Aguia Resources Starts Mining at Tres Estradas with Early Sales Success
Aguia Resources has begun mining and processing at its Tres Estradas phosphate project in Brazil following regulatory approval, securing notable early sales and advancing its Colombian gold operations with improved grades and cost discipline.
- Tres Estradas mining starts after Operating Licence approval
- Pampafós phosphate sales hit AUD $600K in first 14 days
- Cotrisul cooperative places 2,000-tonne order worth A$380K
- Santa Barbara gold project shows doubled head grades above 10 g/t Au
- June gold production triples to 851.9 grams with cost reductions
Tres Estradas Mining Launches with Regulatory Green Light
Aguia Resources (ASX:AGR) has kicked off mining operations at its Tres Estradas phosphate project in Rio Grande do Sul, Brazil, following the issuance of the critical Operating Licence by environmental agency FEPAM in mid-May 2026. Mining commenced just days later, focusing initially on topsoil removal and extraction of high-grade ore blocks, with no waste expected in the early phase.
The company’s processing plant in Caçapava do Sul completed commissioning in June, outperforming expectations. Ore is blended to a consistent 12% P₂O₅ grade before processing, aligning with Aguia’s strategy to deliver a steady and agronomically valuable phosphate product under the Pampafós brand.
Strong Initial Sales and Market Penetration for Pampafós
Additional sales of 1,000 tonnes to small farmers in the Caçapava region were achieved through a launch campaign offering early payment discounts. Negotiations for a further 5,000 tonnes ahead of the peak Q4 2026 season are underway, signalling growing market traction.
Pampafós Positioned for Acidic Soil Markets with Agronomic Benefits
Unlike highly soluble phosphate fertilisers prone to fixation in acidic soils common in Southern Brazil, Pampafós offers a gradual-release phosphorus profile. This supports sustained nutrient availability and aligns with regenerative agriculture trends, potentially carving out a niche market where long-term soil fertility and nutrient-use efficiency are priorities.
Santa Barbara Gold Project Advances with Higher Grades and Cost Discipline
In Colombia, Aguia’s Santa Barbara Gold Project reported marked improvements in underground development and ore quality. The company completed two shafts and opened nine mine faces, focusing on high-grade zones. The latest batch processed achieved a head grade of approximately 12 g/t Au with recoveries over 10 g/t, nearly doubling previous averages.
June gold production reached 851.9 grams from 100 tonnes processed, tripling output from earlier months while maintaining disciplined capital expenditure. Monthly operating costs have dropped significantly since December 2025, reflecting efficient phased capital deployment rather than under-investment.
Financial Position Supported by Capital Raise and Financing Negotiations
Aguia closed the quarter with A$1.55 million in cash and is in advanced talks with Banco Daycoval to secure working capital financing, complementing a recently completed A$3 million placement priced at $0.017 per share. The company’s available funding, including unused loan facilities, suggests about 1.2 quarters of runway at current expenditure levels, with the board confident in raising additional capital as needed.
While some tenement extension applications were denied and are under appeal, Aguia’s operational progress and market entry in Brazil and Colombia provide tangible milestones as it transitions from exploration to production.
Bottom Line?
Aguia’s dual-track approach of ramping phosphate production in Brazil while improving gold grades and cost efficiency in Colombia positions it for near-term revenue growth, though sustaining capital and operational momentum will be critical.
Questions in the middle?
- How will Aguia scale Pampafós sales beyond initial regional customers amid competitive fertiliser markets?
- Can the Santa Barbara gold project maintain or improve its recent high-grade production sustainably?
- What impact will the outcome of tenement appeals have on Aguia’s exploration pipeline and future growth?
