Ragusa Minerals (ASX:RAS) Limited said in its September 2026 quarterly activities and cash flow report that interpretation of an induced polarisation (IP) geophysical survey has outlined 14 priority drill targets at the Purple Pansy manganese-gold project in Arizona, United States. The company has not yet drilled the project and no assay results were reported, but it also disclosed a funding runway well short of the two-quarter level that normally triggers extra disclosure.

The Purple Pansy project

Purple Pansy covers about 4,142 acres roughly 80 kilometres north-west of Phoenix and centres on the historic Black Rock manganese mine prospect, with gold described by the company as upside. Ragusa does not hold the project directly. It owns a controlling interest of about 60 per cent in Pegasus Tel, Inc., a United States company quoted on the OTC market under the code PTEL, which owns the project. The report gives Pegasus Tel a market capitalisation of about US$12.1m as at 27 October 2026. The report does not state the class of Ragusa's own securities.

Management said United States manganese supply is entirely import-reliant and that manganese is federally designated a critical mineral. Those are the company's statements of the strategic context rather than anything specific to this project's economics, and the report gives no cost, scale or permitting data that would allow a view on whether Purple Pansy could ever supply that demand.

Geophysical results and targets

The only exploration results in the report come from the IP survey interpretation. The company said anomalous zones trend north-west to south-east, along strike from exposed massive manganese oxide mineralisation at surface. From the survey it ranked 14 drill targets: nine as Priority 1, three as Priority 2 and two as Priority 3.

Geophysical anomalies are indirect indicators and do not confirm the presence, grade or thickness of manganese or gold. Until holes are drilled and assayed, the targets remain untested. The company's stated goal is to establish a maiden manganese Mineral Resource Estimate at Black Rock, but it has not given a drilling start date.

Cash and funding position

Cash at 30 September 2026 was about A$65,000, down from A$246,000 at the end of June. Operating cash outflow was A$112,000, and investing outflow was A$69,000, including A$57,000 on exploration and A$12,000 of investments. There was no financing cash flow and no payments to related parties. Exploration and evaluation costs for the quarter were about A$123,000 in total.

The Appendix 5B funding runway is 0.38 quarters, well below the two-quarter threshold. The company has no loan facilities or standby arrangements and said it expects to fund operations through future capital raisings, which it described as likely without giving details. The amount, timing and terms of any raising are unknown, and the funding position is the central risk to the exploration programme. With about A$65,000 in the bank against quarterly spending of roughly A$169,000 in total, the company would need new capital before any meaningful drilling could begin.

Next steps

The company listed drill planning, including regulatory approval and permitting, securing drill rig access and mobilising site personnel as the main tasks, together with an ongoing review of new strategic mineral project opportunities. It cautioned that there is no assurance that deposits will be confirmed, that mineralisation will prove economic or that a mine will ever be developed.

Separately, Ragusa released its notice of annual general meeting and proxy form on 28 October 2026, but this summary does not cover their contents.