ABN 12 108 560 069
ANNUAL REPORT
30 JUNE 2023
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
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
88 William Street
Perth WA 6000
GPO Box 2570
Perth WA 6001
+61 (08) 9463 2463
+61 (08) 9463 2499
info@ragnarmetals.com.au
www.ragnarmetals.com.au
Postal:
Telephone:
Facsimile:
Email:
Website:
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
P a g e | i
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Contents
Chairman’s Letter ................................................................................................................................................................... 1
Activities Report ..................................................................................................................................................................... 2
Directors' Report .................................................................................................................................................................. 13
Remuneration report............................................................................................................................................................ 17
Auditor's independence declaration .................................................................................................................................... 20
Consolidated statement of profit or loss and other comprehensive income ....................................................................... 21
Consolidated statement of financial position ....................................................................................................................... 22
Consolidated statement of changes in equity ...................................................................................................................... 23
Consolidated statement of cash flows ................................................................................................................................. 24
Notes to the consolidated financial statements ................................................................................................................... 25
Directors' declaration ........................................................................................................................................................... 48
Independent auditor's report ............................................................................................................................................... 49
Additional Information for Listed Public Companies ............................................................................................................ 54
P a g e | ii
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Chairman’s Letter
Dear Shareholders,
I would like to extend my heartfelt gratitude to both our new and existing shareholders for your unwavering support
throughout the year.
The year encapsulated in this Annual Report stands as a milestone for Ragnar, characterised by the announcement
of a pivotal sale and purchase agreement. We are in the process of disposing of our Swedish nickel interests to a
wholly-owned subsidiary of global mining giant BHP in a transaction that involves substantial cash consideration of
$9.8 million. This transaction is set to conclude imminently and includes deferred consideration of a 1% net smelter
royalty, which the purchaser has the option to buy for A$10,000,000.
This transaction is a testament to the tireless exploration efforts of our team at Tullsta and is a highly positive
development for all our shareholders. In particular, I would like to extend our appreciation to our local consultants,
GeoVista, whose expertise has greatly supported our endeavours.
While we diligently navigate the final stages of this transaction, we have remained proactive in our pursuit of new
projects, capitalising on the significant opportunities that Sweden presents. Situated at the heart of the rapidly
its mining-friendly regulatory environment and robust
expanding battery market and characterised by
infrastructure, Sweden has emerged as a strategic focus for us.
In June 2023, we announced the acquisition of the Hälleberget & Bergom Lithium projects. These projects are rich
in lithium-tantalum-tin-bearing pegmatites, and we have also secured two highly promising Rare Earth projects in
the southwestern Fennoscandian Province. This region is renowned for Rare Earth Element (REE) deposits, with the
distinction of housing Sweden's largest REE deposit, Norma Karr.
While it is still early days for these projects, we are immensely excited by the preliminary results. We are committed
to expanding our exploration portfolio, targeting critical metals in Sweden, and effectively deploying the significant
capital that is expected to shortly arrive.
I am honoured to be a part of Ragnar Metals and eagerly anticipate the next phase of our journey, one that promises
to unlock the immense potential of our critical metal portfolio, and in doing so, create lasting value for our
shareholders.
Sincerely,
Steve Formica
Non-Executive Chairman
Ragnar Metals Limited
P a g e | 1
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Activities Report
MINING INTERESTS
SWEDISH TENEMENTS
•
•
Rare Earth Element Projects
Lithium Projects
Tullsta Nickel Project
•
• Gaddebo Nickel Project
Rare Earth Element Projects
During the year, the Company identified and secured two new rare earth element licenses comprising 37.3km of
tenure, highly prospective for heavy rare earth element (HREE) mineralisation and NdPr metals, the Olserum North
HREE Project and the Gruvhagen NdPr Project.
Both projects are considered highly prospective for discovering rare earth mineralisation in the southwestern
Fennoscandian Province, renowned for rare earth element (REE) deposits, including Sweden’s largest REE deposit,
Norma Karr.
Figure 1: Simplified geological map of Southwest Fennoscandian Shield showing the location of
Ragnar’s new REE Projects in relation to the Olserum and Norma Karr REE deposits.
The Olserum North HREE Project tenure comprises 20.8km2 and is strategically located 8.5km north of the Olserum
HREE deposit, which is in an identical geological setting characterised by the same host Palaeoproterozoic
Svekokarelian metasedimentary rocks (1.9Ga) and Palaeoproterozoic alkalic granite and syenite rocks (1.8Ga), which
has been mapped by the Geological Survey of Sweden (Figure 2).
Previous exploration in the area has identified outcropping HREE mineralisation that returned historical exploration
results of 4,044 ppm TREE with 63% HREE.
P a g e | 2
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
The prospectivity of this area is strongly supported by rock assays from the Hylleled’s Prospect, where rocks up to
4,044 ppm REE have previously been reported, which include 63% HREE metals, including 365 ppm Dy and 54 ppm
Tb.
Subsequent to the end of the period on 13 July 2023, the Company announced it had received assay results from
rock chip samples from two prospects at the Olserum North HREE Project.
The Flaken Prospect produced assays up to 11,991 ppm (1.2%) TREO and 4,967 ppm (0.5%) TREO with abnormally
high HREO of up to 93%. This is a new REE discovery from old workings.
The Hylleled Prospect produced assays up to 9,012 ppm (0.9%) TREO and 8,286 ppm (0.8%) TREO with abnormally
high HREO of up to 86%.
These results are highly significant as the Hylleled and Flaken prospects are located 1.1 km apart, with the airborne
magnetic data suggesting that the magnetite-HREO mineralisation is connected (Figure 3).
Figure 2: Interpreted bedrock geology map showing Ragnar’s Olserum North project
in relation to the Olserum HREE deposit.
Figure 3: Airborne Magnetic Map (tilt derivative) showing the location of recent rock sample results
(*TREO includes all rare earth elements plus Y and Sc).
P a g e | 3
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
The Gruvhagen NdPr Project tenure comprising 16.5km2, is located within the ‘REE-Line’, where previous exploration
in the area has identified outcropping REE mineralisation that returned historical exploration results of 36,921 ppm
(3.7%) TREO with relatively high Nd/Pr (30%). Subsequent to the end of the period on 16 August 2023, the Company
announced assay results of the first field reconnaissance program at the Project.
The company contracted an experienced geologist from Bergskraft Bergslagen in June 2023 to conduct an initial field
visit to the project to relocate the historic REE occurrences and conduct full-suite multi-element assays. This work
aimed to identify the metal assemblage and mineralisation style and establish the potential scale and strike to focus
on future exploration efforts.
Figure 4: Interpreted bedrock geology of the Gruvhagen prospect highlighting the airborne magnetic anomaly.
A small digging was identified at the Morkens prospect, where highly altered rocks with visible pyrite-chalcopyrite
mineralisation were observed in the waste pile. The rocks were so altered that the original rock type is as-yet
unidentified. A suite of 5 rock samples were taken for assays with highly encouraging results including 19.7% TREO
(31% NdPr), 169 g/t gallium, 0.8% copper, and 490 ppm cobalt in sample 23GRUGS013; 2.3% TREO (31% NdPr),
0.4% copper and 515 ppm cobalt in sample 23GRUGS016; and 1.3% TREO (32% NdPr), 0.3% copper and 394 ppm
cobalt in sample 23GRUGS017.
Sampling 270m to the east of Morkens revealed a new area of highly elevated REO-gallium assays up to 0.34% TREE
(24% NdPr) and 33 g/t gallium which is now called Morkens East (Figure 4).
This work by Ragnar is extremely encouraging and indicates that NdPr-rich REE mineralisation with significant gallium
and copper potentially occurs over at least a 700m strike in the area where rare metals have been assayed. Also,
interpretation of the low-resolution magnetic data indicates that the NdPr-gallium mineralisation potentially occurs
for a 7km strike along the southern edge of the magnetic anomaly, which is mapping the iron mineralisation
P a g e | 4
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Lithium Projects
During the year, Ragnar applied for and was granted tenure over two new lithium projects in Sweden, the Hälleberget
and Bergom Lithium Projects.
Figure 5: Simplified geological map of Scandinavia showing the location of Ragnar’s Lithium Projects.
The Hälleberget Lithium Project is strategically located 10km north of the Järkvissle lithium pegmatite deposit.
Previous exploration at Hälleberget has identified outcropping lithium-bearing pegmatites over 500m strike with
historical exploration results up to 0.473% Li2O, 196 ppm Ta, and 4.48% Sn.
The area is considered highly prospective for discovering lithium pegmatite deposits since the district represents the
western extent of the same belt that contains the largest lithium deposits in Scandinavia, the Kaustinen Lithium
province in Finland.
The area explored by LKAB Prospektering (“LKAB”) in 1984 revealed promising historical results from the Hälleberget
prospect area, where multiple outcropping LCT pegmatites were identified. The pegmatites were observed to strike
north-northwest, and outcropping widths up to 3m were exposed, where at least two stacked dykes were observed
over a 500m strike (Figure 6). LKAB was focused on the search for tin-bearing minerals, so it only assayed two
samples where cassiterite was observed in the southern area. High-grade tin mineralisation was observed up to
4.48%, however, more importantly, both samples returned 0.47% Li2O as well as other essential metals common in
LCT-pegmatite including up to 196 ppm Ta, 0.68% Rb, 169 ppm Rb, and 24 ppm Ge.
P a g e | 5
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Figure 6: Interpreted bedrock geology map of the Hälleberget project area in relation to the Järkvissle lithium deposit.
After the end of the reporting period, the company provided an exploration update on the lithium program.
An initial field visit was undertaken in July 2023 and confirmed the presence of muscovite-rich pegmatites that are
variably tourmaline-bearing and detected trace beryl in places. Prominent outcrops extend for at least 400m and
up to 30m in thickness in areas of good outcrop exposure. Portable XRF readings on muscovite confirmed highly
fractionated and fertile LCT-pegmatites with encouraging K/Rb fertility ratios. A portable handheld Bruker XRF
machine was used in the field for spot readings, displaying elevated LCT-pegmatite pathfinder metals tin, niobium
and tantalum. Mineralogical identification of widespread tourmaline, beryl, and muscovite is a characteristic trace
mineral assemblage typical of LCT pegmatite zonation systems (Bradley & McCauley USGS, 2010).
The visit was encouraging, and subsequent compilation work by Ragnar has identified at least 20 other mapped
pegmatites, primarily to the south and east, that the Geological Survey of Sweden had mapped but was yet to
sample or assay (Figure 7). A further 27 unsampled pegmatites were identified to the south. The company lodged
an application to secure an additional 31km2 of project tenure, which if granted, will expand the Hälleberget
project's total area to 52km2. The new license is strategically located 4km from the Järkvissle lithium deposit (Figure
7).
P a g e | 6
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Figure 7: Interpreted bedrock geology map of the Hälleberget project area in relation to the Järkvissle lithium deposit.
The Bergom Project is located 100km east-northeast of Hälleberget and is in an area of known LCT pegmatites.
Previous discoveries have been made at the Orrvik lithium occurrence, where assays of up to 2.8% Li2O and 7,820
ppm Ta have been reported on pegmatites mapped for over 400m of strike (Figure 8). The Bergom area was
explored by LKAB Prospektering in 1984, revealing very promising results from the Bergom prospect area, and
outcropping cassiterite-bearing pegmatites were encountered in the area. Only one assay was conducted and
returned 0.17% Li2O and other important LCT-pegmatite metals 0.38% Sn, 95 ppm Ta, and 0.50% Rb. LKAB reported
extensive pegmatites throughout the area that have never been mapped or sampled. LKAB conducted no further
work at that time.
Subsequent to the end of the period, a field visit was undertaken and confirmed the presence of muscovite-rich
pegmatites up to 2m thick. Interestingly, further pegmatites were observed 3 km to the southeast of the tenure
toward the Orrvik lithium pegmatites, which are also muscovite-rich and tourmaline-bearing and contain trace
beryl in places. Portable XRF readings on muscovite confirmed highly fractionated and fertile LCT-pegmatites with
encouraging K/Rb fertility ratios and elevated tin, niobium and tantalum. Mineralogical identification of tourmaline,
beryl and muscovite is a characteristic trace mineral assemblage typical of LCT pegmatite zonation systems (Bradley
& McCauley USGS, 2010).
The initial field visit was encouraging, particularly in the area of open ground where Ragnar identified 14 additional
unsampled pegmatites, including the Anundsböle tin-niobium-lithium pegmatite occurrence (Figure 8). As a result,
Ragnar lodged an application to add an additional 47km2 of tenure, which was subsequently granted, expanding
the Bergom project's total area to 75km2 (Figure 8).
P a g e | 7
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Figure 8: Interpreted bedrock geology map of the Bergom project area in relation to the Orrvik lithium prospect.
Table 1: Ragnar Metals Sweden HREE and Lithium Project Tenement Details
Name
License ID
RAG Ownership
Area Ha
Expiry Date
Gruvhagen Nr 1
Olserum North
2023 38
2023 55
Olserum North Nr 2
2023 118
Bergom Nr 2
Bergom Nr 3
Hälleberget nr 1
2023 35
2023 116
2023 36
100%
100%
100%
100%
100%
100%
1,612.54
23/03/2026
2,082.61
25/04/2026
3,014.02
17/08/2026
2,767.31
20/03/2026
4,773.73
17/08/2026
2,110.45
20/03/2026
Total Area
16,360.66
Tullsta Nickel Project
On 26 June 2023, the Company announced that it had entered into a conditional sale and purchase agreement (SPA)
to dispose of its wholly owned subsidiary Ragnar Metals Sweden AB to BHP Metals Exploration Pty Ltd, a subsidiary
of BHP Group Limited (ASX: BHP). Please refer to the Corporate Activities section for further information.
The transaction is subject to the satisfaction of conditions, including Ragnar Metals completing an internal
restructure to transfer specific Swedish licenses from Ragnar Metals Limited to Ragnar Metals Sweden AB. The
licenses to be transferred are listed in Table 2.
The Tullsta and Gaddebo projects 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 northwest Russia is one of the major
P a g e | 8
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
nickel-copper provinces of the world. The Tullsta Nickel Project comprises 5 contiguous granted permits covering an
area of 109.6km2 and covers the extent of the gabbroic mafic intrusion which hosts the Granmuren nickel
mineralisation.
During the year, Swedish drilling contractor Allroc AB mobilised to Tullsta and commenced drilling activities to test
the potential of the Granmuren nickel-copper discovery.
Stage 1 comprised three holes for ~1,600m to test the Keel Zone and the controls on mineralisation below hole
21DDTS007. The four Stage 2 holes for ~1,400m tested the up-plunge zone between hole 21DDTS007 and the
historical shallower mineralisation, including the shallower portion of the Upper Keel to the east. Drilling also tested
the Northern and Southern Lobes, providing new shallow target zones away from the main intrusive chamber.
During the latter half of 2022, the Company confirmed Stages 1 and 2 of the diamond drill program had been
completed with 2,562.75m drilled during the campaign. The Company reported intersections of broad widths of
magmatic nickel-copper sulphide mineralisation in holes 22DDTS009, 22DDTS010, and 22DDTS012.
In February 2023, the Company announced that the Downhole Induced Polarisation and Resistivity (DHIP-R) survey
was completed by Swedish geophysical consultants GeoVista and merged with data collected during previous
surveys. DHTEM surveys conducted in January 2023 by GeoVista within recently completed drill holes were
combined with the last survey data collected in late 2021. GeoVista undertook digital modelling of the geophysical
data presenting Ragnar with 3D model files combined with the geological and assay data collected from the diamond
core drilling program. The 3D geophysical model highlighted three new target areas and provides evidence the
Granmuren nickel-copper-cobalt system continues to expand in several directions at depth.
Gaddebo Nickel Project
Gaddebo is a small tenure measuring 1km x 1km located 15km SE of the town of Sala. 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.
This project forms part of the conditional sale and purchase agreement (SPA) entered into with BHP Metals
Exploration Pty Ltd, a subsidiary of BHP Group Limited (ASX: BHP) as announced on 26 June 2023. Please refer to the
Corporate Activities section for further information.
Table 2: Swedish licenses subject to transfer
Name
License ID
RAG Ownership
Berga nr 1
2018 48
Tullsta nr 6
2017 158
Tullsta nr 7
2019 5
Tullsta nr 8
Tullsta nr 9
2020 45
2021 75
Gaddebo Nr 3
2014 91
Total Area
100%
100%
100%
100%
100%
100%
Area Ha
2181.525
2695.025
4452.737
31.415
1598.830
99.815
11,059.347
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
30/10/2014
30/10/2026
P a g e | 9
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
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
02/07/2027
Ragnar has interests in two highly prospective West Australian gold projects strategically located in the prolific gold
mining district of the Norseman-Wiluna Greenstone Belt of Western Australia.
The Company has an 80% interest in the Leeds Gold Project and a 100% interest in the Kenya 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. The Leeds Project comprises two granted prospecting licenses collectively
covering a total area of 3.94km2. The project occurs in the area hosted by the Black Flag volcano-sedimentary
package of rocks that host the Junction, Argo, and Invincible gold deposits at the St Ives Gold Camp. More
importantly, the Leeds Project is located very close to the regional Speedway Fault and the associated subsidiary
structures that are widely known to be critical for the formation of various deposits at St Ives including invincible
and Argo.
The Kenya Project is located 50 km along strike to the south of the AngloGold Ashanti’s Sunrise Dam gold mining
camp in the Laverton mining district. The project comprises two granted exploration licences covering approximately
7.7km2.
Locally the project occurs 4-5 km north, along a strike from Saracen’s Deep South and Safari Bore deposits. The
Project also occurs 1-5 km south along a strike from Legacy Iron’s Kangaroo Bore and Blue Peter gold deposits which
occur on a mining lease application. The Kenya Project is well located between known gold deposits within a highly
fertile greenstone belt.
The Company’s technical team is considering satellite imagery options to define alterations and potential new
targets on both the Kenya Gold Project and the Leeds Gold Project. This work is currently in progress and ongoing
to incorporate all existing exploration work completed by the Company.
P a g e | 10
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Listing Rule 5.23.2 statement
This report contains
information extracted from reports available to view on the Company’s website
www.ragnarmetals.com.au. In relying on the below ASX announcements and pursuant to ASX Listing Rule 5.23.2,
the Company confirms it is not aware of any new information or data that materially affects the information included
in the abovementioned announcements or this Annual Report.
In preparing the Annual Report for the period ended 30 June 2023, the Company has relied on the following ASX
announcements:
•
•
•
•
•
•
•
•
•
•
•
•
•
‘High Grade REE and Gallium at Gruvhagen’ 16 August 2023
‘Exploration Program to Commence on Lithium Portfolio’ 9 August 2023
‘Potential 1.1kmof Strike of HREE Mineralisation Identified ’ 13 July 2023
‘Entitlement Issue to Raise $1.89m’ 26 June 2023
‘Sale of Ragnar Metals Sweden AB to BHP for A$9,800,00’ 26 June 2023
‘Acquisition of Two Rare Earth Projects in Sweden’ 26 June 2023
‘Acquisition of Two Lithium Projects in Sweden ’ 26 June 2023
‘Three New High Priority Targets Identified at Granmuren’ 15 February 2023
‘Assays Reveal Upper Higher Grade Zone at Tullsta’ 22 December 2022
‘Assays Confirm Ni-Cu-Co Mineralisation’ 21 November 2022
‘137m of Nickel Sulphides at Tullsta’ 31 October 2022
‘Magmatic Sulphides Intersected at Granmuren’ 30 September 2022
‘Drilling Underway at Granmuren’ 18 July 2022
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 of 26 September 2023 when the Annual Report was released, aware of any
new information or data that materially affects this information regarding the exploration results.
P a g e | 11
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
CORPORATE
The corporate activities during the financial year are outlined as follows:
•
Sale of Ragnar Metals Sweden AB
On 26 June 2023, the Company announced that it had entered into a conditional sale and purchase agreement (SPA)
to dispose of its wholly owned subsidiary Ragnar Metals Sweden AB to BHP Metals Exploration Pty Ltd, a subsidiary
of BHP Group Limited (ASX: BHP). The sale of subsidiary is being treated as a discontinued operation.
The sale includes tenements and exploration licenses over the Tullsta nickel project in Sweden, which are considered
non-current assets held for sale as at 30 June 2023. The deal is expected to be complete by October 2023, with
A$9,800,000 to be paid by BHP Metals Exploration Pty Ltd on completion. Deferred consideration, in the form of a
1% Net Smelter Return Royalty (Royalty), will be payable to Ragnar upon commencement of commercial production.
The Purchaser may buy out the Royalty for a further A$10,000,000.
The transaction is subject to the satisfaction of conditions, including Ragnar Metals completing an internal
restructure to transfer specific Swedish licenses from Ragnar Metals Limited to Ragnar Metals Sweden AB.
• Successful Completion of Capital Raise
On 26 June 2023, the Company announced a non-renounceable entitlement issue of 1 fully paid ordinary share for
every 4 shares held by shareholders of the Company at an issue price of $0.02 to raise up to $1,890,000, together
with one option to acquire a Share (Option), each with an exercise price of $0.03 and an expiry date of 30 September
2024. Subsequent to the end of the June 2023 financial year the entitlement issue results released on 25 July 2023
resulted in valid acceptances from eligible shareholders for 51,149,660 shares and 51,149,660 options, representing
gross proceeds of $1,022,993.20. The remaining 43,646,417 shares and 43,646,417 options, representing gross
proceeds of $872,928.34 were issued pursuant to the terms of the Underwriting Agreement.
P a g e | 12
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
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”, “Ragnar” or the “Company” or the “parent entity”) and its controlled entities (collectively the
“Group”), for the financial year ended 30 June 2023.
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 at Nexia Perth, Company Secretary of Dreadnought Resources
Limited, and Joint Company Secretary of Echo IQ Limited, Jindalee Resources Limited and
Torque Metals Limited. 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 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 2023 (2022: 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 2023 financial year, the Group delivered a loss after tax of $647,279 (2022: 1,198,113).
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 decreased to $4,895,461 on 30 June 2023 (2022: $5,420,110).
As of 30 June 2023, the Group's cash and cash equivalents were $196,050 (2022: $2,082,661) and the group had net working
capital of $118,236 (2022: $2,012,878). See Note 13.
P a g e | 13
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
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
On 26 June 2023, the Group announced that it has entered into a conditional sale and purchase agreement (SPA) to dispose of
its wholly owned subsidiary Ragnar Metals Sweden AB to BHP Metals Exploration Pty Ltd, a subsidiary of BHP Group Limited (ASX:
BHP) for $9,800,000.
Mining
As disclosed in the Mining Interests section of the Activities Report.
7. Events Subsequent to the Reporting Date
Subsequent to 30 June 2023, the following significant events were undertaken by the Group:
•
•
On 25 July 2023, the Company confirmed it had received valid acceptances from eligible shareholders for 51,149,660
shares and 51,149,660 options, representing gross proceeds of $1,022,993.20. The remaining 43,646,417 shares and
43,646,417 options, representing gross proceeds of $872,928.34 were issued pursuant to the terms of the Underwriting
Agreement.
On 11 September 2023, the company issued 16,500,000 unlisted options to its consultants and company secretary. The
unlisted options have an exercise price of $0.03 and expire on 30 June 2025. Two 1,000,000 parcels of the unlisted
options have conditions of continuous employment which vest on 1 May 2024, the remaining options have no vesting
conditions.
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
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, 4,000,000 performance rights and options to acquire a
further 4,000,000 ordinary shares in Ragnar Metals Limited.
Mr Formica is currently the Non-Executive Chairman of Albion Resources Limited
(ASX:ALB) and Non-Executive Director of EchoIQ (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.
Interest in Shares and Options
3,800,000 ordinary shares, 4,000,000 performance rights and options to acquire a
further 4,000,000 ordinary shares in Ragnar Metals Limited.
P a g e | 14
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Directors' report
Directorships held in other listed
entities in the past three years
• Mr David Wheeler
Qualifications
Experience
Interest in Shares and Options
Directorships held in other listed
entities in the past three years
Mr King is currently on the board of Bindi Metals Limited (ASX:BIM), Great Northern
Minerals Limited (ASX:GNM), M3 Mining Limited (ASX:M3M), Noble Helium Limited
(ASX:NHE), Eastern Resources Ltd (ASX:EFE), Queensland Pacific Metals Ltd
(ASX:QPM), and Rubix Resources Limited (ASX: RB6). He was a former director of
Lindian Resources Ltd (ASX:LIN), Bowen Coking Coal Ltd (ASX:BCB), Axxis Technology
Group Ltd (ASX:AYG) (renamed to ECS Botanics Ltd (ASX:ECS), European Cobalt Ltd
(ASX:EUC) (renamed to Aston Minerals Ltd (ASX:ASO), Six Sigma Metals (ASX:SI6), and
Sultan Resources Ltd (ASX:SLZ).
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, 1,500,000 performance rights and options to acquire a
further 1,500,000 ordinary shares in Ragnar Metals Limited.
Mr Wheeler also acts as a director of, Avira Resources Limited (ASX: AVW), Cradle
Resources Ltd (ASX:CXX), Cycliq Group Ltd (ASX:CYQ), MOAB Minerals Limited (ASX:
MOM) (formally Delecta Limited (ASX:DLC)), OZZ Resources Ltd (ASX:OZZ), Protean
Energy Ltd (ASX: POW), PVW Resources Limited (ASX: PVW) and Tyranna Res Ltd (ASX:
TYX). He was a former director of Athena Resources Limited (ASX:AHN), Blaze Minerals
Limited (ASX: BLZ), Eneabba Gas Ltd (ASX: ENB), Health House International (ASX: HHI),
Ultracharge Ltd (ASX: UTR), and Syntonic Limited (ASX: SYT)and Wellfully Ltd
(ASX:WFL).
10. Meetings of directors and committees
During the financial year, three 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
3
3
3
3
3
3
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 a 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
P a g e | 15
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Directors' report
than conduct involving a wilful breach of duty in relation to the Company. The amount of the premium in 2023 was $35,000
(2022: $31,170).
No indemnity has been paid in respect of auditors.
12. Options
12.1. Unissued shares under option
At the date of this report, the un-issued ordinary shares of Ragnar Metals Limited under option (listed and unlisted) are as
follows:
Grant Date
Date of Expiry
Exercise Price
Number under
Option
5 Nov 2021
4 Nov 2024
$0.0564
10,000,000
15 Feb 2022
15 Feb 2024
27 July 2023 1
30 Sep 2024
$0.06
$0.03
2,000,000
94,796,077
106,796,077
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
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 $10,680 (2022: $1,650). Details of remuneration paid to the auditor can be found within the financial statements
at Note 5, Auditor's Remuneration.
In the event that non-audit services are provided by 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.
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 2023 has been received and can be found on page 20 of the annual report.
P a g e | 16
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Directors' 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 and Parisian Barrier1 Model 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 2023
There were no cash bonuses paid during the year and there are no set performance criteria for achieving cash bonuses.
The term “Key Management Personnel” refers to those persons having authority and responsibility for planning, directing and
controlling the activities of the group directly or indirectly including any Director (whether executive or otherwise) of the Group.
A Consultancy agreement was signed with Ariel King to manage the business of the company in 2021.
At the AGM held on 26 October 2022, the shareholders of the company approved the adoption of the remuneration report for
the year ended 30 June 2022. The Company did not receive any specific feedback at the AGM or throughout the year regarding
its remuneration practices.
P a g e | 17
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:
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Short-term
benefits
Salary, fees
and leave
$
Steve Formica
96,000
Eddie King
120,000
David Wheeler
36,000
252,000
Short-term
benefits
Salary, fees
and leave
$
Post-
employment
benefits
Long-term
benefits
Termination
benefits
Profit share
and bonuses
Other
Super
Other
Total
% Share
based
payments
Equity-
settled
share-based
payments
Options
$
-
-
-
-
$
-
-
-
-
$
10,080
-
-
10,080
$
-
-
-
-
$
-
-
-
-
$
$
%
14,354
120,434
14,354
134,354
5,383
41,383
11.92%
10.68%
13.01%
34,091
296,171
-
Post-
employment
benefits
Long-term
benefits
Termination
benefits
Profit share
and bonuses
Other
Super
Other
Total
% Share
based
payments
Equity-
settled
share-based
payments
Options
$
-
-
-
-
$
-
-
-
-
$
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
-
Steve Formica
96,000
Eddie King
120,000
David Wheeler
36,000
252,000
17.5. Share-based compensation
Director share options
There were no options granted as remuneration to Directors during the year.
Director ordinary shares
There were no shares granted as remuneration to Directors during the year.
Director performance rights
4,750,000 Class A performance rights and 4,750,000 Class B performance rights with an expiry date of 21 November
2025 were issued to Directors as remuneration during the year. 2,000,000 Class A and Class B performance rights to
each Steve Formica and Eddie King and 750,000 Class A and Class B performance rights to David Wheeler.
Performance Rights on issue as Remuneration
Details of the unexpired rights on issue granted as remuneration to directors are detailed in table below.
a.
b.
c.
d.
2023
Performance
Rights Issued
Grant Date
Fair Value per
right
No.
2,000,000
2,000,000
2,000,000
2,000,000
750,000
750,000
26/10/2022
26/10/2022
26/10/2022
26/10/2022
26/10/2022
26/10/2022
$
0.01269
0.01383
0.01269
0.01383
0.01269
0.01383
Fair Value
Expiry Date
$
25,380
27,660
25,380
27,660
9,518
10,373
21/11/2025
21/11/2025
21/11/2025
21/11/2025
21/11/2025
21/11/2025
Steve Formica
Steve Formica
Eddie King
Eddie King
David Wheeler
David Wheeler
All options have been issued to nominees of the directors.
P a g e | 18
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
17.6. KMP equity holdings
a.
Movement in shareholdings of each KMP by number of shares
2023
Steve Formica
Eddie King
David Wheeler
Balance at
start of year
Consolidation
of shares
Received
as
compensation
Other changes
during the year
13,690,484
3,800,000
1,000,000
18,490,484
-
-
-
-
-
-
-
-
-
-
-
-
Balance at
end of year
13,690,484
3,800,000
1,000,000
18,490,484
b.
Movement in option holdings of each KMP by number of options.
2023
Balance at
Start of
year
Granted as
Remuneration
During the
year
Other
changes
during
the year
Lapsed
During year
Balance at
end of year
Vested and
Exercisable
Not Vested
Steve Formica
12,266,666
Eddie King
10,833,333
David Wheeler
4,833,333
27,933,332
-
-
-
-
-
-
-
-
(8,266,666)
4,000,000
(6,833,333)
4,000,000
(3,333,333)
1,500,000
(18,433,332)
9,500,000
-
-
-
-
4,000,000
4,000,000
1,500,000
9,500,000
c.
Movement in performance rights holdings of each KMP by number of performance rights
2023
Steve Formica
Eddie King
David Wheeler
Balance at
Start of year
-
-
-
-
Granted as
Remuneration
During the
year
4,000,000
4,000,000
1,500,000
9,500,000
Lapsed
During year
Balance at
end of year
Vested and
Exercisable
Not Vested
-
-
-
-
4,000,000
4,000,000
1,500,000
9,500,000
-
-
-
-
4,000,000
4,000,000
1,500,000
9,500,000
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
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 26 September 2023
P a g e | 19
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 2023, 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 26th day of September 2023
Perth, Western Australia
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Consolidated statement of profit or loss and other comprehensive
income
For the year ended 30 June 2023
Note
2023
Continuing operations
Income
Contractors and consultants
Share-based payments
Public relations and advertising
Registry and ASX fees
Directors Fees
Accounting and audit fees
Legal fees
Insurance
Foreign exchange gain/(loss)
Finance Costs
Other expenses
Loss before tax
3
18
4
$
5,654
5,654
(88,181)
(83,165)
(66,173)
(60,299)
(58,376)
(42,490)
(36,515)
(24,001)
(273)
(120)
(1,757)
2022
Restated
$
25,425
25,425
(157,035)
(457,026)
(82,297)
(71,002)
(81,318)
(40,428)
(110,069)
(38,872)
850
(136)
(74,688)
(455,696)
(1,086,596)
Income tax benefit / (expense)
6
-
-
Loss for the period from continuing operations after tax
Loss after income tax expense from discontinued operations
Net (loss) / profit for the year
Other comprehensive income, net of income tax
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations
Exchange differences on translation of discontinued
operations
Other comprehensive income for the year, net of income tax
Total comprehensive income attributable to members of the parent
entity
(455,696)
(191,583)
(647,279)
44,146
(4,681)
(39,465)
(1,086,596)
(111,517)
(1,198,113)
(4,008)
(9,326)
(13,334)
(607,814)
(1,211,447)
Earnings per share:
Basic and diluted loss per share (cents per share) – continuing
operations
Basic and diluted loss per share (cents per share) – continuing and
discontinued operations
7
7
₵
(0.12)
(0.17)
₵
(0.30)
(0.33)
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 | 21
Consolidated statement of financial position
as at 30 June 2023
Current assets
Cash and cash equivalents
Trade and other receivables
Non-current assets classified as held for sale
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 2023
Note
8
9
25
2023
$
2022
$
196,050
38,262
1,075,088
2,082,661
84,838
-
1,309,400
2,167,499
10
3,702,137
3,407,232
3,702,137
3,407,232
5,011,537
5,574,731
11
116,076
116,076
154,621
154,621
116,076
154,621
4,895,461
5,420,110
12a
14
33,850,015
33,850,015
437,451
2,745,685
(29,392,005)
(31,175,590)
4,895,461
5,420,110
The consolidated statement of financial position is to be read in conjunction with the accompanying notes.
P a g e | 22
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Consolidated statement of changes in equity
for the year ended 30 June 2023
Note
Issued
Capital
$
Accumulated
Losses
$
Options
Reserve
$
Share-based
Payments
Reserve
$
Foreign
Exchange
Translation
Reserve
$
Total
$
33,850,015
(31,175,590)
2,266,083
525,944
(46,342)
5,420,110
(647,279)
-
(647,279)
-
-
-
-
-
-
-
(647,279)
39,465
39,465
39,465
(607,814)
Balance at 1 July 2022
Loss for the year
Other comprehensive income for the year
Total comprehensive income
Transaction with owners, directly in equity
Transfer of expired options to
accumulated losses
Share-based payments expense
12b
-
-
-
-
-
Balance at 30 June 2023
33,850,015
(29,392,005)
444,328
2,430,864
(1,904,920)
(525,944)
-
83,165
-
-
-
83,165
(6,877)
4,895,461
-
-
Balance at 1 July 2021
Loss for the year
Other comprehensive income for the year
Total comprehensive income
Transaction with owners, directly in equity
Shares issued during the year
Transaction costs
Transfer to listed options reserve
Share-based payments expense
32,704,462
(29,977,477)
1,808,957
525,944
(33,008)
5,028,878
-
-
-
(1,198,113)
-
(1,198,113)
1,225,000
(79,347)
(100)
-
-
-
-
-
-
-
-
-
-
100
457,026
-
-
-
-
-
-
-
-
(1,198,113)
(13,334)
(13,334)
(13,334)
(1,211,447)
-
-
-
-
1,225,000
(79,347)
-
457,026
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 | 23
Consolidated statement of cash flows
for the year ended 30 June 2023
Cash flows from operating activities
Payments to suppliers and employees
Finance cost
Interest received
GST Received
VAT Received – discontinued operations
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Note
2023
$
2022
Restated
$
(447,664)
(734,907)
(120)
5,265
91,295
282,095
-
496
214,885
186,578
Payments to suppliers and employees - discontinued operations
(13,811)
(6,493)
Net cash used in operating activities
8c.i
(82,940)
(339,441)
Cash flows from investing activities
Payments for exploration expenditure
(501,260)
(1,117,073)
Payments for exploration expenditure – discontinued operations
(1,290,732)
(998,835)
Payments for investments
Net cash used in investing activities
Cash flows from financing activities
Proceeds from issue of equity securities
Transaction costs related to issue of shares and convertible notes
Net cash (used)/provided by financing activities
(7,924)
-
(1,799,916)
(2,115,908)
-
-
-
1,225,100
(79,346)
1,145,754
Net (decrease)/increase in cash held
(1,882,856)
(1,309,595)
Cash and cash equivalents at the beginning of the year
2,082,661
3,394,825
Effect of exchange rates on cash holdings in foreign currencies
(3,756)
(2,569)
Cash and cash equivalents at the end of the year
8a
196,050
2,082,661
The consolidated statement of cash flows 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 2023
Notes to the consolidated financial statements
for the year ended 30 June 2023
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 26 September 2023 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 $647,279 (2022: $1,198,113) and had net
cash outflows from operating and investing activities of $82,940 (2022: $339,441) and $1,799,916 (2022: $2,115,908)
respectively for the year ended 30 June 2023. As at that date, the consolidated entity had net current assets of $1,193,324
(2022: $2,012,878).
On 26 June 2023 the group announced it had entered into a conditional sale and purchase agreement (SPA) to dispose of its
wholly owned subsidiary Ragnar Metals Sweden AB to BHP Metals Exploration Pty Ltd, a subsidiary of BHP Group Limited
(ASX: BHP). The sale includes tenements and exploration licences over the Tullsta nickel project in Sweden. The sale is
expected to be complete by 30 September 2023, with A$9,800,000 to be paid by BHP Metals Exploration Pty Ltd on
completion.
Deferred consideration, in the form of a 1% Net Smelter Return Royalty (Royalty), will be payable to Ragnar upon
commencement of commercial production. The Purchaser may buy out the Royalty for a further A$10,000,000.
The Directors note that on 25 July 2023, the Company confirmed it had received valid acceptances from eligible shareholders
for 51,149,660 shares and 51,149,660 options, representing gross proceeds of $1,022,993.20. The remaining 43,646,417
shares and 43,646,417 options, representing gross proceeds of $872,928.34 were issued pursuant to the terms of the
Underwriting Agreement.
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.
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.
P a g e | 25
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Notes to the consolidated financial statements
for the year ended 30 June 2023
Note 1
Statement of significant accounting policies
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.
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.
P a g e | 26
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Notes to the consolidated financial statements
for the year ended 30 June 2023
Note 1
Statement of significant accounting policies
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. Revenue recognition
The Group recognises revenue as follows:
Interest
i.
Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the
amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest
rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset
to the net carrying amount of the financial asset.
ii. Other revenue
Other revenue is recognised when it is received or when the right to receive payment is established. Revenue in relation to
joint venture agreements is recognised over the period the services are rendered.
f. 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.
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 $3,702,137 (2022:
$3,407,232).
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.
P a g e | 27
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Notes to the consolidated financial statements
for the year ended 30 June 2023
Note 1
Statement of significant accounting policies
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.
g. New, revised or amending Accounting Standards and Interpretations
In the year ended 30 June 2023, 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.
h. 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 2023. The group is currently
assessing the impact of these new or amended Accounting Standards and Interpretations, the impact of which is not yet known.
i. Other standards not yet applicable
The Directors have also reviewed all of the new and revised Standards and Interpretations in issue not yet adopted for the year
ended 30 June 2023. 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.
P a g e | 28
Telephone:
+61 (08) 9463 2463
Facsimile: +61 (08) 9463 2499
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Notes to the consolidated financial statements
for the year ended 30 June 2023
Note 2
Company details
The registered office and principal place of business of the
Company is:
Address: Level 3
88 William Street
PERTH WA 6000
Postal:
PERTH WA 6001
GPO Box 2570
Note 3
Income
a.
Income
Interest income
b. Other Income
Recoveries from deregistered company
Other income
Total Income
Note 4
Profit / (loss) before income tax
The following significant revenue and expense items are relevant in explaining
the financial performance:
Employment costs:
Directors’ fees
Note 5
Auditor's remuneration
Remuneration of the auditor of the Ragnar Metals, Hall Chadwick WA Audit Pty
Ltd:
Auditing or reviewing the financial reports:
Taxation services provided by a related practice of the Auditor
2023
$
5,265
5,265
-
389
389
5,654
2023
$
58,376
58,376
2023
$
54,845
-
54,845
2022
$
496
496
24,929
-
24,929
25,425
2022
$
81,318
81,318
2022
$
37,635
1,650
39,285
P a g e | 29
Notes to the consolidated financial statements
for the year ended 30 June 2023
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
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Note
2023
$
2022
$
-
-
-
-
-
-
-
-
-
-
-
-
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:
Australian Tax Rate
(647,279)
(1,198,113)
25%
25%
Prima facie tax payable / (refundable) on operating loss at 25% (25%)
(161,820)
(299,528)
Add / (Less)
Tax effect of:
Adjustments recognised in the current year in relation to the current tax
of previous years
Effect of tax rates in foreign jurisdictions
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
(34,641)
12,941
20,791
-
-
-
114,256
(3,961)
162,728
189,233
-
-
2,922,691
2,806,644
304,156
67,591
12,933
304,156
7,002
13,949
3,307,371
3,131,750
(12,893)
-
3,294,478
3,131,750
(3,294,478)
(3,131,750)
-
(12,893)
(12,893)
12,893
-
-
-
-
-
-
P a g e | 30
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Notes to the consolidated financial statements
for the year ended 30 June 2023
Note 6
Income tax (cont.)
Note
2023
$
2022
$
Unused tax losses for which no deferred tax asset has been recognised
11,690,764
11,260,565
Unused capital losses for which no deferred tax asset has been recognised
1,216,623
1,216,623
Potential tax benefit at 25.0% (25.0%)
12,907,387
3,117,801
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 | 31
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Notes to the consolidated financial statements
for the year ended 30 June 2023
Note 7
Earnings per share (EPS)
a. Reconciliation of earnings to profit or loss
(Loss) / profit for the year – continuing operations
Note
2023
$
2022
$
(455,696)
(1,086,596)
(Loss) / profit for the year – continuing and discontinued operations
(647,279)
(1,198,113)
b. Weighted average number of ordinary shares outstanding during the year
used in calculation of basic EPS
7d
379,184,889
365,856,122
2023
$
2022
$
c. Earnings per share
From continuing operations
From continuing and discontinued operations
2023
₵
2022
₵
7d
7d
(0.12)
(0.17)
(0.30)
(0.33)
d. At the end of the 2023 financial year, the Group has 38,500,000 unissued shares under options (2022: 176,266,497). 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
2023
$
2022
$
196,050
2,082,661
196,050
2,082,661
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 | 32
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Notes to the consolidated financial statements
for the year ended 30 June 2023
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:
Share-based payments
Foreign exchange loss
Changes in assets and liabilities:
(Increase)/decrease in receivables
Increase/(decrease) in trade and other payables
Note
18
Cash flow from operations
d. Credit standby facilities
The Group has no credit standby facilities.
Note 9
Trade and other receivables
a. Current
GST and VAT receivable
Other receivables
2023
$
2022
$
(647,279)
(1,198,113)
83,165
178,523
302,832
181
457,025
104,174
251,658
45,815
(82,940)
(339,441)
2023
$
29,440
8,822
38,262
2022
$
74,610
10,228
84,838
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 | 33
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Notes to the consolidated financial statements
for the year ended 30 June 2023
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 2023 and 30 June
2022 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
Note
2023
$
2022
$
3,407,232
1,369,993
1,731,631
1,675,601
-
Disclosed as non-current asset held for sale
25
(1,075,088)
Carrying amount at the end of the year
3,702,137
3,407,232
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 | 34
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Notes to the consolidated financial statements
for the year ended 30 June 2023
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
2023
$
2022
$
79,971
36,105
116,076
116,471
38,150
154,621
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
2023
No.
2022
No.
2023
$
2022
$
Fully paid ordinary shares at no par value
12a
379,184,889
379,184,889
33,850,015
33,850,115
a. Ordinary shares
At the beginning of the period
Shares issued during the year
Placement (1)
Transaction costs – share issue
Transfer to listed options reserve
At reporting date
379,184,889
344,184,889
33,850,015
32,704,462
-
-
-
-
-
35,000,000
-
-
-
-
-
-
-
1,225,000
(79,347)
(100)
379,184,889
379,184,889
33,850,015
33,850,015
(1) 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.
P a g e | 35
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Notes to the consolidated financial statements
for the year ended 30 June 2023
Note 12 Issued capital (continued)
b. Options Unlisted
Note
Exercise
Price
Expiry Date
2023
No.
2022
No.
2023
$
2022
$
Opening Balance
Options Expired
Employee Options 1
Employee Options 2
Employee Options 3
Director Options
Vendor Options
Vendor Options
(1)
(2)
(2)
(2)
(3)
(4)
(5)
$0.04
$0.06
$0.08
$0.0564
$0.0564
$0.06
c. Options Listed
Opening Balance
84,600,000 72,600,000
1,349,418
892,293
19/05/2023
17/06/2023
17/06/2023
4/11/2024
4/11/2024
15/02/2024
(72,600,000)
-
-
-
-
-
9,500,000
500,000
2,000,000
(988,255)
-
4,096
-
9,676
-
-
23,089
32,704
33,210
20,776
343,805
18,090
8,540
-
-
-
-
-
12,000,000 84,600,000
398,024
1,349,418
2023
No.
2022
No.
2023
$
2022
$
91,666,497 91,666,497
916,665
916,665
Options Expired
(1)
(91,666,497)
-
(915,665)
-
Total Options
(1) Total options expired
- 91,666,497
-
916,665
12,000,000 176,266,497
457,125
2,266,083
•
•
•
•
•
Expiry of 600,000 unlisted options without conversion on 2/09/2022 (Price $0.075)
Expiry of 68,000,000 unlisted options without conversion on 19/05/2023 (Price $0.04)
Expiry of 91,666,497 listed options without conversion on 19/05/2023 (Price $0.04)
Expiry of 2,000,000 options without conversion on 17/06/2023 (Price $0.06)
Expiry of 2,000,000 options without conversion on 17/06/2023 (Price $0.08)
2) 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.
(3) 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 in the prior year.
(4) 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 in the prior year.
(5) 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 in the prior year.
P a g e | 36
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Notes to the consolidated financial statements
for the year ended 30 June 2023
Note 12 Issued capital (continued)
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.
d. Performance rights
Opening Balance
Director Performance Rights – Class A
Director Performance Rights – Class B
Consultant Performance Rights – Class A
Consultant Performance Rights – Class B
(6)
(6)
(7)
(7)
Note Expiry Date
2023
No.
2022
No.
-
21/11/2024 4,750,000
21/11/2025 4,750,000
21/11/2024 2,000,000
21/11/2025 2,000,000
13,500,000
-
-
-
-
-
-
2023
$
-
19,642
14,449
6,992
5,221
46,304
2022
$
-
-
-
-
-
-
Total Options and Performance rights
25,500,000 176,266,497
444,328
2,266,083
(6) On 26 October 2022, shareholders approved the issue of 9,500,000 Director Performance Rights (4,000,000 Performance Rights
to Eddie King, 4,000,000 Performance Rights to Steve Formica, 1,500,000 Performance Rights to David Wheeler). The Director
Performance Rights are divided equally into two classes with different vesting conditions and expiry dates. Class A - The 20 day
VWAP being at least $0.07 on or before the date that is 2 years from the date of issue of the Performance Rights. Class B - The
20 day VWAP being at least $0.10 on or before the date that is 3 years from the date of issue of the Performance Rights.
(7) On 11 November 2022, 4,000,000 Performance Rights were issued to a consultant. The Consultant Performance Rights are
divided equally into two classes with different vesting conditions and expiry dates. Class A - The 20 day VWAP being at least $0.07
on or before the date that is 2 years from the date of issue of the Performance Rights. Class B - The 20 day VWAP being at least
$0.10 on or before the date that is 3 years from the date of issue of the Performance Rights.
Refer to Note 18 for further details on the valuation of the performance rights.
Note 13 Capital Management
The Directors’ objectives when managing capital are to ensure that the Group can fund its operations and continue as a going
concern, so that they may continue to provide returns for shareholders and benefits for other stakeholders. Due to the nature
of the Group’s activities, being mineral exploration, the Group does not have ready access to credit facilities, with the primary
source of funding being equity raisings. Therefore, the focus of the Group’s capital risk management is the current working capital
position against the requirements of the Group to meet exploration programmes and corporate overheads.
The Group’s strategy is to ensure appropriate liquidity is maintained to meet anticipated operating requirements, with a view to
initiating appropriate capital raisings as required.
The working capital position of the Group were as follows:
Cash and cash equivalents
Trade and other receivables
Trade and other payables
Working capital position
P a g e | 37
Note
8
9
11
2023
$
196,050
38,262
2022
$
2,082,661
84,838
(116,076)
(154,621)
118,236
2,012, 878
Notes to the consolidated financial statements
for the year ended 30 June 2023
Note 14 Reserves
Option reserve
Foreign exchange reserve
Share-based payment reserve
a. Option reserve
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Note
2023
$
2022
$
12c
444,328
2,266,083
(6,877)
-
(46,342)
525,944
437,451
2,745,685
The option reserve records items recognised as expenses on the value of directors, employee and other options. Please refer
Note 12 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 the expense of performance rights. During the year all expired performance rights
were transferred to retained earnings.
Note 15 Controlled entities
Ragnar Metals Limited is the ultimate parent of the Group.
a. Subsidiaries
Drake (Euro) Pty Ltd
Loki Exploration Pty Ltd
Ragnar Sweden AB
Ragnar Exploration AB
Country of
Incorporation
Australia
Australia
Sweden
Sweden
Class of
Shares
Ordinary
Ordinary
Ordinary
Ordinary
Percentage Owned
2023
100
100
100
100
2022
100
100
100
100
b.
Investments in subsidiaries are accounted for at cost.
Note 16 Key Management Personnel compensation (KMP)
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. $203,704 (2022: $ 180,282) was capitalised as
exploration expenditure.
Short-term employee benefits
Share-based payments – Note 18
Total
2023
$
262,080
34,091
2022
$
261,600
343,705
296,171
605,305
P a g e | 38
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Notes to the consolidated financial statements
for the year ended 30 June 2023
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
Note
2023
Share-based payment expense
Gross share-based payments
18a
$
83,165
83,165
2022
$
457,025
457,025
a. The following share-based payment arrangements existed at 30 June 2023
On 5 November 2021 the company issued 9,500,000 Director options at an exercise price of $0.0564, exercisable on or
before 4 November 2023.
On 5 November 2021 the company issued 500,000 Vendor options at an exercise price of $0.0564, exercisable on or before
4 November 2023.
On 15 February 2022 the company issued 2,000,000 unlisted options at an exercise price of $0.06, exercisable on or before
15 February 2024.
On 21 November 2022 9,500,000 Director Performance Rights were issued and are divided equally into two classes with
different vesting conditions and expiry dates. Class A - a 20 day VWAP being at least $0.07 on or before the date that is 2
years from the date of issue of the Performance Rights. Class B - a 20 day VWAP being at least $0.10 on or before the date
that is 3 years from the date of issue of the Performance Rights. The valuation of these performance rights was reported in
the 31 December 2022 Half Year Report.
On 11 November 2022, 4,000,000 Consultant Performance Rights were issued and are divided equally into two classes with
different vesting conditions and expiry dates. Class A - The 20 day VWAP being at least $0.07 on or before the date that is
2 years from the date of issue of the Performance Rights. Class B - The 20 day VWAP being at least $0.10 on or before the
date that is 3 years from the date of issue of the Performance Rights. The valuation of these performance rights was
reported in the 31 December 2022 Half Year Report.
b. Movement in share-based payment arrangements during the period
A summary of the movements of all company options and performance rights issued as share-based payments is as follows:
2023
Number of
Options and
performance
rights
Weighted Average
Exercise Price
2022
Number of
Options
Weighted
Average
Exercise
Price
Outstanding at the beginning of the year
84,600,000
$0.05
72,600,000
$0.041
Lapsed
Granted
Outstanding at year-end
Exercisable at year-end
(72,600,000)
($0.041)
-
13,500,000
25,500,000
$0.00
$0.01
12,000,000
84,600,000
-
$0.01
$0.05
-
-
600,000
$0.075
i.
The company’s share options hold no voting or dividend rights and are not transferable. At balance date, no options had
been exercised or expired.
P a g e | 39
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Notes to the consolidated financial statements
for the year ended 30 June 2023
ii.
iii.
All options granted are for ordinary shares in Ragnar Metals Limited, which confer a right to one ordinary share for
every option held. No options have vested as at 30 June 2023.
The weighted average remaining contractual life of unlisted options outstanding at year end was 1.84 years (2022: 1.07
years). The weighted average exercise price of outstanding options at the end of the reporting period was $0.01 (2022:
$0.05).
Note 19 Commitments
The company’s minimum expenditure commitments for their Australian tenements is $60,880 for 2023/2024.
The company had no capital or other expenditure commitments at 30 June 2023 (2022: $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 | 40
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Notes to the consolidated financial statements
for the year ended 30 June 2023
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 2023
Ragnar Metals
Limited
$
Ragnar Sweden
AB
(discontinued
operation)
$
Elimination
Total
$
Segment Revenue
5,654
-
-
5,654
Segment Expenses
(460,601)
(191,583)
(752)
(652,936)
Segment Results
(454,947)
(191,583)
(752)
(647,282)
As at 30 June 2023
Segment Assets
Cash
Trade and other receivables
Non-current assets held for sale
Non- current Assets
Exploration and evaluation assets
Total Segment Assets
Segment Liabilities
Current Liabilities
Total Segment Liabilities
Segment Net Assets
79,172
25,078
1,075,088
2,824,406
1,509,431
5,513,175
(116,076)
(116,076)
5,397,099
116,878
13,184
-
(2,822,525)
2,380,507
(311,956)
(7,351)
(7,351)
-
-
-
(1,881)
(187,801)
(189,682)
7,351
7,351
196,050
38,262
1,075,088
-
3,702,137
5,011,537
(116,076)
(116,076)
(319,307)
(182,331)
4,895,461
Note 22 Events subsequent to reporting date
Subsequent to 30 June 2023, the following significant events were undertaken by the Group:
On 25 July 2023, the Company confirmed it had received valid acceptances from eligible shareholders for
51,149,660 shares and 51,149,660 options, representing gross proceeds of $1,022,993.20. The remaining
43,646,417 shares and 43,646,417 options, representing gross proceeds of $872,928.34 were issued pursuant
to the terms of the Underwriting Agreement.
On 11 September 2023, the company issued 16,500,000 unlisted options to its consultants and company
secretary. The unlisted options have an exercise price of $0.03 and expire on 30 June 2025. Two 1,000,000
parcels of the unlisted options have conditions of continuous employment which vest on 1 May 2024, the
remaining options have no vesting conditions.
P a g e | 41
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Notes to the consolidated financial statements
for the year ended 30 June 2023
Note 23 Financial risk management
a. Financial Risk Management Policies
This note presents information about the Group's exposure to each of the above risks, its objectives, policies and
procedures for measuring and managing risk, and the management of capital.
The Group's financial instruments consist mainly of deposits with banks, short-term investments, and accounts
payable and receivable.
The Group does not speculate in the trading of derivative instruments.
A summary of the Group's Financial Assets and Liabilities is shown below:
Floating
Interest
Rate
$
Fixed
Interest
Rate
$
Financial Assets
Cash and cash equivalents
Trade and other receivables
Total Financial Assets
196,050
-
196,050
Financial Liabilities
Trade and other payables
Total Financial Liabilities
Net Financial
Assets/(Liabilities)
-
-
Non-
interest
Bearing
$
-
2023
Total
$
Floating
Interest
Rate
$
196,050
2,082,661
38,262
38,262
-
38,262
234,312
2,082,661
116,076
116,076
116,076
116,076
-
-
-
-
-
-
-
Fixed
Interest
Rate
$
-
-
-
-
-
Non-
interest
Bearing
$
-
84,838
84,838
154,621
154,621
196,050
-
154,338
350,388
2,082,661
-
239,459
P a g e | 42
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Notes to the consolidated financial statements
for the year ended 30 June 2023
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 | 43
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Notes to the consolidated financial statements
for the year ended 30 June 2023
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 monitors 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
2023
$
2022
$
Greater Than 1 Year
2023
$
2022
$
Total
2023
$
2022
$
Financial liabilities due for payment
Trade and other payables
116,076
154,621
Total contractual outflows
116,076
154,621
Financial assets
Cash and cash equivalents
Trade and other receivables
196,050
38,262
2,082,661
84,838
Total anticipated inflows
234,312
2,167,499
Net (outflow)/inflow on financial
instruments
118,236
2,012,878
-
-
-
-
-
-
-
-
-
-
-
-
116,076
154,621
116,076
154,621
196,050
38,262
2,082,661
84,838
234,312
2,167,499
118,236
2,012,878
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 | 44
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Notes to the consolidated financial statements
for the year ended 30 June 2023
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 2023
±100 basis points change in interest rates
Year ended 30 June 2022
±100 basis points change in interest rates
ii. Net Fair Values
(1) Fair value estimation
Profit
$
Equity
$
±7,667
±7,667
±25,916
±25,916
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 | 45
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Notes to the consolidated financial statements
for the year ended 30 June 2023
Note 24 Parent Entity Disclosures
a. Financial Position of Ragnar Metals Limited
Current assets
Non-current assets held for sale
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
2023
$
2022
$
104,250
2,098,534
1,075,088
-
4,332,985
3,824,965
5,512,323
5,923,499
116,076
154,621
116,076
154,621
5,396,247
5,768,878
33,850,115 33,850,115
444,328
2,792,027
(28,898,096) (30,873,264)
5,396,247
5,768,878
(454,947)
(1,086,597)
-
-
(454,947) (1,086,597)
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 2023 (2022: 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.
Note 25 Discontinued Operations and non-current asset held for sale
On 26 June 2023 the group announced it had entered into a conditional sale and purchase agreement (SPA) to dispose of its
wholly owned subsidiary Ragnar Metals Sweden AB to BHP Metals Exploration Pty Ltd, a subsidiary of BHP Group Limited (ASX:
BHP). The sale includes tenements and exploration licences over the Tullsta nickel project in Sweden. The sale is expected to be
complete by 30 September 2023, with A$9,800,000 to be paid by BHP Metals Exploration Pty Ltd on completion.
Deferred consideration, in the form of a 1% Net Smelter Return Royalty (Royalty), will be payable to Ragnar upon
commencement of commercial production. The Purchaser may buy out the Royalty for a further A$10,000,000.
The subsidiary is reported in the current period as a discontinued operation. As at 30 June 2023, the assets are carried at the
lower of their carrying amount and fair value less costs to sell, based on consideration receivable by RAG. Financial information
relating to the discontinued operation for the period to the date of disposal is set out below.
P a g e | 46
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Notes to the consolidated financial statements
for the year ended 30 June 2023
Discontinued operation
Financial Performance and Cash flow information
Foreign exchange gain/loss
Company secretarial
Contractors and consultants
Other expenses
Profit before income tax
Income tax benefit/expense
Profit after income tax of discontinued operation
Exchange differences on translation of discontinued
operations
2023
$
2022
$
(177,772)
(105,024)
(11,532)
(5,629)
-
(2,279)
(677)
(187)
191,583
(111,517)
-
-
191,583
(111,517)
(4,681)
(9,326)
Other comprehensive income from discontinued operations
(4,681)
(9,326)
Cash flows
Net cash inflow from operating activities
Net cash (outflow) from investing activities
Net cash inflow from financing activities
Effect of exchange rates on cash holdings in foreign currencies - discontinued operations
Net (decrease)/increase in cash generated by the
discontinued operation
(13,811)
(6,493)
(1,290,732)
(998,835)
-
-
(3,756)
(2,569)
(1,308,299)
1,007,897
The transaction is subject to the satisfaction of conditions, including RAG completing an internal restructure to transfer specific
Swedish licences from RAG to Ragnar Metals Sweden AB. The following assets were classified as held for sale in relation to the
discontinued operation as at 30 June 2023:
Assets classified as held for sale
Exploration and evaluation assets (held by Ragnar Metals Ltd)
Total assets classified as held for sale
2023
$
2022
$
1,075,088
1,075,088
-
-
P a g e | 47
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Directors' declaration
The Directors of the Company declare that:
1. The financial statements and notes, as set out on pages 25 to 47, 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 2023 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 26 September 2023
P a g e | 48
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 2023,
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 2023 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 $647,279 during the year ended 30 June 2023. 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 – $3,702,137
(Refer Note 10)
Our procedures amongst others included:
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
• The
level of
judgement required
in
planned for those tenements;
evaluating management’s application of
the requirements of AASB 6 Exploration
for and Evaluation of Mineral Resources.
industry specific
AASB 6
is an
accounting
the
application of significant judgements,
requiring
standard
estimates and industry knowledge. This
for
includes
expenditure to be capitalised as an asset
requirements
specific
and subsequent requirements which
must be complied with for capitalised
expenditure to continue to be carried as
an asset.
• For each area of interest, we assessed the
Consolidated Entity’s rights
tenure by
corroborating to government registries and
to
evaluating agreements in place with other
parties as applicable;
• We
tested
to capitalised
expenditure for the year by evaluating a sample
the additions
of recorded expenditure for consistency to
capitalisation
underlying
records,
the
requirements of
the Consolidated Entity’s
accounting policy and the requirements of
AASB 6;
• The assessment of
impairment of
exploration and evaluation expenditure
being inherently difficult.
• 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
capitalised
indicate
impairment
the
of
expenditure:
o
the licenses for the right to explore
expiring in the near future or are not
expected to be renewed;
Key Audit Matter
How our audit addressed the Key Audit Matter
.
o substantive expenditure
for
further
exploration
in
neither budgeted or planned
the specific area
is
o decision or intent by the Consolidated
Entity to discontinue activities in the
specific area of interest due to lack of
commercially viable quantities of
resources; and
o data
indicating
that, although a
development in the specific area is
likely to proceed, the carrying amount of
the exploration asset is unlikely to be
recovered
in
full
from successful
development or sale.
We assessed the appropriateness of the related
disclosures in note 10 to the financial statements.
Other Information
The directors are responsible for the other information. The other information comprises the information
included in the Consolidated Entity’s annual report for the year ended 30 June 2023, 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 2023.
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 2023, complies
with section 300A of the Corporations Act 2001.
HALL CHADWICK WA AUDIT PTY LTD
D M BELL CA
Director
Dated this 26th day of September 2023
Perth, Western Australia
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
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 7 September 2023
473,980,966 ordinary fully paid shares held by 1,102 shareholders.
Listed Options over issued Shares
b)
94,796,077 Listed Options with a $0.03 exercise price per option expiring 30 September 2024, held by 224 option
holders.
c) Unlisted Options over Unissued Shares
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) Performance Rights
6,750,000 Class A Performance Rights expiring 21 November 2025 are held by 5 holders.
6,750,000 Class B Performance Rights expiring 21 November 2025 are held by 5 holders.
e) 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.
Performance Rights: Performance Rights do not entitle the holders to vote in respect of that equity instrument,
nor participate in dividends, when declared, until such time as the performance shares convert and subsequently
registered as ordinary shares.
f)
Substantial Shareholders as at 7 September 2023 are Nil
g) Distribution of Shareholders as at 7 September 2023
Category (size of holding)
Total Holders
Number
Ordinary
% Held of Issued
Ordinary Capital
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 – and over
79
15
65
544
400
11,278
32,058
603,647
22,220,103
451,113,880
1,103
473,980,966
0.00
0.01
0.13
4.68
95.18
100.00
h) Distribution of Listed Option holders (Options $0.03 exercise price expiring 30 September 2024) as at 7 September
2023
Category (size of holding)
Total Holders
Number
Units
% Held of Issued
Ordinary Capital
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
9
38
21
65
1,029
131,116
158,591
2,830,881
0.00
0.14
0.17
2.99
P a g e | 54
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
100,001 – and over
91
224
91,674,460
94,796,077
96.71
100.00
i) Unmarketable Parcels as at 7 September 2023
As at 7 September 2023 there were 326 fully paid ordinary shareholders holding less than a marketable parcel of shares.
j) On-Market Buy-Back
There is no current on-market buy-back.
k) Restricted Securities
There are no restricted securities on issue.
l)
20 Largest Shareholders — Ordinary Shares as at as at 7 September 2023
Name
Number of Ordinary
Fully Paid Shares Held
% Held of Issued Ordinary
Capital
1 Mr Viktor Poznik & Mrs Vesna Anna Poznik
2
3
4
5
6
Sisu International Pty Ltd
Hunt Prosperity Pty Ltd
Futurity Private Pty Ltd
Sunset Capital Management Pty Ltd
Ton-Cheng Pty Ltd
7 Mr Benjamin Anton Mccombie
8
9
10
11
First One Realty Pty Ltd
Stevsand Investments Pty Ltd
Isla Zast Pty Ltd
J & J Bandy Nominees Pty Ltd
12 Mr Brian Peter Byass
13
Shah Nominees Pty Ltd
13 Cheng Wing Resources Limited
14 Davco Group Pty Ltd
14
Formica Investments Pty Ltd
14 A22 Pty Limited
14 Mr Brian Joseph Glynn
15
Kitara Investments Pty Ltd
16 Cityside Investments Pty Ltd
17 Celtic Capital Pty Ltd
18 Mrs Aibao Gong
19 Deric Holdings Proprietary Limited
20 Awaba Funds Management Pty Ltd
23,652,500
17,750,000
15,000,000
13,386,242
12,491,581
10,750,000
10,504,305
10,000,000
9,713,105
9,125,000
8,375,000
6,897,897
6,875,000
6,875,000
6,250,000
6,250,000
6,250,000
6,250,000
6,062,210
6,000,000
5,000,000
4,558,420
4,500,000
4,210,000
4.99%
3.74%
3.16%
2.82%
2.64%
2.27%
2.22%
2.11%
2.05%
1.93%
1.77%
1.46%
1.45%
1.45%
1.32%
1.32%
1.32%
1.32%
1.28%
1.27%
1.05%
0.96%
0.95%
0.89%
216,726,260
45.75%
P a g e | 55
m) 20 Largest Option holders — Listed Options $0.03 exercise price expiring 30 September 2024 as at 7 September 2023
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
Name
Hunt Prosperity Pty Ltd
Kitara Investments Pty Ltd
First One Realty Pty Ltd
Celtic Capital Pty Ltd
1
2
2
2
3 Mr Viktor Poznik & Mrs Vesna Anna Poznik
4
5
6
Haslingden Pty Ltd
Futurity Private Pty Ltd
TJF Investments (WA) Pty Ltd
6 Miss Fallon Lee Formica
7
8
Sunset Capital Management Pty Ltd
Ton-Cheng Pty Ltd
9 Mr Benjamin Anton Mccombie
10
Stevsand Investments Pty Ltd
11
J & J Bandy Nominees Pty Ltd
12
Isla Zast Pty Ltd
13
Shah Nominees Pty Ltd
13
Cheng Wing Resources Limited
14 Mr Christopher James Martin Whitehead
14 Davco Group Pty Ltd
14
A22 Pty Limited
14
Formica Investments Pty Ltd
14 Mr Brian Joseph Glynn
15 Mr Alexander Lewit
16 Deric Holdings Proprietary Limited
17 Ocean Light Asset Management Pty Ltd
18
Ellingerrin Super Pty Ltd
18 Grazian Pty Ltd
19
Cityside Investments Pty Ltd
20 Hunt Prosperity Pty Ltd
Holding
12,500,000
%
13.19%
5,000,000
5,000,000
5,000,000
4,730,500
2,750,000
2,591,405
2,500,000
2,500,000
2,498,316
2,150,000
2,100,861
1,942,621
1,875,000
1,825,000
1,375,000
1,375,000
1,250,000
1,250,000
1,250,000
1,250,000
1,250,000
1,125,000
1,085,000
1,021,417
1,000,000
1,000,000
875,000
835,000
5.27%
5.27%
5.27%
4.99%
2.90%
2.73%
2.64%
2.64%
2.64%
2.27%
2.22%
2.05%
1.98%
1.93%
1.45%
1.45%
1.32%
1.32%
1.32%
1.32%
1.32%
1.19%
1.14%
1.08%
1.05%
1.05%
0.92%
0.88%
n) Unquoted Equity Security Holders with Greater than 20% of an Individual Class
as at 7 September 2023
70,905,120
74.80%
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
Holding
4,000,000
4,000,000
Holding
2,000,000
%
40.00
40.00
%
100.00
P a g e | 56
RAGNAR METALS LIMITED
AND CONTROLLED ENTITIES
ABN 12 108 560 069
ANNUAL REPORT 30 JUNE 2023
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
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 | 57