ABN 12 108 560 069
ANNUAL REPORT
30 JUNE 2022
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Corporate Directory
Current Directors
Steven Formica
Ariel (Eddie) King
David Wheeler
Company Secretary
Jessamyn Lyons
Non-executive Chairman
Executive Director
Non-executive Director
Registered Office
Street:
Level 3
35 Outram Street
West Perth WA 6005
Postal:
PO Box 646
Telephone:
Facsimile:
Email:
Website:
West Perth WA 6872
+61 (08) 6245 2050
+61 (08) 6245 2055
info@ragnarmetals.com.au
www.ragnarmetals.com.au
Share Registry
Automic Pty Limited
Level 5, 191 St Georges Terrace
Perth WA 6000
Telephone:
Telephone:
Email:
Website:
1300 288 644 (investors within Australia)
+61 (02) 9698 5414
hello@automicgroup.com.au
www.automicgroup.com.au
Securities Exchange
Australian Securities Exchange
Level 40, Central Park, 152-158 St Georges Terrace
Perth WA 6000
Auditors
Hall Chadwick WA Audit Pty Ltd
283 Rokeby Road
Subiaco
Telephone:
131 ASX (131 279) (within Australia)
WA 6008
Telephone:
Facsimile:
Website:
ASX Code
+61 (02) 9338 0000
+61 (02) 9227 0885
www.asx.com.au
RAG
Telephone:
Website:
+61 (08) 9426 0666
www.hallchadwick.com.au
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RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Contents
Chairman’s Letter ................................................................................................................................................................... 1
Activities Report ..................................................................................................................................................................... 2
Directors' report ................................................................................................................................................................... 15
Remuneration report ............................................................................................................................................................ 19
Auditor's independence declaration .................................................................................................................................... 22
Consolidated statement of profit or loss and other comprehensive income ....................................................................... 23
Consolidated statement of financial position ....................................................................................................................... 24
Consolidated statement of changes in equity ...................................................................................................................... 25
Consolidated statement of cash flows.................................................................................................................................. 26
Notes to the consolidated financial statements ................................................................................................................... 27
Directors' declaration ........................................................................................................................................................... 49
Independent auditor's report ............................................................................................................................................... 50
Additional Information for Listed Public Companies ............................................................................................................ 55
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RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Chairman’s Letter
Dear Shareholder,
I wish to thank our new and existing shareholders for their ongoing support.
Looking back on a transformative year for our company, this Annual Report marks a very active period of
drilling and developing the Tullsta Nickel project in Sweden. In November 2021, the company completed
a $1.2m capital raising to fund ongoing drilling at Tullsta. After initial drill testing, the original conceptual
modelling intersected Ni-Cu sulphide mineralisation and provided genuine off-hole targets for us to
explore.
We are focused on continuing to understand the potential scale and grade of Tullsta with results thus far
underscoring its potential. The system is open and increasing in size and grade with depth, similar to Anglo
America's world-class Sakatti deposit in Finland.
I wish to highlight the extremely desirable location of Tullsta, being strategically located within the fastest
growing battery market and in a mining friendly jurisdiction with significant infrastructure. In addition,
the Board and shareholders have benefited from access to highly respected industry professionals. I would
like to thank our local consultants GeoVista and Allroc Drilling AB.
I also wish to acknowledge the contribution of our board, executive Director Eddie King and non-executive
director David Wheeler. Along with our consultant engineer Neil Hutchison who remain focused on
delivering positive outcomes for shareholders.
I am excited to be a part of Ragnar Metals and exploring Tullsta, a potential world-class nickel project in a
tier one jurisdiction which we are committed to proving.
Steve Formica
Non Executive Chairman
Ragnar Metals Limited
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RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Activities Report
MINING INTERESTS
SWEDISH TENEMENTS
•
•
Tullsta Nickel Project
Gaddebo Nickel Project
Figure 1: Location of Ragnar’s Swedish Mineral Asset Portfolio
Tullsta Nickel Project
Ragnar Metals owns 100% of the Tullsta and Gaddebo projects which are located near Sala within the Bergslagen District of
Sweden, 110km NW of the capital Stockholm. The Bergslagen district has a long, significant mining history with excellent
infrastructure of rail, road and power nearby. Scandinavia and the adjoining Karelia Province in north-west Russia is one of the
major nickel-copper provinces of the world. The Tullsta Nickel Project comprises of 5 contiguous granted permits covering an
area of 109.6 km2 and covers the extent of the gabbroic mafic intrusion which hosts the Granmuren nickel mineralisation.
Table 1: Ragnar Metals Tullsta Project Tenement Details
Name
License ID
RAG Ownership
Berga nr 1
2018 48
Tullsta nr 6
2017 158
Tullsta nr 7
2019 5
Tullsta nr 8
2020 45
Tullsta nr 9
2021 75
Total Area
100%
100%
100%
100%
100%
Area Ha
2181.52
2695.03
4452.74
31.41
1599
10959.70
Valid From
Valid To
28/03/2018
28/03/2026
06/11/2017
06/11/2025
25/01/2019
25/01/2024
07/05/2020
07/05/2025
27/10/2021
27/10/2024
On 21 July 2021 the Company announced that Minalyzer XRF scanning assay results confirmed the high-grade tenor of the
significant magmatic Ni-Cu sulphide mineralisation intersected during the June 2021 drilling program at the Tullsta Nickel Project.
Additionally, two subsequent holes which were completed to the southeast of the discovery hole, have both successfully
intersected more significant sulphide mineralisation at the base of the Granmuren gabbro-pyroxenite magmatic intrusion.
The XRF scanner assay results have confirmed previously reported visual observations of Ni and Cu bearing sulphides (pentlandite
and chalcopyrite) in the core, giving certainty that the visual observation of holes 21DDTS003 (51.2m of visual sulphides) and
21DDTS004 (95.0m of visual sulphides) also contain Ni-Cu bearing sulphide mineralisation (Figure 2).
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RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Figure 2: Cross section view (looking east) showing Ni mineralisation (>0.5% Ni) in the historical near surface drill holes (black)
and the Granmuren 3D IP model (purple).
Drilling was completed in late June 2021 with 4 diamond core holes being drilled for a total of 2,238.35m. Ragnar was extremely
excited to report that the additional drill holes of the Phase 1 drilling program has extended the mineralisation over a strike length
of 140m along the base of the intrusion and is open in all directions (Figure 3).
Figure 3: Plan view showing historical drill holes (black) and recent drill holes (blue). The 3D IP models are displayed with the
known near surface Granmuren mineralisation shown by the purple model and the new deeper plunging model in green.
Mineralisation percentage is graphed on the drill holes to show locations of the sulphide mineralisation.
On 29 September 2021, the Company announced that the Swedish regulatory bodies granted the required Environmental and
Work Plan Permits, allowing Ragnar to commence the next phases of exploration activities at the Granmuren nickel-copper
discovery within the Company’s 100%-owned Tullsta Nickel Project in Sweden.
The Company confirmed the next steps for the project were to:
•
Complete Down Hole Electro-Magnetic (DHEM) and surveying of the 4 completed drill holes.
This will allow vectoring towards the core zone of the mineralised magmatic intrusive system which will provide high
priority drill targets.
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RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
•
•
Finalise drill hole positions and commence diamond core drilling program.
Plan and complete Down Hole Induced Polarization & Resistivity/Chargeability (DHIP-R) geophysical surveying to
further define the greater extent of the intrusive body and the sulphide mineralisation for future step out drilling works.
No objections to the proposed work programs were lodged by landowners and, as a result, the Environmental Permit was granted
on the 20/09/21 for a period of 5 years. Exploration activity works are granted for a 2-year period initially, with standard best
practice conditions being applied to the permits such as minimising environmental impact, conservation of wetlands and high
nature value trees, as well as immediate clean-up after completion of activities. There are no restrictive operating conditions
that have been applied within the Work Plan area, making it very similar to exploring within Australia.
The proposed Work Plan, includes surface and downhole EM and IP/R geophysical surveys, step out diamond core drilling and
general exploration activities within the Tullsta-Granmuren area is now valid. A copy of the valid Work Plan was submitted for
registration with the Inspectorate of Mines (IOM), which paved the way for Ragnar to commence the next round of planned
activities.
Following the granting of the Environmental and Work Permits, the Company confirmed on 10 November 2021, Ragnar’s Swedish
geophysical consultants, GeoVista AB, had completed DownHole Electromagnetic (DHEM) surveying of four drilled diamond core
holes.
Four conductor plates were generated from three drill holes (Figures 4 and 5). These complement the geologically modelled
basal contact position, potentially extending mineralisation over a 400m long strike zone (Figure 4). A follow up program of 4
diamond core holes for ~1,800m was scheduled to test these DHEM plates comprising of 1 extension hole (21DDTS001) and 3
new core holes (Figure 5).
The drilling aimed to test the newly generated DHEM targets for nickel-copper sulphide mineralisation, potentially extending and
improving the known mineralisation within the Granmuren Deeps magmatic intrusive complex.
Figure 4: Plan view showing the recent deep drilling (blue traces), historical shallow drilling (black traces) with sulphide
intersections (red bars on drill holes) overlying a topographic-tenure map. The recent DHEM anomalies are shown by the purple
plates and the modelled basal contact target zone is shown inside the 400m long red/pink zone.
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RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Figure 5: Oblique long-section (looking NNE) showing recently completed drill holes (blue traces) and planned drill holes (green
traces) targeting the DHEM plates T-A1, T-B & T-C (purple plates). The Induced Polarisation-Resistivity (IP-R) model is shown in
green and the interpreted basal contact target position is shown by the red polygon.
On 18 November 2021, the Company confirmed drilling had commenced at the Tullsta Project. The re-entry and extension drilling
of hole 21DDTS001 began with another three diamond core holes scheduled, testing the recently generated EM plates located
within the nickel-copper bearing Granmuren gabbroic intrusion.
Re-entry hole 21DDTS001 extended from 515m to a depth of 707m, and holes 21DDTS005 and 21DDTS006 were completed. The
final hole, 21DDTS007, was drilled to a depth of 125m before the suspension of activities over the Christmas/New Year break.
Drilling was set to recommence in mid-January once the drill crew returned from their breaks in Canada and Finland. The holes
were yet to be logged, with temperatures in Sweden below -20c freezing the core over in the field. During the Christmas break,
the core was transported off-site to heated core logging sheds at Lovisa Mine near Stråssa for processing and geological logging.
Also on 18 November 2021, the Company announced that the Company’s application for the tenement Tullsta nr 9 had been
granted, considerably increasing Ragnar’s landholding in the Tullsta area, adding approx. 1,600 Ha (~16km²) to the project area.
The tenement is located immediately to the south and south-west of the existing Tullsta Nickel-Copper Project near the town of
Sala, within the Bergslagen District of Sweden. The tenements northern boundary is located 1.85km from the Granmuren Deposit.
The town of Sätra brunn is located near the centre of the tenement and was excluded from the applied area. The Company now
has five granted tenements at the Tullsta Project, comprising an area of 109.6km².
On 17 February 2022, the Company announced completion of Stage 2 of its diamond core drilling program at the Project. Hole
21DDTS007 was the most successful of all holes drilled, intersecting ~145m of extensive, almost continuous, magmatic Ni-Cu
mineralisation comprising a massive, semi-massive, matrix and coarse blebby sulphides within the host gabbroic intrusion.
The Swedish geological logging data and core photo images demonstrated that the visual sulphide estimation for hole 21DDTS007
is far more extensive and better than the original discovery hole 21DDTS002, which first intersected the mineralisation 130m to
the west of 21DDTS007 (Figure 6). The mineralisation extends above and below the intrusion into the surrounding meta-
sediments, a feature unique to this drill hole.
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RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Figure 6: Plan view showing the recent deep drilling (blue traces), historical shallow drilling (black traces) with sulphide
intersections (red bars on drill holes) overlying a topographic-tenure map. The mineralisation is defined to date within a 400m x
100m shaped zone.
On 12 April 2022 , the Company advised that laboratory assay results had been received for the final drill holes completed during
the 2021-2022 campaign at the Granmuren Deeps nickel-copper discovery. The Granmuren magmatic sulphide mineralisation
now extends continuously from the surface to a true vertical depth of 400m below the surface. The mineralisation grades and
thickness increase as the gabbroic intrusion deepens (Figures 7 and 8). The entire gabbroic body intersected in hole 21DDTS007
is mineralised with Ni-Cu-Co bearing sulphides above 0.2% Ni.
In addition, there is remobilised mineralisation in the hanging wall and footwall of the meta-sediments on either side of the
gabbroic intrusion (Figure 8). Previous drill holes only intersected mineralisation towards the bottom of the gabbroic intrusion.
Initial 3D modelling demonstrated a steep west plunging nature to the mineralisation, which is also open up and down plunge
(Figures 1 & 2). Hole 21DDTS007 provides a new perspective and a crucial link between the Ni-Cu-Co mineralisation intersected
in the shallower 2012-2013 drilling and the newly discovered Granmuren Deeps mineralisation. Mineralisation is also open
vertically above and below 21DDTS007, where there is a 240m wide untested gap between the drill holes, providing plenty of
scope for expansion and the addition of shallower mineralisation to the deposit. This untested zone requires follow-up drill testing
to establish the relationship between the near surface mineralisation and the deeper, more continuous style of mineralisation.
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RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Figure 7: Long-Section (looking north) with drilling pierce points and grade-thickness contours. Several untested target zones
have been identified and pending the DHIP-R survey models to confirm drill targets positions.
Figure 8: Cross Section view (looking east) showing the intersected Ni-Cu mineralisation and the interpreted geology.
Mineralisation is continuous from surface to a 400m depth, with the grade and thickness of the system increasing with depth.
On 17 May 2022, the Company advised that the Down Hole Induced Polarisation & Resistivity (DHIP-R) survey data had been
modelled at the Granmuren Deeps nickel-copper discovery.
Modelling the 3D data defined a low resistivity-high conductance body that coincides with the gabbroic intersections in the drill
holes, confirming the effectiveness of the DHIP-R method. The IP modelling also defined high chargeability anomalies, which are
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RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
consistent with sulphide mineralisation within the gabbroic intrusion, with a defining halo surrounding the intrusion within the
metasediments (Figures 9, 10 and 11). This IP model supports the Ni-Cu-Co sulphides intersected in the drilling and highlights
large untested areas for further drill targeting.
The generated conductivity model indicated the main gabbroic intrusion is at a minimum ~500m long x ~450m wide, extends to
a vertical depth of ~550m below the surface and has a down-plunge strike of ~750m from the surface (Figure 9). GeoVista’s
geophysicist notes that the modelling algorithm is conservative and does not extrapolate too far away from the down-hole
electrodes indicating the mineralised system is potentially much larger than modelled since it is open away from the drill holes
in several directions and, in particular at depth (Figures 10 and 11).
southeast)
Figure 9: 3-Dimensional model
of DHIP-R
(looking
Conductivity block model
(green)
intersected by IP Chargeability model
(red with orange outline).
The main body of the Conductivity
model coincides closely with the
gabbroic intrusion intersected in the
drilling.
The IP Chargeability model indicates
the presence of extensive sulphide
mineralisation
and
surrounding the intrusion, whilst the
Conductivity model shows the system
is open near surface to the east, open
at depth to the west, and defines new
lobes to the north and south.
External Chargeability anomalies
appear to be associated with these
northern and southern Chargeability
lobes providing additional shallow
targets.
within
Figure 10: Long-Section (looking
north) with DHIP-R Conductivity
model (green) supporting the shape
of the gabbro intersected in the
drilling.
The IP Chargeability model (orange)
supports extensive mineralisation
within the intrusions and lobes and a
halo outside of the intrusion. The
system is open up and down plunge
providing significant potential and
scale to the project.
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RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Figure 11: Cross Section view (looking east) with DHIP-R Conductivity model (green) supporting the shape of the gabbro
intersected in the drilling. The IP Chargeability model (orange) supports extensive mineralisation within the intrusion.
Mineralisation is continuous from surface to greater than 400m depth, with the grade and thickness of the system increasing
with depth.
On 30 May 2022 the Company advised that a total of ~2,800m of diamond drilling had been planned and will comprise 3 validation
holes (Stage 1) for ~1,500m and 4 expansion holes (Stage 2) for ~1,300m.
Stage 1 will comprise two holes drilled to the north of the intrusion targeting ~25m on either side of hole 21DDTS007 to enhance
the understanding of the extent and nature of the mineralisation. A single scissor hole will be drilled to the south of the intrusion
to determine optimal angles for future drilling and to understand the controls of the Ni-Cu-Co mineralisation (Figures 12, 13 and
14).
Stage 2 drilling will comprise 4 holes each targeting untested zones identified by the DHIP-R modelling.
Figure 12: Plan view of the Granmuren DHIP-R Conductivity model (green) and IP chargeability model (red) outline and VTEM
magnetic image. The key holes drill holes 21DDTS002 & 21DDTS007 are plotted (black) with planned Stage 1 validation drill hole
traces (blue) as well as the location of the Stage 2 step out holes (green).
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RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
the
Figure 13: Long-Section (looking
north) with DHIP-R Conductivity
model
IP
(green) and
Chargeability model (orange).
IP model (dashed
The 2019
the upper
purple) defines
mineralisation
The
only.
positions of the planned Stage 1
(blue) and Stage 2 (green) holes
are shown and will test the high-
grade mineralisation as well as
the newly defined target zones.
Figure 14: Cross Section view
through 582110 E (looking east).
The DHIP-R Conductivity model
(green) and the IP Chargeability
model (orange) are shown with
IP model (dashed
the 2019
purple) defining the extent of the
upper mineralisation only.
Three validation diamond core
holes (blue) are planned to
target either
side of hole
21DDTS007 as well as a scissor
hole to determine the controls
on the mineralisation.
Two Stage 2 holes (green) will
test the up-plunge zone between
and
hole
the
historical
shallower
mineralisation as well as testing
the Southern Lobe defined by the
DHIP-R modelling.
21DDTS007
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RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Subsequent to the end of the period on 18 July 2022, the Company was pleased to advise that Swedish drilling contractor Allroc
AB had mobilised to Tullsta and commenced drilling activities to test the potential of the Granmuren nickel-copper discovery.
Stage 1 comprises three holes for ~1,600m to test the Keel Zone and the controls on mineralisation below hole 21DDTS007 (Figure
15). The four Stage 2 holes for ~1,400m will test the up-plunge zone between hole 21DDTS007 and the historical shallower
mineralisation, including the shallower portion of the Upper Keel to the east, which is supported by the DHIP-R modelling. Drilling
will also test the Northern and Southern Lobes, providing new shallow target zones away from the main intrusive chamber.
In early June, Ragnar executives completed a field trip to Tullsta with the Company’s consulting geologists from Geolithic and
GeoVista to enhance the understanding of the Granmuren mineralisation and geological model. The drill program has been
slightly modified to test the “Keel Zone” at the base of the intrusion, which is considered a key target for the development of
massive to semi-massive sulphide mineralisation.
Figure 15: 3-Dimensional model (looking northeast) of DHIP-R Conductivity model (green) intersected by IP Chargeability model
(pink) and the 2019 IP model (magenta). Completed drill holes (black) are shown with Stage 1 (blue) and Stage 2 (green)
planned holes to test the newly defined target zones. The modelled Lower and Upper Keel target zone at the base of the
intrusion are shown.
Gaddebo Nickel Project
Table 2: Ragnar Metals Gaddebo Project Tenement Details
Name
License ID
RAG Ownership
Area Ha
Valid From
Valid To
Gaddebo Nr 3
2014 91
100%
Total Area
99.815
99.815
30/10/2014
30/10/2026
Gaddebo is a small tenure measuring 1km x 1km located 15km SE of the town of Sala. During June, a visit to Ragnar’s Gaddebo
project was also undertaken by Ragnar executives. The Gaddebo project is a historical nickel mine that contains two small shafts
and an open pit located ~20km ESE of Granmuren and produced grades up to 4.9% Ni historically. A number of sulphide bearing
rock chip samples were collected from the mineralised dumps and these have been submitted for assay.
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RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
WESTERN AUSTRALIA TENEMENTS
•
•
Leeds Project
Kenya Gold Project
Tenement ID
RAG Ownership
Area Ha
Valid To
Table 3: Ragnar Metals Western Australian Tenement Details
Leeds Project
P15/6017
P15/6018
Kenya Project
E39/1998
E39/2005
Loki Exploration Pty Ltd (80%)
Loki Exploration Pty Ltd (80%)
Loki Exploration Pty Ltd
Loki Exploration Pty Ltd
198
199
2BL
1 BL
02/04/2025
02/04/2025
03/05/2027
02/07/2022
During the previous year, Ragnar acquired two highly prospective West Australian gold projects with an 80% interest in the Leeds
Gold Project and a 100% interest in the Kenya Gold Project.
Both projects are strategically located in the prolific gold mining district of the Norseman-Wiluna Greenstone Belt of Western
Australia.
Leeds Gold Project
The Leeds project is located on the Norseman-Wiluna greenstone belt approximately 20km south of the Goldfields St Ives Gold
Mining Camp at Kambalda.
On 9 September 2021, the Company announced breakthrough assay and geophysics results from its drilling and SAM geophysics
programs at the Leeds Gold Project.
During the months of June and July 2021, Ragnar completed a total of 17 holes for 2,735 metres of RC drilling as well as 2 diamond
holes for 406 metres at Leeds. The primary aim was to focus on the central 800m strike trend at Leeds where historic drilling
indicated widespread areas of near-surface supergene (oxidized) mineralisation with high grade mineralisation in places including
17m @ 5.7 g/t Au (refer announcement dated 16 June 2021).
Ragnar also engaged external consultants Resource Potentials to conduct a SAM (Sub Audio Magnetic) survey across Leeds, with
the aim to identify additional gold-bearing structures across the Project. SAM geophysics methods are designed to test for deeper
weathering into sulphide bearing structures.
The drilling results confirmed the presence of multiple gold mineralised intervals hosted in felsic to intermediate volcaniclastic
and intrusive rocks over a strike length of 800m. Gold mineralisation was observed to occur as two primary types - Quartz-
tourmaline-pyrite vein style mineralisation style and Wide zones of broadly disseminated pyrite +/- magnetite alteration and
associated lower grade gold mineralisation.
The assay results from the drill program were encouraging and support Ragnar’s view that Leeds is highly prospective for zones
of widely disseminated low grade gold mineralisation as well as narrow high-grade gold mineralisation associated with quartz-
tourmaline veins.
The results of the SAM geophysics survey were also compelling, and several implications were suggested from the images:
•
•
•
A new potential high-grade structure was potentially discovered to the northeast of historic drilling at Leeds as indicated
by the breakthrough intersection of 4 m at 6.6 g/t Au in RAG018 (Figure 4). The SAM geophysics images indicate this
structure trends north-northeast and is open for 500m to the north and has not been drilled.
Several strike kilometres of similar SAM anomaly trends have been identified from the work, which are all highly
prospective for further gold mineralisation.
The SAM geophysics indicates the area of previously identified gold mineralisation at Leeds, comprises a complex array
of multiple north-northeast and north-trending structures (Figure 16).
It should be noted that diamond drilling indicates that many of the quartz-tourmaline-pyrite veins dip primarily steeply to the
southeast and that the RC drilling has not been optimally orientated to intersect the high-grade structures.
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RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Figure 16: Ground based SAM geophysics image (1VD MMC NW sun) showing the location of drillholes recently conducted by
Ragnar and significant drilling intersections, possible gold-bearing structures interpreted from the SAM data and historic
significant gold intersections at the Leeds Project.
Listing Rule 5.23.2 statement
References to Exploration Results at pages 1 to 13 in the Annual Report were derived from previously released announcements:
•
•
•
•
•
•
•
•
•
•
Page 2: ‘High Grade Nickel-Copper Discovery Confirmed at Tullsta’ 21 July 2021
Page 3 ‘Granmuren Permits Granted’ 29 September 2021
Page 5: ‘Tenement Granted at the Tullsta Project in Sweden’ 18 November 2021
Page 5: ‘145m of Sulphide Mineralisation Intersected at Tullsta’ 17 February 2022
Page 6: ‘Assays Confirm Large Scale Potential of Granmuren Discovery’ 12 April 2022
Page 7: ‘Downhole IP Modelling Defines Large Anomalies at Tullsta’ 17 May 2022
Page 9: ‘Drilling Planned for Granmuren’ 30 May 2022
Page 11: ‘Drilling Underway at Granmuren’ 18 July 2022
Page 12: ‘Potential for several new Gold Bearing Structures’ 9 September 2021
Page 12: ‘Leeds maiden drill program’ 16 June 2021
Each of the announcements referred to above included a Competent Person’s Statement as required by Listing Rule 5.22. The
Company was not, as at 16 September 2022 when the Annual Report was released, aware of any new information or data that
materially affects this information regarding the Exploration Results.
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RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
CORPORATE
The corporate activities during the financial year are as outlined as follows:
• Option to Acquire WA Lithium Projects
On 10 November 2021, the Company announced it had executed a Binding Heads of Agreement (HoA) to acquire 100% of WestOz
Lithium Pty Ltd (“West Oz”). WestOz is the applicant for five highly prospective lithium tenements in the Pilbara region and one
tenement in the Gascoyne region of WA.
On 28 February 2022, the Company announced that it had mutually agreed with the shareholders of West Oz to terminate the
Heads of Agreement that was announced on 10 November 2021. The company will remain focused on Tullsta nickel project in
Sweden noted above.
•
Successful Completion of Capital Raise
The Company announced on 10 November 2021, they had received firm commitments from sophisticated and professional
investors to raise $1,225,000 through the issue of 35 million ordinary fully paid shares with an issue price of $0.035 each. The
placement was completed without shareholder approval utilising the Company’s placement capacity under listing rule 7.1. The
Company intends to use the funds for diamond drilling at Tullsta and general working capital purposes. Taurus Capital Pty Ltd
acted as the Lead Manager for the capital raising.
•
Change of Registry Address
On 8 October 2021 the Company announced a change in its provider for shareholder registry services from Computershare
Investor Services Pty Ltd to Automic Pty Ltd.
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RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Directors' report
Your directors present their report on Ragnar Metals together with the financial statements of the Group, consisting of Ragnar
Metals Limited (“Ragnar Metals” or the “Company” or the “parent entity”) and its controlled entities (collectively the “Group”),
for the financial year ended 30 June 2022.
1. Directors
The names of Directors in office at any time during the reporting year and up to the date of this report are:
• Mr Steven Formica
• Mr Ariel (Eddie) King
• Mr David Wheeler
Non-Executive Chairman
Executive Director
Non-Executive Director
Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.
2. Company Secretary
Ms Jessamyn Lyons was appointed Company Secretary on 9 November 2020.
Qualifications
Experience
Ms Lyons is a Chartered Secretary, a Fellow of the Governance Institute of Australia and
holds a Bachelor of Commerce from the University of Western Australia with majors in
Investment Finance, Corporate Finance and Marketing
Ms Lyons is also a director of Everest Corporate and Company Secretary of Dreadnought
Resources Limited, Echo IQ Limited, Lunnon Metals Limited and Joint Company Secretary of
Doriemus PLC. Ms Lyons also has 15 years of experience working in the stockbroking and
banking industries and has held various positions with Macquarie Bank, UBS Investment Bank
(London) and more recently Patersons Securities.
3. Principal Activities
The principal activities of the Group during the financial year were the exploration and evaluation of its projects in Scandinavia
and commencement of the exploration and evaluation of its Australian projects.
4. Dividends Paid or Recommended
There were no dividends paid or recommended during the financial year ended 30 June 2022 (2021: Nil).
5. Operating and financial review
5.1. Nature of Operations Principal Activities
The company is a mineral resources exploration and development company.
5.2. Operations Review
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 2022 financial year the Group delivered a loss before tax of $1,198,113 (2021: $834,642).
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.
b.
Financial position
The net assets of the Group have increased to $5,420,110 at 30 June 2022 (2021: $5,028,879).
As at 30 June 2022, the Group's cash and cash equivalents were $2,082,661 (2021: $3,394,825) and the group had net
working capital of $2,012,878 (2021: $3,297,248 working capital). See Note 13.
P a g e | 15
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Directors' report
6. Significant Changes in State of Affairs
These are outlined in detail in the Mining Interest and Corporate and Administrative Sections of the group’s Activities Reports
and include:
Corporate
A capital raising of $1,225,000 via a placement of 35,000,000 ordinary fully paid shares to sophisticated investors utilising the
Company’s placement capacity under ASX Listing Rule 7.1. Details are listed in the Corporate summary above.
Mining
As disclosed in Mining Interests Section of the Activities Report.
7. Events Subsequent to Reporting Date
No matter or circumstance has arisen since 30 June 2022 that has significantly affected, or may significantly affect the Group’s
operations, the results of those operations, or the Group's state of affairs in future financial years.
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.
9.
Information relating to the directors
• Mr Steve Formica
Experience
Interest in Shares and Options
Directorships held in other listed
entities in the past three years
• Mr Ariel Eddie King
Qualifications
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.
13,690,484 ordinary shares in Ragnar Metals Limited and options to acquire a further
11,666,666 ordinary shares. Of these, 6,000,000 are unlisted options escrowed until
19/5/2023.
Mr Formica also acts as a director of EchoIQ Ltd (ASX: EIQ). He was a former director
of Jade Gas Holdings Limited (ASX:JGH), Bowen Coking Coal Ltd (ASX: BCB), Orminex
Ltd (ASX: ONX) and Lindian Resources Limited (ASX: LIN).
Executive Director (Appointed 1 March 2021) previously 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. Mr King’s
experience includes being a Manager for an investment banking firm, where he
specialised in the technical and financial analysis of bulk commodity and other
resource projects for investment and acquisition. Mr King is also a director of CPS
Capital Group, one of Australia’s most active stockbroking and corporate advisory
firms specialising in small to medium high growth companies.
3,800,000 ordinary shares in Ragnar Metals Limited and options to acquire a further
10,833,333 ordinary shares. Of these 6,000,000 are unlisted options escrowed until
19 May 2023.
Mr King also acts as a director of Queensland Pacific Metals Limited (ASX:QPM),
Eastern Resources Limited (ASX: EFE), M3 Mining Limited (ASX:M3M), Bindi Metals
Limited (ASX:BIM), Noble Helium Limited (ASX:NHE) and Rubix Resources Limited
(ASX:RB6). He was a former director of Six Sigma Metals Limited (ASX: SI6) and Aston
Minerals Limited (ASX:ASO) formally known as European Cobalt Limited (ASX: EUC).
P a g e | 16
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Directors' report
• Mr David Wheeler
Qualifications
Experience
Interest in Shares and Options
Directorships held in other listed
entities in the past three years
Non-executive Director (Appointed 4 December 2017)
Fellow of the Australian Institute of Company Directors
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.
1,000,000 ordinary shares in Ragnar Metals Limited and options to acquire a further
4,833,333 ordinary shares. Of these 3,000,000 are unlisted options escrowed until 19
May 2023.
Mr Wheeler also acts as a director of Athena Resources Limited (ASX:AHN), Avira
Resources Limited (ASX: AVW), Blaze Minerals Limited (ASX: BLZ), Cradle Resources
Ltd (ASX:CXX), Cycliq Group Ltd (ASX:CYQ), Delecta Limited (ASX: DLC), Health House
International (ASX: HHI), Protean Energy Ltd (ASX: POW), PVW Resources Limited (ASX:
PVW) and Tyranna Res Ltd (ASX: TYX). He was a former director of Eneabba Gas Ltd
(ASX: ENB), Ultracharge Ltd (ASX: UTR), and Syntonic Limited (ASX: SYT)
10. Meetings of directors and committees
During the financial year five meetings 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
Steve Formica
Eddie King
David Wheeler
5
5
5
5
5
5
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.
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 has paid or agreed to pay insurance premiums as follows:
The Company has entered into agreements to indemnify all Directors against any liability arising from a claim brought by a
third party against the Company and to provide right of access to company records. 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 2022 was $31,170
(2021: $23,622).
No indemnity has been paid in respect of auditors.
P a g e | 17
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Directors' report
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
19 May 2021
19 May 2023
19 May 2021
19 May 2023
19 May 2021
19 May 2023
17 June 2021
17 June 2023
17 June 2021
17 June 2023
5 Nov 2021
4 Nov 2024
5 Nov 2021
4 Nov 2024
15 Feb 2022
15 Feb 2024
$0.04
$0.04
$0.04
$0.06
$0.08
$0.0564
$0.0564
$0.06
Number under
Option
91,666,497(1)
64,000,000(2)
4,000,000
2,000,000
2,000,000
9,500,000
500,000
2,000,000
175,666,497
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.
(1) Listed Options – all other options are unlisted
(2) Restricted Securities – 4,000,000 unlisted options were released from escrow on 19/5/2022, 60,000,000 unlisted options
will be released from escrow on 19/5/2023
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 subject to environmental regulations in the jurisdictions it operates in. In respect of the current year
under review, the Directors are not aware of any particular or significant environmental issues which have been raised in relation
to the Group’s operations.
14. Non-audit services
During the year, Hall Chadwick, the Company’s auditor, performed tax consulting services to the company. These services
amounted to $1,650 (2021: $7,440). 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 Hall Chadwick, 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.
P a g e | 18
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Directors' report
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 2022 has been received and can be found on page 22 of the annual report.
17. Remuneration report (audited)
The information in this remuneration report has been audited as required by s308(3C) of the Corporations Act 2001.
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:
Mr Steve Formica: Non-executive Chairman
Mr Ariel (Eddie) King: Executive Director
Mr David Wheeler: Non-executive Director
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 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 2022
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.
During the previous year a Consultancy agreement was signed with Ariel King to manage the business of the company.
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 5 November 2021 and was passed with 100% in favour.
P a g e | 19
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Directors' report
17.4. Directors’ and KMP Remuneration
The following table details the components of remuneration for each member of the KMP of the Group:
2022
Short-term
benefits
Salary, fees
and leave
$
Steve Formica
Eddie King
96,000
120,000
David Wheeler
36,000
2021
Steve Formica
Eddie King
David Wheeler
252,000
Short-term
benefits
Salary, fees
and leave
$
72,000
64,000
36,000
172,000
Post-
employment
benefits
Super
Long-term
benefits
Termination
benefits
Equity-settled share-
based payments
Total
% Share
based
payments
Other
Equity
Options
Profit share
and bonuses
Other
$
-
-
-
-
$
-
-
-
-
$
9,600
-
-
9,600
$
-
-
-
-
$
-
-
-
-
$
-
-
-
-
$
$
%
144,718
250,318
144,718
264,718
54,269
90,269
57.81%
54.67%
60.12%
343,705
605,305
-
Post-
employment
benefits
Super
Long-term
benefits
Termination
benefits
Equity-settled share-
based payments
Total
% Share
based
payments
Other
Equity
Options
Profit share
and bonuses
Other
$
-
-
-
-
$
-
-
-
-
$
11,590
-
-
11,590
$
-
-
-
-
$
-
-
-
-
$
-
-
-
-
$
$
%
49,177
132,767
49,177
113,177
24,589
60,589
37.04%
43.45%
40.58%
122,943
306,533
-
17.5. Share-based compensation
a.
b.
c.
2022
Director share options
9,500,000 unlisted options with an expiry date of 4 November 2024 and exercise price $0.0564 restricted for two years
from date of issue were granted to the directors as remuneration during the year. 4,000,000 options to each of Steve
Formica and Eddie King and 1,500,000 options to David Wheeler.
Director ordinary shares
There were no shares granted as remuneration to Directors during the year.
Options on issue as Remuneration
Details of the unexpired options on issue granted as remuneration to directors are detailed in table below.
Options
Issued
No.
Grant Date
Exercise
Price
$
Value per
option
$
Value
$
Expiry Date
Steve Formica
6,000,000
19/05/2021
Eddie King
6,000,000
19/05/2021
David Wheeler
3,000,000
19/05/2021
Steve Formica
4,000,000
5/11/2021
Eddie King
4,000,000
5/11/2021
David Wheeler
1,500,000
5/11/2021
0.04
0.04
0.04
0.0564
0.0564
0.0564
0.0082
0.0082
0.0082
0.04
0.04
0.04
49,177
49,177
24,589
144,718
144,718
54,269
19/05/2023
19/05/2023
19/05/2023
4/11/2024
4/11/2024
4/11/2024
All options have been issued to nominees of the directors.
P a g e | 20
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
17.6. KMP equity holdings
a.
Movement in shareholdings of each KMP by number of shares
2022
Steve Formica
Eddie King
David Wheeler
Balance at
start of year
Consolidation
of shares
Received
as
compensation
Other changes
during the year
8,343,334
3,800,000
1,000,000
13,143,334
-
-
-
-
-
-
-
-
5,347,150
-
-
Balance at
end of year
13,690,484
3,800,000
1,000,000
5,347,150
18,490,484
b.
Movement in option holdings of each KMP by number of options.
Granted as
Balance at
Remuneration
Lapsed
start of year
during the year
During year
Balance at
end of year
Vested and
Exercisable
Steve Formica
Eddie King
David Wheeler
8,266,666
6,833,333
3,333,333
18,433,332
4,000,000
4,000,000
1,500,000
9,500,000
-
-
-
-
12,266,666
2,266,666
10,833,333
4,833,333
833,333
333,333
27,933,332
3,433,332
17.7. Other transactions with KMP and their related parties
No other transactions occurred during the year between KMP and their related parties.
END OF REMUNERATION REPORT
Not Vested
No.
10,000,000
10,000,000
4,500,000
24,500,000
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 16 September 2022
P a g e | 21
To The Board of Directors
AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE
CORPORATIONS ACT 2001
As lead audit director for the audit of the financial statements of Ragnar Metals Limited for the financial year
ended 30 June 2022, 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
HALL CHADWICK WA AUDIT PTY LTD
D M BELL CA
Director
Dated this 16th day of September 2022
Perth, Western Australia
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Consolidated statement of profit or loss and other comprehensive income
For the year ended 30 June 2022
Continuing operations
Revenue
Share-based payments
Contractors and consultants
Legal fees
Directors Fees
Public relations and advertising
Registry and ASX fees
Accounting and audit fees
Insurance
Impairment
Finance Costs
Employee benefits expenses
Foreign exchange gain/(loss)
Other expenses
Loss before tax
Income tax benefit / (expense)
Loss for the period from continuing operations after tax
Note
3
18
4a
4b
2022
$
25,425
25,425
(457,025)
(163,341)
(110,069)
(81,318)
(82,297)
(71,002)
(40,428)
(38,872)
-
(136)
-
(104,174)
(74,876)
2021
$
102
102
(133,791)
(83,831)
(151,866)
(69,995)
(877)
(165,025)
(64,099)
(19,721)
(33,411)
(90,100)
17,515
(15,051)
(24,492)
(1,198,113)
(834,642)
6
-
-
(1,198,113)
(834,642)
Net (loss) / profit for the year
(1,198,113)
(834,642)
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:
(13,334)
(13,334)
(6,351)
(6,351)
(1,211,447)
(840,993)
₵
₵
Basic and diluted loss per share (cents per share)
7
(0.33)
(0.89)
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 | 23
Consolidated statement of financial position
as at 30 June 2022
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
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Note
2022
$
2021
$
8
9
2,082,661
3,394,825
84,838
228,325
2,167,499
3,623,150
10
3,407,232
1,731,631
3,407,232
1,731,631
5,574,731
5,354,781
11
154,621
154,621
325,903
325,903
154,621
325,903
5,420,110
5,028,878
12a
14
33,850,015
32,704,462
2,745,685
2,301,893
(31,175,590)
(29,977,477)
5,420,110
5,028,878
The consolidated statement of financial position is to be read in conjunction with the accompanying notes.
P a g e | 24
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Consolidated statement of changes in equity
for the year ended 30 June 2022
Note
Issued
Capital
$
Accumulated
Losses
$
Options
Reserve
$
Share-based
Payments
Reserve
Foreign
Exchange
Translation
Reserve
$
$
Total
$
28,641,172
(29,142,835)
352,390
525,944
(26,657)
350,014
Balance at 1 July 2020
Loss for the year
Other comprehensive income for the year
Total comprehensive income
-
-
-
(834,642)
-
(834,642)
Transaction with owners, directly in equity
Shares issued during the year
12a
5,630,000
Transaction costs
Transfer to listed options reserve
(650,046)
(916,664)
Options issued during the year
12b
-
-
-
-
-
-
-
-
-
-
916,664
539,903
-
-
-
-
-
-
-
-
(834,642)
(6,351)
(6,351)
(6,351)
(840,993)
-
-
-
-
5,630,000
(650,046)
-
539,903
Balance at 30 June 2021
32,704,462
(29,977,477)
1,808,957
525,944
(33,008)
5,028,878
Balance at 1 July 2021
Loss for the year
Other comprehensive income for the year
Total comprehensive income
Transaction with owners, directly in
equity
32,704,462
(29,977,477)
1,808,957
525,944
(33,008)
5,028,878
-
-
-
(1,198,113)
-
(1,198,113)
-
-
-
-
-
100
457,026
-
-
-
-
-
-
-
-
(1,198,113)
(13,334)
(13,334)
(13,334)
(1,211,447)
-
-
-
-
1,225,000
(79,347)
-
457,026
Shares issued during the year
12a
1,225,000
Transaction costs
Transfer to listed options reserve
Options issued during the year
12b
(79,347)
(100)
-
-
-
-
-
Balance at 30 June 2022
33,850,015
(31,175,590)
2,266,083
525,944
(46,342)
5,420,110
The consolidated statement of changes in equity is to be read in conjunction with the accompanying notes.
P a g e | 25
Consolidated statement of cash flows
for the year ended 30 June 2022
Cash flows from operating activities
Payments to suppliers and employees
Interest received
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Note
2022
$
2021
$
(339,937)
(856,885)
496
102
Net cash used in operating activities
8c.i
(339,441)
(856,783)
Cash flows from investing activities
Payments for exploration expenditure
Net cash used in investing activities
Cash flows from financing activities
Proceeds from issue of equity securities
Proceeds from the issue of convertible notes
Transaction costs related to issue of shares and convertible notes
Proceeds from borrowings
Repayment of borrowings and convertible notes
Transaction costs related to loans
(2,115,908)
(1,013,160)
(2,115,908)
(1,013,160)
1,225,100
5,500,000
-
200,000
(79,346)
(345,719)
-
-
-
600,000
(800,000)
(25,600)
Net cash (used)/provided by financing activities
1,145,754
5,128,681
Net (decrease)/increase in cash held
(1,309,595)
3,258,738
Cash and cash equivalents at the beginning of the year
3,394,825
142,060
Effect of exchange rates on cash holdings in foreign currencies
(2,569)
(5,973)
Cash and cash equivalents at the end of the year
8a
2,082,661
3,394,825
The consolidated statement of cash flows is to be read in conjunction with the accompanying notes.
P a g e | 26
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Notes to the consolidated financial statements
for the year ended 30 June 2022
Statement of significant accounting policies
Note 1
These are the consolidated financial statements and notes of Ragnar Metals Limited (Ragnar Metals or the Company) 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 16 September 2022 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.
The financial reports have been prepared on an accruals basis and is based on historic costs modified by the revaluation of
financial assets, financial liabilities and selected non-current assets for which the fair value basis of accounting has been applied.
The presentation currency of the company is Australian Dollars (AUD).
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 $1,198,113 (2021: $834,632) and had net
cash outflows from operating and investing activities of $339,441 (2021: $856,783) and $2,115,908 (2021: $1,013,160)
respectively for the year ended 30 June 2022. As at that date, the consolidated entity had net current assets of $2,012,878
(2021: $3,297,248).
The Directors have prepared a cash flow forecast, which indicates that the Company will have sufficient cash flows to meet
all commitments and working capital requirements for the 12-month period from the date of signing this financial report.
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 Directors have considered the
impact of the COVID-19 pandemic on the position of the Company at 30 June 2022 and its operations in future periods.
Should the consolidated entity be unable to continue as a going concern it may be required to realise its assets and extinguish
its liabilities other than in the ordinary course of business and at amounts different to those stated in the financial statements.
The financial statements do not include any adjustments relating to the recovery and classification of asset carrying amounts
or to the amount and classification of liabilities that might result should the consolidated entity be unable to continue as a
going concern and meet its debts as and when they fall due.
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 | 27
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Notes to the consolidated financial statements
for the year ended 30 June 2022
Statement of significant accounting policies
Note 1
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 | 28
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Notes to the consolidated financial statements
for the year ended 30 June 2022
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. 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 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. The carrying value of capitalised expenditure at reporting date is $3,407,232 (2021:
$1,731,631).
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 share-based payments to employees and others providing similar services are
measured at the fair value of the equity instruments at the grant date. 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
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 at the reporting date. The recoverable
amount of the exploration and evaluation asset is estimated to determine the extent of the impairment loss (if any).
Accumulated costs in relation to an abandoned area are written off in full against profit in the year in which the decision to
abandon the area is made.
f. New, revised or amending Accounting Standards and Interpretations
In the year ended 30 June 2022, the Directors have reviewed all of the new and revised Standards and Interpretations issued by
the AASB that are relevant to the Company and effective for the current annual reporting period. As a result of this review, 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 the Company’s 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 2022. The group is currently
assessing the impact of these new or amended Accounting Standards and Interpretations, the impact of which is not yet known.
The following amendments are effective for the period beginning 1 January 2023:
Annual Improvements 2018-2020 and Other Amendments (Amendments to AASB 2020-3);
The following amendments are effective for the period beginning 1 January 2024:
Disclosure of Accounting Policies and Definition of Accounting Estimates (AASB 2021-2);
Classification of Liabilities as Current or Non-current (Amendments to AASB 2020-1); and
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to AASB 2021-5).
P a g e | 29
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Notes to the consolidated financial statements
for the year ended 30 June 2022
Statement of significant accounting policies
Note 1
h. 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 2022. 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.
Telephone:
+61 (08) 6245 2050
Facsimile: +61 (08) 6245 2055
Note 2
Company details
The registered office and principal place of business of the
Company is:
Address: Level 3
35 Outram Street
WEST PERTH WA 6005
Postal:
WEST PERTH WA 6872
PO Box 646
Note 3
Revenue and other income
a. Revenue
Interest income
b. Other Income
Recoveries from deregistered company
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 Metals, Hall Chadwick WA Audit Pty
Ltd formerly Bentleys Audit & Corporate (WA) Pty Ltd for:
Auditing or reviewing the financial reports:
Taxation services provided by a related practice of the Auditor
Independent Accountants Report for Prospectus
2022
$
496
496
24,929
-
24,929
2022
$
81,318
81,318
-
-
2022
$
37,635
1,650
-
39,285
2021
$
102
102
-
(15,051)
(15,051)
2021
$
69,995
69,995
33,411
33,411
2021
$
29,004
7,440
8,000
44,444
P a g e | 30
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Notes to the consolidated financial statements
for the year ended 30 June 2022
Note 6
Income tax
a.
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
6c
6d
Note
2022
$
2021
$
-
-
-
-
-
-
-
-
-
-
-
-
b. Reconciliation of income tax expense to prima facie tax payable
The prima facie tax payable on loss from ordinary activities before income tax
is reconciled to the income tax expense as follows:
(1,198,114)
(834,642)
Australian Tax Rate
25%
26%
Prima facie tax payable / (refundable) on operating loss at 25% (26%)
(299,529)
(217,007)
Add / (Less)
Tax effect of:
Other non-allowable items
Capital raising & Borrowing costs deductible
Deferred tax asset not brought to account
Income tax expense / (benefit) attributable to operating loss
c. Deferred tax assets
Tax losses
Tax Losses - Capital
Tax Losses - Foreign
Other
Total deferred tax assets
Set-off deferred tax liabilities pursuant to set-off provisions
Net deferred tax assets
Less deferred tax assets not recognised
Net tax assets
d. Deferred tax liabilities
Other
Total Deferred Tax Liabilities
Set-off deferred tax assets pursuant to set-off provisions
Net deferred tax liabilities
P a g e | 31
114,256
(3,961)
71,112
(5,125)
189,233
151,020
-
-
2,806,644
2,754,592
304,156
7,002
13,949
316,322
-
61,087
3,131,750
3,132,002
-
-
3,131,750
3,132,002
(3,131,750)
(3,132,002)
-
-
-
-
-
-
-
-
-
-
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Notes to the consolidated financial statements
for the year ended 30 June 2022
Note
6
Income tax (cont.)
Note
2022
$
2021
$
Unused tax losses for which no deferred tax asset has been recognised,
11,260,565
10,594,586
Unused capital losses for which no deferred tax asset has been recognised
1,216,623
1,216,623
Potential tax benefit at 25.0% (26.0%)
3,117,801
3,070,914
The benefit for tax losses will only be obtained if:
a) The company and consolidated entity derive future assessable income of a nature and of an amount sufficient to
enable the benefit from the deductions for the losses to be utilised;
b) The company and the consolidated entity continue to comply with the conditions for deductibility imposed by law;
and
c) No changes in tax legislation adversely affect the ability of the company and consolidated entity to realise these
benefits.
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.
P a g e | 32
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Notes to the consolidated financial statements
for the year ended 30 June 2022
Note 7
Earnings per share (EPS)
a. Reconciliation of earnings to profit or loss
(Loss) / profit for the year
Note
2022
$
2021
$
(1,198,113)
(834,642)
Loss from continuing operations used in the calculation of basic EPS
(1,198,113)
(834,642)
b. Weighted average number of ordinary shares outstanding during the year
used in calculation of basic EPS
7d
365,856,122
93,534,204
2022
$
2021
$
c. Earnings per share
From continuing operations
Basic EPS (cents per share)
2022
₵
2021
₵
(0.33)
(0.33)
7d
(0.89)
(0.89)
d. At the end of the 2022 financial year, the Group has 176,266,497 unissued shares under options (2021: 164,266,497). The Group
does not report diluted earnings per share on annual losses generated by the Group.
Note 8
Cash and cash equivalents
a. Current
Cash at bank
2022
$
2021
$
2,082,661
3,394,825
2,082,661
3,394,825
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.
P a g e | 33
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Note
18
2022
$
2021
$
(1,198,113)
(834,642)
-
457,025
104,174
-
251,658
45,815
6,465
133,791
15,051
90,100
(23,589)
(243,959)
(339,441)
(856,783)
Notes to the consolidated financial statements
for the year ended 30 June 2022
c. Cash Flow Information
i. Reconciliation of cash flow from operations to (loss)/profit after income tax
Loss after income tax
Non-cash flows in (loss)/profit from ordinary activities:
Impairments
Share-based payments
Foreign exchange loss
Finance Costs
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
(ii) The company granted 2,000,000 options on 15 February 2022, valued at $46,178, to TYF Holdings Pty Ltd in lieu of
professional services rendered. The options are exercisable at $0.06 per option and have an expiry date of 15 February
2024.
Note 9
Trade and other receivables
a. Current
GST and VAT receivable
Other receivables
2022
$
74,610
10,228
84,838
2021
$
199,715
28,610
228,325
Trade receivables are measured on initial recognition at fair value, which ordinarily equates to cost and are subsequently
measured at cost less provision for impairment due to their short term nature. 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.
P a g e | 34
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Notes to the consolidated financial statements
for the year ended 30 June 2022
Note 9 Trade and other receivables (Continued)
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 2022 and 30 June
2021 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.
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
Note
2022
$
2021
$
1,731,631
1,675,601
307,309
1,465,051
-
(40,729)
3,407,232
1,731,631
b. Recoverability of the carrying amount of exploration assets is dependent on the successful exploration of the areas of interest.
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)
P a g e | 35
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Notes to the consolidated financial statements
for the year ended 30 June 2022
Note 10 Exploration and evaluation assets (continued)
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.
Note 11 Trade and other payables
a. Current
Unsecured
Trade payables
Accruals
Note
11b
2022
$
2021
$
116,471
38,150
154,621
305,403
20,500
325,903
b. Trade payables are non-interest bearing and usually settled within the lower of terms of trade or 30 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
2022
No.
2021
No.
2022
$
2021
$
Fully paid ordinary shares at no par value
12a
379,184,889
344,184,889
33,850,115
28,641,172
a. Ordinary shares
At the beginning of the period
Post Consolidation Balance (1)
Shares issued during the year (2)
Restricted Shares Issued (3)
Placement (4)
Transaction costs – share issue
Transfer to listed options reserve
344,184,889
313,424,062
32,704,462
28,641,172
62,684,889
275,000,000
6,500,000
35,000,000
-
-
-
-
-
1,225,000
(79,347)
(100)
-
5,500,000
130,000
-
(650,046)
(916,664)
At reporting date
379,184,889
344,184,889
33,850,115
32,704,462
P a g e | 36
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Notes to the consolidated financial statements
for the year ended 30 June 2022
Note
(1) All Securities Consolidated at a ratio of 5:1 as of record date 12 April 2021.
12 Issued capital (continued)
(2) A public offer of 275,000,000 ordinary fully paid shares at an issue price of $0.02 each to raise $5,500,000 together with 1
new option for every 3 new shares issued.
(3) 6,500,000 ordinary fully paid shares were offered under the Vendor offer ranking equally with existing shares on issue with
a restriction period of 12 months from the date of issue, being 19 May 2022. Of the Vendor share issued, 2,500,000 shares
were issued as part consideration payable to the Kenya vendors for 100% interest in the Kenya project tenements and
4,000,000 shares were issued as part consideration to the Leeds Vendors for the acquisition of 80% interest in the Leeds
projects.
(4) On 16 November 2021, the Company completed a Placement of 35,000,000 ordinary fully paid shares at $0.035 per share to
sophisticated investors raising capital of $1,225,000.
b. Options Unlisted
Opening Balance
Post Consolidation Balance
Options Expired
Balance remaining –
Chairman options
Advisor Options
Vendor Options
Director Options
Employee Options 1
Employee Options 2
Employee Options 3
Director Options
Vendor Options
Vendor Options
c. Options Listed
Opening Balance
Note
Exercise
Price
Expiry Date
2022
No.
2021
No.
2022
$
2021
$
72,600,000 96,500,001
892,293
352,390
(1)
(2)
(3)
(3)
(3)
(4)
(4)
(4)
(5)
(6)
(7)
$0.075
02/09/22
$0.04
$0.04
$0.04
$0.04
$0.06
$0.08
$0.0564
$0.0564
$0.06
19/05/23
19/05/23
19/05/23
19/05/23
17/06/23
17/06/23
4/11/24
4/11/24
15/02/24
-
-
-
-
-
-
-
-
19,300,002
(18,700,002)
600,000
45,000,000
4,000,000
15,000,000
4,000,000
2,000,000
2,000,000
9,500,000
500,000
2,000,000
-
-
-
-
-
373,328
32,784
122,943
8,732
1,320
796
-
-
32,704
33,210
20,776
343,805
18,090
8,540
84,600,000 72,600,000
1,349,418
892,293
2022
No.
2021
No.
2022
$
2021
$
91,666,497
0
916,665
0
Listed Options
(4)
$0.04
19/05/23
-
91,666,497
-
916,665
91,666,497 91,666,497
916,665
916,665
Total Options
176,266,497 164,266,497
2,266,083
1,808,958
(1) All Securities Consolidated at a ratio of 5:1 as of record date 12 April 2021
(2) Total options expired
•
•
•
•
•
Expiry of 2,800,000 options without conversion on 05/05/2021 (Price $0.15)
Expiry of 7,000,002 options without conversion on 08/06/2021 (Price $0.10)
Expiry of 400,000 options without conversion on 08/06/2021 (Price $0.15)
Expiry of 5,000,000 options without conversion on 08/06/2021 (Price $0.125)
Expiry of 3,500,000 options without conversion on 13/06/2021 (Price $0.105)
P a g e | 37
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Notes to the consolidated financial statements
for the year ended 30 June 2022
Note
(3) These have an exercise price of $0.04 and expiry date of 19/05/2023:
12 Issued capital (continued)
•
•
•
45,000,000 Advisor options. These are restricted securities for 24 months from the date of reinstatement to quotation.
15,000,000 Director options. These are restricted securities for 24 months from the date of reinstatement to
quotation.
4,000,000 Leeds project options. These were restricted securities for 12 months from the date of issue of the restricted
securities and were released from escrow on 19/5/22.
See note 18 for further details.
(4) The Employee options are issued under the company’s incentive option plan and subject to the vesting condition 50% upon
completing 12 months continuous employment and 50% upon 18 months continuous engagement with the company.
•
•
•
4 million employee options exercisable on or before 19/05/23 at an exercise price of $0.04 per option.
2 million employee options exercisable on or before 17/06/23 at an exercise price of $0.06 per option.
2 million employee options exercisable on or before 17/06/2023 at an exercise price of $0.08 per option.
The fair value of option is ascertained by internal valuation using a Black-Scholes pricing model which incorporates all market
vesting conditions.
(5) 9,500,000 director options with an expiry date of 4 November 2024 and exercise price $0.0564 restricted for two years from
date of issue were granted to the directors as remuneration during the year.
(6) 500,000 vendor options with an expiry date of 4 November 2024 and exercise price $0.0564 restricted for two years from
date of issue were granted to the vendor in lieu of services rendered during the year.
(7) 2,000,000 vendor options with an expiry date of 15 February 2024 and exercise price $0.06 was granted to the vendor in lieu
of services rendered during the year.
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.
P a g e | 38
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Notes to the consolidated financial statements
for the year ended 30 June 2022
Note 13 Capital Management (continued)
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
8
9
11
Note
2022
$
2021
$
2,082,661
3,394,825
84,838
(154,621)
228,325
(325,902)
2,012, 878
3,297,248
2022
$
2021
$
12c
2,266,083
1,808,958
(46,342)
525,944
(33,008)
525,944
2,745,685
2,301,894
The option reserve records items recognised as expenses on the value of directors, employee and other options. Please refer
Note 12c and 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 cost of shares which were granted as share-based payments.
Note 15 Controlled entities
Ragnar Metals Limited is the ultimate parent of the Group.
a. Subsidiaries
Drake Resources Sweden AB1
Drake (Euro) Pty Ltd
Ragnar Sweden AB
Loki Exploration Pty Ltd
Country of
Incorporation
Sweden
Australia
Sweden
Australia
Class of
Shares
Ordinary
Ordinary
Ordinary
Ordinary
Percentage Owned
2022
-
100
100
100
2021
100
100
100
100
1. Drake Resources Sweden AB liquidated 15 September 2021
b. Investments in subsidiaries are accounted for at cost.
P a g e | 39
Notes to the consolidated financial statements
for the year ended 30 June 2022
Note 16 Key Management Personnel compensation (KMP)
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
The names are positions of KMP are as follows:
• Mr Steve Formica Non-Executive Chairman
• Mr Ariel (Eddie) King
• Mr David Wheeler
Non-Executive Director
Executive Director
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. $180,282 (2021: $ 114,795) was capitalised as
exploration expenditure.
Short-term employee benefits
Share-based payments – Note 18
Total
2022
$
261,600
343,705
2021
$
183,590
122,943
605,305
306,533
Note 17 Related party transactions
Transactions between related parties are on normal commercial terms and conditions are no more favourable than those available
to other parties unless otherwise stated.
a. 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.
b. Details of KMP remuneration are disclosed in Note 16.
Note 18 Share-based payments
Share-based payment expense
Gross share-based payments
Note
2022
$
2021
$
18a i)
457,025
133,791
457,025
133,791
a. The following share-based payment arrangements existed at 30 June 2022
i.
Share-based payments – Employee Share options
During the 2020 financial year the company issued 3,000,000 options to Steve Formica at an exercise price of $0.015
each, exercisable on or before 2 September 2022. During the year these were consolidated into 600,000 options at
an exercise price of $0.075 each. The valuation of these options was reported in the 2020 Annual Report.
On 19 May 2021 the company issued 15 million Director options (6 million to Steve Formica, 6 million to Eddie King
and 3 million to David Wheeler). These have an exercise price of $0.04 and an expiry date of 19 May 2023 restricted
for 2 years.
On 19 May 2021 the company issued 4 million Employee options with a vesting date for 2,000,000 options after 12
months of employment and the remaining 2,000,000 options after 18 months of employment. They have an exercise
price of $0.04 and an expiry date of 19 May 2023.
The total fair value of the 4,000,000 options of $45,532 will be recognised as share base employee expense over the
vesting period. (2021: $8,732)
On 17 June 2021 the company issued 2 million Employee options with a vesting date after 12 months of employment.
They have an exercise price of $0.06 and an expiry date of 17 June 2023.
The total fair value of the 2,000,000 options of $34,530 will be recognised as share base employee expense over the
vesting period (2021: $1,320)
P a g e | 40
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
On 17 June 2021 the company issued 2 million Employee options with a vesting date after 18 months of employment.
They have an exercise price of $0.08 and an expiry date of 17 June 2023.
The total fair value of the 2,000,000 options of $31,249 will be recognised as share based employee expense over the
vesting period (2021: $797)
On 5 November 2021, the Company’s shareholders approved the issue of 9,500,000 Director Options (4,000,000
options to Eddie King, 4,000,000 options to Steve Formica, 1,500,000 options to David Wheeler) and 500,000 options
to the company secretary (Employee Options). The options have an exercise price of $0.0564 and expiry date of 4
November 2024. The options vest immediately. The valuation of the options was reported in the 31 December 2021
half-year accounts.
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:
2022
2021
Number of
Options
Weighted
Average
Exercise Price
Number of
Options
Weighted
Average Exercise
Price
Outstanding at the beginning of the year
72,600,000
$0.041
96,500,001
$0.0228
Consolidated 5:1
Lapsed
Granted
Outstanding at year-end
Exercisable at year-end
-
-
12,000,000
84,600,000
600,000
-
-
$0.01
$0.05
$0.075
19,300,002
18,700,002
72,000,000
72,600,000
600,000
$0.114
$0.116
$0.041
$0.041
$0.000
i.
ii.
iii.
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.
All options granted are for ordinary shares in Ragnar Metals Limited, which confer a right to one ordinary share for
every option held. All director options have vested as at balance date and employee options vest as noted in note 12a.
The weighted average remaining contractual life of unlisted options outstanding at year end was 1.07453 years (2021:
1.883445 years). The weighted average exercise price of outstanding options at the end of the reporting period was
$0.0500 (2021: $0.0419).
c. Fair value of options grants during the period
During the year, the Company issued unlisted options to the Company’s Directors, Steve Formica, Eddie King and David
Wheeler as part of their employment package.
The fair value of the Incentive Options granted during the period are estimated at the date of grant using the Black Scholes
option pricing model and based on the assumptions set out below:
P a g e | 41
Notes to the consolidated financial statements
for the year ended 30 June 2022
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Assumptions: Director Options
Valuation date
Market price of Shares
Exercise price
Expiry date
Risk free interest rate
Dividend Yield
Expected future volatility
Indicative value per Unlisted Option
Number of options
Total Value of Unlisted Options
5 Nov 21
$0.045
$0.06
4 Nov 24
0.95%
0
155.57%
$0.0362
9,500,000
$343,705
The options have been valued in accordance with AASB 2 Share Based Payments and bought to account. A value of $343,705
has been expensed for the year.
During the year, the Company issued unlisted options to a vendor, TYF Holdings Pty Ltd, in lieu of services performed.
The fair value of the Incentive Options granted during the period are estimated at the date of grant using the Black Scholes
option pricing model and based on the assumptions set out below:
Assumptions: Employee Options
Valuation date
Market price of Shares
Exercise price
Expiry date
Risk free interest rate
Dividend Yield
Expected future volatility
Indicative value per Unlisted Option
Number of options
Total Value of Unlisted Options
15 Feb 22
$0.033
$0.06
15 Feb 24
1.12%
0
170.11%
$0.0231
2,000,000
$46,178
The options have been valued in accordance with AASB 2 Share Based Payments and bought to account. A value of $8,540
has been expensed for the year.
P a g e | 42
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Notes to the consolidated financial statements
for the year ended 30 June 2022
Note 19 Commitments
The company’s minimum expenditure commitments for their Australian tenements is $60,880 for 2022/2023.
The company had no capital or other expenditure commitments at 30 June 2022 (2021: $Nil).
Note 20 Contingent asset/liabilities
There were no contingent assets or liabilities as at the reporting date.
Note 21 Operating segments
a.
Identification of reportable segments
The Group operates in the exploration and evaluation of nickel, gold, silver and base metals projects in Western Australia
and in Sweden. 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. Activities of the Group are managed on a Group structure basis and operating segments are therefore
determined on the same basis. In this regard the following list of reportable segments has been identified.
• Ragnar Metals Limited – Mineral Exploration in Western Australia
• Ragnar Sweden AB - Mineral Exploration in Sweden
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 | 43
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Notes to the consolidated financial statements
for the year ended 30 June 2022
v. Unallocated items
The following items of revenue, expenses, assets and liabilities are not allocated to geographic segments
as they are not considered part of the core operations of any segment:
Income tax expense
Deferred tax assets and liabilities
Current tax liabilities
Other financial liabilities
For year ended 30 June 2022
Ragnar Metals
$
Ragnar Sweden
$
Elimination
Total
$
Segment Revenue
25,425
-
-
25,425
Segment Expenses
(1,112,022)
(111,516)
-
(1,223,538)
Segment Results
(1,086,597)
(111,516)
-
(1,198,113)
As at 30 June 2022
Segment Assets
Cash
Trade and other receivables
Non- current Assets
Exploration and evaluation assets
Total Segment Assets
Segment Liabilities
Current Liabilities
Total Segment Liabilities
Segment Net Assets
2,052,719
45,815
1,608,253
2,216,712
5,923,499
(154,621)
(154,621)
5,768,878
29,942
39,023
(1,561,864)
1,378,321
(114,578)
(17,827)
(17,827)
-
-
(46,389)
(187,801)
(234,190)
17,827
17,827
2,082,661
84,838
-
3,407,232
5,574,731
(154,621)
(154,621)
(132,405)
(216,363)
5,420,110
Note 22 Events subsequent to reporting date
No matter or circumstance has arisen since 30 June 2022 that has significantly affected, or may significantly affect the
Group’s operations, the results of those operations, or the Group's state of affairs in future financial years.
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:
P a g e | 44
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Notes to the consolidated financial statements
for the year ended 30 June 2022
Floating
Interest
Rate
$
Fixed
Interest
Rate
$
Non-
interest
Bearing
$
-
2022
Total
$
Floating
Interest
Rate
$
2,082,661
3,394,825
84,838
84,838
84,838
2,167,499
-
3,394,825
154,621
154,621
154,621
154,621
-
-
Fixed
Interest
Rate
$
-
-
-
-
-
Non-
interest
Bearing
$
2021
Total
$
-
3,394,825
228,325
228,325
228,325
3,623,150
(325,903)
(325,903)
(325,903)
(325,903)
-
-
-
-
-
2,082,661
-
239,459
2,322,120
3,394,825
-
(97,578)
3,297,247
Financial Assets
Cash and cash equivalents
Trade and other receivables
Total Financial Assets
2,082,661
-
2,082,661
Financial Liabilities
Trade and other payables
Total Financial Liabilities
Net Financial
Assets/(Liabilities)
-
-
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.
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
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-.
P a g e | 45
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Notes to the consolidated financial statements
for the year ended 30 June 2022
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.
Contractual Maturities
The following are the contractual maturities of financial liabilities of the Group:
Within 1 Year
2022
$
2021
$
Greater Than 1 Year
2022
$
2021
$
Total
2022
$
2021
$
Financial liabilities due for payment
Trade and other payables
154,621
325,903
Total contractual outflows
154,621
325,903
Financial assets
Cash and cash equivalents
Trade and other receivables
2,082,661
3,394,825
84,838
228,325
Total anticipated inflows
2,167,499
3,623,150
Net (outflow)/inflow on financial
instruments
2,012,878
3,297,247
-
-
-
-
-
-
-
-
-
-
-
-
154,621
325,903
154,621
325,903
2,082,661
3,394,825
84,838
228,325
2,167,499
3,623,150
2,012,878
3,297,247
It is not expected that the cash flows included in the maturity analysis could occur significantly earlier or at significantly
different amounts.
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.
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.
P a g e | 46
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Notes to the consolidated financial statements
for the year ended 30 June 2022
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.
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.
i. 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 2022
±100 basis points change in interest rates
Year ended 30 June 2021
±100 basis points change in interest rates
ii. Net Fair Values
(1) Fair value estimation
Profit
$
Equity
$
±25,916
±25,916
±7,931
±7,931
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 | 47
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Notes to the consolidated financial statements
for the year ended 30 June 2022
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
2022
$
2021
$
2,098,534
3,484,858
3,824,965
2,088,035
5,923,499
5,572,893
154,621
320,196
154,621
320,196
5,768,878
5,252,697
33,850,115 32,704,462
2,792,027
2,334,902
(30,873,264) (29,786,667)
5,768,878
5,252,697
(1,086,597)
(1,422,052)
-
-
(1,086,597)
(1,422,052)
c. Guarantees entered into by Ragnar Metals Limited for the debts of its subsidiaries
There are no guarantees entered into by Ragnar Metals for the debts of its subsidiaries as at 30 June 2022 (2021: 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 | 48
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Directors' declaration
The Directors of the Company declare that:
1. The financial statements and notes, as set out on pages 23 to 48, 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 2022 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);
2.
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 16 September 2022
P a g e | 49
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 2022,
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:
a.
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 2022 and
of its financial performance for the year then ended; and
(ii)
complying with Australian Accounting Standards and the Corporations Regulations 2001.
b.
the financial report also complies with International Financial Reporting Standards as disclosed in Note
1(a)(i).
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. 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.
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 $1,198,113 during the year ended 30 June 2022. 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 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 – $3,407,232
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.
• 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 programs planned
tenements.
for
those
• The level of judgement required in evaluating
the
management’s
requirements of AASB 6 Exploration for and
application
of
Evaluation of Mineral Resources. AASB 6 is
an industry specific accounting standard
requiring
judgements,
the application of significant
industry
estimates
and
knowledge.
This
includes
specific
be
requirements
capitalised as an asset and subsequent
expenditure
for
to
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.
• For each area of interest, we assessed the
tenure by
Consolidated Entity’s
rights
to
corroborating
registries and
evaluating agreements in place with other parties as
to government
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.
• We assessed each area of interest for one or more
of the following circumstances that may indicate
impairment of the capitalised expenditure:
o
the licenses for the right to explore expiring
in the near future or are not expected to be
renewed;
o substantive
further
expenditure
exploration in the specific area is neither
for
budgeted or planned
o decision or intent by the Consolidated Entity
Key Audit Matter
How our audit addressed the Key Audit Matter
to discontinue activities in the specific area
of interest due to lack of commercially
viable quantities of resources; and
o data
indicating
a
development in the specific area is likely to
although
that,
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.
Share Based Payments
As disclosed in Note 18, the Consolidated Entity
has various options on issue to consultants and
related parties which are subject to various
performance and service conditions.
Our procedures included amongst others:
•
review the reconciliation of options issued during the
period;
• Assessing the underlying terms and conditions of
These are subject to the measurement and
recognition criteria of AASB 2 Share-based
payments (“AASB 2”)
We have identified this as a key audit matter as it
involves significant judgement and because of
the value of share based payments during the
year.
Other Information
the options;
• Ascertain whether Options have been valued
correctly in accordance with AASB 2 based on the
terms and conditions of the options issued;
• We assessed the adequacy of the disclosures in
Note 18.
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 2022, 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.
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)(i),
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 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.
• 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 2022.
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 Ragnar Metals Limited, for the year ended 30 June 2022, complies
with section 300A of the Corporations Act 2001.
HALL CHADWICK WA AUDIT PTY LTD
D M BELL CA
Director
Dated this 16th day of September 2022
Perth, Western Australia
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Additional Information for Listed Public Companies
The following additional information is required by the Australian Securities Exchange in respect of listed public companies.
1
Capital
a) Ordinary share capital as at 5 September 2022
379,184,889 ordinary fully paid shares held by 1,199 shareholders.
b)
Listed Options over issued Shares
91,666,497 Listed Options with a $0.04 exercise price per option expiring 19 May 2023, held by 259 option holders.
c) Unlisted Options over Unissued Shares
4,000,000 Unlisted Options (Employee) with a $0.04 exercise price per Option expiring 19 May 2023 held by 1
option holder.
4,000,000 Unlisted Options (Vendor) with a $0.04 exercise price per Option expiring 19 May 2023, held by 3
holders.
60,000,000 Unlisted Options (Advisor and Director options) with a $0.04 exercise price per Option expiring 19
May 2023, restricted for 2 years from the date of reinstatement of the Company’s securities and are held by 15
holders.
2,000,000 Unlisted Options (Employee) with a $0.06 exercise price per Option expiring 17 June 2023 held by 2
option holders.
2,000,000 Unlisted Options (Employee) with a $0.08 exercise price per Option expiring 17 June 2023 held by 2
option holders.
9,500,000 unlisted options (Director) with a $0.0564 exercise price per Option expiring 4 November 2024 held by
3 option holders.
500,000 Unlisted Options (Employee) with a $0.0564 exercise price per Option expiring 4 November 2024 held
by 1 option holder.
2,000,000 Unlisted options with a $0.06 exercise price per Option expiring 15 February 2024 held by 1 option
holder.
d) 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.
Listed and 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.
e) Substantial Shareholders as at 5 September 2022 are Nil
f) Distribution of Shareholders as at 5 September 2022
Category (size of holding)
Total Holders
Number
Ordinary
% Held of Issued
Ordinary Capital
76
13
83
604
423
12,334
33,972
788,822
25,184,226
353,165,535
1,199
379,184,889
0.00
0.01
0.21
6.64
93.14
100.00
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 – and over
P a g e | 55
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
g) Distribution of Listed Option holders (Options $0.04 exercise price expiring 19 May 2023) as at 5 September 2022
% Held of Issued
Ordinary Capital
Category (size of holding)
Total Holders
Number
Ordinary
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 – and over
3
1
0
119
136
259
343
3,826
0
6,867,166
84,795,162
91,666,497
0.00
0.00
0.00
7.49
92.50
100.00
h) Unmarketable Parcels as at 5 September 2022
As at 5 September 2022 there were 251 fully paid ordinary shareholders holding less than a marketable parcel of shares.
i) On-Market Buy-Back
There is no current on-market buy-back.
j)
Restricted Securities
Of the total 379,184,889 ordinary shares 6,500.000 were classified as restricted securities for 12 months from the date
of issue and were released from escrow on 19 May 2022.
Of the 60,000,000 unlisted director and advisor options expiring 19 May 2023, 45,000.000 advisor options and
15,000,000 director options are restricted securities until 24 months from the date of issue of the securities, being 27
May 2021.
P a g e | 56
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
k) 20 Largest Shareholders — Ordinary Shares as at as at 5 September 2022
Name
1 Mr Viktor Poznik
2
3
4
5
6
7
Sisu International Pty Ltd
Citicorp Nominees Pty Limited
Sunset Capital Management Pty Ltd
Stevsand Investments Pty Ltd
J & J Bandy Nominees Pty Ltd
Isla Zast Pty Ltd
8 Mr Brian Peter Byass
9
Ton-Cheng Pty Ltd
10
Formica Investments Pty Ltd
10 Davco Group Pty Ltd
10 Mr Brian Joseph Glynn
10 A22 Pty Limited
10
First One Realty Pty Ltd
11
Shah Nominees Pty Ltd
11 Deric Holdings Proprietary Limited
12 Cityside Investments Pty Ltd
13 BNP Paribas Nominees Pty Ltd
14 Mr Ariel Edward King
15
Futurity Private Pty Ltd
16 Mr Benjamin Anton McCombie
17 Mrs Aibao Gong
18 Neesmith Pty Ltd
19 Australasia Mineral And Energy Pty Ltd
20
Sabsien Pty Ltd
Number of Ordinary
Fully Paid Shares Held
% Held of Issued Ordinary
Capital
17,922,000
17,750,000
11,211,476
9,993,265
7,770,484
7,500,000
7,300,000
6,897,897
6,000,000
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000
4,500,000
4,500,000
3,500,000
3,319,442
3,300,000
3,160,000
3,000,000
2,742,992
2,700,000
2,626,200
2,600,000
4.73
4.68
2.96
2.64
2.05
1.98
1.93
1.82
1.58
1.32
1.32
1.32
1.32
1.32
1.19
1.19
0.92
0.88
0.87
0.83
0.79
0.72
0.71
0.69
0.69
153,293,756
40.43
P a g e | 57
l)
20 Largest Option holders — Listed Options $0.04 exercise price expiring 19 May 2023 as at 5 September 2022
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
Name
A22 Pty Limited
A22 Pty Limited
BNP Paribas Nominees Pty Ltd
1.
1.
2.
3. Mr Daniel Aaron Hylton Tuckett
4.
Sisu International Pty Ltd
5. Mr Nicholas Dermott McDonald
6. Mr Simon Franz Cohn
7.
7.
Formica Investments Pty Ltd
First One Realty Pty Ltd
8. Mr Timothy John Oldfield & Mrs Joan Margaret Oldfield
9.
SML Contracting Pty Ltd
10. Donkey Trading Pty Ltd
11. TYF Holdings Pty Ltd
12. Newton2 Pty Limited
13.
Isla Zast Pty Ltd
14. Citicorp Nominees Pty Limited
14. Mr Grant Anthony Murphy
15. Mr Paul Simon Hallion & Mr Patrick Michael Hallion & Miss Bridget Anne
Hallion
16. Mr Benjamin Grant James & Mrs Jane Lang Reynolds
16. Stonehurst (WA) Pty Ltd
16. Ellaz Pty Ltd
16. Mr Aaron Sorensen
16. Mr Robert Silver
16. Mr Steven Lyle Hadjifotis
16. Mr Mark Andrew Wing Young & Ms Noreen Hallion & Mr Paul Simon Hallion
16. Fiori Pty Ltd
17. Newton6 Pty Limited
18. Mr Paris Tsementzis
19. Mr Nick Chris Antoniades & Mrs Catherine Antoniades
20. Mr Ariel Edward King
20. Danteen Pty Ltd
20. Cale Consulting Pty Ltd
20. Mr Kevin Cooper
Holding
%
6,000,000
6,000,000
4,374,333
3,362,715
3,250,000
3,216,665
2,050,000
1,666,666
1,666,666
1,353,383
1,200,000
1,184,409
1,166,666
1,100,000
1,083,333
1,033,333
1,033,333
1,007,982
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
900,000
892,856
877,637
833,333
833,333
833,333
833,333
6.55
6.55
4.77
3.67
3.55
3.51
2.24
1.82
1.82
1.48
1.31
1.29
1.27
1.20
1.18
1.13
1.13
1.10
1.09
1.09
1.09
1.09
1.09
1.09
1.09
1.09
0.98
0.97
0.96
0.91
0.91
0.91
0.91
55,753,309
60.82
P a g e | 58
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2022
m) Unquoted Equity Security Holders with Greater than 20% of an Individual Class
as at 5 September 2022
Unlisted Options @ $0.04 ex price expiring 19 May 2023
Name
1. Maverick Exploration Pty Ltd
Unlisted Options @ $0.0564 ex price expiring 4 November 2024
Name
1.
Formica Investments Pty Ltd
2. King Corporate Pty Ltd
Unlisted Options $0.06 ex price expiring 15 February 2024
Name
1.
TYF Holdings Pty Ltd
1
2
The Company Secretary is Jessamyn Lyons.
Principal registered office
As disclosed in the Corporate Directory on page i of this Annual Report.
3
Registers of securities
As disclosed in the Corporate Directory on page i of this Annual Report.
4
Stock exchange listing
Holding
2,000,000
Holding
4,000,000
4,000,000
Holding
2,000,000
%
50.00
%
40.00
40.00
%
100.00
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.
5
Use of funds
The Company has used its funds in accordance with its initial business objectives.
P a g e | 59