Santa Barbara Project Sees 120m Underground Development, $1.5M Placement Completed

Maiden Gold Pour and Operational Ramp-Up in Colombia

Aguia Resources Limited (ASX: AGR) has reported a landmark achievement with the maiden gold pour at its 100%-owned Santa Barbara gold project in Colombia. The first gold was poured on 30 January 2025, marking the transition from development to production at this high-grade mesothermal vein system. The company has recommissioned the existing processing plant and is targeting an expanded throughput of 50 tonnes per day (tpd), up from the current 30 tpd.

Underground mining development has accelerated markedly, with metres developed increasing fivefold from 11.4 metres in January to 57.6 metres in March, and further advancing to 120 metres in April. This surge is supported by the introduction of two mining shifts per day and enhanced underground equipment, including new generators and pneumatic loaders designed to improve productivity and material handling.

Exploration and Drill Testing to Define JORC Resources

Looking ahead, Aguia plans to commence a 2,500-metre diamond drilling program in early March 2025 to test approximately 7 kilometres of mineralised veins at Santa Barbara. This exploration aims to confirm strike and dip continuity and to delineate a maiden JORC-compliant resource, a critical step for advancing the project’s development and market credibility. The company is also rehabilitating underground workings to facilitate ongoing exploration and development.

Processing Capacity Expansion and Water Infrastructure

Processing capacity at Santa Barbara is constrained by water availability due to drought conditions. To address this, Aguia is constructing a 5.5-kilometre water pipeline to secure a reliable water source from local farmers, expected to be operational by early May. Major equipment installations are underway, including a new 750 kVA diesel generator and fabrication of crushing circuit components, which will support the planned increase in processing throughput.

Strategic Phosphate Processing Lease in Brazil

In Brazil, Aguia’s subsidiary Águia Fertilizantes S.A. has signed a binding 10-year lease agreement with Pampafos S.A. to operate a phosphate processing facility in Cacapava do Sul, Rio Grande do Sul. The facility currently processes approximately 100,000 tonnes per annum (tpa) of ore from the Tres Estradas deposit, with potential upgrades to increase capacity to 300,000 tpa. This lease positions Aguia to capitalize on the strong phosphate market in southern Brazil, where domestic supply is limited and prices remain robust.

Capital Raising Supports Growth Initiatives

Aguia completed a $1.52 million placement in March 2025 at $0.038 per share, issuing 40 million shares to fund expansion activities at Santa Barbara, including processing plant upgrades and drilling programs. Subsequently, the company entered a $3 million placement agreement with Patras Capital Pte. Limited, a Hong Kong-based investor with a strong mining sector track record. The first tranche of 60 million shares at $0.05 per share was completed in April, with proceeds earmarked to accelerate exploration and development.

Despite some regulatory constraints related to JORC resource reporting, Aguia’s board expresses confidence that Santa Barbara will deliver rewarding results for shareholders in the near term. The company continues to navigate tenement approvals and is appealing certain license extension denials in Brazil, underscoring the complex regulatory environment in which it operates.