I already explained this in another thread. RAG hasn't...

I already explained this in another thread. RAG hasn't terminated the agreement. They completed their due diligence and were happy with lithium tenements, however it looks like they were gazumped by CZL, who offered a better deal (cash + scrip) for WestOz Lithium. Refer to RAG's announcement "Completion of Due Diligence on Lithium Tenements" released on 24th January, as quoted:

Ragnar Metals Limited (“Ragnar” or “the Company”, ASX: RAG) is pleased to advise that the Company has successfully completed due diligence to its satisfaction on WestOz Lithium Pty Ltd (“WestOz”) and its assets under the Heads of Agreement announced on 10 November 2021 and is working towards completion.