Can Aguia Sustain Gains Amid Selective Mining and Mechanisation Challenges?

Improved Recoveries Signal Operational Progress

Aguia Resources Limited has announced a marked improvement in gold recoveries at its Santa Barbara gold project in Colombia, with rates rising from 70% in December 2025 to over 85% in January 2026. This uptick comes despite processing lower grade stockpiled ore, underscoring the effectiveness of a smaller, more cohesive mining team that has been operating since late January.

The team’s approach has focused on batch processing of low to medium grade material previously set aside, achieving higher grade recoveries and increased total gold production compared to the prior six months. This operational discipline has allowed the company to maintain steady revenue from gold sales, even as it processes lower grade material, with expectations for revenue growth as ore grades improve.

Selective Mining and Mechanisation on the Horizon

Looking ahead, Aguia plans to shift from processing stockpiled material to more selective mining of high-grade veins within the existing tunnel infrastructure. The objective is to avoid dilution of ore grades and consistently deliver head grades exceeding 10 grams per tonne of gold to the processing plant. To support this, the company intends to upgrade its crushing section to enable full mechanisation, reducing manual labour and increasing throughput capacity.

The current plant configuration can handle up to 220 tons of ore per month, but optimising ore quality is critical for profitability. Transitioning from batch operations to a fully mechanised, continuous plant process is a key next step, expected to enhance recovery rates and production volumes further.

Third-Party Processing Trial and Exploration Momentum

Aguia has also entered into an agreement with the Colombian Mint smelter near Remedios, Antioquia, to conduct a 100-ton trial under optimal conditions. This trial aims to streamline on-site operations and improve metallurgical processes ahead of scaling up production. The company will assess the feasibility of extracting ore from the tunnel for delivery to this third-party facility, contingent on meeting required head grades.

Meanwhile, exploration activities continue to identify new zones of interest within the Santa Barbara project. An extensive sampling and interpretation program has been completed, with assay results pending. The company emphasises that proving up a broader mineralised system remains a priority, although no formal mineral resource estimates have yet been reported.

Strategic Outlook

Managing Director Timothy Hosking highlighted the positive trajectory under the smaller, focused team and expressed optimism about further improvements in recovery rates, grades, and production volumes. The company’s strategy to combine selective mining, mechanisation, and third-party processing trials reflects a pragmatic approach to unlocking value from the Santa Barbara asset while advancing exploration efforts.