Cap Raise

Its making sense why there wasnt much buying when there seemed to be good reason to buy.

Placement: Aguia Resources $1.0m Placement - s708 Investors Only

Aguia Resources is going into a Trading Halt, effective tomorrow morning, for the purposes of a small placement designed to top up the working capital ahead of the first gold pour.

Amount: $1m

Price: 3.6¢ a share

Number: Up to 28.5 million

Lead Manager: Far East Capital

Please see the attached Term Sheet that gives the details of the placement.

Recent Weeklies have been providing commentary on the very good progress being made by Aguia, within the constraints imposed by the ASX because the Company does not have a JORC gold resource yet, though there are plenty of phosphate resources in JORC. Details of where the Company is at are included in the attached Term Sheet, but in summary;

The Santa Barbara Gold Project

• Everything on schedule with a gold pour expected by mid December
• Capex for restart of the plant has been within budget
• Initially operating at 30 tpd, but increasing to 50 tpd March/April
• Very strong economics based on high grade gold
• Continual growth will be funded by positive cash flow from operations
• Drilling to establish JORC resources will commence
• Once the first production is reported, the narrative will shift to exploration drilling to determine how big the project can really be
  

The Phosphate Project

• Aguia was successful in defeating the NGO litigation. Case dismissed
• Unlike the gold, there is a very large JORC resource
• Rather than spend $30m on a new processing plant, Aguia will lease an existing facility for a minimum of 10 years. Documentation is with lawyers now
• Capex for a production start-up in mid 2025 only $1.5m
• Expansion from 100,000 to 300,000 tpa can be achieved in Year One, for additional capex of $3m
• Simple mining and processing operation that could deliver 100% gross profit margins at current
• Long mine life with progressive expansion opportunities