Freshly funded from a premium-priced $3 million capital raising to Hong Kong-based investment fund Patras Capital, Aguia Resources is about to crank operations into top gear with the start of an exploration drill program at the company’s Santa Barbara gold project in Colombia.
The 2500-metre diamond drilling campaign will kick off next week to target down-dip extensions of the Santa Barbara and Mariana vein systems. Aguia aims to deliver a maiden JORC resource for the project by year’s end.
Since resuming work at the end of 2024, Aguia has ticked off an impressive list of milestones across underground development, processing upgrades and infrastructure rebuilds, all aimed at transforming the once dormant site into a 50 tonne per day (tpd) operation by mid-2025.
The company says underground development has powered ahead, advancing more than 80m in the first two weeks of April to achieve a sharp uptick from March’s 57.6m, thanks to a shift to round-the-clock operations.
Sampling has confirmed previous high-grade trial results of up to 30 grams per tonne (g/t) and newly discovered historic tunnels have extended the known strike of the vein systems, opening up fresh potential.
New equipment has also been brought in to boost mining efficiency, including an electric locomotive, pneumatic loader and bigger ventilation fans. A second adit into the Mariana vein system is already underway.
Aguia marked a major landmark in January with the company’s first production of high-grade gold ore from underground workings. Production is now hitting throughput rates close to 30tpd.
The company also recently received an all-important approval from the State’s anti-money laundering and terrorism finance department, allowing Aguia to sell its gold to authorised, in-country buyers.
Above ground, the company has installed a 750kVA generator, a new Merrill-Crowe circuit and a pulp thickener to halve processing time and boost recovery rates.
A third crusher has been brought in to remove bottlenecks in the existing crushers, which are due to be replaced in June to increase throughput to 200tpd. A second 750kVA generator is also on the way to boost power.
Aguia says an unexpectedly stubborn drought in Colombia delayed a full ramp-up by several weeks. The water shortage proved a minor hiccup and the company has since tackled any future issue by building a 5.5-kilometre pipeline and dam to ensure a reliable supply for the expanded processing circuit.
Aguia Resources executive chairman Warwick Grigor said: “Underground development rates have increased substantially month-on-month during 2025. With the expected completion of the plant upgrade by the end of June 2025 we are confident the operation will achieve its goal of treating mineralised material through the plant at the design rate of 50tpd.”
Aguia is also pushing full steam ahead with plans to develop a second revenue stream from the company’s Três Estradas organic rock phosphate project in the heart of southern Brazil’s booming agribusiness belt.
The company recently secured a 10-year lease on the Dagoberto Barcelos (DB) processing plant, 100km from its flagship deposit. The deal includes a monthly fee of BRL$163,000 (A$44,000) and a one-off payment of BRL$5 million (A$1.36M).
The move appears a savvy one to sidestep the eye-watering $26M capital investment forecast in last year’s bankable feasibility study for building a similar plant from scratch.
The same study forecast annual earnings of $22M EBITDA and a rapid 2.9-year payback based on a 300,000tpa operation across an 18-year mine life. The new facility already ticks along at 100,000tpa, however, Aguia sees an opportunity to inject some additional horsepower into the operation.
Using only a modest amount of capital to install a hammer mill, a second drying unit and make a few other minor modifications, the company is aiming to quickly lift output at the plant to 300,000tpa, potentially tripling production.
Initially, feedstock will come from Pampafos phosphate at Três Estradas, but Aguia says the real upside lies in the nearby Mato Grande and Passo Feio deposits – just 3km and 8km from the plant respectively. A drilling program is already well underway to bring both prospects online quickly, thereby slashing transport costs to a fraction.
In parallel with the DB deal, the company is negotiating to lock in a second processing facility in the region to potentially provide a multi-plant phosphate production line.
As demand for organic phosphate fertilisers continues to rise across Brazil’s agricultural heartland, the company appears perfectly positioned to offer a cheaper, homegrown alternative to pricier imports. Additionally, Aguia’s southern push is well-timed to become a key pillar in the company’s broader growth strategy.
With gold smashing through record highs above $5300 an ounce and first gold already in the bag, Aguia is hitting its stride in Colombia.
New drill testing and looming plant upgrades at Santa Barbara have the company eyeing a serious production ramp-up – and a shot at becoming the country’s next big gold success.
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By James Pearson
