AGUIA RESOURCES ACCELERATES SANTA BARBARA GOLD MINE DEVELOPMENT

Successful Takeover Boosts Expansion Plans for High-Grade Colombian Gold Project

Aguia Resources Limited (ASX: AGR) has provided an update on its fast-track business plan for the recommissioning of the 100%-owned Santa Barbara treatment plant in Colombia.

The update follows Aguia’s successful takeover of Andean Mining Limited, allowing the company to implement a series of strategic developments. An in-house upgrade study confirms the expansion of the treatment plant’s capacity from 30 tonnes-per-day (tpd) to 50 tpd, facilitating continuous operation.

A six-month capital works program is set to precede the mine’s reopening, with plans indicating modest capital expenditure requirements. Pilot testing has yielded very high grades, with average recoveries of 20g/t gold and unspecified silver credits.

Additionally, cash flows from Santa Barbara will fund extensional drilling and new exploration efforts. The project boasts over 7km of cumulative strike potential, with existing mineralisation exposed in underground development.

Aguia’s Chairman, Warwick Grigor, commented:

We are pleased to receive such unanimous acceptance of the takeover offer from Andean shareholders and we are now fully focused on the next six months to establish a strong and sustainable cash generating operation at the high-grade Santa Barbara mine. In addition, those who understand the style of geology and performance of high-grade veins should be able to draw their own conclusions as to the potential of the extensive Santa Barbara orebodies present across the broader project area. Aguia has a great opportunity before it, and we intend to prove it through operational performance with the execution of a detailed works program in the second half of 2024. More regular updates on our progress in Colombia and our active works program in Brasil will occur now that we have concluded the takeover.

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Goldman

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