Aguia Resources' activities and strategic decisions for the March 2024 Quarter

Aguia Resources Limited (ASX: $AGR) has reported its activities for the March 2024 Quarter, focusing on finalizing the strategic review of its Brazilian operations and the takeover bid for Andean Mining. The Company has received over 90% acceptances for the Andean takeover, with the expected closure date set for 31st May 2024. The acquisition aims to transform Aguia into a multi-commodity company with a pipeline of projects, initially focusing on gold mining and processing at the Santa Barbara gold mine in Colombia.

Executive Commentary on Strategic Review and Takeover Bid

The acquisition of Andean Mining represents a significant step in our strategy to diversify and grow Aguia's asset base. The takeover will enable us to work on the recommencement of gold mining and processing at the Santa Barbara gold mine, with potential future developments in phosphate production. The strategic review of our Brazilian projects has led to the decision to terminate interest in the Andrade Copper Project and focus on systematic exploration of the remaining copper tenements. We are committed to unlocking the value of our phosphate assets and consolidating our position in the South American market.

Summary of Aguia Resources' Strategic Decisions and Outlook

Aguia Resources has finalized the strategic review of its Brazilian operations, opting to terminate interest in the Andrade Copper Project and focus on systematic exploration of the remaining copper tenements. The Company aims to transform into a multi-commodity company, initially focusing on gold mining and processing at the Santa Barbara gold mine in Colombia. The acquisition of Andean Mining is expected to provide future earnings streams and diversify Aguia's South American asset base. With an experienced in-country management team overseeing the strategic plans, Aguia is well-positioned to consolidate and unlock value from its existing portfolio of copper and phosphate assets in Brazil. The Company's cash balance has been bolstered by a recent capital raising, providing the necessary funds for the completion of the Andean Mining acquisition and working capital requirements.