Aguia Resources (ASX: AGR) has achieved a significant milestone with the National Mining Agency of Brazil (ANM) granting its Tres Estradas mining concession, paving the way for an operational license and a targeted production start-up by early May 2026.
This pivotal announcement is complemented by ongoing positive operational developments at its Colombian gold project.
The operational license is anticipated within 4-6 weeks of the concession approval, moving the project closer to production.
The mine site has been ready since 24 December 2025, with environmental requirements for the operational license completed on 22 January 2026.
Phosphate Production Pathway
The processing plant for Tres Estradas is scheduled for commissioning by end-April 2026, specifically targeting 30 April 2026.
Production start-up is then targeted for 4 May 2026, setting a clear timeline for the project.
Installation of the weighbridge platform has been completed.
Minor delays related to the weighbridge and ROM storage extension have been noted, but the project remains on track for April commissioning.
Aguia's Pampafos product was officially launched on 11 March 2026 at EXPODIRETO, introducing the product to the market ahead of full-scale production.
Company materials from February 2026 indicate that Pampafos is priced at AUD 220/tonne for a 12% P2O5 product, highlighting its market positioning.
Colombian Gold Operations Improving
At the Santa Barbara Gold Project in Colombia, Aguia reported strong operational performance.
February gold production reached a record approximately 470 grams at an average grade of 4 g/t Au.
Metallurgical optimisation has led to batch recoveries consistently above 85%.
The Merrill-Crowe precipitation system, which became fully operational in early March 2026, is expected to boost gold recovery by an additional 5%.
Exploration and Resource Growth
Exploration at the Passo Feio project continues to show promising results, with auger P2O5 assays returning up to 18.49% (averaging 5.03%).
A mineral resource estimate for Passo Feio is expected by mid-2026.
The Tres Estradas Measured & Indicated resource stands at 83 Mt at 4.11% P2O5.
The proximity of Passo Feio to the processing plant has the potential to reduce logistics costs by more than 60%, supporting future growth opportunities.
Outlook and Risks
The granting of the Tres Estradas mining concession is a key de-risking event for Aguia's phosphate project, moving it closer to production.
Continued operational improvements in Colombia add a positive layer, though investors will monitor regulatory license finalisation and execution of planned production ramp-ups amidst commodity cost pressures.
Investors should consider the inherent risks associated with regulatory approvals, particularly the timely issuance of the FEPAM operational license.
Execution risks related to commissioning and the ramp-up of production at Tres Estradas, as well as sustaining operational improvements and achieving profitability at the Santa Barbara gold mine, are important factors to monitor.
Furthermore, the timing of these developments and broader regulatory environments could impact project timelines.
