RAS
Ragusa Minerals LTD
ASX
Annual Report to shareholders
Sentiment:
Annual Report
9 September 2024 4:39 AM
Ragusa Minerals Limited (ASX: RAS) reported a loss of $2,115,706 for the year ended June 30, 2024, but highlighted progress on its NT Lithium and Burracoppin REE projects, including lithium mineralization discovery and positive metallurgical test work results.
Capital raise
The Group’s ongoing activities may require substantial further financing in the future.
The Company will require additional funding to continue its exploration and evaluation operations on its projects with the aim to identify economically mineable reserves and resources.
Any additional equity financing may be dilutive to shareholders, may be undertaken at lower prices than the current market price and debt financing, if available, and may involve restrictive covenants which limit the Group’s operations and business strategy.
Summary
- Ragusa Minerals Limited (RAS) reported a loss of \$2,115,706 for the year ended June 30, 2024, compared to a loss of \$2,189,665 in 2023.
- The company's principal activity is mineral exploration.
- Key project milestones included lithium mineralization identified at the NT Lithium Project, with RC drilling intercepting six pegmatite bodies and new target areas covering ~50km2 identified.
- Positive metallurgical test work results were obtained for the Burracoppin REE & Kaolin/Halloysite Project.
- The Monte Cristo Gold Project in Alaska and the Lonely Mine Gold Project in Zimbabwe were relinquished.
- An Inferred Mineral Resource for the Burracoppin Deposit of 96Mt of kaolinized granite was estimated, including 35.7Mt of TREO-bearing material.
- The company plans to conduct planning works and regulatory approvals for the next phase of exploration and drilling at the NT Lithium Project and consider new project opportunities and acquisitions.
- No dividends were declared for the year.
- The company settled two legal proceedings, paying \$87,500 and \$175,000 respectively.
Sentiment
Score: 5
Explanation: The overall sentiment is neutral. While the company reported a loss, it also highlighted significant progress on key projects and future plans, balancing positive and negative aspects.
Positives
- Lithium mineralization discovered at the NT Lithium Project.
- Positive metallurgical test results from the Burracoppin Project confirmed high-grade rare earth content.
- Successful settlement of legal proceedings.
- Identification of new, large strategic lithium target areas at the NT Lithium Project (~50km2).
Negatives
- Net loss for the year ended June 30, 2024: \$2,115,706.
- Relinquishment of the Monte Cristo and Lonely Mine gold projects.
- No dividends paid to shareholders.
Risks
- The need for substantial further financing to continue exploration and evaluation operations.
- Exploration risk, including the possibility of unsuccessful exploration and relinquishment of tenements.
- Feasibility and development risks, including obtaining necessary licenses and approvals.
- Regulatory risk, including obtaining and maintaining necessary authorizations.
- Mineral resource estimate risk, including the inherent imprecision of estimates and the impact of commodity price fluctuations.
- Environmental risk, including the potential impact of operations on the environment and the cost of compliance with environmental regulations.
- Economic and market risk, including general economic conditions and political circumstances.
Future Outlook
The company plans to conduct planning works and regulatory approvals for the next phase of exploration and drilling at the NT Lithium Project and consider new project opportunities and acquisitions. The company acknowledges the need for further financing to continue its operations.
Management Comments
- Ragusa remains confident that key upcoming milestones and achievements will prove successful to demonstrate the high-value nature of the Company’s projects and mineral prospectivity to ensure it is best placed to deliver value and upside potential for all its shareholders.
- Ragusa remains confident that key upcoming milestones and achievements will prove successful to demonstrate the long-term sustainability and progress toward commercial scale development at the NT Lithium Project.
Industry Context
The announcement reflects the ongoing exploration activity in the lithium and rare earth elements sectors, driven by increasing demand for these materials in electric vehicle batteries and other technologies. The relinquishment of gold projects suggests a strategic shift towards more promising opportunities in the lithium and REE space.
Next Steps
- Conduct planning works and regulatory approvals for the next phase of exploration and drilling works at NT Lithium Project
- Consider and review new project opportunities and acquisitions
Key Dates
- June 30, 2020: Year end for financial reporting
- October 2, 2020: Agreement with Consilium Corporate Pty Ltd for CFO and Corporate Secretarial Services
- June 30, 2021: Year end for financial reporting
- June 30, 2022: Year end for financial reporting
- June 21, 2023: Deed of settlement drafted for Aurora Fund Management Ltd v Ragusa Minerals Ltd
- July 19, 2023: Deed of settlement accepted and executed for Aurora Fund Management Ltd v Ragusa Minerals Ltd
- July 26, 2023: Legal proceeding dismissed for Aurora Fund Management Ltd v Ragusa Minerals Ltd
- September 26, 2023: Final payment made for Aurora Fund Management Ltd v Ragusa Minerals Ltd settlement
- December 22, 2023: Voluntary deregistration of Stradun Alaska LLC completed
- June 30, 2023: Year end for financial reporting
- May 3, 2024: Deed of settlement and release fully executed for Keybridge Capital Ltd v Ragusa Minerals Ltd
- February 5, 2024: Voluntary deregistration of Stradun Alaska LLC completed
- June 30, 2024: Year end for financial reporting
- August 26, 2024: Cancellation of 2,000,000 options
- August 28-29, 2024: Surrender of tenements EL33148 and EL33150 and withdrawal of application for tenement EL33149
- September 3, 2024: ASX announcement of tenement relinquishment
- September 9, 2024: Cancellation of 2,000,000 options
- September 9, 2024: Date of Directors' Declaration and Auditor's Report
Keywords
Lithium, Rare Earth Elements (REE), Mineral Exploration, Kaolin, Halloysite, Annual Report, Ragusa Minerals, Australia, Northern Territory, Western Australia
RAS
Ragusa Minerals LTD
ASX
Sector: Materials
Filings with Classifications
Capital raise
26 June 2025 6:28 PM
Capital Raise Announcement
- The document details an immediate capital raise of $427,200 through a placement to sophisticated investors.
Worse than expected
11 June 2025 8:54 PM
Company Update
- The Binding Heads of Agreement with Geopolymer Industries Pty Ltd was terminated due to the inability to satisfy conditions precedent, which is a negative outcome for the Company.
Capital raise
27 April 2025 6:29 PM
Quarterly Cash Flow Report
- The Company announced it will conduct a placement of fully paid ordinary shares to raise up to $2m (before costs).
- Funds raised from the placement will enable the Company to fund a new asset acquisition and current operations.
Capital raise
27 April 2025 6:29 PM
Quarterly Activities Report
- Ragusa will conduct a placement of fully paid ordinary shares to raise up to $2,002,000 (before costs) via the issue of up to 91,000,000 shares (Placement) at $0.022per share.
- Tranche 1 will comprise the issue of 13,650,000 Shares at 2.2 cents per share, raising $300,300 (before costs), to be issued under the Company's available placement capacity under ASX Listing Rule 7.1.
- Tranche 2 will comprise the issue of approximately 77,350,000 Shares at 2.2 cents per share, raising $1,701,700 (before costs), following receipt of Ragusa shareholder approval at a general meeting.
Worse than expected
28 October 2024 3:07 AM
Quarterly Cash Flow Report
- The company experienced a significant decrease in cash and cash equivalents during the quarter, indicating worse than expected financial performance.
Capital raise
28 October 2024 3:07 AM
Quarterly Cash Flow Report
- The company is considering its options with regards to raising additional funds.
- The company believes it would be successful in raising sufficient funds to continue with the planned level of operations.
Capital raise
24 October 2024 10:37 PM
Annual General Meeting Notice
- Resolution 3 seeks shareholder approval for a 7.1A mandate, allowing the company to issue up to an additional 10% of its issued capital.
- Funds raised under the 7.1A mandate will be used for acquisitions, exploration, business development, and working capital.
Capital raise
9 September 2024 4:39 AM
Annual Report
- The Group’s ongoing activities may require substantial further financing in the future.
- The Company will require additional funding to continue its exploration and evaluation operations on its projects with the aim to identify economically mineable reserves and resources.
- Any additional equity financing may be dilutive to shareholders, may be undertaken at lower prices than the current market price and debt financing, if available, and may involve restrictive covenants which limit the Group’s operations and business strategy.
Worse than expected
30 July 2024 6:12 PM
Quarterly Cash Flow Report
- The company's cash reserves have decreased significantly from the previous quarter.
- The company has negative operating cash flow and relies on capital raising to continue operations.
- The company only has 1.49 quarters of funding available.
Capital raise
30 July 2024 6:12 PM
Quarterly Cash Flow Report
- The company plans to raise further cash to fund its operations.
- The capital raising may be combined with new asset or project acquisitions.
Capital raise
29 April 2024 6:56 PM
Quarterly Cash Flow Report
- The entity may need to raise further cash to fund its operations.
- The document does not specify the details of the capital raise.
Worse than expected
29 April 2024 6:56 PM
Quarterly Cash Flow Report
- The company's cash reserves have decreased, and the estimated quarters of funding available is less than 2, indicating a worsening financial position.
Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.