Key highlights

  • Ragnar Metals Ltd (ASX:RAG) shares touched a 52-week low during the 19 October 2026 session and closed at $0.016, down 11.11%.
  • A 17 August 2026 release reports assays from all 14 holes of a 1,359 m diamond program at Harnäs, Sweden, with a best result of 1 m at 13.6 g/t gold.
  • The company is planning a 3D downhole induced polarisation survey before the next phase of drilling.

Ragnar Metals Ltd (ASX:RAG) explores for gold in Sweden, where its Harnäs Gold Project is the focus. On 19 October 2026, the shares touched a 52-week low during the Trading session and closed at $0.016, down 11.11%. A media release dated 17 August 2026 reported assay results from the company’s first diamond drilling program at Harnäs and described how the new holes fit with historical data.

The drilling program

Ragnar drilled 14 diamond holes totalling 1,359 metres in April and May 2026. The program aimed to follow up historical intersections, surface mineralisation and geophysical targets, with particular attention to whether mineralisation continues down dip and down plunge. Half-core samples were assayed by fire assay at ALS in Luleå, Sweden. All results have now been received.

Key intersections

Hole RAG06 returned 13.5 metres at 1.6 g/t gold from 46.5 metres, which included 4.5 metres at 3.7 g/t and a single metre at 13.6 g/t. The company reads the result, which lies beneath shallower historical mineralisation, as supporting a south-west-plunging shoot that stays open at depth. Nearby historical hole HBH18 had returned 30 metres at 1.0 g/t.

On the eastern edge of the old open pit, RAG09 returned 12 metres at 1.1 g/t gold from 18 metres, including one metre at 5.7 g/t, beneath surface channel samples of three metres at 3.3 g/t. RAG04 returned 36 metres at 0.54 g/t from 59 metres, and RAG05 returned 24.6 metres at 0.6 g/t from 65.8 metres. Taken together with historical holes, the company reports at least five interpreted shoots that remain open.

Follow-up work

Ragnar says it is now merging the results with the historical dataset and planning and permitting a 3D downhole induced polarisation (DHIP) survey. The survey is meant to map the sulphide-linked mineralised system at depth and sharpen targets for the next drill phase. The release gives no dates for either.

The release gives further detail on how the interpretation was built. Core was logged on site, selected intervals were half-core sampled, and the new holes were combined with historical drilling to build a long section that shows at least five possible shoots oriented to the south-west. The company links the RAG06 intersection to a shallower historical hole, D4, and the RAG09 intersection to surface channel sampling reported on 20 March 2026, and it refers readers to an earlier announcement of 27 October 2025 for the history of exploration at Harnäs.

The planned DHIP survey is a geophysical method designed to detect disseminated sulphides at depth, which the company associates with the gold mineralisation in this system. The release states that the survey is intended to refine the geometry and continuity of the interpreted shoots and provide a technical basis for the next phase of drilling. Ragnar describes the 14-hole program as a modest maiden effort and says the integration of the results with the extensive historical dataset is its immediate focus.

Sector backdrop

The S&P/ASX 200 (ASX: XJO) stood at 8,845.70 at 4:25 pm (GMT+11) on 19 October 2026, up 0.44%, or 39.00 points, for the day. On the sector map for the session, Energy rose 2.16%, Industrials 0.93%, Financials 0.85%, Utilities 0.38% and Consumer Staples 0.25%, while Information Technology fell 1.35%, A-REIT 0.34%, Consumer Discretionary 0.18%, Telecommunication Services 0.16% and Health Care 0.13%. One further segment, left unlabelled on the map, rose 0.11%. The sector map does not carry a separate resources label, so the figures above describe the broader market on the day rather than the resources group specifically.

The Harnäs release is a gold exploration update dated 17 August 2026, about two months before the 19 October session. It contains no market commentary.

Risks shareholders should weigh

This was a modest first program of shallow holes, and grade varies sharply, from 0.54 g/t over 36 metres to 13.6 g/t over one metre. True widths were not stated, and continuity between the interpreted shoots has not been proven. The interpretations rely on correlating new intersections with older drilling.

The DHIP survey needs permits, and later drilling needs funding that the release does not describe. Drilling results do not by themselves establish a mineral resource.

What’s next

The next steps are data integration, the DHIP survey and a further drilling phase. The release does not give a timetable.