Ragusa Minerals Advances US Manganese-Gold Play with Pegasus Tel Acquisition
Ragusa Minerals has secured a controlling stake in Pegasus Tel Inc., gaining the Purple Pansy manganese-gold project in Arizona. Recent surveys and assays highlight promising high-grade manganese and gold mineralisation, positioning the company in a strategically important US critical minerals sector.
- Acquisition of ~60% controlling interest in Pegasus Tel Inc.
- High-grade manganese assays up to 45.6% and gold up to 14.8 g/t
- Geophysical IP survey completed at Black Rock Manganese Mine prospect
- Appointment of Petar Tomasevic as Non-Executive Director
- Cash reserves at AUD 246,000 with ongoing exploration expenditure
Controlling Stake in Pegasus Tel Secures Strategic US Asset
Ragusa Minerals Limited (ASX:RAS) has completed its acquisition of approximately 60% of Pegasus Tel Inc. (OTC: PTEL), a move that hands Ragusa control over a key US manganese and gold project. Pegasus Tel’s market capitalisation stood at around US$11.9 million as of late July 2026, underscoring the scale of the opportunity.
This acquisition brings the Purple Pansy Manganese-Gold Project in Arizona under Ragusa’s influence. The project spans over 4,100 acres in the Aguila Mining District, a historically significant mining area located about 80 kilometres northwest of Phoenix. The Purple Pansy claims include the Black Rock Manganese Mine prospect, a site with notable past mining activity and visible manganese oxide mineralisation.
High-Grade Assays Confirm Mineral Potential
The company recently completed an induced polarisation (IP) geophysical survey at Black Rock to delineate the extent of manganese oxide mineralisation. Data interpretation is underway, with drilling targets expected to be selected soon to establish a maiden resource estimate. The historic open cut mine at Black Rock shows manganese oxide mineralisation exposed beneath shallow overburden, offering a tangible exploration target.
Strategic Positioning Amid US Critical Minerals Push
Ragusa’s development strategy hinges on positioning Purple Pansy as a cornerstone asset within the US’s critical minerals landscape. Manganese’s designation as a federally critical mineral, vital to energy storage and defence sectors, aligns the project with national priorities. The proximity of the Wenden Manganese Stockpile, just 20 kilometres away, highlights the district’s strategic importance.
Moreover, the US currently imports 100% of its manganese, underscoring the potential value of domestic sources. Government initiatives such as the FAST-41 permitting process and funding grants are designed to accelerate the development of projects like Purple Pansy. South32’s Hermosa Project nearby, which has received significant federal funding, exemplifies the national focus on rebuilding manganese supply chains.
Corporate Developments and Financial Position
On the corporate front, Ragusa appointed Petar Tomasevic as Non-Executive Director, bringing additional expertise to the board. Meanwhile, Melanie Ross resigned from the board but continues as Company Secretary, maintaining continuity in governance.
Financially, Ragusa reported cash reserves of approximately AUD 246,000 at the end of June 2026. The company spent about AUD 28,600 on exploration and evaluation activities during the quarter, including the IP survey, and AUD 293,000 was allocated to completing the Pegasus Tel acquisition. Operating and administrative expenses remain modest, reflecting the company’s early-stage exploration status.
Ragusa is actively reviewing additional strategic mineral project opportunities, signalling a broader growth ambition beyond Purple Pansy.
Bottom Line?
Ragusa’s control of Pegasus Tel and promising assay results at Purple Pansy position it well within the US critical minerals sector, but upcoming drilling and funding will be pivotal to translating potential into value.
Questions in the middle?
- Will upcoming drilling at Black Rock confirm a maiden manganese resource?
- How will Ragusa manage its limited cash reserves amid ongoing exploration and corporate costs?
- Can US government critical minerals initiatives accelerate Purple Pansy’s development timeline?
