There are 6 badges in total which are worn in a pair.
First - the type of weapon:
No. 8 .22 Rifle
L98A2 Cadet GP Rifle
L81A2 Cadet Target Rifle
Second - the standard fired:
I'm not sure on the scoring criteria of each standard, but basically you wear the standard then the weapon next to it.
In my unit you can only wear 1 pair and it goes in standard-priority - so you wear the weapon badge of your best score (thus, if you're a L98 marksman but only a L81 pass, you wear the Marksman and L98 badges). Other units seem to vary though, I've seen cadets wearing multiples of each and second brassards to fit them and all sorts.