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RAS 
Ragusa Minerals LTD 
ASX

Company Update

Sentiment:
 Company Update
 11 June 2025 8:54 PM

Ragusa Minerals Limited has announced the termination of its Binding Heads of Agreement with Geopolymer Industries Pty Ltd, citing an inability to satisfy the agreed-upon conditions precedent.

Worse than expected
  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. 

Summary
  • Ragusa Minerals Limited has terminated its Binding Heads of Agreement with Geopolymer Industries Pty Ltd and its shareholders.
  • The termination was due to the inability to satisfy the Conditions Precedent outlined in Clause 6 of the Agreement.
  • Ragusa Minerals will continue to hold its Burracoppin REE & Kaolin/Halloysite Project, located approximately 300 kilometres east of Perth in Western Australia.
  • The Burracoppin project comprises granted exploration licence E70/5708 and is prospective for rare earth elements, halloysite, and kaolinite.
  • The Company also plans to continue reviewing new projects across various commodities and jurisdictions, prioritizing this work to identify value-accretive opportunities.
Sentiment

Score: 4

Explanation: The termination of a significant agreement is a negative event, but the company's retention of its core asset and proactive search for new opportunities mitigate the overall negative sentiment, indicating resilience.

Positives
  • Ragusa Minerals Limited continues to hold its prospective Burracoppin REE & Kaolin/Halloysite Project, which is a key asset.
  • The Company is actively reviewing new projects across various commodities and jurisdictions, demonstrating a proactive approach to growth.
  • The aim of reviewing new projects is to identify opportunities that may complement the current project portfolio and/or be value accretive for shareholders.
  • Ragusa Minerals has an experienced board and management team with a history of exploration, operational, and corporate success.
Negatives
  • The Binding Heads of Agreement with Geopolymer Industries Pty Ltd has been terminated.
  • The termination was due to the inability to satisfy the Conditions Precedent, indicating a failure to meet specific requirements for the deal to proceed.
Risks
  • There is a risk that the Company may not successfully identify a suitable new project that is fit for purpose or value accretive.
  • The Burracoppin REE & Kaolin/Halloysite Project, while prospective, still requires further exploration and development, which carries inherent geological and operational risks.
  • Market conditions for rare earth elements, halloysite, and kaolinite could fluctuate, impacting the potential value of the Burracoppin project.
Future Outlook

The Company will continue to review new projects across various commodities and jurisdictions, prioritizing these efforts with the aim to identify a fit-for-purpose project that may complement its current project portfolio and/or be value accretive.

Management Comments
  • The announcement has been authorized by Jerko Zuvela, the Company's Chair.
Industry Context

The termination of a binding agreement, as seen with Ragusa Minerals and Geopolymer Industries, is a common occurrence in the mining and resources sector, often due to unmet conditions precedent related to due diligence, financing, or regulatory approvals. Ragusa's continued focus on rare earth elements and kaolin/halloysite aligns with the broader industry trend of increasing demand for critical minerals essential for renewable energy and high-tech applications.

Comparison to Industry Standards
  • The document does not provide specific comparable companies, projects, or results to assess against global benchmarks.
Stakeholder Impact
  • Shareholders may experience disappointment due to the termination of the potential Geopolymer transaction, which could have offered new growth avenues.
  • The Company's continued focus on the Burracoppin project and the search for new opportunities aims to maximize shareholder value in the long term.
  • Employees and management will likely shift focus towards the existing Burracoppin project and the evaluation of new potential ventures.
Next Steps
  • Ragusa Minerals will continue to review new projects across various commodities and jurisdictions.
  • The Company will prioritize identifying a fit-for-purpose project that may complement its current portfolio and/or be value accretive.
Key Dates
  • 21 March 2025: Date of the Binding Heads of Agreement between Ragusa Minerals Ltd, Geopolymer Industries Pty Ltd, and the shareholders of Geopolymer.
  • 12 June 2025: Date of the ASX announcement regarding the termination of the Binding Heads of Agreement.
Keywords
Project Termination, Binding Heads of Agreement, Geopolymer Industries, Ragusa Minerals, Burracoppin Project, Rare Earth Elements, REE, Kaolin, Halloysite, Exploration Licence, Western Australia, ASX: RAS
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 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.
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.
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.
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.
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.

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.