Highlights

  • Ragusa Minerals is progressing the acquisition of ~60% of Pegasus Tel Inc. and the Purple Pansy Project in Arizona, USA.
  • The company is reviewing additional strategic mineral project opportunities.
  • Burracoppin Project tenement E70/5708 in Western Australia has been relinquished to focus on US operations.

Ragusa Minerals Limited (ASX:RAS) is advancing corporate steps to complete the acquisition of a controlling interest (~60%) in Pegasus Tel Inc. (PTEL) and the Purple Pansy Manganese-Gold Project in Arizona, USA. The transaction is subject to key conditions precedent outlined in the executed binding Heads of Agreement.

The Purple Pansy Project is located approximately 80km northwest of Phoenix within the Aguila Mining District. The project lies across a 9km prospective belt that includes historical sites such as the Pump Mine and Black Bart prospects. Historical operations indicate the presence of gold and manganese, with broader district-scale trends identified as potential exploration targets.

Ragusa is reviewing geological records to identify mineral trends, support a broader regional evaluation, and determine prospective new strategic areas. The company plans to carry out exploration, feasibility, and development activities at the project. Manganese is federally designated as a critical mineral in the USA and has strategic relevance for energy and defence sectors. The project may be eligible for initiatives including the FAST-41 permitting process and federal funding aimed at domestic critical mineral development.

The transaction provides exposure to gold in a high-price environment and manganese, which is critical to national defence, renewable energy infrastructure, and multiple advanced battery chemistries.

Burracoppin Project Relinquishment

Ragusa Minerals has relinquished tenement E70/5708, which comprised the Burracoppin Project in Western Australia. The decision reflects the company’s focus on the Purple Pansy Manganese-Gold Project and other new project opportunities under consideration.

Strategic Outlook

The company continues to evaluate opportunities for additional complementary mineral projects while advancing its US manganese-gold operations.

Share Price Snapshot

RAS was trading 58.33% higher at AUD 0.038 per share as of 21 November 2025.