Quarterly Activities Report

• Channel and rock sampling confirms gold extensions at Harnäs pit
• IP reprocessing defines 4 new high-priority exploration targets
• Maiden diamond drilling program commenced, targeting high-grade shoots

Ragnar Metals Limited has presented its Quarterly Activities Report for the period ended 31 March 2026, highlighting significant milestones across its Swedish exploration portfolio. The key focus during the quarter was the Harnäs Gold Project, where the Company achieved several key developments:- Channel and rock sampling confirmed gold extensions at the Harnäs pit, with results including 3m @ 3.3 g/t Au (incl. 2m @ 4.6 g/t Au) and rock chips up to 36.6 g/t Au.- IP reprocessing defined 4 new exploration targets along strike from the Harnäs pit, with Targets A and B designated as high-priority walk-up drill targets.- Historical high-grade intercepts remain open at depth, including 19.5m @ 7.8 g/t Au from 51.5m and 12m @ 6.1 g/t Au from 32.65m.- Subsequent to the quarter, Ragnar commenced its maiden diamond drilling program at Harnäs, comprising up to 12 drill holes for approximately 1,200m, targeting the high-priority zones defined from recent geophysics, surface sampling and historical drilling.The Company also reported on progress at the Klockartorpet Uranium Project, where rock sampling confirmed high-grade uranium mineralization at surface, with results up to 0.29% U3O8.Ragnar's strategic investments in established and emerging gold producers, such as Kaiser Reef and High-Tech Metals, continue to provide diversification and leverage to existing and near-term cash-generating assets.

With drilling underway at Harnäs, Ragnar looks forward to delivering a steady flow of results as it aims to further define the resource. The Company will also focus on follow-up activities, including high-resolution UAV magnetics, downhole geophysics, and using the drilling results to refine targets and guide subsequent programs.