Ragusa Minerals Ltd (RAS) AI Stock Analysis

• Market Cap: AU$7.53M
• Dividend Yield: N/A
• Average Volume (3M): 289.01K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.68
• Revenue Growth: 168.85%
• EPS Growth: 13.51%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): -0.01
• Shares Outstanding: 198,198,790
• 10 Day Avg. Volume: 68,429
• 30 Day Avg. Volume: 289,015
• PEG Ratio: 0.09
• Price to Book (P/B): 4.27
• Price to Sales (P/S): 1019.06
• P/FCF Ratio: -6.33
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: AU$0.04 ▲(5.00% Upside)
• Action: Reiterated Date: 01/31/26
• Date: Action: Reiterated 01/31/26

The score is held back primarily by weak financial performance (sharp revenue decline, ongoing losses, and negative free cash flow alongside declining equity). This is partly offset by constructive technical signals (price above major moving averages, positive MACD, RSI near 58). Valuation provides limited support given the negative P/E and no dividend yield data.

Positive Factors

Debt-free balance sheet

A zero-debt capital structure materially reduces refinancing risk for an early-stage explorer. With no scheduled debt service, management can prioritize exploration programs and fundraising timing, giving structural flexibility to pursue value-accretive drilling without immediate leverage pressure.

Improved cash burn in 2025

Narrowing operating and free cash outflows indicates progress on cost management and program prioritization. Structurally lower burn extends runway and reduces near-term dilution risk, giving the company more time to advance targets or secure accretive financing on better terms.

Focused mineral exploration model

A focused exploration mandate creates specialist technical expertise and asset optionality; successful drill results can generate large enterprise value jumps. Structurally, a narrow strategic focus on resource projects aligns capital deployment to discovery-driven returns typical in the gold exploration sector.

Negative Factors

Persistent operating losses

Chronic losses mean the business is structurally not self-sustaining and must repeatedly access capital. Over months this erodes equity, constrains reinvestment in exploration, and forces fundraising decisions that can dilute shareholders and distract management from long-term project advancement.

Sharp revenue collapse in 2025

A near-total revenue collapse indicates volatile or one-off income sources rather than stable operations. Structurally unpredictable top-line undermines ability to budget multi-stage exploration programs and increases dependency on external funding, raising execution risk over the coming months.

Eroding equity and dilution sensitivity

A severely reduced equity base weakens the capital buffer against operational shocks and heightens the need for capital raises. Structurally, this increases the likelihood of dilutive financings or unfavorable terms, amplifying risk to long-term shareholders and constraining strategic optionality.

Ragusa Minerals Ltd Business Overview & Revenue Model

Company Description

Ragusa Minerals Limited explores for mineral properties. The company primarily explores for gold. It holds a 100% interest in the Burracoppin Halloysite project that comprises two tenements located in the east of Perth in Western Australia; the Lonely Mine Gold project, which consists of four granted tenements covering greenstone belt lithology with multiple sub-parallel shear zones located in the north of Bulawayo in the Bubi Greenstone Belt, Zimbabwe; and the Monte Cristo Gold project that comprises 500 granted tenements approximately 323.74 square kilometers located in Alaska, the United States. The company also has an agreement to acquire 90% in the Northern Territory Lithium project that comprises four granted tenements located in the Litchfield Pegmatite Belt in Northern Territory. The company was formerly known as SIV Asset Management Limited and changed its name to Ragusa Minerals Limited in October 2020. Ragusa Minerals Limited was incorporated in 2010 and is headquartered in Perth, Australia.

How the Company Makes Money

Ragusa Minerals Ltd generates revenue through the exploration and eventual extraction of mineral resources. The company identifies promising mineral deposits and invests in exploration to assess the viability of mining operations. Once a project is deemed economically feasible, Ragusa Minerals may either develop the mine itself or partner with other mining companies to extract and sell the minerals. Revenue is primarily derived from the sale of extracted minerals such as lithium and gold. In addition, strategic partnerships and joint ventures with other mining entities can provide additional financial support and revenue-sharing opportunities, enhancing the company's ability to fund exploration and development activities.

Ragusa Minerals Ltd Financial Statement Overview

Summary

Overall financials indicate an early-stage, cash-consuming profile: revenue is minimal and collapsed in 2025 (~97% YoY), with persistently negative gross profit/EBIT/net income. Cash flow is consistently negative (operating and free cash flow), despite improved 2025 cash burn versus 2024. The main support is a debt-free balance sheet, but equity has fallen sharply (~4.9m in 2022 to ~0.5m in 2025), increasing funding and dilution risk.

Income Statement

The income statement shows a persistently loss-making profile with extremely weak profitability. Revenue is small and volatile and declined sharply in 2025 (annual revenue down ~97% versus 2024), while gross profit, EBIT, and net income remain deeply negative. Margins are consistently negative across the period, indicating the business has not yet reached a scale where costs are covered; 2025 profitability also deteriorated versus prior years.

Balance Sheet

The balance sheet is supported by a debt-free capital structure in recent years (zero total debt and 0.0 debt-to-equity from 2021–2025), which reduces financial risk and refinancing pressure. However, equity has fallen materially (from ~4.9m in 2022 to ~0.5m in 2025), reflecting ongoing losses and raising dilution/going-concern sensitivity. Returns on equity are negative in the most recent years, consistent with continued value erosion despite low leverage.

Cash Flow

Cash flow remains a key weakness: operating cash flow and free cash flow are negative every year shown, indicating the business is consuming cash to operate and invest. 2025 cash burn improved versus 2024 (operating cash outflow narrowed from about -740k to about -271k; free cash outflow narrowed from about -1.45m to about -338k), but free cash flow growth is still negative in 2025 and the company has not demonstrated self-funding operations.

Breakdown	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	2.10K	12.68K	44.95K	3.20K	6.72K
Gross Profit	-257.60K	-264.18K	-43.68K	-123.25K	-54.09K
EBITDA	-379.39K	-710.13K	-934.20K	-1.50M	-548.72K
Net Income	-1.83M	-2.12M	-2.19M	-1.50M	-548.72K
Balance Sheet
Total Assets	745.54K	2.45M	4.76M	5.00M	4.86M
Cash, Cash Equivalents and Short-Term Investments	162.23K	440.02K	1.89M	2.52M	4.20M
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	245.10K	80.58K	368.19K	87.67K	69.99K
Stockholders Equity	500.44K	2.37M	4.39M	4.91M	4.79M
Cash Flow
Free Cash Flow	-337.76K	-1.45M	-2.17M	-1.90M	-661.50K
Operating Cash Flow	-270.80K	-740.05K	-766.49K	-894.67K	-569.50K
Investing Cash Flow	-66.97K	-710.28K	-1.41M	-1.23M	-92.00K
Financing Cash Flow	60.00K	0.00	1.54M	431.47K	4.85M

Ragusa Minerals Ltd Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.04
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:RAS, the sentiment is Positive. The current price of 0.04 is above the 20-day moving average (MA) of 0.04, above the 50-day MA of 0.03, and above the 200-day MA of 0.03, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 57.05 is Neutral, neither overbought nor oversold. The STOCH value of 68.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:RAS.

Ragusa Minerals Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
RAS	51 Neutral	AU$7.53M	-2.97	-127.51%	―	168.85%	13.51%
GSM	46 Neutral	AU$8.20M	-3.95	-131.62%	―	―	65.32%
DAF	45 Neutral	AU$4.87M	-14.62	-66.08%	―	―	80.88%
SFM	43 Neutral	AU$50.47M	-28.83	-51.49%	―	―	5.93%
WSR	43 Neutral	AU$3.97M	-1.18	-37.62%	―	―	76.76%
GNM	41 Neutral	AU$18.92M	-10.25	-32.31%	―	―	69.23%

Ragusa Minerals Ltd Corporate Events

Ragusa Minerals Issues 20 Million New Shares Under Disclosure Exemption

Ragusa Minerals Ltd has issued 20 million new fully paid ordinary shares without a prospectus, relying on provisions of the Australian Corporations Act that allow such placements to be made to investors without full disclosure. The company confirmed it is up to date with its financial reporting and continuous disclosure obligations and stated it is not holding any undisclosed price-sensitive information, signalling to the market that the capital raising has been conducted within regulatory requirements and without hidden risks for existing shareholders.

The most recent analyst rating on (AU:RAS) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on Ragusa Minerals Ltd stock, see the AU:RAS Stock Forecast page.

Ragusa Minerals Seeks ASX Quotation for 20 Million New Shares

Ragusa Minerals Ltd has applied to the ASX for quotation of 20 million new fully paid ordinary shares under the code RAS, effective 29 January 2026. The additional securities, issued pursuant to a previously announced transaction, will expand the company’s quoted share base and may affect capital structure and liquidity for existing and new investors once trading commences.

The most recent analyst rating on (AU:RAS) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on Ragusa Minerals Ltd stock, see the AU:RAS Stock Forecast page.

Ragusa Minerals Expands U.S. Manganese-Gold Footprint with Arizona Acquisition and Land Grab

Ragusa Minerals has executed a binding agreement to acquire approximately 60% of Pegasus Tel Inc. and the Purple Pansy Manganese-Gold Project in Arizona, while expanding the project’s landholding by staking an additional 201 claims to a total of about 4,142 acres that capture key historic manganese and gold workings across a 9km trend. Backed by a $600,000 private placement, the company is preparing an extensive work program including data review, drilling, metallurgical testing, environmental baseline studies and strategic engagement with U.S. government and industry stakeholders, aiming to position Purple Pansy as a cornerstone U.S. manganese and gold asset at a time when the United States is fully import-reliant on manganese and actively supporting domestic critical minerals development.

The most recent analyst rating on (AU:RAS) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on Ragusa Minerals Ltd stock, see the AU:RAS Stock Forecast page.

Ragusa Minerals Plans Issue of 20 Million New Shares in ASX Placement

Ragusa Minerals Ltd has lodged an Appendix 3B notice with the ASX outlining its intention to undertake a new placement or similar type of capital raising. The company plans to issue up to 20 million new fully paid ordinary shares, with the proposed issue date set for 29 January 2026, subject to ASX processes. This equity issuance will expand Ragusa’s share base and is expected to provide additional funding capacity for its mineral exploration and related corporate activities, with implications for dilution among existing shareholders and the company’s near-term capital structure.

The most recent analyst rating on (AU:RAS) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on Ragusa Minerals Ltd stock, see the AU:RAS Stock Forecast page.

Ragusa Minerals Raises $600,000 to Advance US Manganese-Gold Exploration

Ragusa Minerals has secured firm commitments from sophisticated investors and key existing shareholders for a $600,000 private placement at $0.03 per share, a discount to its recent volume-weighted average prices, issuing up to 20 million new shares under existing placement capacities. The funds will be used to advance priority exploration work at the company’s Purple Pansy manganese-gold project in Arizona, evaluate potential new project acquisitions, and provide general working capital, signalling continued shareholder support and reinforcing Ragusa’s focus on building long-term value through its US exploration portfolio.

The most recent analyst rating on (AU:RAS) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on Ragusa Minerals Ltd stock, see the AU:RAS Stock Forecast page.

Ragusa Minerals Expands Arizona Manganese-Gold Footprint with 201 New Claims

Ragusa Minerals has significantly expanded its Purple Pansy Manganese-Gold Project in Arizona by staking an additional 201 claims, increasing the total project area to about 4,142 acres and consolidating control over the most prospective parts of a district-scale manganese-gold system. The enlarged landholding covers key historical mining sites over a 9km zone, enhancing the potential for new discoveries, securing ground for future development infrastructure, and positioning the project as a strategic contributor to the United States’ critical minerals and energy supply chain. Ragusa plans a comprehensive work program including historical data evaluation, drilling, metallurgical testing, baseline environmental studies and engagement with potential government and industry partners, while also progressing a transaction to acquire a controlling interest in Pegasus Tel, Inc., which will hold 100% of the Purple Pansy Project.

The most recent analyst rating on (AU:RAS) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on Ragusa Minerals Ltd stock, see the AU:RAS Stock Forecast page.

Ragusa Denies Undisclosed News Behind Share Move as It Advances US Minerals Deal

Ragusa Minerals has told the ASX it is not aware of any undisclosed information that would explain recent trading activity in its shares, reaffirming its compliance with continuous disclosure obligations. The company confirmed it is progressing corporate steps to complete the acquisition of an approximately 60% controlling interest in Pegasus Tel Inc. and the Purple Pansy Manganese-Gold Project in Arizona over the coming weeks, while continuing to review additional strategic mineral project opportunities around Purple Pansy in a district with historical gold and manganese operations, against a backdrop of improving market sentiment toward US-based precious and strategic mineral projects.

The most recent analyst rating on (AU:RAS) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Ragusa Minerals Ltd stock, see the AU:RAS Stock Forecast page.

Ragusa Minerals Announces Director’s Interest Change

Ragusa Minerals Ltd announced a change in the director’s interest, specifically involving Jerko Peter Zuvela. The change pertains to the cancellation of 900,000 unlisted options that were not exercised and have now expired. This adjustment does not affect the number of ordinary shares held by the director, which remains at 2,083,332. The announcement reflects routine adjustments in director holdings and is unlikely to have significant implications for the company’s operations or market positioning.

Ragusa Minerals Shifts Focus to Strategic U.S. Manganese-Gold Project

Ragusa Minerals Limited is advancing its acquisition of a controlling interest in Pegasus Tel Inc. and the Purple Pansy Manganese-Gold Project in Arizona, USA, a region with historical mining significance. The project is strategically important due to manganese’s critical status in the U.S., aligning with government initiatives for domestic mineral development. Concurrently, Ragusa has relinquished its Burracoppin Project in Western Australia to concentrate on the Arizona project and explore new opportunities, reflecting a strategic shift in focus.