That operational discipline is also planned to restart exploration. Earlier in the year, Aguia reported a new vein discovery in artisanal workings that it believes may connect two main vein sets, hinting at a larger stockwork-style system. Channel samples from that newly identified vein returned 18.6 g/t, 16.49 g/t and 9.51 g/t gold, giving management more reasons to want the drill rods turning again.
Aguia has flagged further exploration drilling from the September quarter of 2026, aligning that spend with broader cash generation from its Brazilian phosphate business. Três Estradas in southern Brazil is tracking towards an operating licence early next year and first sales by mid-2026, with letters of intent signed for 54,000 tonnes of its premium PAMPAFOS product across Rio Grande do Sul and Uruguay.
Aguia has also been trimming distractions, agreeing earlier this month to divest its non-core Atocha silver project in Colombia for C$1 million in cash on closing and a retained 25 per cent equity position on a future liquidity event.
For Aguia, Santa Barbara’s December clean-up is about far more than a few extra ounces. The company has now shown it can control the process, lift recoveries and generate cash without throwing capital at the problem.
If Aguia can push recoveries beyond 80 per cent and steadily lift throughput, Santa Barbara should start to look like a genuine platform for growth. Add in a looming Brazilian phosphate cash engine and a slimmed-down Colombian portfolio, and the pieces are falling into place for a far more focused and financially resilient 2026.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
