Ragusa Minerals (ASX:RAS) has executed a binding heads of agreement with Pegasus Tel (OTC:PTEL) to acquire 60.09% interest in the company, providing access to the Purple Pansy Manganese-Gold Project in Arizona, US.
Upon completion of this agreement, Pegasus will acquire Purple Pansy from current vendors Red Beryl Mining and Steven Cyros in exchange for holdings in the company.
Expected to be completed in late-December 2025, Ragusa will acquire a stake in Pegasus for a total consideration of US$195,303 ($296,722), subject to customary conditions due diligence and necessary approvals.
Red Beryl will support Pegasus with investor relations and to create a development strategy over a two-year period after completion.
Ragusa Chairman Jerko Zuvela describes the company’s access to the Purple Pansy Project as prospective for the US’ demand for critical minerals.
“Furthermore, the transaction formalises Ragusa’s strategic relationship with the vendors, leading to additional potential US project opportunities,” Zuvela says.
“This is a significant opportunity to leverage recent US government prominence on domestic strategic critical minerals and is an exciting growth prospect to create long term value for our shareholders.”
As reported by Mining.com.au, US President Donald Trump recently met with Australian Prime Minister Anthony Albanese to formulate a strengthened supply chain of critical minerals as export bans loom from China.
The US currently relies on an imported supply of manganese with no active operations across the country.
Located 80km northwest of Phoenix in the Aguila mining district of Arizona, manganese and gold operations were historically conducted at Purple Pansy.
The project sits just 20km east of the government’s Wenden Manganese Stockpile.
Ragusa Minerals is an Australian mining company with an interest in three projects in Australia, the US, and Zimbabwe.
Write to Maddison Elliott at Mining.com.au
Images: Ragusa Minerals
