Aguia Resources Advances Santa Barbara Gold Project with Maiden Pours and Drill Testing

Maiden Gold Pours Signal Operational Progress

Aguia Resources Limited (ASX:AGR) has reported a milestone at its 100%-owned Santa Barbara gold project in Colombia with the first gold poured on 30 January 2025. This maiden pour followed the recommissioning of the existing processing plant and marks the transition from development to production phases. The project is currently operating at a pilot processing rate of 30 tonnes per day (tpd), with plans to expand to 50 tpd as additional equipment is installed.

Underground mining activity has accelerated markedly, with development metres increasing from 11.4 in January to 57.6 in March, a fivefold increase. This ramp-up is supported by the introduction of additional shifts and new capital equipment, including generators and pneumatic drills, aimed at boosting productivity and material handling underground.

Extensive Drill Testing to Define Resource Potential

In early March, Aguia announced the commencement of a 2,500-metre diamond drilling program targeting 7 kilometres of mineralised veins at Santa Barbara. This program aims to test the strike and dip continuity of known high-grade veins, with historical channel samples indicating gold grades averaging over 30 grams per tonne (g/t) and silver grades exceeding 60 g/t in some veins. The drilling is expected to underpin a maiden JORC resource estimate, which has been delayed due to regulatory constraints but is anticipated later in 2025.

The company is rehabilitating underground workings, including the Mariana system, to facilitate exploration and development. The crosscut development will provide access to deeper mineralised zones, supporting ongoing drilling and potential resource expansion.

Strategic Expansion in Brazil’s Phosphate Sector

Beyond Colombia, Aguia’s Brazilian subsidiary, Águia Fertilizantes S.A., has secured a binding 10-year lease agreement to operate a phosphate processing facility in Cacapava do Sul. The facility currently processes 100,000 tonnes per annum (tpa) of ore from the Tres Estradas deposit, with plans to increase capacity to 300,000 tpa through equipment upgrades. This move positions Aguia to capitalize on Brazil’s substantial phosphate market, which is currently reliant on imports.

Capital Raising Supports Growth Initiatives

To fund its expansion plans, Aguia completed a $1.52 million placement in March at $0.038 per share and is progressing a further $3 million placement with Patras Capital at $0.05 per share. The proceeds are earmarked for advancing the Santa Barbara processing plant expansion, drilling programs, and general working capital. At quarter-end, the company held a cash balance of approximately A$1.34 million.

Operating expenditures during the quarter reflected increased underground development and exploration activities, with monthly cash outflows rising in line with operational scale-up.

Outlook and Market Positioning

Executive Chairman Warwick Grigor highlighted the quarter as highly productive, emphasizing the company’s commitment to establishing a reliable production base at Santa Barbara while advancing exploration to unlock further value. The installation of a new 750kva diesel generator and ongoing commissioning of crushing circuits are expected to support the targeted 50 tpd processing rate by mid-2025.

With ongoing drill results and resource definition anticipated, Aguia is positioning itself as a promising emerging gold producer in Colombia, complemented by its strategic phosphate operations in Brazil. The company’s dual-commodity focus and geographic diversification may offer resilience amid fluctuating commodity markets.