Aguia builds Pampafos momentum with 30,000 tonnes ready for processing

Pampafos sales begin converting stockpile into cash

Aguia Resources Limited (ASX:AGR) has confirmed 825 tonnes of Pampafos sales since 15 September at an average price of A$192 per tonne, equivalent to roughly A$158,400 in sales based on the disclosed average. The orders are an early commercial test rather than established recurring demand: most cover summer-season trials and represent less than 10% of participating customers’ seasonal requirements.

The company says 30,000 tonnes of mined ore is now stockpiled at the DB Plant and ready for processing. That inventory gives Aguia material to work through while its sales team pursues larger agricultural customers, including a group with combined annual consumption just below 40,000 tonnes. Initial trials with those customers may account for up to 5% of their requirements. Aguia’s earlier Pampafos commissioning sales had marked the plant’s shift towards revenue-generating operations, but the latest figures still need to translate into repeat orders before the commercial picture becomes clearer.

Tres Estradas legal challenge moves to another review

The operational progress is unfolding alongside a still-unresolved legal dispute over Tres Estradas. On 7 October, Judge Roger Raupp Rios rejected Aguia Fertilizantes’ and the State of Rio Grande do Sul’s requests to suspend the 15 September decision. The ruling was provisional and did not determine the merits of the appeal or bind the Regional Federal Court of the 4th Region’s third panel.

That panel is expected to review the proceedings within the next 30 to 60 days. It will consider a motion for clarification and the Municipality of Lavras do Sul’s request to annul the judgment, alongside submissions from Aguia and the state government. Aguia’s earlier Tres Estradas court challenge had left the project’s environmental licensing process exposed to the dispute. The company says that, if the outcome is unfavourable, it may consider further appeals to Brazil’s Superior Court of Justice or Supreme Federal Court, as well as applications for provisional relief.

Passo Feio adds a future feedstock option

Aguia has also started a simplified Environmental Impact Assessment process with FEPAM for the Passo Feio tenement. The company completed 392 auger holes totalling about 2,060 metres during 2025 and 2026, targeting shallow saprolite. The drilling returned an average P2O5 grade of 7% using a 3.5% cut-off, with some results reaching 22%.

FEPAM’s process is required because unprocessed ore would be transported to Aguia’s leased processing plant at Caçapava do Sul. The company expects the simplified assessment to take about 90 days, followed by a further 90 to 120 days for an ANM mining licence. It plans to prepare and report Passo Feio results under the JORC Code in the first quarter of 2027. Aguia expects the project eventually to replace Tres Estradas ore once the new Tres Estradas plant is completed, currently anticipated in late 2027 or early 2028.

Regional support strengthens while certainty remains absent

Support for Tres Estradas was put on public display in Porto Alegre on 30 September, when business group FEDERASUL held a rally involving workers, rural producers, business representatives and more than 20 mayors, councillors and parliamentarians. Aguia says operations and sales are continuing normally, with support from stakeholders across Rio Grande do Sul.

That public backing may improve the project’s regional profile, but it does not settle the court process or guarantee that the stockpile will become sales at the current pace. The next hard evidence will come from the TR4 panel’s treatment of the disputed judgment, alongside the conversion of product trials into repeat orders and the progress of Passo Feio through environmental and mining approvals.