Ragnar Metals Eyes 75% Stake in High-Grade Swedish Gold Project

Strategic Acquisition in a Proven Gold Belt

Ragnar Metals Limited (ASX, RAG) has taken a significant step in expanding its portfolio by entering into a binding Heads of Agreement to acquire an initial 20% interest in the Harnäs Gold Project, located in southwestern Sweden. The agreement grants Ragnar the exclusive option to increase its stake up to 75% through staged earn-in commitments over the next four years.

The Harnäs Gold Project, owned by Harnäs GoldMine AB, is situated within a historically productive gold district approximately 170 km north of Gothenburg. The project area benefits from excellent infrastructure, including proximity to the E18 highway and power lines, facilitating year-round access and potential future development.

Promising Historical Production and High-Grade Mineralisation

Between 1993 and 1997, the historic Harnäs Mine produced roughly 5,290 ounces of gold from shallow open-pit mining, exploiting quartz-pyrite veins to depths of about 20 meters. Notably, the mineralisation remains open along strike and at depth, suggesting substantial upside potential beyond the mined zones.

Previous drilling campaigns have returned impressive high-grade intercepts, including standout results such as 19.5 meters at 7.8 grams per tonne (g/t) gold, with a core interval of 14.5 meters at 10.3 g/t. These grades are characteristic of orogenic gold systems hosted in pyrite-bearing quartz veins, typical of the region's geological setting.

Focused Exploration to Validate and Extend Mineralisation

Ragnar plans to initiate a comprehensive exploration program in late 2025, incorporating modern geophysical surveys, relogging and resampling of historic drill core, and diamond drilling to test high-priority targets. The program aims to validate historical results, refine geological models, and identify extensions of the mineralised zones both along strike and at depth.

This systematic approach is designed to build a robust pipeline of drill-ready targets, leveraging Ragnar’s existing expertise and presence in Scandinavia. The company’s chairman, Steve Formica, highlighted the opportunity to revitalise a high-grade, underexplored gold asset within a proven mining district, aligning with Ragnar’s broader expansion strategy in the region.

Structured Earn-In and Joint Venture Framework

The acquisition structure involves an initial non-refundable option fee of $25,000, securing a three-month exclusive option period to acquire the initial 20% interest for $300,000, split evenly between cash and shares. Following completion, Ragnar can earn an additional 31% interest by funding exploration over two years, and a further 24% by supporting development activities over four years, culminating in a 75% ownership stake.

The parties will establish a joint venture upon completion, with Ragnar initially holding 20%, increasing to 51% and then 75% as earn-in milestones are met. A 1.5% net smelter return royalty is payable to the vendor, with an option for Ragnar to buy back 1.25% for $2.5 million.

A Compelling Addition to Ragnar’s Portfolio

The Harnäs Gold Project complements Ragnar Metals’ existing Australian gold assets, offering a near-term production opportunity in a stable jurisdiction. The combination of historic high-grade mineralisation, strong infrastructure, and significant exploration upside positions the project as a potentially transformative asset for the company.

While historical data requires verification and further drilling to meet modern reporting standards, Ragnar’s planned work program aims to rapidly advance the project towards resource definition and development readiness.