Aguia Resources Triples Gold Output and Slashes Costs at Santa Barbara

Record Gold Output Signals Operational Turnaround

Aguia Resources (ASX:AGR) has announced a striking operational turnaround at its Santa Barbara Gold Project in Colombia, with June production leaping to 851.9 grams (approximately 27 ounces) from just 100 tonnes processed. This output marks a threefold increase over May, underscoring a rapid improvement in both gold grades and recoveries. The company also reported a consistent run-of-mine (ROM) feed exceeding 10 g/t Au over the past month, a key benchmark for high-grade production.

Early Phase 3 Mining and Expanded Production Faces

The project accelerated its mining schedule by launching Phase 3 mining a month ahead of plan, with nine mine faces now operational. Development focused on Vein #1 beneath Shaft 2, where assay results confirm stronger and more consistent gold grades. Progress on Vein #2 continues, with three sublevels and four active mine faces established, supporting a more robust mining strategy. Aguia is targeting a production ramp-up to 150 tonnes in August and 200 tonnes in September, with plant capacity secured at over 250 tonnes per month, and potential to increase further with additional equipment.

Cost Reductions Sharpen Project Economics

Alongside operational gains, Aguia has drastically cut costs during the first half of 2026. Capital expenditure (CAPEX) fell 80% to AUD 25,995 from the previous half-year period, while operating expenses (OPEX) dropped 56% to AUD 241,534. Overhead costs also declined by 38%. These savings reflect a disciplined capital management approach and completion of key plant and equipment upgrades, including installation of mechanised mining elements and purchase of explosives allowances. Gold sales have started to offset overheads, with the company aiming for break-even operating costs by Q3 2026.

Plant Upgrades and Mining Development Progress

Plant infrastructure improvements are nearly complete, with civil works 90% finished in the primary crushing section. The installation of a coarse ore bin and conveyor belt will automate material handling, connecting crushing to milling. Ten agitators are operational, securing current plant capacity above 250 tonnes per month. Underground, development beneath Shaft #2 extends 20 metres in each direction, with breast mining of 30-metre stopes planned to systematically exploit high-grade zones. Shaft 3 is cleared for blasting to deepen the mine, and Shaft 4 has been opened with ground support installed, backed by diamond drilling confirming vein continuity at depth.

Exploration and Future Value Potential

Looking ahead, Aguia plans to recommence exploration drilling by the end of 2026, aiming to unlock further value from the Santa Barbara project. Although no mineral resource estimates have been reported yet, ongoing sampling and drilling continue to refine the understanding of the mesothermal gold vein system and its epithermal overprint. More than two-thirds of the property remains unexplored with modern techniques, suggesting significant upside potential for new discoveries.