Why Ragusa Minerals (ASX:RAS) links its Purple Pansy manganese-gold exploration to its holding in US-quoted Pegasus Tel

Sonal Goyal

16 October 2026 11:31 PM AEDT

Why Ragusa Minerals (ASX:RAS) links its Purple Pansy manganese-gold exploration to its holding in US-quoted Pegasus Tel

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Key Highlights

Ragusa Minerals said in January 2026 that it held about 60% of Pegasus Tel, giving it exposure to the Purple Pansy manganese-gold project in Arizona.
A Placement announced on 28 January 2026 raised A$600,000 before costs through up to 20 million shares at A$0.03.
The company announced the start of an induced-polarisation survey on 22 May 2026 and lodged 'Ragusa Completes PTEL Transaction' on 18 June 2026.

Ragusa Minerals (ASX:RAS) is a small exploration company whose recent news centres on the Purple Pansy manganese-gold project in Arizona. It holds the project through a majority interest in Pegasus Tel Inc., which is quoted on the US over-the-counter market (OTC: PTEL).

What the company does and its stage

In a placement announcement dated 28 January 2026, Ragusa said it held about 60% of Pegasus Tel, giving it exposure to Purple Pansy. The company described its approach as data-driven, risk-weighted exploration. It is at an early exploration stage, with no reported resource, and Purple Pansy has been the focus of its announcements through 2026, from claim additions and a site visit to rock sampling and geophysics.

Announcements during 2026

Ragusa's ASX announcements during 2026 trace the project's progress. On 27 January the company reported additional claims at Purple Pansy, followed by a private placement on 28 January. On 5 March it reported a site visit that it said confirmed high-grade manganese.

A company update followed on 13 April and director changes on 17 April. Manganese and gold rock-sample results were released on 28 April, and on 22 May the company announced the start of a geophysical induced-polarisation survey. An announcement titled 'Ragusa Completes PTEL Transaction' was lodged on 18 June, and the quarterly activities and Cash Flow report for the June quarter followed on 30 July. The terms of the PTEL transaction and the specific sample grades are set out in those individual announcements.

Funding

The 28 January 2026 placement raised A$600,000 before costs from sophisticated and professional investors through the issue of up to 20 million shares at A$0.03, roughly a 10% discount to the five-day volume-weighted average price. Of those shares, 16,666,666 were issued under Shareholder pre-approval granted on 30 October 2025, and 3,333,334 under the company's additional 10% placement capacity.

The company earmarked the proceeds for Purple Pansy exploration, the assessment of new projects and working capital. Each share issue adds to the number of shares on issue, so dilution is a consideration for existing holders. The use of both pre-approved and additional placement capacity in a single raising also means the January issue drew on two separate shareholder authorities.

What's Next

Manganese-gold exploration at Purple Pansy is early-stage and unproven; surface samples and geophysics do not establish a resource. Holding the project through a company quoted on the US over-the-counter market adds a further layer of disclosure and Liquidity considerations, which are set out in the original filings. Results from the induced-polarisation survey and follow-up to the April rock sampling are the next steps indicated by the company's announcement sequence.

FAQs

Q:How does Ragusa Minerals hold the Purple Pansy project?

A:Ragusa said in January 2026 that it held about 60% of Pegasus Tel Inc., a company quoted on the US over-the-counter market, which gives it exposure to Purple Pansy.

Q:How much did Ragusa Minerals raise in January 2026?

A:The placement raised A$600,000 before costs through the issue of up to 20 million shares at A$0.03, roughly a 10% discount to the five-day volume-weighted average price.

Q:What will the placement funds be used for?

A:The company earmarked the proceeds for Purple Pansy exploration, the assessment of new projects and working capital.

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