Key Highlights

  • Ragusa has identified 14 priority drill targets at the Black Rock manganese prospect in Arizona, but lacks the cash to drill them.
  • The company held about $65,000 at 30 September, an estimated 0.38 quarters of funding.
  • The AGM will vote on a future Placement of up to $500,000 to sophisticated and professional investors.
  • Ragusa holds about 60% of Pegasus Tel, which holds the Purple Pansy manganese-gold project covering about 4,142 acres.

Ragusa Minerals (ASX:RAS) has identified 14 priority drill targets at the Black Rock manganese prospect in Arizona, but it lacks the cash to drill them. According to its September quarter activities report and Appendix 5B, released on 29 October 2026, the explorer held about $65,000 at 30 September, which it estimated as 0.38 quarters of funding.

That explains a key item at its upcoming annual general meeting. Its notice of meeting, released on 28 October, asks shareholders to approve a future placement of up to $500,000 to sophisticated and professional investors, at no less than 80% of the five-day volume-weighted average price. Approval would allow the company to issue the shares without using its standard 15% placement capacity.

A US manganese play held through an OTC company

Ragusa holds its main asset indirectly. In June 2026 it completed a transaction giving it a controlling interest of about 60% in Pegasus Tel, Inc., a company quoted on the US OTC market, which holds the Purple Pansy manganese-gold project. The project covers about 4,142 acres in the Aguila district, roughly 80km northwest of Phoenix, and includes historic gold and manganese workings.

What the geophysics showed

During the quarter, independent consultants interpreted induced polarisation (IP) survey data from the Black Rock Manganese Mine prospect. According to Ragusa, the anomalous zones run northwest-southeast along strike from the massive manganese oxide exposed at the historic mine, with several parallel trends. The consultants ranked 14 targets: nine priority 1, three priority 2 and two priority 3. These are geophysical targets, not drill results, and Ragusa has no JORC resource at Purple Pansy. Its stated next steps are drill planning, permitting and rig access, with the aim of a maiden manganese resource estimate.

Cash, costs and dilution

The Appendix 5B shows a net operating outflow of $112,000 for the quarter and $57,000 of capitalised exploration, for total relevant outgoings of $169,000. Exploration spending of about $123,000 went largely on Arizona tenement maintenance and the IP work. No payments were made to related parties. In its item 8 answers, Ragusa said it has raised funds when required in the past and expects to do so again.

The Capital history is relevant. In January 2026 Ragusa placed 20 million shares at $0.03 to raise $600,000, and the AGM will be asked to ratify part of that issue.

Sector context

Ragusa's report highlights that the US has no active manganese mines and relies fully on imports. It also notes that manganese is a federally designated critical mineral. Policy support for domestic Supply is a real theme, but early-stage projects still need resources, permits and funding before they can benefit.

Risks and upcoming milestones

The key risks are the very short funding runway, dilution, the indirect holding through Pegasus Tel, permitting in Arizona and the early stage of the targets. The AGM will be held at 1.00pm (AWST) on Friday 27 November 2026 in Perth. After that, the next things to watch are any placement and drill permitting.