Aguia lifts Santa Barbara gold recoveries in Colombia

This operational discipline is also planned to restart exploration. Earlier in the year, Aguia reported the discovery of a new vein in his crafting work that he believed could connect two major sets of veins; This pointed to a larger meshwork style system. Channel samples taken from the newly identified vein returned 18.6 g/t, 16.49 g/t and 9.51 g/t gold, giving management even more reason to want the drill rods to return.

Aguia pointed to further exploration drilling from the September quarter of 2026, aligning that spending with broader cash generation from its Brazilian phosphate business. It is moving towards obtaining an operating license early next year and first sales by mid-2026, having signed letters of intent for 54,000 tonnes of premium PAMPAFOS product in Três Estradas, Rio Grande do Sul and Uruguay in southern Brazil.

Aguia is also eliminating distractions and earlier this month agreed to divest its non-core Atocha silver project in Colombia for C$1 million in cash at closing and maintain a 25 percent equity position in a future liquidity event.

For Aguia, Santa Barbara’s December cleanup is much more than a few extra ounces. The company has now shown that it can control the process, leverage recoveries, and generate cash without expending capital on the problem.

If Aguia can get recoveries above 80 percent and steadily increase yields, Santa Barbara should start to look like a real platform for growth. Add in Brazil’s phosphate cash engine and a weakened Colombian portfolio, and the pieces are falling into place for a much more focused and fiscally resilient 2026.

Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au