Highlights

  • The disclosure is in its quarterly activities and cash flow report for the three months ended 30 September 2026.
  • Purple Pansy covers roughly 4,142 acres in the Aguila Mining District, about 80 kilometres north-west of Phoenix.
  • The ground includes historic gold and manganese workings, with the Black Rock Manganese Mine prospect the main focus.
  • Anomalous zones trend north-west to south-east, along strike from the massive manganese oxide mineralisation exposed at the historic mine site.

Ragusa Minerals (ASX:RAS) has reported that induced polarisation (IP) surveying at the Black Rock manganese prospect in Arizona is complete, and that the interpretation has identified 14 priority drill targets. The disclosure is in its quarterly activities and cash flow report for the three months ended 30 September 2026. The company describes the work as a major step in defining targets, but no drilling has been reported, so the targets are untested and the report contains no assay results.

The Business And The Project

Ragusa is an exploration company. It holds a controlling interest of about 60 per cent in Pegasus Tel, Inc., a United States company quoted on the OTC Basic Market, and Pegasus holds the Purple Pansy Manganese-Gold Project. Ragusa says the acquisition of that stake was completed on 18 June 2026. According to the company, Pegasus had a market capitalisation of about US$12.1 million at the close of trading on 27 October 2026.

Purple Pansy covers roughly 4,142 acres in the Aguila Mining District, about 80 kilometres north-west of Phoenix. The ground includes historic gold and manganese workings, with the Black Rock Manganese Mine prospect the main focus.

What The Survey Found

The business states independent geophysical consultants processed and interpreted the IP data. Anomalous zones trend north-west to south-east, along strike from the massive manganese oxide mineralisation exposed at the historic mine site. Several anomaly trends run parallel to the largest zone, which coincides with the Black Rock site.

The 14 targets are ranked as follows, according to the report: nine Priority 1, three Priority 2 and two Priority 3. Exploration results in the report were prepared by director Jerko Zuvela, a member of the Australasian Institute of Mining and Metallurgy, under the JORC Code (2012).

Strategy And Next Steps

Ragusa says it wants Purple Pansy to become a cornerstone United States manganese and gold asset. It notes that the United States has no active manganese mining and relies on imports, and that manganese is designated a federal critical mineral. It links this to government efforts to rebuild domestic supply chains. These are the company's own strategic statements rather than outcomes.

The next steps listed are planning a drilling programme, including regulatory approvals and permitting, securing access to a drill rig and mobilising personnel to manage site operations. The stated goal is a maiden manganese resource estimate at Black Rock. No drilling dates are given.

Cash Position And Funding

The Appendix 5B shows cash of about A$65,000 at 30 September 2026, down from A$246,000 at the start of the quarter, a net fall of A$181,000. Operating cash outflow was A$112,000, comprising A$66,000 of expensed exploration and evaluation and A$47,000 of administration and corporate costs, with A$1,000 of other items. Investing outflow was A$69,000, made up of A$57,000 of capitalised exploration and A$12,000 of investments. There were no financing inflows, so no equity was raised in the quarter.

Material Risks

The report calculates estimated funding of 0.38 quarters at the current rate of spending, well below the two-quarter level that prompts the going-concern questions in the form. Ragusa says negative operating cash flows are expected while it has no income, that it has raised funds in the past and believes it can do so again, and that it expects to continue operating on the basis of future capital raisings. Cash on hand does not cover the planned spending, and no raising has been announced in the report.

The company also cautions that plans for the properties may not proceed as expected and that there is no assurance it will confirm mineral deposits or that any mineralisation will be economic.