Ragnar Metals (ASX:RAG) Advances Swedish Projects and Strengthens Stake in Kaiser Reef
Project Highlights
Ragnar Metals Limited (ASX:RAG) reported significant advancements in its Swedish projects during the December 2024 quarter. At the Orrvik Lithium Project, fieldwork revealed an outcropping spodumene-bearing pegmatite of at least 11.55m, with potential for expansion. Assays returned 1.45% Li₂O from surface, including a high-grade zone of 3m at 3.11% Li₂O.
The Flugen Uranium Project, a new 39 km² site in Southern Sweden, yielded rock assays up to 1,185 ppm U₃O₈, confirming the presence of uraninite and other uranium minerals. Additionally, the Viken East & Viken South Projects, covering 62 km² in Central Sweden, reported broad uranium intersections from historical drilling, enhancing the projects’ prospectivity adjacent to the giant Viken and Häggån deposits.
Corporate Developments
Ragnar strengthened its strategic position with a 16.3% shareholding in Kaiser Reef Limited (ASX:KAU). Kaiser Reef secured an additional $8 million to accelerate development at the A1 Gold Mine following Ragnar’s investment. Ragnar reported an existing cash balance of $3.23 million and is currently evaluating new opportunities through commercial discussions with various parties. The company also issued 94,791,065 Listed Options exercisable at $0.03 each, expiring on 2 December 2026.
Executive Comments
Executive Director Eddie King commented, “During the December quarter, we advanced our Swedish projects, completing important field work at Orrvik uncovering a 11.55m outcropping pegmatite and we also added to our Uranium interests staking Viken East and South which reported broad intersections from historical drilling. Following Ragnar’s strategic investment, KAU’s decline development reached previously unmined levels in the Nova Zone and attracted $8m in further capital to accelerate its development at the A1 Gold Mine. Ragnar has a cash balance of $3.2m and with the A1 royalty to begin from 1 July, is in a relatively strong position to acquire and explore resource projects.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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