Aguia Resources Hits Break-Even with Record Colombian Gold Production
Aguia Resources has achieved a significant milestone at its Santa Barbara gold project in Colombia, reporting record production in September that covered both local operating and corporate costs for the first time. The 100% owned operation produced 36.75 ounces of gold from 105 dry tonnes of run-of-mine ore, generating gross revenue of A$218,000. This result surpassed August's previous record of 32 ounces, demonstrating the potential of small, high-grade operations when throughput is increased.
The ore processed averaged 10.88 grams per tonne (g/t) gold, with the most recent batch assessed at 12.75g/t. All September material was sent to the Quintana Processing Plant in Remedios, Antioquia, yielding 1143.07 grams of gold and 2124 grams of payable silver. Under its agreement with Colombian Mint, Aguia receives 90% of the recovered gold, minus a processing charge of US$65 (A$91) per tonne. The revenue was calculated using a gold price of US$4135 (A$5900) per troy ounce.
Aguia Resources managing director and chief executive officer Timothy Hosking stated, 'Today’s results have enabled us, for the first time, to cover our operating and overhead costs in Colombia.' The achievement comes as gold prices hover near record highs, around US$4100 per troy ounce (A$5900), providing a strong pricing backdrop. The Santa Barbara project sits in Colombia’s richest gold belt and is a high-grade mesothermal gold vein system.
Looking ahead, Aguia aims to double its output from 100 tonnes a month to over 200 tonnes before the first quarter of 2027. The company is developing three shafts below the main levels of Veins No. 1 and No. 2, its primary gold-bearing structures. Improved ventilation and a 15% reduction in mine workforce have been implemented to streamline operations. Additionally, Aguia is restarting exploration and defining a mineral resource estimate for the 320-hectare project.