statements.

Corporate charges are allocated to reporting segments based on the segments’ overall proportion of revenue generation
within the Group. The Board of Directors believes this is representative of likely consumption of head office expenditure
that should be used in assessing segment performance and cost recoveries.

Inter-segment loans payable and receivable are initially recognised at the consideration received/to be received net of
transaction costs. If inter-segment loans receivable and payable are not on commercial terms, these are not adjusted to
fair value based on market interest rates. This policy represents a departure from that applied to the statutory financial
statements

iii. Segment assets

Where an asset is used across multiple segments, the asset is allocated to that segment that receives majority economic
value from that asset. In the majority of instances, segment assets are clearly identifiable on the basis of their nature and
physical location.

iv. Segment liabilities

Liabilities are allocated to segments where there is a direct nexus between the incurrence of the liability and the
operations of the segment. Borrowings and tax liabilities are generally considered to relate to the Group as a whole and
are not allocated. Segment liabilities include trade and other payables and certain direct borrowings.

P a g e | 33

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Notes to the consolidated financial statements
for the year ended 30 June 2019

Note 21 Operating segments (cont.)

v. Unallocated items

The following items of revenue, expenses, assets and liabilities are not allocated to operating segments as they are not
considered part of the core operations of any segment:

Impairment of assets and other non-recurring items of revenue or expense
Income tax expense



 Deferred tax assets and liabilities
 Current tax liabilities
 Other financial liabilities

For the Year to 30 June 2019

Revenue

Total segment revenue

Segment net/profit (loss) from continuing operations before tax
Reconciliation of segment loss to group loss
(i) Amounts included in segment results:

Exploration
$

Corporate
$

Total
$

4,666

(226,307)

(507,926)

(734,233)



Impairment expenses

(226,307)

As at 30 June 2019

Segment Assets

Reconciliation of segment assets to group assets
 Trade and other receivables

Total assets

Segment asset increases for the year:
Impairment of exploration assets
Other movements

113,602

732,949

846,551

44,763

891,314

(226,307)
109,810

(116,497)

-
(670,015)
(670,015)

Segment Liabilities

Reconciliation of segment liabilities to group liabilities
 Trade and other payables

Total liabilities

(13,848)

(46,332)

(60,180)

P a g e | 34

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Notes to the consolidated financial statements
for the year ended 30 June 2019

Note 21 Operating segments (cont.)

For the Year to 30 June 2018

Revenue
 Revenue

Total segment revenue

Segment net/profit (loss) from continuing operations before tax
Reconciliation of segment loss to group loss
(i) Amounts not included in segment results but reviewed by

Board:


Corporate charges

(ii) Unallocated items

 Share-based payment expense

Scandinavia
Exploration
$

Treasury
$

Total
$

6,056

(413,088)

6,056

(407,032)

(458,759)

(283,154)

Loss before income tax from continuing operations

(1,148,945)

As at 30 June 2018

Segment Assets

Reconciliation of segment assets to group assets
 Trade and other receivables

Total assets

Segment asset increases for the year:

Impairment of exploration assets
 Other movements

Segment Liabilities

Reconciliation of segment liabilities to group liabilities
 Trade and other payables

Total liabilities

230,099

1,402,964

1,633,063

61,890

1,694,593

(413,088)
193,997

(219,091)

15,819

-
878,796

878,796

15,819

130,725

146,544

Note 22 Events subsequent to reporting date

On 2 September 2019 Mr Steven Formica was appointed as a Non-executive Chairman of the Company.

On 2 September 2019 Ms Sara Kelly resigned as a Non-executive Chairman of the Company.

Other than the above, there has not arisen in the interval between the end of the financial year and the date of this report
any item, transaction or event of a material and unusual nature likely, in the opinion of the Directors, to affect significantly
the operations, the results of those operations, or the state of affairs of the Group in future financial years.

P a g e | 35

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Notes to the consolidated financial statements
for the year ended 30 June 2019

Note 23 Financial risk management
a. Financial Risk Management Policies

This note presents information about the Group's exposure to each of the above risks, its objectives, policies and procedures
for measuring and managing risk, and the management of capital.

The Group's financial instruments consist mainly of deposits with banks, short-term investments, and accounts payable and
receivable.

The Group does not speculate in the trading of derivative instruments.

A summary of the Group's Financial Assets and Liabilities is shown below:

Floating
Interest
Rate

Financial Assets

 Cash and cash equivalents

732,949

 Trade and other receivables

Total Financial Assets

732,949

Financial Liabilities

Financial liabilities at
amortised cost

 Trade and other payables

Total Financial Liabilities

Net Financial
Assets/(Liabilities)

732,949

Fixed
Interest
Rate

Non-
interest
Bearing

2019
Total

Floating
Interest
Rate

732,949

1,402,964

44,763

777,712

1,402,964

(60,180)

(15,417)

717,532

1,402,964

Fixed
Interest
Rate

Non-
interest
Bearing

2018
Total

1,402,964

61,890

1,464,854

(146,544)

(84,654)

1,318,310

b. Specific Financial Risk Exposures and Management

The main risk the Group is exposed to through its financial instruments are credit risk, liquidity risk and market risk consisting
of interest rate, foreign currency risk and equity price risk.

The Board of directors has overall responsibility for the establishment and oversight of the risk management framework. The
Board adopts practices designed to identify significant areas of business risk and to effectively manage those risks in
accordance with the Group's risk profile. This includes assessing, monitoring and managing risks for the Group and setting
appropriate risk limits and controls. The Group is not of a size nor is its affairs of such complexity to justify the establishment
of a formal system for risk management and associated controls. Instead, the Board approves all expenditure, is intimately
acquainted with all operations and discuss all relevant issues at the Board meetings. The operational and other compliance
risk management have also been assessed and found to be operating efficiently and effectively.

i. Credit risk

Exposure to credit risk relating to financial assets arises from the potential non-performance by counterparties of contract
obligations that could lead to a financial loss to the Group.

The Group does not have any material credit risk exposure to any single receivable or group of receivables under financial
instruments entered into by the Group.

The objective of the Group is to minimise the risk of loss from credit risk. Although revenue from operations is minimal,
the Group trades only with creditworthy third parties.

P a g e | 36

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Notes to the consolidated financial statements
for the year ended 30 June 2019

Note 23 Financial risk management (cont.)

In addition, receivable balances are monitored on an ongoing basis with the result that the Group's exposure to bad debts
is insignificant. The Group's maximum credit risk exposure is limited to the carrying value of its financial assets as
indicated on the statement of financial position.

The Group establishes an allowance for impairment that represents its estimate of incurred losses in respect of trade and
other receivables.

 Credit risk exposures

The maximum exposure to credit risk is that to its alliance partners and that is limited to the carrying amount, net of
any provisions for impairment of those assets, as disclosed in the statement of financial position and notes to the
financial statements.

Credit risk related to balances with banks and other financial institutions is managed by the Group in accordance with
approved Board policy. Such policy requires that surplus funds are only invested with counterparties with a Standard
and Poor’s rating of at least AA-.

ii. Liquidity risk

Liquidity risk arises from the possibility that the Group might encounter difficulty in settling its debts or otherwise meeting
its obligations related to financial liabilities.

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group's
approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its
liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage
to the Group's reputation.

The Group manages liquidity risk by continuously monitoring forecast and actual cash flows and ensuring sufficient cash
and marketable securities are available to meet the current and future commitments of the Group. Due to the nature of
the Group’s activities, being mineral exploration, the Group does not have ready access to credit facilities, with the
primary source of funding being equity raisings. The Board of Directors constantly monitor the state of equity markets in
conjunction with the Group’s current and future funding requirements, with a view to initiating appropriate capital
raisings as required. Any surplus funds are invested with major financial institutions.

The financial liabilities of the Group are confined to trade and other payables as disclosed in the Statement of financial
position. All trade and other payables are non-interest bearing and due within 30 days of the reporting date.

The financial liabilities of the Group are confined to trade and other payables as disclosed in the statement of financial
position. All trade and other payables are non-interest bearing and due within 30 days of the reporting date.

 Contractual Maturities

The following are the contractual maturities of financial liabilities of the Group:

Within 1 Year
2019
$

2018
$

Greater Than 1 Year

2019
$

2018
$

Total

2019
$

2018
$

Financial liabilities due for payment
Trade and other payables

60,180

146,544

Total contractual outflows

60,180

146,544

Financial assets

Cash and cash equivalents
Trade and other receivables

732,949
44,763

1,402,964
61,890

Total anticipated inflows

777,712

1,464,854

Net (outflow)/inflow on financial
instruments

717,532

1,318,310

-
-

60,180

146,544

60,180

146,544

732,949
44,763

1,402,964
61,890

777,712

1,464,854

717,532

1,318,310

It is not expected that the cash flows included in the maturity analysis could occur significantly earlier or at
significantly different amounts.

P a g e | 37

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Notes to the consolidated financial statements
for the year ended 30 June 2019

Note 23 Financial risk management (cont.)

iii. Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will
affect the Group's income or the value of its holdings of financial instruments. The objective of market risk management
is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Board
meets on a regular basis and considers the Group's interest rate risk.

(1) Interest rate risk

Exposure to interest rate risk arises on financial assets and financial liabilities recognised at the end of the reporting
period whereby a future change in interest rates will affect future cash flows or the fair value of fixed rate financial
instruments. The Group is also exposed to earnings volatility on floating rate instruments.

Due to the low amount of debt exposed to floating interest rates, interest rate risk is not considered a high risk to
the Group. Movement in interest rates on the Group's financial liabilities and assets is not material.

(2) Foreign exchange risk

Exposure to foreign exchange risk may result in the fair value or future cash flows of a financial instrument fluctuating
due to movement in foreign exchange rates of currencies in which the Group holds financial instruments which are
other than the AUD functional currency of the Group.

With instruments being held by overseas operations, fluctuations in foreign currencies may impact on the Group’s
financial results. The Group’s exposure to foreign exchange risk is minimal; however the Board continues to review
this exposure regularly.

(3) Price risk

Price risk relates to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market prices. The Group does not presently hold material amounts subject to price risk. As such the
Board considers price risk as a low risk to the Group.

iv. Sensitivity Analysis

The following table illustrates sensitivities to the Group's exposures to changes in interest rates. The table indicates the
impact on how profit and equity values reported at balance sheet date would have been affected by changes in the
relevant risk variable that management considers to be reasonably possible. These sensitivities assume that the
movement in a particular variable is independent of other variables.

(1) Interest rates

Year ended 30 June 2019

±100 basis points change in interest rates

Year ended 30 June 2018

±100 basis points change in interest rates

v. Net Fair Values

(1) Fair value estimation

Profit
$

Equity
$

±7,342

± 14,029

The fair values of financial assets and financial liabilities are presented in the table in note 23a and can be compared
to their carrying values as presented in the statement of financial position. Fair values are those amounts at which
an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length
transaction.

Financial instruments whose carrying value is equivalent to fair value due to their nature include:


Cash and cash equivalents;



Trade and other receivables; and

Trade and other payables.

The methods and assumptions used in determining the fair values of financial instruments are disclosed in the
accounting policy notes specific to the asset or liability.

P a g e | 38

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Notes to the consolidated financial statements
for the year ended 30 June 2019

Note 24 Parent entity disclosures

a. Financial Position of Ragnar Metals Limited

Current assets

Non-current assets

Total assets

Current liabilities

Total liabilities

Net assets

Equity

Issued capital

Reserves

Accumulated losses

Total equity

b. Financial performance of Ragnar Metals Limited

Profit / (loss) for the year

Other comprehensive income

Total comprehensive income

2019
$

2018
$

757,514

113,602

1,439,133

240,001

871,116

1,679,134

46,332

130,725

824,784

1,548,409

28,641,172

28,641,237

840,179

823,156

(27,915,985)

(27,915,984)

824,784

1,548,409

(740,582)

(1,148,946)

(740,582)

(1,148,946)

c. Guarantees entered into by Ragnar Metals Limited for the debts of its subsidiaries

There are no guarantees entered into by Ragnar Resource for the debts of its subsidiaries as at 30 June 2019 (2018: none).

d. Commitments of Ragnar Metals Limited

The amounts applicable for both Ragnar Metals Limited (the parent) and the Consolidated Group can be found in Note 19.

P a g e | 39

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Directors' declaration

The Directors of the Company declare that:

1. The financial statements and notes, as set out on pages 12 to 39, are in accordance with the Corporations Act 2001 (Cth)

and:

(a) comply with Accounting Standards;

(b) are in accordance with International Financial Reporting Standards issued by the International Accounting Standards

Board, as stated in note 1 to the financial statements; and

(c) give a true and fair view of the financial position as at 30 June 2019 and of the performance for the year ended on that

date of the Group.

(d) the Directors have been given the declarations required by s.295A of the Corporations Act 2001 (Cth);

in the directors' opinion there are reasonable grounds to believe that the Company will be able to pay its debts as and when
they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the
directors by:

STEVE FORMICA
Chairman
Dated 25th September 2019

P a g e | 40

Independent Auditor's Report

To the Members of Ragnar Metals Limited

Report on the Audit of the Financial Report

Opinion

We have audited the financial report of Ragnar Metals Limited (“the Company”) and its
subsidiaries (“the Consolidated Entity”), which comprises the consolidated statement of
financial position as at 30 June 2019, the consolidated statement of profit or loss and

other comprehensive income, the consolidated statement of changes in equity and the
consolidated statement of cash flows for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies, and the directors’
declaration.

In our opinion:

the accompanying financial report of the Consolidated Entity is in accordance with
the Corporations Act 2001, including:

(i)

giving a true and fair view of the Consolidated Entity’s financial position as
at 30 June 2019 and of its financial performance for the year then ended;

and

(ii)

complying with Australian Accounting Standards and the Corporations
Regulations 2001.

the financial report also complies with International Financial Reporting Standards
as disclosed in Note 1(a).

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Those
standards require that we comply with relevant ethical requirements relating to audit
engagements and plan and perform the audit to obtain reasonable assurance about

whether the financial report is free from material misstatement. Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the
Financial Report section of our report. We are independent of the Consolidated Entity in
accordance with the auditor independence requirements of the Corporations Act 2001

and the ethical requirements of the Accounting Professional and Ethical Standards
Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are

relevant to our audit of the financial report in Australia. We have also fulfilled our other
ethical responsibilities in accordance with the Code.

We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.

Independent Auditor’s Report
To the Members of Ragnar Metals Limited (Continued)

Material Uncertainty Related to Going Concern

We draw attention to Note 1(a)(ii) in the financial report which indicates that the Consolidated Entity incurred a
net loss of $734,233 during the year ended 30 June 2019. As stated in Note 1(a)(ii), these events or
conditions, along with other matters as set forth in Note 1(a)(ii), indicate that a material uncertainty exists that
may cast significant doubt on the Consolidated Entity’s ability to continue as a going concern. Our opinion is
not modified in this respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the financial report of the current period. These matters were addressed in the context of our audit of the
financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.

Key audit matter

How our audit addressed the key audit matter

Exploration and Evaluation – $113,602

Our procedures included, amongst others:

(Refer Note 10)

Exploration and evaluation is a key audit matter due
to:

− The significance of the balance to the

Consolidated Entity’s financial position.

− The level of judgement required in evaluating

management’s application of the requirements of
AASB 6 Exploration for and Evaluation of
Mineral Resources. AASB 6 is an industry

specific accounting standard requiring the
application of significant judgements, estimates
and industry knowledge. This includes specific
requirements for expenditure to be capitalised as
an asset and subsequent requirements which

must be complied with for capitalised
expenditure to continue to be carried as an
asset.

− The assessment of impairment of exploration
and evaluation expenditure being inherently
difficult.

− Assessing management’s determination of its
areas of interest for consistency with the
definition in AASB 6. This involved analysing the
tenements in which the consolidated entity holds
an interest and the exploration programmes
planned for those tenements.

− For each area of interest, we assessed the
Consolidated Entity’s rights to tenure by
corroborating to government registries and

evaluating agreements in place with other parties
as applicable;

− We tested the additions to capitalised

expenditure for the year by evaluating a sample
of recorded expenditure for consistency to
underlying records, the capitalisation
requirements of the Consolidated Entity’s
accounting policy and the requirements of
AASB 6;

− We considered the activities in each area of

interest to date and assessed the planned future
activities for each area of interest by evaluating

budgets for each area of interest.

Independent Auditor’s Report
To the Members of Ragnar Metals Limited (Continued)

Key audit matter

How our audit addressed the key audit matter

− We assessed each area of interest for one or
more of the following circumstances that may

indicate impairment of the capitalised
expenditure:

−

the licenses for the right to explore expiring in
the near future or are not expected to be
renewed;

− substantive expenditure for further

exploration in the specific area is neither
budgeted or planned

− decision or intent by the Consolidated Entity
to discontinue activities in the specific area of
interest due to lack of commercially viable
quantities of resources; and

− data indicating that, although a development
in the specific area is likely to proceed, the
carrying amount of the exploration asset is
unlikely to be recovered in full from

successful development or sale.

We assessed the appropriateness of the related
disclosures in note 10 to the financial statements.

Other Information

The directors are responsible for the other information. The other information comprises the information
included in the Consolidated Entity’s annual report for the year ended 30 June 2019, but does not include the
financial report and our auditor’s report thereon.

Our opinion on the financial report does not cover the other information and accordingly we do not express any
form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial report or our
knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.

Independent Auditor’s Report
To the Members of Ragnar Metals Limited (Continued)

Responsibilities of the Directors for the Financial Report

The directors of the Company are responsible for the preparation of the financial report that gives a true and
fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such
internal control as the directors determine is necessary to enable the preparation of the financial report that
gives a true and fair view and is free from material misstatement, whether due to fraud or error. In Note 1(a),
the directors also state in accordance with Australian Accounting Standard AASB 101 Presentation of Financial

Statements, that the financial report complies with International Financial Reporting Standards.

In preparing the financial report, the directors are responsible for assessing the Consolidated Entity’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the directors either intend to liquidate the Consolidated Entity or to cease
operations, or has no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Report

Our responsibility is to express an opinion on the financial report based on our audit. Our objectives are to
obtain reasonable assurance about whether the financial report as a whole is free from material misstatement,

whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian
Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of this financial report.

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement
and maintain professional scepticism throughout the audit. We also:

−

Identify and assess the risks of material misstatement of the financial report, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is

sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Consolidated Entity’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Consolidated Entity’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Consolidated Entity to cease to
continue as a going concern.

Independent Auditor’s Report
To the Members of Ragnar Metals Limited (Continued)

−

Evaluate the overall presentation, structure and content of the financial report, including the disclosures,
and whether the financial report represents the underlying transactions and events in a manner that
achieves fair presentation.

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Consolidated Entity to express an opinion on the financial report. We are

responsible for the direction, supervision and performance of the Consolidated Entity audit. We remain
solely responsible for our audit opinion.

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our
audit.

We also provide the directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with the directors, we determine those matters that were of most significance

in the audit of the financial report of the current period and are therefore the key audit matters. We describe
these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.

Report on the Remuneration Report

We have audited the Remuneration Report included in the directors’ report for the year ended 30 June 2019.
The directors of the Company are responsible for the preparation and presentation of the remuneration report

in accordance with s 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the
remuneration report, based on our audit conducted in accordance with Australian Auditing Standards.

Auditor’s Opinion

In our opinion, the Remuneration Report of the Company, for the year ended 30 June 2019, complies with
section 300A of the Corporations Act 2001.

BENTLEYS
Chartered Accountants

MARK DELAURENTIS CA
Partner

Dated at Perth this 25th day of September 2019

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Additional Information for Listed Public Companies

The following additional information is required by the Australian Securities Exchange in respect of listed public companies.

Capital

a. Ordinary share capital as at 18 September 2019

313,242,062 ordinary fully paid shares held by 496 shareholders.

b. Unlisted Options over Unissued Shares

 14,000,000 Unlisted Options with a $0.03 exercise price per Option expiring 5 May 2021

 35,000,001 Unlisted Options with a $0.02 exercise price per Option expiring 8 June 2021

 2,000,000 Unlisted Options with a $0.03 exercise price per Option expiring 8 June 2021

 17,500,000 Unlisted Options with a $0.02 exercise price per Option expiring 13 June 2021

 25,000,000 Unlisted Options with a $0.025 exercise price per Option expiring 8 June 2021

 3,000,000 Unlisted Options with a $0.015 exercise price per Option expiring 2 September 2022

c. Voting Rights

The voting rights attached to each class of equity security are as follows:

 Ordinary shares: Each ordinary share is entitled to one vote when a poll is called, otherwise each member present

at a meeting or by proxy has one vote on a show of hands.

 Unlisted Options: Options do not entitle the holders to vote in respect of that equity instrument, nor participate
in dividends, when declared, until such time as the options are exercised or performance shares convert and
subsequently registered as ordinary shares.

Substantial Shareholders as at 18 September 2019

d.
Name

J & J Bandy Nominees Pty Ltd

Celtic Capital Pty Ltd

Mr Steven Formica and Related Entities

e. Distribution of Shareholders as at 18 September 2019.

Category (size of holding)

Total Holders

1 – 1,000

1,001 – 5,000

5,001 – 10,000

10,001 – 100,000

100,001 – and over

113

265

454

Number of Ordinary
Fully Paid Shares Held

% Held of Issued Ordinary
Capital

24,000,000

20,619,691

16,716,666

61,336,359

7.66

6.58

5.33

19.57

Number
Ordinary

% Held of Issued
Ordinary Capital

19,289

36,558

50,968

6,727,537

306,589,710

0.01

0.02

2.15

97.81

313,424,062

100.000

f. Unmarketable Parcels as at 18 September 2019

As at 18 September 2019 there were 167 fully paid ordinary shareholders holding less than a marketable parcel of
shares.

g. On-Market Buy-Back

P a g e | 44

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Additional Information for Listed Public Companies

There is no current on-market buy-back.

h. Restricted Securities

The Company has no restricted securities.

i.
Rank Name

20 Largest Shareholders — Ordinary Shares as at as at 18 September 2019

Number of Ordinary
Fully Paid Shares Held

% Held of Issued Ordinary
Capital

J & J Bandy Nominees Pty Ltd

Celtic Capital Pte Ltd

3. Mr Steven Formica and Related Entities

Celtic Capital Pte Ltd

Campbell Kitchener Hume & Associates Pty Ltd

Shriver Nominees Pty Ltd

First One Realty Pty Ltd

8. Ms Natalie Olive Horsefield

Seventy Three Pty Ltd

10. Symorgh Investments Pty Ltd

11. Mr Mario Di Lallo + Mrs Alison Valerie Di Lallo

12. Ravenhill Investments Pty Ltd

13. Ms Merle Smith + Ms Kathryn Smith

14. Tisia Nominees Pty Ltd

15. Waterox Pty Ltd

16. CCI Super Fund Pty Ltd

17. A22 Pty Limited

18. Mr Daryl John Henthorn + Ms Alison Bickell

19. Sunshore Holdings Pty Ltd

20. Mr Ian Barrie Murie

24,000,000

20,619,691

16,716,666

8,850,000

7,503,333

7,250,000

7,158,859

6,000,000

5,338,216

5,000,000

4,625,000

4,000,000

3,750,000

3,500,000

7.66

6.58

5.33

2.82

2.39

2.31

2.28

1.91

1.70

1.60

1.48

1.27

1.20

1.11

TOTAL

154,061,765

49.15

The Company Secretary is Julia Beckett.

Principal registered office

As disclosed in Note 2 Company details on page 12 of this Annual Report.

Registers of securities

As disclosed in the Corporate Directory on page ii of this Annual Report.

Stock exchange listing

Quotation has been granted for all the ordinary shares of the Company on all Member Exchanges of the Australian
Securities Exchange Limited, As disclosed in the Corporate Directory on page i of this Annual Report.

Use of funds

The Company has used its funds in accordance with its initial business objectives.

P a g e | 45

RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2019

Tenement report
As at 30 June 2019

Tenement and Name

Interest at beginning
of Quarter

Acquired / Disposed

Interest at end of
Quarter

Tullsta-Granmuren Project

Tullsta nr 2 2012:78

Tullsta nr 5 2017:140

Tullsta nr 6 2017:158

Tullsta nr 7 2018

Berga nr 1 2018:48

Other Projects

100%

Gaddebo nr 3 2014:91

100%

Renewal Pending

N/A

100%

P a g e | 46