Highlights

  • Ragusa Minerals shares rose 7.41% on 22 May 2026, following the release of exploration update.
  • The company commenced geophysical Induced Polarisation (IP) survey works at the historic Black Rock Manganese Mine site in Arizona, USA.
  • Survey data will be used to help define manganese zones for future drilling activities.
  • The Purple Pansy Project spans approximately 4,142 acres in Arizona’s Aguila Mining District.
  • Ragusa aims to identify drill targets and progress toward a maiden manganese resource estimate

Ragusa Minerals Ltd (ASX:RAS) shares moved higher during the morning session on 22 May 2026, climbing 7.41% to AUD 0.029 after the company announced the commencement of geophysical survey work at its Purple Pansy Manganese-Gold Project in Arizona, United States.

The market appeared to respond favourably to the update, which marked another step forward in exploration activity at the historic Black Rock Manganese Mine site, where the company is seeking to better define zones of manganese mineralisation ahead of future drilling programs.

Today’s rise adds to the company’s broader 12-month share price performance, with Ragusa shares remaining approximately 45% higher over the past year as investor interest in critical minerals exploration continues across selected junior resource stocks.

Geophysical Survey Program Begins at Black Rock Mine

Ragusa confirmed that geophysical Induced Polarisation (IP) surveying work has officially commenced at the Black Rock Manganese Mine site and surrounding areas within the Purple Pansy Project.

The company has engaged an Arizona-based geophysical contractor to conduct the survey program, which is designed to assist in identifying and defining manganese mineralisation zones for the next stage of exploration.

According to the announcement, the survey work is expected to take approximately 10 days to complete.

Following completion of the field program and Acquisition of survey data, the information will undergo processing, interpretation and analysis to support future exploration planning.

Management stated that the results are expected to assist in selecting target locations for upcoming drilling activities aimed at progressing the Black Rock prospect toward a maiden resource estimate.

Focus on Historic Manganese Mineralisation

A key aspect of the announcement was the company’s focus on the historic Black Rock open cut manganese mine, which hosts exposed manganese oxide mineralisation visible at surface.

Ragusa highlighted that significant massive manganese oxide mineralisation has been observed across almost the full width of the southern highwall at the historic mine site.

The company also noted that the mineralisation appears beneath relatively shallow overburden associated with brecciated volcanic host rock.

Importantly, Ragusa stated that the exposed mineralisation may display both lateral and depth extensions, which could provide additional exploration potential beyond the historically exposed zones.

The current IP survey program is expected to assist in mapping and defining those extensions more clearly before drill targets are finalised.

Understanding the Purple Pansy Project

The Purple Pansy Manganese-Gold Project is located approximately 80 kilometres northwest of Phoenix within Arizona’s Aguila Mining District.

The project covers around 4,142 acres and includes several historic gold and manganese operations situated within a broader district-scale mineral system.

While the project contains both manganese and gold exploration opportunities, the company’s immediate focus appears centred on the Black Rock Manganese Mine due to the site’s historical workings and visible manganese mineralisation.

The project sits within a region that has previously hosted mining activity, which may provide geological context for ongoing exploration efforts.

For junior exploration companies, historic mine sites can often represent attractive targets because previous operations may indicate established mineralisation systems and existing geological evidence.

Why the IP Survey Matters

Induced Polarisation surveying is commonly used in mineral exploration to identify subsurface zones that may host mineralisation.

The technique measures the electrical properties of rocks and can help geologists distinguish between mineralised and non-mineralised zones beneath the surface.

In Ragusa’s case, the IP survey is being used to help define manganese-bearing zones around the historic Black Rock Mine before drilling begins.

By improving geological understanding ahead of drilling, the company may be able to refine exploration targets and potentially improve the efficiency of future drill programs.

The survey results may also assist in assessing whether the exposed manganese mineralisation extends beyond currently visible areas.

For investors, early-stage exploration updates involving geophysical programs are often viewed as important milestones because they can shape future drilling strategies and resource potential assessments.

Company Targets Maiden Resource Estimate

One of the more important strategic elements within the announcement was the company’s intention to progress toward establishing a maiden manganese resource estimate at Black Rock.

Ragusa stated that drilling targets will be selected following interpretation of the geophysical survey data.

If future drilling successfully confirms continuity and scale of mineralisation, the company may eventually advance toward a formal resource estimate for the project.

At this stage, however, the current work remains exploration-focused, with the IP survey serving as an early technical step in defining the project’s broader manganese potential.

Resource definition remains a critical stage for junior mining companies because it can provide greater clarity regarding the scale and economic potential of a project.

Manganese and US Critical Mineral Supply Chains

The company also highlighted broader strategic interest surrounding manganese within the United States.

According to Ragusa, the United States currently has no active manganese mining operations and remains fully reliant on imports for manganese supply.

Manganese is classified as a critical mineral in the United States due to its importance across industrial, energy and defence-related applications.

The company noted that growing government focus on domestic critical mineral supply chains may create supportive conditions for projects capable of contributing to future US supply requirements.

This broader macroeconomic backdrop appears to form part of the company’s long-term rationale for advancing the Purple Pansy Project in Arizona.

Critical minerals have continued attracting market and government attention globally as countries seek to strengthen domestic supply security for materials used in batteries, infrastructure and industrial Manufacturing.

Chairman Highlights Exploration Potential

Ragusa Chair Jerko Zuvela described the commencement of exploration activities at the Purple Pansy Project as an important step in evaluating the manganese potential of the Black Rock prospect.

Management also pointed to the presence of exposed high-grade manganese mineralisation at surface as an encouraging exploration indicator.

According to the company, the broader objective is to establish a project with sufficient scale and development potential to create long-term Shareholder value.

The latest exploration activities form part of Ragusa’s ongoing efforts to evaluate the project’s mineralisation footprint and determine whether the prospect can support larger-scale resource development over time.

Investor Focus Shifts to Upcoming Results

Today’s share price movement suggests investors are closely watching the next stages of exploration at the Purple Pansy Project.

The completion of the IP survey and subsequent interpretation work are likely to represent the next near-term milestones before any drilling activities commence.

Future drilling outcomes may ultimately determine the scale, continuity and economic significance of the manganese mineralisation identified at Black Rock.

While early-stage exploration projects can remain highly speculative, visible surface mineralisation and historic mining activity often generate market interest as companies advance technical evaluation work.

With Ragusa shares already posting favourable gains over the past year, today’s announcement reinforces investor attention on the company’s exposure to manganese exploration within the United States critical minerals sector.