PERTH – Australian exploration company Ragusa Minerals Ltd (RAS.AX) said on Wednesday it has executed a binding deal to acquire a controlling interest in U.S.-listed Pegasus Tel Inc (PTEL) and its Purple Pansy manganese-gold project in Arizona, tapping into Washington’s push to boost domestic supply of critical minerals.
Ragusa will pay $195,303 for a 60.09% stake in Pegasus, which in turn will acquire a 100% interest in the Purple Pansy project, located approximately 80 kilometers (50 miles) northwest of Phoenix, the company said in a statement.
The move positions Ragusa in a mining-friendly U.S. state that is rapidly becoming a hub for battery manufacturing, and gives it exposure to manganese, a mineral critical for steelmaking and battery manufacturing for which the United States is currently 100% import-dependent.
“The transaction formalises Ragusa’s strategic relationship with the vendors, leading to additional potential U.S. project opportunities,” Ragusa Chair Jerko Zuvela said in the statement.
The Purple Pansy project is located near the U.S. government’s Wenden Manganese Stockpile, underscoring the district’s historical significance. The project’s strategic value is further highlighted by substantial U.S. government funding awarded to South32’s (S32.AX) Hermosa manganese-zinc project elsewhere in Arizona.
Ragusa said it plans exploration and development activities at the project, leveraging potential U.S. government support initiatives for critical minerals. The deal is expected to be completed by late December 2025, subject to due diligence and regulatory approvals.