# RAG: Annual Report to shareholders

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/rag-annual-report-to-shareholders--517b8e04-f6e2-4b2d-a8ae-b3dc4cee365e

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146531

Publisher: asx

Original announcement: 2026-09-30T07:17:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-30T08:34:20.522Z

Atlas analysis updated: 2026-09-30T08:34:20.522Z

- Company: Ragnar Metals Limited

- Ticker: RAG

- Exchange: ASX

- Region: Sweden

- Primary commodity: Gold

- Secondary commodities: Copper, Uranium, Silver, Rare earth elements, Lithium

- Document categories: Drill results, Other

- Extracted: 2026-09-30 08:34:21 UTC

Narrative sentiment: 0.20 · Bullish

## Minestarters Atlas summary

Ragnar Metals Limited's annual report highlights positive exploration results from its Harnäs Gold Project in Sweden, including broad zones of shallow gold mineralisation with high-grade intervals and extensions remaining open. The company also reported encouraging surface sampling results for gold, copper, silver, and uranium across its Swedish portfolio. However, the company recorded a financial loss for the year and experienced a decrease in cash and working capital, and the drill results were previously announced.

Reasoning: The annual report summarizes previously announced positive gold drill results and surface sampling from the Harnäs Gold Project, indicating potential for extensions, alongside other exploration activities. However, the financial performance shows a loss, and the drill results are not new information.

- Positive factor: Positive gold drill results from Harnäs Gold Project

- Positive factor: Drill results indicate extensions remaining open at depth and/or down plunge

- Positive factor: Identification of new geophysical and regional targets

- Positive factor: Positive surface sampling results for gold, copper, silver, and uranium

- Positive factor: Strategic investments in other mining companies provide exposure to production and resource growth

- Negative factor: Drill results were previously announced, reducing novelty for this report

- Negative factor: True widths for drill intercepts have not yet been accurately defined

- Negative factor: Company reported a financial loss for the year

- Negative factor: Decrease in cash and net working capital

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 21

## Classification and evidence

**Apparent Width Only**

Polarity: negative

Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.

Why it applies: The document explicitly states that drill intersections are downhole lengths and true widths have not yet been accurately defined.

Evidence · text

> These intersections are downhole lengths; true widths have not yet been accurately defined.

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: The drill results from the maiden diamond drilling program were announced in August 2026, subsequent to the financial year end, making them previously released information in this annual report.

Evidence · text

> Subsequent to the end of the period, in August 2026, Ragnar announced assay results from all 14 holes.

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: The report states that each of the referenced announcements included a Competent Person’s Statement as required by Listing Rule 5.22.

Evidence · text

> Each of the announcements referred to above included a Competent Person’s Statement as required by Listing Rule 5.22.

**Financial Loss**

Polarity: negative

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The Group delivered a loss after tax of $55,648 for the 2026 financial year.

Evidence · text

> For the 2026 financial year, the Group delivered a loss after tax of $55,648

**Strategic Investment**

Polarity: neutral

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: Ragnar maintained strategic investments in Kaiser Reef Limited and High-Tech Metals Limited, providing exposure to Australian gold production and development.

Evidence · text

> Ragnar maintained strategic investments in Kaiser Reef Limited \(ASX: KAU\) and High-Tech Metals Limited \(ASX: HTM\), providing exposure to Australian gold production and development alongside the Company’s Swedish exploration portfolio.

## Extracted facts

Stored fact records: 21. Some facts used in scoring do not have a stored record.

## Drill Results (21)

### RAG06

[Link to this fact](https://atlas-staging.minestarters.com/news/rag-annual-report-to-shareholders--517b8e04-f6e2-4b2d-a8ae-b3dc4cee365e#fact-drill-facts-0)

Harnäs · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: RAG06
- Project: Harnäs
- Commodity: gold
- Region: sweden
- Reported Region: sweden
- Ticker: RAG

#### Geometry

- Grade: 1.6
- Grade Unit: g/t
- Intercept: 13.5 m
- From: 46.5 m
- To: 60 m
- Intercept Depth: 46.5 m

#### Classification

- Sample Type: drill
- Group ID: RAG06:46.5-60

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2026-08-17T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This intercept shows a good gold grade over a significant length, indicating potential for the project, though its true width is not yet known and the result is not new.

- Positive factor: Good gold grade for an exploration project

- Positive factor: Significant intercept length

- Positive factor: Part of a broader zone of mineralization

- Negative factor: True width not defined

- Negative factor: Result previously announced

Evidence · text

> RAG06: 13.5m at 1.6 g/t gold from 46.5m

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### RAG06

[Link to this fact](https://atlas-staging.minestarters.com/news/rag-annual-report-to-shareholders--517b8e04-f6e2-4b2d-a8ae-b3dc4cee365e#fact-drill-facts-1)

Harnäs · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: RAG06
- Project: Harnäs
- Commodity: gold
- Region: sweden
- Reported Region: sweden
- Ticker: RAG

#### Geometry

- Grade: 3.7
- Grade Unit: g/t
- Intercept: 4.5 m

#### Classification

- Sample Type: drill

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2026-08-17T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This high-grade sub-interval within RAG06 is a very positive indicator of the project's potential, despite the lack of true width and prior announcement.

- Positive factor: Higher-grade sub-interval within a broader mineralized zone

- Positive factor: Indicates presence of richer mineralization

- Negative factor: True width not defined

- Negative factor: Result previously announced

Evidence · text

> including 4.5m at 3.7 g/t gold

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### RAG06

[Link to this fact](https://atlas-staging.minestarters.com/news/rag-annual-report-to-shareholders--517b8e04-f6e2-4b2d-a8ae-b3dc4cee365e#fact-drill-facts-2)

Harnäs · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: RAG06
- Project: Harnäs
- Commodity: gold
- Region: sweden
- Reported Region: sweden
- Ticker: RAG

#### Geometry

- Grade: 13.6
- Grade Unit: g/t
- Intercept: 1 m

#### Classification

- Sample Type: drill

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2026-08-17T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: An exceptionally high-grade intercept, even if narrow, is a strong positive for an exploration project, suggesting bonanza-grade potential, though true width is unknown and the result is not new.

- Positive factor: Very high-grade sub-interval, indicating bonanza-grade mineralization

- Positive factor: Strong indicator of economic potential

- Negative factor: Narrow intercept length

- Negative factor: True width not defined

- Negative factor: Result previously announced

Evidence · text

> and 1m at 13.6 g/t gold

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### RAG09

[Link to this fact](https://atlas-staging.minestarters.com/news/rag-annual-report-to-shareholders--517b8e04-f6e2-4b2d-a8ae-b3dc4cee365e#fact-drill-facts-3)

Harnäs · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: RAG09
- Project: Harnäs
- Commodity: gold
- Region: sweden
- Reported Region: sweden
- Ticker: RAG

#### Geometry

- Grade: 1.1
- Grade Unit: g/t
- Intercept: 12 m
- From: 18 m
- To: 30 m
- Intercept Depth: 18 m

#### Classification

- Sample Type: drill
- Group ID: RAG09:18-30

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2026-08-17T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This intercept shows good shallow gold mineralization over a reasonable length, which is positive for exploration, but true width is not defined and the result is not new.

- Positive factor: Good gold grade over a reasonable intercept length

- Positive factor: Shallow mineralization

- Negative factor: True width not defined

- Negative factor: Result previously announced

Evidence · text

> RAG09: 12m at 1.1 g/t gold from 18m

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### RAG09

[Link to this fact](https://atlas-staging.minestarters.com/news/rag-annual-report-to-shareholders--517b8e04-f6e2-4b2d-a8ae-b3dc4cee365e#fact-drill-facts-4)

Harnäs · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: RAG09
- Project: Harnäs
- Commodity: gold
- Region: sweden
- Reported Region: sweden
- Ticker: RAG

#### Geometry

- Grade: 5.7
- Grade Unit: g/t
- Intercept: 1 m

#### Classification

- Sample Type: drill

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2026-08-17T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: A high-grade sub-interval within RAG09 is a positive indicator of the project's potential, despite the narrow width, lack of true width, and prior announcement.

- Positive factor: High-grade sub-interval within a broader mineralized zone

- Positive factor: Indicates presence of richer mineralization

- Negative factor: Narrow intercept length

- Negative factor: True width not defined

- Negative factor: Result previously announced

Evidence · text

> including 1m at 5.7 g/t gold

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### RAG04

[Link to this fact](https://atlas-staging.minestarters.com/news/rag-annual-report-to-shareholders--517b8e04-f6e2-4b2d-a8ae-b3dc4cee365e#fact-drill-facts-5)

Harnäs · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: RAG04
- Project: Harnäs
- Commodity: gold
- Region: sweden
- Reported Region: sweden
- Ticker: RAG

#### Geometry

- Grade: 0.54
- Grade Unit: g/t
- Intercept: 36 m
- From: 59 m
- To: 95 m
- Intercept Depth: 59 m

#### Classification

- Sample Type: drill
- Group ID: RAG04:59-95

#### QA/QC

- QP Signed: Yes
- QA/QC Methods: standards

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2026-08-17T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This broad intercept indicates significant gold mineralization, suggesting bulk tonnage potential, though the grade is lower and true width is not defined, and the result is not new.

- Positive factor: Very broad zone of gold mineralization

- Positive factor: Indicates bulk tonnage potential

- Negative factor: Lower gold grade compared to other intercepts

- Negative factor: True width not defined

- Negative factor: Result previously announced

Evidence · text

> RAG04: 36m at 0.54 g/t gold from 59m

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### Fact 7

[Link to this fact](https://atlas-staging.minestarters.com/news/rag-annual-report-to-shareholders--517b8e04-f6e2-4b2d-a8ae-b3dc4cee365e#fact-drill-facts-6)

Harnäs Gold Project · gold

#### Identity

- Project: Harnäs Gold Project
- Commodity: gold
- Region: sweden
- Reported Region: Sweden
- Ticker: RAG

#### Geometry

- Grade: 15.9
- Grade Unit: g/t

#### Classification

- Sample Type: surface

#### Location

- Location: Harnäs pit
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: High-grade rock chip samples are a strong positive indicator for exploration, suggesting significant gold mineralization at surface.

- Positive factor: Very high-grade gold from surface sampling

- Positive factor: Indicates strong mineralization potential near historical workings

Evidence · text

> Rock sampling around the historical Harnäs pit returned grades of up to 15.9 g/t gold

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 8

[Link to this fact](https://atlas-staging.minestarters.com/news/rag-annual-report-to-shareholders--517b8e04-f6e2-4b2d-a8ae-b3dc4cee365e#fact-drill-facts-7)

Harnäs Gold Project · gold

#### Identity

- Project: Harnäs Gold Project
- Commodity: gold
- Region: sweden
- Reported Region: Sweden
- Ticker: RAG

#### Geometry

- Grade: 18.9
- Grade Unit: g/t

#### Classification

- Sample Type: surface

#### Location

- Location: Silvergruvan prospect
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: High-grade rock chip samples from a new prospect are a strong positive, indicating significant gold mineralization and a new target.

- Positive factor: Very high-grade gold from surface sampling

- Positive factor: Identifies a priority regional exploration target

Evidence · text

> sampling returned up to 18.9 g/t gold

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 9

[Link to this fact](https://atlas-staging.minestarters.com/news/rag-annual-report-to-shareholders--517b8e04-f6e2-4b2d-a8ae-b3dc4cee365e#fact-drill-facts-8)

Harnäs Gold Project · silver

#### Identity

- Project: Harnäs Gold Project
- Commodity: silver
- Region: sweden
- Reported Region: Sweden
- Ticker: RAG

#### Geometry

- Grade: 17.7
- Grade Unit: g/t

#### Classification

- Sample Type: surface

#### Location

- Location: Silvergruvan prospect
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Silver grades, while not exceptionally high, add byproduct potential to the newly identified Silvergruvan prospect.

- Positive factor: Silver mineralization identified alongside gold

- Positive factor: Adds potential byproduct value to a new target

Evidence · text

> and 17.7 g/t silver

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 10

[Link to this fact](https://atlas-staging.minestarters.com/news/rag-annual-report-to-shareholders--517b8e04-f6e2-4b2d-a8ae-b3dc4cee365e#fact-drill-facts-9)

Harnäs Gold Project · gold

#### Identity

- Project: Harnäs Gold Project
- Commodity: gold
- Region: sweden
- Reported Region: Sweden
- Ticker: RAG

#### Geometry

- Grade: 3.3
- Grade Unit: g/t
- Intercept: 3 m

#### Classification

- Sample Type: channel

#### Location

- Location: Harnäs pit southeastern margin
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Channel sampling confirms good gold mineralization along the pit margin, which is a positive for extending known mineralization.

- Positive factor: Good gold grade over a reasonable channel length

- Positive factor: Confirms mineralization along pit margin

Evidence · text

> Channel sampling on the southeastern margin returned 3m at 3.3 g/t gold

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 11

[Link to this fact](https://atlas-staging.minestarters.com/news/rag-annual-report-to-shareholders--517b8e04-f6e2-4b2d-a8ae-b3dc4cee365e#fact-drill-facts-10)

Harnäs Gold Project · gold

#### Identity

- Project: Harnäs Gold Project
- Commodity: gold
- Region: sweden
- Reported Region: Sweden
- Ticker: RAG

#### Geometry

- Grade: 4.6
- Grade Unit: g/t
- Intercept: 2 m

#### Classification

- Sample Type: channel

#### Location

- Location: Harnäs pit southeastern margin
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: A high-grade sub-interval from channel sampling further confirms the presence of significant gold mineralization along the pit margin.

- Positive factor: Higher-grade sub-interval within channel sample

- Positive factor: Indicates richer zones within the pit margin mineralization

Evidence · text

> including 2m at 4.6 g/t gold

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 12

[Link to this fact](https://atlas-staging.minestarters.com/news/rag-annual-report-to-shareholders--517b8e04-f6e2-4b2d-a8ae-b3dc4cee365e#fact-drill-facts-11)

Harnäs Gold Project · gold

#### Identity

- Project: Harnäs Gold Project
- Commodity: gold
- Region: sweden
- Reported Region: Sweden
- Ticker: RAG

#### Geometry

- Grade: 36.6
- Grade Unit: g/t

#### Classification

- Sample Type: surface

#### Location

- Location: Harnäs pit southeastern margin
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Exceptionally high-grade selective rock samples are a very strong positive, suggesting bonanza-grade gold mineralization at the pit margin.

- Positive factor: Extremely high-grade gold from selective rock samples

- Positive factor: Strong indicator of bonanza-grade mineralization potential

Evidence · text

> selective rock samples returned grades of up to 36.6 g/t gold

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 13

[Link to this fact](https://atlas-staging.minestarters.com/news/rag-annual-report-to-shareholders--517b8e04-f6e2-4b2d-a8ae-b3dc4cee365e#fact-drill-facts-12)

Harnäs Gold Project · gold

#### Identity

- Project: Harnäs Gold Project
- Commodity: gold
- Region: sweden
- Reported Region: Sweden
- Ticker: RAG

#### Geometry

- Grade: 1.2
- Grade Unit: g/t
- Intercept: 4 m

#### Classification

- Sample Type: channel

#### Location

- Location: Harnäs pit western margin
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Channel sampling confirms gold mineralization along the western pit margin, which is positive for extending known mineralization.

- Positive factor: Good gold grade over a reasonable channel length

- Positive factor: Confirms mineralization along pit margin

Evidence · text

> channel sampling returned 4m at 1.2 g/t gold

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 14

[Link to this fact](https://atlas-staging.minestarters.com/news/rag-annual-report-to-shareholders--517b8e04-f6e2-4b2d-a8ae-b3dc4cee365e#fact-drill-facts-13)

Harnäs Gold Project · gold

#### Identity

- Project: Harnäs Gold Project
- Commodity: gold
- Region: sweden
- Reported Region: Sweden
- Ticker: RAG

#### Geometry

- Grade: 3.7
- Grade Unit: g/t
- Intercept: 1 m

#### Classification

- Sample Type: channel

#### Location

- Location: Harnäs pit western margin
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: A high-grade sub-interval from channel sampling further confirms the presence of significant gold mineralization along the western pit margin.

- Positive factor: Higher-grade sub-interval within channel sample

- Positive factor: Indicates richer zones within the pit margin mineralization

Evidence · text

> including 1m at 3.7 g/t gold

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 15

[Link to this fact](https://atlas-staging.minestarters.com/news/rag-annual-report-to-shareholders--517b8e04-f6e2-4b2d-a8ae-b3dc4cee365e#fact-drill-facts-14)

Klockartorpet · uranium

#### Identity

- Project: Klockartorpet
- Commodity: uranium
- Region: sweden
- Reported Region: Sweden
- Ticker: RAG

#### Geometry

- Grade: 0.29
- Grade Unit: % U3O8

#### Classification

- Sample Type: surface

#### Location

- Location: Klockartorpet
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: High-grade uranium rock samples are a significant positive, indicating new mineralization and potential for expansion at Klockartorpet.

- Positive factor: High-grade uranium from rock samples

- Positive factor: Identifies new uranium mineralization at Klockartorpet

- Positive factor: Mineralization appears open in both directions

Evidence · text

> reported results including 0.29%

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 16

[Link to this fact](https://atlas-staging.minestarters.com/news/rag-annual-report-to-shareholders--517b8e04-f6e2-4b2d-a8ae-b3dc4cee365e#fact-drill-facts-15)

Klockartorpet · uranium

#### Identity

- Project: Klockartorpet
- Commodity: uranium
- Region: sweden
- Reported Region: Sweden
- Ticker: RAG

#### Geometry

- Grade: 0.15
- Grade Unit: % U3O8

#### Classification

- Sample Type: surface

#### Location

- Location: Klockartorpet
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Good uranium rock samples confirm new mineralization at Klockartorpet, which is a positive exploration outcome.

- Positive factor: Good uranium grade from rock samples

- Positive factor: Confirms new uranium mineralization at Klockartorpet

Evidence · text

> 0.15%

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 17

[Link to this fact](https://atlas-staging.minestarters.com/news/rag-annual-report-to-shareholders--517b8e04-f6e2-4b2d-a8ae-b3dc4cee365e#fact-drill-facts-16)

Klockartorpet · uranium

#### Identity

- Project: Klockartorpet
- Commodity: uranium
- Region: sweden
- Reported Region: Sweden
- Ticker: RAG

#### Geometry

- Grade: 0.12
- Grade Unit: % U3O8

#### Classification

- Sample Type: surface

#### Location

- Location: Klockartorpet
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Good uranium rock samples confirm new mineralization at Klockartorpet, which is a positive exploration outcome.

- Positive factor: Good uranium grade from rock samples

- Positive factor: Confirms new uranium mineralization at Klockartorpet

Evidence · text

> and 0.12% U₃O₈

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 18

[Link to this fact](https://atlas-staging.minestarters.com/news/rag-annual-report-to-shareholders--517b8e04-f6e2-4b2d-a8ae-b3dc4cee365e#fact-drill-facts-17)

Olserum–Gladhammar district · copper

#### Identity

- Project: Olserum–Gladhammar district
- Commodity: copper
- Region: sweden
- Reported Region: Sweden
- Ticker: RAG

#### Geometry

- Grade: 2.2
- Grade Unit: %

#### Classification

- Deposit Type: iocg
- Sample Type: surface

#### Location

- Location: Tintorp
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: High-grade copper rock samples are a positive indicator for the IOCG exploration model in the Olserum–Gladhammar district.

- Positive factor: High-grade copper from rock samples

- Positive factor: Consistent with IOCG exploration model

Evidence · text

> up to 2.2% copper at Tintorp

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 19

[Link to this fact](https://atlas-staging.minestarters.com/news/rag-annual-report-to-shareholders--517b8e04-f6e2-4b2d-a8ae-b3dc4cee365e#fact-drill-facts-18)

Olserum–Gladhammar district · copper

#### Identity

- Project: Olserum–Gladhammar district
- Commodity: copper
- Region: sweden
- Reported Region: Sweden
- Ticker: RAG

#### Geometry

- Grade: 0.8
- Grade Unit: %

#### Classification

- Deposit Type: iocg
- Sample Type: surface

#### Location

- Location: Domstugan
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Good copper rock samples are a positive indicator for the IOCG exploration model in the Olserum–Gladhammar district.

- Positive factor: Good copper grade from rock samples

- Positive factor: Consistent with IOCG exploration model

Evidence · text

> 0.8% copper

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 20

[Link to this fact](https://atlas-staging.minestarters.com/news/rag-annual-report-to-shareholders--517b8e04-f6e2-4b2d-a8ae-b3dc4cee365e#fact-drill-facts-19)

Olserum–Gladhammar district · gold

#### Identity

- Project: Olserum–Gladhammar district
- Commodity: gold
- Region: sweden
- Reported Region: Sweden
- Ticker: RAG

#### Geometry

- Grade: 1.2
- Grade Unit: g/t

#### Classification

- Deposit Type: iocg
- Sample Type: surface

#### Location

- Location: Domstugan
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Good gold rock samples add potential value to the IOCG target at Domstugan.

- Positive factor: Good gold grade from rock samples

- Positive factor: Adds potential value to the IOCG target

Evidence · text

> 1.2 g/t gold

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### Fact 21

[Link to this fact](https://atlas-staging.minestarters.com/news/rag-annual-report-to-shareholders--517b8e04-f6e2-4b2d-a8ae-b3dc4cee365e#fact-drill-facts-20)

Olserum–Gladhammar district · silver

#### Identity

- Project: Olserum–Gladhammar district
- Commodity: silver
- Region: sweden
- Reported Region: Sweden
- Ticker: RAG

#### Geometry

- Grade: 48
- Grade Unit: g/t

#### Classification

- Deposit Type: iocg
- Sample Type: surface

#### Location

- Location: Domstugan
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes
- QP Signed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Silver grades add byproduct potential to the IOCG target at Domstugan.

- Positive factor: Silver mineralization identified alongside copper and gold

- Positive factor: Adds potential byproduct value to the IOCG target

Evidence · text

> and 48 g/t silver at Domstugan

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.